Product Overview and Industry Distribution - Indoor heaters, commonly known as heating appliances, include types such as oil-filled heaters, far-infrared heaters, PTC warm air fans, and halogen tube heaters, all of which require CCC certification [3][4] - Oil-filled heaters typically cost between 400 to 500 yuan and are suitable for use in living rooms, bedrooms, and hallways, especially in homes with elderly or children [3] - Far-infrared heaters are less common in the market, priced around 100 yuan, and are used for localized heating [4] - PTC warm air fans range from 200 to 600 yuan and are ideal for portable home heating due to their quick heating and automatic temperature control features [4] - Halogen tube heaters are priced between 100 to 200 yuan and are effective for personal heating in small rooms [4] - Jiangsu province has about 40 indoor heater manufacturers, primarily small to medium-sized enterprises, with 8 certified companies in Suzhou, of which only 3 are currently operational [4] Inspection Basis and Key Projects - The quality supervision inspection is based on GB 4706.1-2005 and GB 4706.23-2007 standards, focusing on safety and specific requirements for indoor heaters [5] - Key inspection items include protection against electric shock, input power and current, heating performance, leakage current, moisture resistance, mechanical strength, and grounding measures [5][6] Supervision Inspection Results - A total of 15 batches of indoor heaters were inspected, with 2 batches found to be non-compliant, resulting in a non-compliance rate of 13.3% [5] - Specific non-compliance issues included inadequate protection against electric shock, discrepancies in input power and current, structural design flaws, unreliable power connections, and grounding issues [6][7][8][9][10]

Core Viewpoint - The company Aishida (002403.SZ) plans to invest in Vietnam to establish modern cookware, small appliances, and industrial robot R&D and production, with a total investment not exceeding 150 million RMB [1] Investment Details - The investment amount will primarily be used for setting up a foreign subsidiary, leasing factory space, and constructing production lines and supporting facilities [1] - The stated investment amount is a budget figure, with the actual investment to be determined based on real expenditures [1] Strategic Implications - This investment aims to enhance the company's global layout and increase its market share in overseas markets [1] - The move is also intended to help the company mitigate potential adverse impacts from fluctuations in the global macroeconomic environment [1]

Core Viewpoint - The company plans to establish a subsidiary in Vietnam through its wholly-owned subsidiary, aiming to invest in cookware, small appliances, and industrial robotics projects with a total investment not exceeding 150 million RMB (approximately 20.84 million USD) [1] Investment Strategy - The investment is intended to expand the company's presence in Southeast Asia and the European and American markets [1] - The funding for the investment will come from the company's own funds or self-raised funds, ensuring that it will not affect the normal operation of its existing main business [1]

Group 1: Overall Production Trends - In June 2025, the total production of air conditioners, refrigerators, and washing machines reached 35.15 million units, a 7.3% increase compared to the same period last year [1] - The production of household air conditioners in June was 20.5 million units, up 11.5% year-on-year; refrigerators produced 7.9 million units, a 3.6% increase; and washing machines remained flat at 6.75 million units [1] Group 2: Air Conditioner Market Insights - Domestic air conditioner production surged, with June 2025 figures showing 13.66 million units, a 29.3% increase year-on-year; July saw 11.37 million units, up 22.8%; however, August experienced a decline to 6.938 million units, down 9.2% [2] - Export production for air conditioners in June was 6.84 million units, an 18.3% decrease year-on-year, with July and August also showing declines of 16.9% and 6.6% respectively [2] Group 3: Refrigerator Market Insights - Domestic refrigerator production in June 2025 was 3.34 million units, a 4.3% increase year-on-year, driven by promotional activities and government subsidies [4] - Export production for refrigerators in June was 4.56 million units, down 6.6% year-on-year, influenced by fluctuating global trade conditions and tariff policies [5] Group 4: Washing Machine Market Insights - Domestic washing machine production in June 2025 was 2.93 million units, a 1.0% increase year-on-year, but the market is entering a traditional off-season with declining growth [6] - Export production for washing machines in June was 3.82 million units, a slight decrease of 0.9% year-on-year, following two years of high growth [7]

合肥雪祺电气股份有限公司 投资者关系活动记录表 | 编号：2025-004 | | --- | | | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐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） | | | 中信证券：霍商贤 华西证券：喇睿萌 | | 参与单位名称及人员姓名 | 浙商证券：芦家宁 | | | 信达证券：罗岸阳 | | | 国盛证券：徐程颖 | | 时间 | 2025年5月22日 14:00-16:00 | | 地点 | 公司会议室 | | | 董事、副总经理、财务负责人：徐园生 | | 上市公司接待人员姓名 | 董事会秘书：刘杰 | | | 证券事务代表：陈玉玉 | | | 投资者提出的问题及公司回复如下： | | 投资者关系活动主要内容介 | 1、请公司介绍一下2024年度和2025年第一季度业绩情况？ | | 绍 | 答：尊敬的投资者，您好！公司2024年营业收入为194,580.41万 | | | 元，归属于上市公司股东的净利润为10,207.85万元，20 ...

Core Insights - The "2025 New Quality National Tide Economy Forum" was successfully held in Beijing, where the "National Brand - National Goods Craftsmanship" project was officially launched, recognizing Guangdong Shuailing Intelligent Appliance Co., Ltd. for its excellence in the high-end integrated water heater sector [1][3] Group 1: Project Overview - The "National Brand - National Goods Craftsmanship" project aims to leverage its influence to promote national brands and establish "National Goods Craftsmanship" as synonymous with quality, serving as a banner for the collective rise of national brands [3][14] Group 2: Technological Advancements - Shuailing leads the eighth generation of integrated water heaters, focusing on industry pain points with its self-developed nickel-chromium alloy heating element, achieving a thermal efficiency of 98.5%, which is a 15% improvement over traditional heating technologies [5][6] - The company has reduced energy consumption by 30% through this innovation, addressing issues of slow heating and high energy use in traditional electric water heaters [6] Group 3: Safety Features - Shuailing has established an industry-leading eight-layer safety protection system, including physical isolation of water and electricity, extended water flow resistance to reduce leakage voltage, and real-time monitoring of temperature to prevent overheating [8] - The company offers a product liability insurance with coverage in the millions, enhancing user confidence in safety [8] Group 4: Quality Control - Shuailing implements full lifecycle quality control, with 100% inspection of core components and rigorous testing processes to ensure stable operation for over 15 years [10] - The eighth generation integrated water heater has received international certification for thermal efficiency and lifespan, challenging the industry norm of replacing units every five years [10] Group 5: Market Expansion - Shuailing has penetrated over 1 million Chinese households and is expanding into markets along the "Belt and Road" initiative, utilizing high-speed rail advertising and strategic partnerships to enhance brand visibility [12] - The company has received multiple accolades for quality and has become a strategic partner of China People's Insurance Group, establishing a comprehensive trust system from research and development to service [12] Group 6: Brand Impact - The inclusion of Shuailing's high-end integrated water heater in the "National Brand - National Goods Craftsmanship" project highlights its achievements in technological innovation, product quality, and brand development, setting a benchmark for the rise of Chinese national brands [14] - Shuailing's evolution from local manufacturing to the international stage exemplifies the resilience and warmth of Chinese brands, with expectations for enhanced global competitiveness [14]

Core Viewpoint - The report titled "2025-2031 China Instant Electric Water Heater Industry Market Dynamics Analysis and Development Strategy Assessment" provides an in-depth analysis of the future market trends and potential of the instant electric water heater industry in China, highlighting its growth opportunities and strategic directions for businesses [1]. Industry Overview - The instant electric water heater industry is defined as a sector utilizing electronic heating components for rapid water heating, catering to modern consumers' needs for convenience and efficiency [3]. - The report covers various aspects of the industry, including production, demand, import and export statistics, and key enterprises, structured into 12 chapters [1]. Market Dynamics - The retail sales of instant electric water heaters experienced a decline from 2019 to 2022 due to economic downturns and a shrinking real estate market, but began to recover in 2023, with retail sales reaching 1.18 billion yuan, a year-on-year increase of 1.29% [4]. - The industry is expected to benefit from the "dual carbon" goals and the implementation of old-for-new policies, which are anticipated to stimulate market demand [4]. Supply Chain Analysis - The upstream supply chain includes critical components such as electronic heating elements, control chips, and safety devices, which directly affect the efficiency and safety of the water heaters [7]. - The midstream involves manufacturing and assembly, where manufacturers select appropriate components based on market demand [7]. - The downstream encompasses sales channels, including both online and offline platforms, with after-sales services playing a crucial role in customer satisfaction [7]. Competitive Landscape - The market is characterized by intense competition, with comprehensive brands dominating online sales due to their resource advantages, while specialized brands lead in offline markets through technical expertise [10]. - Key players in the industry include Zhejiang Supor Co., Ltd., Four Seasons Muge Technology Group Co., Ltd., Guangdong Vanward New Electric Co., Ltd., Haier Group, and Aoteng Electric (Guangzhou) Co., Ltd. [10]. Future Outlook - The report forecasts the industry's development from 2025 to 2031, focusing on investment opportunities, market trends, and potential growth drivers [32]. - It emphasizes the importance of strategic planning for companies to navigate the evolving market landscape and capitalize on emerging opportunities [32].

Group 1: Impact of U.S. Tariffs - The U.S. imposed a 10% base tariff starting April 2, 2025, with a 90-day exemption period for other countries, leading to cautious order placements from clients [3] - The company has shifted existing orders to its Indonesian subsidiary to mitigate tariff impacts, with increased costs borne by customers [3] - The company is adopting FOB trading terms to avoid direct exposure to high import tariffs and is enhancing supply chain collaboration to reduce costs [3] Group 2: Domestic Market Development - The company is actively expanding its domestic market presence through a joint venture established in Q1 2025, leveraging the partner's industry resources and sales experience [4] - Efforts are underway to integrate resources for brand building in the domestic market [4] Group 3: Financial Management and Shareholder Returns - The company holds over 1 billion in cash assets, significantly exceeding its market value, with a proposed dividend distribution of 1.8 per share for 2024, representing 45.85% of net profit [4] - The estimated dividend yield is approximately 6%, which is above market averages, but the company is cautious about mid-term dividends due to global economic uncertainties [4] - The feasibility of share buybacks is complex due to the need for alignment with the parent company's decisions and local regulatory requirements [5] Group 4: Market Valuation and Stock Exchange Considerations - The company's market value is significantly lower than its net assets, raising questions about potential share buybacks for long-term development [5] - The B-share market's low liquidity and trading volume pose challenges, and transitioning to the Hong Kong stock market may not be advantageous due to the company's profile as a small to medium-sized enterprise [5]

"他们说关税将降至30%，这对我们的加热器和其他产品意味着什么？请告诉我"。 5月12日19时58分，来自美国俄亥俄州的采购客户Ben，在《中美日内瓦经贸会谈联合声明》宣布后，第一时间给苏州贝昂智能科技股 份有限公司(以下简称贝昂智能)联合创始人章燕发来了信息。 美国对中国关税税率下降消息传来，章燕说手机都快被客户打爆了，但考虑到还有很多细节不明朗，她告诉Ben"先等待海关的详细执 行信息"。 让客户等待，章燕自己却并未闲着，她已经开始着手找船运公司订舱，但新问题接踵而至——"现在一船难求。""运去哪"美线航管人 士表示，需求多，但船少了，目前整体已经接近爆舱。 焦急的美国客户 5月12日20时到23时，Ben连续给章燕打了六七个越洋电话，他想拿到更多有关关税下降的具体信息。章燕说："美国客户其实也很着 急，比我们还着急。" 北京时间5月12日下午，《中美日内瓦经贸会谈联合声明》发布。对出海企业以及外贸商家们而言，美国对中国商品关税的调整幅度成 为他们关注的核心。 据央视新闻报道，《中美日内瓦经贸会谈联合声明》中提及，美国将修改2025年4月2日第14257号行政令中规定的对中国商品(包括香 港特别行政区和澳 ...

Group 1: Financial Performance - The company's 2024 operating revenue was 1,945.80 million CNY, with a net profit attributable to shareholders of 102.08 million CNY [4] - In Q1 2025, the operating revenue was 441.21 million CNY, with a net profit of 19.04 million CNY [4] Group 2: Shareholder Concerns - Shareholder reduction in holdings is based on personal financial arrangements, and the company is considering share buyback plans if necessary [2][3] - The stock price has been affected by macroeconomic conditions and market sentiment, with the company implementing two profit distribution plans since listing [3] Group 3: Asset Management - As of December 31, 2024, restricted cash and receivables totaled 88.42 million CNY, accounting for approximately 4.43% of total assets, which will not adversely affect daily operations [3] Group 4: Market Expansion and Sales - The company exports to over 100 countries, including the USA, Canada, and Australia, with a focus on large refrigerators and commercial display cabinets [3][5] - Export revenue for 2022, 2023, and 2024 was 362.53 million CNY, 580.32 million CNY, and 730.31 million CNY, respectively, with percentages of total revenue at 18.81%, 24.60%, and 37.53% [6] Group 5: Future Growth Strategies - The company aims to enhance its market position through product innovation, expanding market share, and increasing the proportion of export sales [7] - Continuous investment in R&D and talent development is emphasized to meet diverse consumer needs and market demands [5][7] Group 6: Industry Outlook - The company maintains a positive outlook on the industry, anticipating growth driven by consumer demand and market upgrades [8] - The focus will be on technological advancements and market expansion to enhance competitiveness [8]