Financial Performance - Net sales were $38 billion, a decrease of 54% year-over-year, or 32% excluding currency effects[16] - Ongoing EBIT margin was 53%, unchanged year-over-year, impacted by unfavorable currency[16, 18] - Free cash flow was negative $856 million, representing -227% of net sales, impacted by seasonal inventory build[16, 18] Segment Results - North America (MDA NAR): Net sales decreased by 5%, and EBIT margin decreased by 03 percentage points[23] - Latin America (MDA LAR): Net sales decreased by 1%, but EBIT margin increased by 02 percentage points[27, 29] - Asia (MDA Asia): Net sales decreased by 4% excluding currency, but EBIT margin increased by 09 percentage points[31, 34] - Global Small Domestic Appliances (SDA Global): Net sales increased by 8%, and EBIT margin increased by 34 percentage points[36, 38] 2025 Guidance - Net sales are projected to be approximately $158 billion, flat year-over-year[88] - Ongoing EBIT margin is expected to be around 57%, flat year-over-year[88] - Free cash flow is estimated at approximately $400 million, representing about 25% of net sales[88] Strategic Initiatives - Whirlpool is focusing on new product introductions, particularly in North America, with over 30% of the product portfolio transitioning in 2025[42] - The company expects to pay down approximately $700 million of debt in 2025[98, 102] - Capital expenditures are planned at around $450 million for innovation, digital transformation, and cost optimization[97, 98]

前几年，把大象放进冰箱只需要三步：打开冰箱门—放入大象—关上冰箱门。 现在，想把大象放进冰箱，还得多走一步：找到合适的冰箱门。 因为现在的冰箱，门实在是越来越多了。 冰箱的N种打开方式 冰箱可能有多少个门，就可能有多少种开门方式。 单开门冰箱容量一般不大，而且只有冷藏功能，因此通常只有一个侧面打开的门。但胜在便宜、省电、灵活，适合酒店民宿、办公室等场景。 对开门是囤货派和大家庭喜爱的大容量款，外表大气，内里能装。相比上下双开门，对开门把冰箱的功能区划分从上下换成了左右，一边冷冻，一边冷 藏。但不同型号的分区方式不一，新手小白可能一时很难分清。以海尔为例，该品牌型号为BCD-519WLHSSEDX9的对开门冰箱将冷冻区放在右侧，而同 为对开门冰箱的BCD-616WGHSSEDC9则将冷冻区放在左边。 图源：淘宝 当冰箱拥有三开门时，门的布局不仅可以上中下垂直分布，还可以呈"T型"分布，功能也更丰富。 比如上中下三门，比上下两门式冰箱更多了一个中间层——变温区，可以根据实际需求随机调节温度，满足当下的临时储存需求。以美的冰箱251为例， 该冰箱的变温区支持-18°C—8°C中调节温度。据品牌介绍，该变温区有27档 ...

Core Viewpoint - Tongda is expected to recover earnings in 1H25 with projected revenue of HK$2,802 million and net profit of HK$59 million, reflecting a year-on-year decrease in revenue and a significant increase in net profit due to prior losses from business restructuring and impairment provisions [1][2] Group 1: Financial Performance - The estimated revenue for 1H25 is HK$2,802 million, representing a 6% decrease year-on-year, while net profit is projected to increase by 359% year-on-year [2] - Excluding disposed business, Tongda's revenue is expected to grow by 13% year-on-year in 1H25, driven by consumer electronics and household & sports goods [1] - Gross profit margin (GPM) is anticipated to improve to 15.7% in 1H25 compared to 15% in 1H24 [1] Group 2: Business Outlook - The outlook for 2H25 and 2026 is positive, with expected order wins from Samsung and Huawei, increased adoption of glass fiber casing, and momentum in Smart Tech [3] - The smartphone casing segment is projected to benefit from order wins and glass fiber casing adoption, while Smart Tech is expected to see growth from new projects with Ikea and increased capacity in Malaysia [3] - Home appliances are forecasted to experience stable single-digit growth driven by orders from Midea, Haier, and Xiaomi, and networking is set to ramp up with new orders at the Vietnam plant starting from 3Q25 [3] Group 3: Valuation and Investment Recommendation - The recommendation to maintain a BUY rating is based on solid earnings recovery and attractive valuation metrics [4] - The new target price (TP) is set at HK$0.123, reflecting a higher P/E ratio of 6.6x for FY25E, which is still at a 30% discount to the 10-year average forward P/E of 9.0x [4] - The stock is considered undervalued, particularly due to its 66.2% shareholding in the A-share subsidiary Tongda Smart Tech and a net cash position of HK$635 million for FY24 [4]

Core Insights - Whirlpool Corporation reported a decline in net sales and earnings for the second quarter of 2025, primarily due to competitive pressures and stockpiling of Asian imports into the U.S. market [2][5] - The company remains optimistic about its long-term strategy, citing a strong product pipeline and favorable housing demand in North America [2][5] - Financial results indicate a significant drop in GAAP net earnings available to Whirlpool, down 70.1% year-over-year, and ongoing earnings per diluted share decreased by 43.9% [2][5] Financial Performance - Net sales for Q2 2025 were $3,773 million, a decrease of 5.4% from $3,989 million in Q2 2024 [2][15] - GAAP net earnings available to Whirlpool were $65 million, compared to $219 million in the same quarter last year [2][15] - Ongoing EBIT for Q2 2025 was $200 million, down 5.7% from $212 million in Q2 2024 [2][15] - Free cash flow for Q2 2025 was $(856) million, a decline from $(713) million in Q2 2024 [2][15] Segment Review - MDA North America reported net sales of $2,446 million, down 4.7% year-over-year, with EBIT of $144 million, a decrease of 11.7% [3] - MDA Latin America saw net sales of $806 million, down 10.0%, with EBIT of $48 million, down 7.7% [3] - MDA Asia achieved net sales of $320 million, down 5.9%, but EBIT increased by 11.2% to $23 million [3] - SDA Global reported net sales of $201 million, up 7.5%, with EBIT increasing by 32.9% to $35 million [3] Outlook - The company updated its full-year guidance, expecting GAAP earnings per diluted share to be between $5.00 and $7.00, and ongoing earnings per diluted share between $6.00 and $8.00 [5][8] - Projected cash provided by operating activities is approximately $850 million, with free cash flow expected to be around $400 million [5][8] - The company plans to recommend an annual dividend payout rate of $3.60 per share, subject to board approval [10][8]

Whirlpool shares gained 1.1% to close at $99.74 on Friday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables. Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period. Whirlpool Corporation WHR will release earnings results for the second quarter, after the closing bell on Monday, July 28. Read This Next: Analysts expect the Bent ...

Company Overview - A. O. Smith Corporation is a leading manufacturer of commercial and residential water heating equipment and water treatment products globally [11] - The company focuses on innovative and energy-efficient solutions [11] Investment Ratings - AOS currently holds a Zacks Rank of 3 (Hold) with a VGM Score of B [11] - The Value Style Score for AOS is B, supported by a forward P/E ratio of 18.75, indicating attractive valuation metrics [12] Earnings Estimates - Two analysts have revised their earnings estimates higher for fiscal 2025 in the last 60 days [12] - The Zacks Consensus Estimate for AOS has increased by $0.09 to $3.84 per share [12] - AOS has an average earnings surprise of +2.9% [12] Investment Considerations - With a solid Zacks Rank and strong Value and VGM Style Scores, AOS is recommended for investors' consideration [12]

Core Viewpoint - The integration of Haier Consumer Finance with UnionPay Cloud Flash Payment marks a significant innovation in the home appliance retail sector, creating a new ecosystem that combines installment services with national subsidies, thereby enhancing consumer experience and driving sales growth [1][3]. Group 1: Innovations and Solutions - Haier Consumer Finance addresses traditional pain points in appliance installment plans, such as the disconnection between subsidies and installment options, by integrating national and corporate subsidies into a single platform [3]. - The company leverages financial technology to achieve "millisecond-level" credit response times, increasing installment approval efficiency by three times [3]. - The service is embedded in thousands of Haier retail stores, creating a closed-loop system that encompasses product selection, subsidies, installments, and fulfillment [3]. Group 2: Market Impact and Consumer Response - The new model has shown a strong consumer pull effect, with average transaction values at participating stores in pilot regions like Shanxi and Xi'an increasing by over 30%, and the proportion of bundled purchase users rising to 45% [3]. - A customer at the Qingdao Huaxia Home Expo reported significant savings of over 11,000 yuan from national subsidies when purchasing a full set of Haier appliances, with a manageable monthly installment plan [5]. - Sales staff noted a clear increase in sales attributed to the installment option, with more customers opting for installment purchases, enhancing the overall shopping experience [5][6]. Group 3: Strategic Advantages - Haier Consumer Finance benefits from the extensive resources of the Haier Group, allowing it to effectively meet the consumption needs of home appliance users [6]. - The integration of national subsidies and interest-free installments into a single offering enhances the shopping experience for consumers, eliminating the need to choose between different subsidy options [6].

Core Viewpoint - Hisense has launched the new Brilliant U6 series vacuum refrigerator, featuring advanced vacuum magnetic preservation technology and an efficient automatic ice-making system, catering to high-end food storage and healthy beverage needs. Group 1: Vacuum Preservation Technology - The traditional preservation methods face challenges in effectively delaying food oxidation and enzyme activity decline. The Hisense Brilliant 501U6 vacuum refrigerator introduces a revolutionary solution with its vacuum magnetic preservation technology, creating an independent sealed vacuum space known as the "vacuum first-class cabin" [3]. - This technology combines external vacuum conditions to inhibit meat oxidation and significantly reduce the respiration and transpiration rates of fruits and vegetables, thereby delaying food spoilage from the source. The internal magnetic field utilizes magneto-biological effects to promote the orderly arrangement of water molecules, reducing free water loss and maintaining cell fullness [3]. - After rigorous testing, food stored using this technology showed a TVB-N value of only 7.57 mg/100g after 7 days, which is significantly better than the national first-class fresh meat standard (≤15 mg/100g) [3]. Group 2: Automatic Ice-Making System - The automatic ice-making system in the Hisense Brilliant 501U6 refrigerator excels in efficiency, cleanliness, and convenience, achieving intelligent ice-making in 60 minutes with a daily ice production capacity of up to 1.18 kilograms, and a maximum storage capacity of 2.49 kilograms for the French model, improving ice-making efficiency by approximately 47% compared to traditional methods [5]. - The system features antibacterial materials in both the refrigerated water box and the frozen ice storage box, with a tested antibacterial rate exceeding 99.99%, ensuring purity and safety from water source to ice cubes [5]. - Users can initiate a 2-minute intelligent automatic flushing program via a mobile app, and the ice-making module in the freezer is designed for easy disassembly for deep cleaning [5]. Group 3: Redefining Kitchen Standards - The launch of the Hisense Brilliant U6 series vacuum refrigerator accelerates the evolution of refrigerators from mere "cold storage" tools to "smart health living centers," breaking through traditional temperature and humidity control frameworks [6]. - The "vacuum magnetic preservation" technology addresses preservation challenges from both physical and biological activity dimensions, while the "60-minute intelligent ice-making" meets user expectations for efficiency and health, making the ice-making process reliable and accessible [6]. - This innovative product is set to redefine preservation standards and quality of life in modern kitchens, promoting refined food management and healthy consumption [6].

Summary of Zhejiang Supor Co. (002032.SZ) Earnings Call Company Overview - **Company**: Zhejiang Supor Co. - **Industry**: Cookware and small kitchen appliances Key Financial Results - **1H25 Performance**: Total revenue of Rmb11,478 million, net profit of Rmb940 million, representing a year-over-year growth of +5% and flat net profit [1][4] - **2Q25 Performance**: Revenue and net profit declined by -5% and -17% year-over-year, respectively, indicating a significant drop compared to expectations [1][4] - **Domestic Revenue**: Grew by +3% year-over-year, consistent with 1Q performance, but below expectations due to limited impact from trade-in stimulus [1][3] - **Export Performance**: Mild decline in exports in 2Q, down from mid-teens growth in 1Q, attributed to a higher base and tapering contribution from front-loaded orders [1][3] Margin Analysis - **Margin Pressure**: Management highlighted ongoing margin pressure from exports due to tariffs and lower sales volume, alongside intense domestic competition [1][3] - **Gross Margin**: Expected to remain under pressure year-over-year, particularly in the overseas market due to tariff impacts [4][9] Market Outlook - **Domestic Market**: Management anticipates continued positive growth in the domestic market, although the boost from trade-in stimulus may weaken [3][4] - **Product Strategy**: Increased offerings in entry-level products to compete in a crowded market, while also launching innovative higher-margin products [3][4] - **Overseas Market**: Maintained targets for related-party transactions with SEB, with sales to the US primarily from cookware produced in Vietnam [3][4] Capital Expenditure and Dividends - **CAPEX Guidance**: Management plans disciplined capital expenditure despite capacity expansion in Vietnam, aiming to maintain healthy factory utilization rates [4][9] - **Dividend Policy**: Guidance for a high dividend payout ratio of 50-80%, though previous years' 100% payout is not guaranteed [4][9] Investment Thesis and Risks - **Investment Thesis**: Supor is viewed as a leading player in the cookware and small kitchen appliances sector, with potential for revenue and margin growth driven by product innovation and market recovery [7][9] - **Target Price**: Revised 12-month target price set at Rmb62, down from Rmb64, based on a discounted P/E valuation approach [4][9] - **Key Risks**: Include sluggish consumer demand, failure to launch popular new products, and challenges in expanding into the premium segment [9][10] Financial Projections - **EPS Estimates**: Revised down by 6% for 2025E-2027E to reflect the latest results [4][5] - **Revenue Growth Projections**: Mild domestic growth acceleration expected in 2H25, with slightly positive export growth anticipated [4][9] Conclusion - The earnings call highlighted challenges faced by Supor in both domestic and overseas markets, with management focusing on balancing growth and profitability through strategic product offerings and disciplined financial management. The outlook remains cautiously optimistic, with potential for recovery in the second half of the year.

Core Insights - The Chinese refrigerator industry is projected to reach a market size of approximately 160 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.37% over the past five years [1] - China leads the world in both refrigerator production and export volume, with Haier maintaining the top global sales position for 17 consecutive years [1] Market Trends - The average retail price of refrigerators in China is expected to exceed 3,670 yuan per unit in 2024, driven by rising prices of raw materials, increased adoption of high-end products, and the integration of smart technologies [2] - The market is witnessing a growing share of high-end and built-in refrigerators, contributing to the overall price increase [2] Competitive Landscape - The domestic refrigerator market features numerous leading manufacturers, including Haier, Midea, and Rongsheng, with specific strategic initiatives outlined as follows [3]: - **Haier**: Continues to lead in global retail volume, plans to launch an AI-powered refrigerator in 2025, and has received design awards for its innovative preservation technology [5] - **Midea**: Reports a 45% year-on-year increase in retail sales for its high-end brand COLMO, with a focus on smart and energy-efficient technologies [5] - **Rongsheng**: A core brand under Hisense, plans to introduce a new series of preservation refrigerators in 2025, emphasizing energy-saving and advanced preservation features [5] - **Other Brands**: Companies like Meiling and Eason Ping are also expanding their market presence with innovative products and significant growth in overseas sales [5]