25 June 2025 Equity Research Report China Consumer Equities 2H25 outlook: Will 'old' and 'new' consumption continue to diverge? What's different in 1H25 from our expectations: In our 2025 annual outlook report, we listed three investment themes for the year: (1) policy beneficiaries; (2) market share gains; and (3) an improving industry outlook with higher yield (China Consumer: 2025 outlook: Green shoots to emerge, 22 November 2024). We noted (1) slower- than-expected launch of consumption stimulus policie ...

All right, time for stop trading. What do you got. You know, I'm focused on tariffs.I mentioned earlier the Amazon Andy Jassie the show talking about but the China tariffs are here. Whirlpool. Okay.The government's decided to back Whirlpool versus foreign companies that make appliances. Whirlpool sells at seven times earnings. The stock can go to 120 in a heartbeat because they are going to have this market to themselves after the tariffs come in.I've been waiting for this industry to be able to rationalize ...

投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员 中信资管：唐萤、张力琦、肖云凯、鲍明明、卢华权 时间 2025 年 6 月 26 日 地点 公司行政二号会议室 上市公司接待 人员姓名 副总裁兼董事会秘书：李霞 证券事务主管：肖莉 投资者关系活 动主要内容介 绍 1.请简要介绍 2025 年公司海外冰洗产业的市场策略 答：公司冰洗海外市场方面，在产品布局上紧密把握全球消 费需求升级趋势，主推"风冷、变频、多门、节能"等趋势性产 品，构建"高端高品味、中端高性价比、低端高效率"产品矩阵， 精准匹配差异化市场消费需求；构建以用户为中心的全方位营销 体系，提升大客户需求契合度及客户合作效率，进一步增强客户 黏性；业务拓展方面，深化合作挖掘存量市场潜力，巩固现有业 务基础，重点布局增长迅速的新兴市场，积极开拓增量空间，实 现市场份额的持续增长；深耕品牌根据地市场，从渠道纵深拓展、 产品矩阵完善、市场推广能力提升以及人才梯队建设等多维度发 力，全面提升品牌竞争力，加速海外自主品牌业务的规模化发展， ...

当中国消费者还在为618购物节疯狂加购购物车时，美国市场几乎同步奏响了年中消费狂想曲。 每年的6-7月，全球零售业不约而同地迎来一场跨越国界的商业共振，从京东、天猫的618大促，到亚马逊Prime Day、沃尔玛 Walmart+ Week、TikTok Shop美区年中促Deals For You Days等欧美购物狂欢，一场没有硝烟的商业战争在激烈上演。 橱窗里"70% OFF"的鲜红标签像一面面胜利的旗帜，召唤着消费者加入购物狂欢。对精明的买家而言，这是值得期待的"捡漏"时 节；而对商家来说，这更是一场关乎全年业绩的"期中大考"。 把握住年中这个黄金节点，不仅能为上半年业绩画上完美的句号，更能为下半年的市场竞争积蓄足够的弹药。"今年的年中大 促，我们非常期待TikTok Shop的爆发。"一位跨境商家告诉品牌工厂。 当东方的618购物狂欢余温未散，西方的消费盛宴已如火如荼地拉开帷幕。不论是传统的线下商超，还是新兴的电商平台，大促 接连登场，铺天盖地的倒计时广告，令人心动的折扣价签，敲响年中消费的号角。 2025年年中的消费狂欢显得格外热闹，TikTok Shop年中促Deals For You Days ...

Core Insights - The Canton Fair, established in 1957, is a significant biannual event that showcases the internationalization of China's trade [2][3] - The current edition has attracted nearly 43,000 exhibitors and around 250,000 visitors, covering an area of 1.55 million square meters [3][4] Global Reach and Promotion - The fair has expanded its international reach through promotional events in various cities, including Vienna, Budapest, and Amsterdam, as well as in African countries like Nigeria, Ethiopia, and Kenya [5] - The Canton Fair has been instrumental in helping Chinese brands, such as BYD, Huawei, Haier, and Lenovo, gain global recognition and market penetration [6] Opportunities for Businesses - The fair provides a platform for both large and small businesses to network and expand beyond major Chinese cities [8] - It accommodates a diverse range of sectors, with the spring fair focusing on electronics and home appliances, while the autumn fair emphasizes textiles and consumer goods [9] Changing Business Mindset - The participation of big companies aims to enhance international exposure and experience, reflecting a shift in the business mindset of Chinese exhibitors towards more proactive engagement in international trade [11][12] - The rise of Chinese fashion brands and designers illustrates the evolving outlook of Chinese enterprises in the global market [13] Cultural Appeal - The fair is complemented by the cultural attractions of Guangzhou, enhancing the overall experience for visitors [14] Future Prospects - The latest edition of the Canton Fair is expected to be larger and more impactful, aligning with the growing importance of international trading opportunities [15][16]

Core Insights - Lennox Residential HVAC has launched the Elite Series EL18KSLV Side Discharge Heat Pump, which emphasizes efficient performance and space-saving design [1][2] - The new heat pump is particularly suited for homeowners with zero-lot-line or narrow-lot homes, providing high-efficiency heating without requiring additional space [2] - The unit features a variable-capacity design with energy ratings of up to 19.00 SEER2 and 10.00 HSPF2, aimed at reducing energy consumption and potentially lowering utility costs [2] Product Features - The EL18KSLV Side Discharge Heat Pump has a narrow cabinet for easy installation in limited spaces [2] - It operates at sound levels as low as 54 decibels, comparable to an electric toothbrush, ensuring quiet operation [2] - The unit is compatible with multiple Lennox smart thermostat product lines, allowing for management through various smart home platforms [3] Incentives and Availability - The heat pump qualifies for the Energy Efficient Home Improvement Credit, a federal incentive for high-efficiency home upgrades, with additional regional incentives potentially available [3] - The EL18KSLV Side Discharge Heat Pump is available for purchase through local Lennox dealers [3] Company Overview - Lennox (NYSE: LII) is a leader in energy-efficient climate-control solutions, focusing on sustainability and innovation in cooling, heating, indoor air quality, and refrigeration systems [4]

Flash | 19 Jun 2025 10:02:24 ET │ 12 pages Beijing Roborock (688169.SS) Model Update CITI'S TAKE We update our model to reflect its better-than-expected sales and weaker-than-expected NP in 1Q25. We have lifted our sales forecasts by 33%/44% and trimmed NP forecasts by 20%/10% in 25E/26E, to reflect Roborock's plans to accelerate investment into its branding and new categories in 25E. After our earnings revision, we expect its 25E topline to surge 53% YoY and 25E NP to edge up 2% YoY. While we expect NP to ...

为什么家电家居打新 呈现出非常明显的两极分化？ 2024年，海信曾推出了一款高端电视产品。这款产品被寄予厚望，但实际的销量并没有达到预期。 面对落差，海信内部多次开会复盘。一次会议上，海信视像营销副总经理孙建勋指出了一个尖锐问题：如果卖点展示不能精准解决用户痛点，即使参数再 高，也没有用。 特别是电商平台的新品销售，过去那种习以为常的展示参数策略，如今失效了。会议现场众人面面相觑，很多人还停留在旧经验中。 在复盘了去年高端新品的问题之后，海信重振旗鼓，今年推出又一款高端电视新品E8Q。这款产品创造了海信高端产品首发的纪录，在京东上线28小时就成 为百吋销售TOP1。客单价1万以上的高端电视，一天就实现1400台销售——这个全新的销售纪录远远超出了孙建勋的预期。 同一个品牌的两款新品，销售表现为何相去甚远？ 这是家电家居行业经历迷茫期的一个缩影。最近几年，智能化浪潮给家电家居行业带来的增长红利逐渐消退，很 多 家电家居 品牌在 新品销售上有些心有余 而力不足。 今年，沉寂已久的家电家居行业出现了久违的热闹，各个品牌都在推新品，但局面却是冰火两重天。一些品牌虽然推出了新品，整体表现并不尽如人意，甚 至让整个品牌陷 ...

Core Viewpoint - The relationship between manufacturers and distributors is often fraught with challenges, including lack of trust and communication issues, which can hinder effective market expansion and product distribution [1][5]. Group 1: Role of Distributors - Distributors act as essential partners in the commercial ecosystem, facilitating the movement of products from manufacturers to various markets, thus saving costs and providing localized services [3]. - They help manufacturers reduce expenses associated with direct retail operations, such as rent and labor costs, by leveraging local resources for distribution [3]. - Distributors possess localized knowledge that enables them to effectively market products to regional consumers, which manufacturers may struggle to replicate [3]. Group 2: Pain Points in Managing Distributors - Manufacturers often face challenges in monitoring distributor inventory, leading to issues such as excess stock and product wastage [5][7]. - There is a lack of transparency in sales data, with distributors sometimes providing misleading information about inventory levels and sales performance [7]. - Conflicts can arise between distributors in different regions, leading to pricing inconsistencies and market confusion [7]. Group 3: Solutions for Effective Distributor Management - Implementing digital tools can break down information barriers, allowing for real-time data sharing and inventory management, which can significantly reduce stockouts [8]. - Standardizing processes through digital systems can minimize errors in order management, leading to improved efficiency and reduced complaints from distributors [10]. - Utilizing data analytics can help identify market trends and adjust strategies accordingly, enhancing sales performance [12]. Group 4: Building Collaborative Relationships - Establishing a scoring system for distributors can incentivize performance and encourage them to expand their market reach, benefiting both parties [14]. - Smart management systems can track logistics and prevent unauthorized sales across regions, reducing conflicts and fostering a more cooperative environment [14]. - Transparency in data sharing can rebuild trust between manufacturers and distributors, leading to a more collaborative approach to achieving mutual goals [17].

Company Overview - SharkNinja's net sales reached $5.5 billion as of December 31, 2024[13] - The company has experienced a 21% net sales CAGR from 2008 to 2024[13] - SharkNinja operates in 35 markets and 36 sub-categories[13] - The company has a portfolio of over 5,200 patents[13] Brand Growth - Shark brand net sales reached $2.9 billion in 2024, with 6 new product sub-categories entered in the last 3 years[16] - Ninja brand net sales reached $2.6 billion in 2024, with 9 new product sub-categories entered in the last 3 years[16] Financial Outlook for Fiscal Year 2025 - The company projects net sales growth of 11% to 13%[85] - Adjusted net income per share is expected to be between $4.90 and $5.00, representing a 12% to 14% increase[85] - Adjusted EBITDA is projected to be between $1.09 billion and $1.11 billion, a 15% to 17% increase[85] Q1 2025 Financial Performance - Net sales for Q1 2025 were $1.223 billion, a 14.7% increase year-over-year[98] - Adjusted EBITDA for Q1 2025 was $200 million, with an Adjusted EBITDA Margin of 16.4%[98]