近期清洁电器行业龙头科沃斯（603486）预告表现较为突出，引发投资者关注。景气方面，国内618已 尘埃落定，边际变化来自7月初的海外亚马逊Prime Day大促，期间龙头公司GMV延续快速增长，石 头、科沃斯、追觅稳居市场前列，iRobot美国份额有所修复，海外扫地机市场整体份额、排序延续既有 格局。同时国内品牌积极出海，持续推动海外扫地机产品结构升级优化，其中主要市场的亚马逊带基站 或带拖地功能的产品已占据多数;虽然高端扫地机价格段持续下探，但消费者主动向上升级，两者合力 推动扫地机均价提升。该行认为发生在2023-2024年中国扫地机市场的以价换量趋势正在海外市场重 演，龙头海外量价齐升、延续增长或可期。 竞争：折扣幅度降低，策略或更灵活 价格折扣方面，2025年Prime Day期间中国清洁电器龙头在海外竞争中折扣幅度普遍低于2024年"黑 五"，其中美国亚马逊性价比价位段占比提升，科沃斯X9 PROOMNI、iRobot Roomba Plus 405均有效拉 动品牌份额;德国亚马逊结构总体稳定，石头科技份额稳固，科沃斯在高价位段有所斩获;法国亚马逊性 价比占比提升，追觅高价位产品领跑，石头科技与科 ...

近年来，家电行业在多重因素驱动下展现出了强劲的增长韧性。随着第三批国补资金下达，家电行业维 持高景气度，券商机构看好龙头企业的配置机会。 8月8日，笔者查看Wind更新的1-7月机构评级数据发现，海尔智家以26家机构评级"买入"，继续位居家 电行业榜首。而机构对其看好的核心，本质上在于其业绩的确定性与成长性。 首先是国内数字化变革带来的业绩稳健增长。中国银河证券认为，深化产业链的数字化变革是海尔智家 的增长动力之一，而这种动力正为其业绩确定性提供支撑。最新的市场数据也佐证了这一观点，GfK中 怡康数据显示，2025年1-7月，海尔智家实现线上、线下市场份额双第一。其中，海尔冰箱、洗衣机、 空调均实现线上、线下增速第一，海尔热水器、厨电实现线下份额第一。高端品牌卡萨帝7月增速超 24%。 其次是全球高端创牌带来各个区域的成长性。太平洋证券格外看好海尔智家"全球化精耕细作"的成长主 线，其在全球不同区域市场的业绩表现也印证了这一点。在欧洲，海尔多门冰箱销量第一，均价是行业 的1.4倍，同时洗衣机中企第一；在美国，Combo大滚筒洗衣机定价是行业的3倍，15个月就卖了100多 万台；在东南亚，泰国、越南、印尼海尔白 ...

作者：顺安 "以前总觉得穿限量款能证明自己能力，现在发现真正的体面藏在细节里。" 北京某互联网企业的产品经理周明最近清空了衣柜里过半潮牌单品，转而入手 了几件意大利产的亚麻衬衫，"这件衣服洗十次都不会变形，质量远超潮牌。" 无独有偶，在上海从事金融行业的林薇不惜等待三个月，也愿意定制一套价格足以买下多件普通成衣的顶级羊绒西装。她说，以前觉得外在的标识更能彰显 身份，现在才明白，真正的体面源于面料本身的精良、剪裁的考究与穿着的舒适。这份价值，无需张扬，却历久弥新。 （图片来源网络） 当"多巴胺穿搭"的热潮逐渐褪去，以"老钱风"为代表的更为内敛的审美正悄然占领新中产消费者的心智高地。 在小红书等社交平台上"老钱风"话题热度居高不下，浏览量高达12.5亿，超300万人参与讨论，"老钱风穿搭"、"老钱风式家居清洁工具"等话题成为人们讨论 的热潮。 （图片来源：小红书） 而"老钱风" 也已经从时尚穿搭蔓延至家居生活的各个角落，成为一种无需言说的身份密码。正如一位网友所言，"老钱风"的本质是从"我要让别人知道我买 得起"变为"我知道什么是真正的好东西"。 新中产认为的"好东西"，一把"表里如一"的拖把 不止于穿搭，"老钱 ...

Core Viewpoint - The event "Wind Blows Wheat Waves, Yunnan Slow Life" showcases Haier's innovative smart home appliances, integrating technology with Yunnan's cultural and natural beauty, emphasizing a lifestyle that balances efficiency with leisure [1][5][7]. Group 1: Event Overview - The event took place on August 8 at Kunming Park 1903, featuring a blend of technology and poetry in a scenic setting [1]. - Haier Brothers presented the Wheat Wave series of smart home appliances, using "freshness" as a theme to connect technology with local culture [3]. Group 2: Product Features - The smart home experience area highlighted Haier's Wheat Wave products, including AI full-space preservation technology in refrigerators, which ensures the safety and flavor of wild mushrooms [3]. - Air conditioning units featured "micro-wind" technology, replicating the natural breeze of Erhai Valley, while washing and drying sets offered a "sunshine wind mode" to care for traditional Dali tie-dye fabrics [3]. Group 3: Company Philosophy - Haier emphasizes a user-centric approach, driven by innovative technology to enhance product iterations, aiming to provide a smart, healthy, and green lifestyle [5]. - The event illustrated how advanced technology can enrich daily life, aligning with Haier's commitment to creating limitless possibilities through a boundary-less ecosystem [7].

Financial Data and Key Metrics Changes - Net sales growth of nearly 16% year over year, reaching $1.4 billion [43] - Adjusted EBITDA growth of approximately 33% year over year to $223 million, with an adjusted EBITDA margin of 15.5% [43][51] - Operating expenses as a percentage of net sales decreased by more than 200 basis points compared to the prior year quarter [6] Business Line Data and Key Metrics Changes - Domestic net sales increased roughly 14% year over year [44] - International net sales accelerated to over 20% growth year over year [8][44] - Cleaning category net sales increased 8% year over year to $500 million [45] - Food Preparation category net sales increased 53% year over year to $405 million [46] - Cooking and Beverage category net sales decreased 4% year over year to $366 million [46] - Beauty and Home Environment category net sales increased 25% year over year to $173 million [47] Market Data and Key Metrics Changes - The overall market in which the company operates declined in the low single-digit range year over year, excluding SharkNinja's performance [11] - The UK business showed strong sales momentum despite a 25% year over year decline in air fryers [31] Company Strategy and Development Direction - The company focuses on a three-pillar growth strategy: expanding into new categories, growing share in existing categories, and international expansion [14][34] - The company aims to introduce two new categories and 25 new products annually [15] - Significant investments in talent acquisition to enhance capabilities and drive growth [72][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges and pursuing growth despite a turbulent environment [42][56] - The company raised its net sales and adjusted EBITDA growth ranges for FY 2025, reflecting optimism about future performance [35][54] - Management highlighted the importance of supply chain diversification and strategic pricing actions to mitigate tariff impacts [9][53] Other Important Information - The company achieved approximately 90% of U.S. volume produced outside of China, with plans to reach nearly 100% by year-end [13] - The company was named to Time Magazine's list of Time 100 most influential companies for 2025, validating its consumer-focused approach [38] Q&A Session Questions and Answers Question: How are you thinking about growth opportunities between U.S. and international markets? - Management noted strong domestic demand and new product introductions, while also expecting acceleration in international markets like the UK, Germany, and France [62][66] Question: Can you help us understand your tariff commentary and its impact on gross margins? - Management provided clarity on tariff rates, indicating that the reduction in expected rates allows for increased flexibility in supply chain decisions [67][69] Question: What is the approach to talent acquisition and its impact on growth? - Management emphasized the need for strong leadership in innovation and growth areas, highlighting recent key hires to support the company's expansion and complexity [72][78] Question: How do you plan to market the Shark and Ninja brands together? - Management discussed the upcoming launch of a unified website to enhance consumer experience and cross-sell opportunities between the two brands [81][83]

Financial Data and Key Metrics Changes - Net sales increased by 15.7% year over year to $1.4 billion, with adjusted EBITDA growing by approximately 33% to $223 million, resulting in an adjusted EBITDA margin of 15.5% [41][49] - Operating expenses as a percentage of net sales decreased by more than 200 basis points compared to the prior year [6] - Adjusted net income for the second quarter was $138 million, or $0.97 per diluted share, compared to $100 million, or $0.71 per diluted share in the prior year [49] Business Line Data and Key Metrics Changes - Domestic net sales grew by roughly 14% year over year, while international net sales accelerated to over 20% growth [42][7] - Cleaning category net sales increased by 8% year over year to $466 million, driven by strong performance in robotics and extraction products [43] - Food preparation category net sales surged by 53% year over year to $405 million, primarily due to the success of the Slushy frozen drink maker [44] - Cooking and beverage category net sales decreased by 4% year over year to $366 million, impacted by declines in air fryer and outdoor grill subcategories [44] - Beauty and home environment category net sales increased by 25% year over year to $173 million, driven by air purifiers and the CryoGlo skincare product [45] Market Data and Key Metrics Changes - The overall market for the end categories declined in the low single-digit range year over year, while SharkNinja's performance showed significant relative strength [11] - The UK business returned to form more quickly than expected, with sales momentum strengthening throughout the quarter despite a 25% year-over-year decline in air fryers [30] Company Strategy and Development Direction - The company is focused on a three-pillar growth strategy: expanding into new categories, growing share in existing categories, and international expansion [14][25][29] - SharkNinja aims to introduce two new categories and 25 new products annually, with a strong emphasis on innovation and consumer problem-solving [15][18] - The company has achieved approximately 90% of its U.S. volume produced outside of China, with plans to reach nearly 100% by year-end [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging macro environment and highlighted strong consumer demand for SharkNinja products [40][41] - The company raised its outlook for 2025, expecting net sales to increase between 13% to 15%, up from a previous estimate of 11% [52] - Management emphasized the importance of agility and innovation in maintaining competitive advantages amid global supply challenges [12][34] Other Important Information - SharkNinja was named to Time Magazine's list of the 100 most influential companies for 2025, reflecting its focus on solving consumer problems [37] - The company plans to relaunch its direct-to-consumer website, enhancing cross-selling opportunities between the Shark and Ninja brands [36][78] Q&A Session Summary Question: Growth opportunities between U.S. and international markets - Management noted strong domestic demand and new product introductions, while international markets, particularly the UK, Germany, and France, are expected to see continued growth [59][61] Question: Clarification on tariff impacts and gross margins - Management provided clarity on tariff rates, indicating that the new rates would not significantly impact their operations but would offer increased flexibility in supply chain decisions [64][66] Question: Talent acquisition and capabilities - Management discussed recent key hires aimed at enhancing product complexity and innovation, particularly in software and electronics [69][70] Question: Marketing strategy and brand integration - Management highlighted the success of the F1 movie partnership and the upcoming website launch that will allow for better cross-selling and brand recognition [77][78]

Group 1 - The event "Exploring Yunnan's Slow Life" organized by Haier Brothers will take place from August 8 to 10 at Kunming 1903 Yunhu Square, focusing on the theme of Yunnan's unique lifestyle during the rainy season [1] - Activities include showcasing the authentic Dai ethnic culture, revealing hidden cultural treasures of Yunnan, and offering mushroom classes to explore the local culinary delights [1][7] - Interactive experiences such as a market visit, postcard delivery, and DIY plant dyeing will enhance visitor engagement and appreciation of Yunnan's culture [5][7] Group 2 - Attendees will receive a "Haier Brothers Take You to Yunnan" map to collect stamps at various exhibition areas, which can be exchanged for customized gifts, promoting memorable experiences [7] - A special area featuring Haier's smart home appliances will be set up, allowing visitors to experience the convenience and comfort of technology while enjoying the slow lifestyle [7] - The event aims to blend nature, culture, and technology, encouraging participants to embrace a more relaxed and beautiful way of life [8]

互联网巨头搅动外卖市场的这个夏天，一场与厨房有关的变化正在悄然加速。 网传外卖补贴即将因反内卷告一段落后，京东宣布计划投入10亿元打造七鲜小厨，在全国范围内招募"菜品合伙人"，希望打造出既让外卖消费者信赖，也 经得起线下客流检验的社区食堂。 过去社区食堂多由政府或社区组织推动，偏公益性质，旨在解决老年居民的日常三餐。而"七鲜小厨"的目标，明显是希望能成为家庭厨房的可靠替代品， 着力覆盖上班族、学生这样的刚需人群。 部分酒店在小区售卖餐食 在七鲜小厨上线之前，全国范围内的星级酒店们，已经自发开始在周边社区摆摊销售了。人们喜欢吃、吃得起，但又不太好做的那些菜，包括酱肉包、糖 醋排骨、酸菜鱼、锅包肉等招牌菜，被酒店以20-30元的亲民价格摆上餐车，方便下班回家的人选购，往往不到6点就能卖完收摊。 买到"主菜"的上班族，至少能提前半小时吃上家庭晚饭。在这个普遍双职工的时代，家庭厨房的功能性难免要为时间成本让步，更何况现代化的居住环 境，和互联网的深化普及，早已重塑了很多人的生活习惯。 只不过对于厨房用具、厨电企业们来说，这些生活习惯的变化就很危险了。 萎缩 一间家庭厨房的成本是多少？不装修的人对此可能很难有概念。 在 ...

Core Insights - SharkNinja, Inc. (SN) is set to announce its second-quarter 2025 earnings results on August 7, which is critical for investors to assess their positions regarding the stock [1] Financial Performance Estimates - The Zacks Consensus Estimate for second-quarter revenues is $1,365 million, reflecting a 9.3% increase from the previous year [2] - The earnings consensus estimate is stable at 78 cents per share, indicating a 9.9% year-over-year rise [2] - SharkNinja has a trailing four-quarter earnings surprise average of 14.2%, with a 19.2% beat in the last quarter [2][7] Revenue and Earnings Projections - Current quarter revenue estimate is $1.37 billion, with next quarter at $1.61 billion, and total revenue for the current year projected at $6.24 billion [3] - Year-over-year growth estimates for revenues are 9.34% for the current quarter and 13.19% for the next quarter [3] - Current quarter EPS estimate is 0.78, with a year-over-year growth estimate of 9.86% [4] Earnings Prediction Model - The Zacks model indicates a likely earnings beat for SharkNinja, supported by a positive Earnings ESP of +8.25% and a Zacks Rank of 3 (Hold) [5][6] Growth Factors - SharkNinja's growth is attributed to innovation, pricing strategies, supply-chain optimization, and international expansion [8] - The company has launched new products across various categories, generating strong consumer engagement [8] - A strategic shift in manufacturing from China to Southeast Asia has helped mitigate tariff impacts and enhance supply-chain resilience [9] Pricing and Market Strategy - SharkNinja has successfully raised prices in the mid to premium segment without negatively impacting demand, supported by a favorable product mix and reduced promotional activity [10] International Expansion - Approximately one-third of SharkNinja's sales come from international markets, with ongoing efforts to deepen retail partnerships in Europe and Latin America [11] Stock Performance - SharkNinja's stock has increased by 57.7% over the past year, significantly outperforming the industry average of 21.4% and its peers [12] Valuation Analysis - SharkNinja's forward 12-month price-to-sales (P/S) ratio is 2.47, higher than the industry average of 1.91, indicating a premium valuation [15][16] - This premium is notable compared to peers like Whirlpool, Helen of Troy, and iRobot, which have much lower P/S ratios [16] Investment Outlook - Given its strong innovation pipeline, pricing power, and international growth, SharkNinja is positioned for solid quarterly performance, suggesting that holding shares may be a prudent strategy for investors [17]

展会时间：2026年5月21-22-23日 | Pragati Maidan会展中心, 新德里 关于展览会：CEI是一个B2B展会，旨在将国际和印度的消费电子和家电行业制造商与经销商、分销商、进口商、批发 商、零售商、特许经营商、全年业务代理商等专业批量买家联系起来。CEI的目标是将优质国际制造商的尖端和最新技 术以及当代和现代消费电子产品和电器带入印度市场。 CEI是一个完全以B2B为导向的展会，展示了一个全面的采购、贸易、制造和生产解决方案，旨在满足电子、家用电器和 个人护理行业的需求。该展会通过在联盟和辅助领域创造商机，将行业的各个部门聚集在一个屋檐下，实现了商业成 功。 印度 发展机遇：强劲的增长:印度对电子产品的需求受到以下因素的推动：可支配收入增加、人口年轻且充满抱负、互联 网普及、快速城市化、消费者偏好不断变化以及技术进步和数字化。 多样化的产品与技术需求优势:印度庞大的年轻人均渴望拥有各种采用最新全球技术的电子产品，并不断更新他们手中的 产品。 "印度制造"倡议: 印度政府希望促进本土电子组装产业的升级发展，为合作以及进口电子元件和设备提供机会。 CEI旨在通过创造机会，探索以合作、合资、协作 ...