一位西北的家电零售商也向记者表示，没有听说过这样的要求，而且也不太可能执行，因为大品牌家电 的安装标准和时效要求很高，厂家、商家各自做好自己分内的事情就好了。 记者｜王珍 编辑 ｜瑜见 11月21日，针对美的近期不再允许售后服务商同时接小米或格力的业务合作的传闻，美的集团相关人 士向第一财经记者表示，美的无强制售后服务商排他性合作的行为。 ...

Group 1 - The company Midea Group announced a share buyback plan, intending to repurchase 1.276 million A-shares at a total cost of approximately 99.9995 million RMB [1] - The buyback price per share is set between 77.08 and 78.88 RMB [1]

美的集团（000333）(00300)公布，2025年11月19日耗资约9999.68万元回购129.07万股A股股份。 ...

Core Viewpoint - The introduction of the Rose Air Conditioner by Gree Electric is seen as an innovative attempt to transform air conditioning into an art form, targeting the wedding appliance market and aiming to create value through unique design and technology [2][4]. Company Overview - Gree Electric's Rose Air Conditioner was launched in January last year, featuring a rose gold body and a biomimetic rose design, with advanced technology such as distributed air supply and AI voice interaction [2]. - The official price range for the Rose Air Conditioner is between 13,000 to 33,000 yuan [2]. Market Performance - As of August, the Rose Air Conditioner has sold 60,000 units through Gree's JD.com flagship store, indicating a "relatively hot sales" performance despite mixed reviews [4]. - Gree holds a 25.40% market share in the online retail of household air conditioners for 2024, maintaining its leading position in the industry [4]. Competitive Landscape - The air conditioning market in China is highly competitive, with the top three players (Midea, Gree, and Haier) accounting for 68.2% of retail volume and 73.6% of retail value in the first half of the year [4]. - Gree's retail volume and value market shares have declined by 1.4% and 0.6% respectively, reflecting the intense competition in the market [4]. Strategic Direction - Following her re-election as chairman in April, Gree's primary goal is to maintain stable growth, with a focus on preserving its core air conditioning business [5]. - The launch of the Rose Air Conditioner represents Gree's bold exploration of niche markets for growth, although its market performance has been described as merely acceptable [5].

Core Viewpoint - Gree Electric Appliances is attempting to innovate in the air conditioning industry with the launch of the Rose Air Conditioner, which has sparked both interest and controversy due to its unique design and high price point [1][3][5]. Group 1: Product Innovation - The Rose Air Conditioner is described as an artistic attempt to redefine air conditioning, with its design aimed at attracting customers and enhancing the brand's value [1]. - The product is specifically marketed towards newlyweds and special occasions, such as anniversaries, indicating a targeted consumer demographic [3]. Group 2: Market Reception - Initial sales of the Rose Air Conditioner have been disappointing, with reports indicating limited availability in stores and low demand, primarily being viewed as a gift item rather than a mainstream purchase [7]. - Consumer feedback has been largely negative, with many expressing that the design is unattractive and the price of 32,999 yuan is too high for the average buyer [7]. Group 3: Company Philosophy - The chairman of Gree Electric Appliances, Dong Mingzhu, emphasizes the importance of innovation and maintaining a unique brand identity, even in the face of criticism [5]. - Dong advocates for a business model that not only focuses on the company's growth but also aims to uplift the entire supply chain, reflecting a broader corporate responsibility [1].

Core Viewpoint - Understanding and utilizing the correct complaint channels is essential for consumers to effectively protect their rights when facing issues with companies. Official Complaint Channels: Authoritative and Reliable - The National 12315 platform is a key official complaint channel, offering multiple ways for consumers to submit complaints, including an app and WeChat mini-programs [1] - Industry-specific complaint channels through regulatory bodies and consumer associations are more effective for targeted issues, as they are established to protect consumer rights [1][2] - Industry associations, while lacking enforcement power, can influence companies through self-regulation mechanisms [1] Social Complaint Platforms: Convenient and Efficient Supplement - Social complaint platforms like Black Cat Complaints provide a user-friendly interface for consumers to lodge complaints quickly, with a process that takes less than five minutes [3] - These platforms utilize intelligent ticketing systems for real-time tracking of complaint progress and employ public opinion mechanisms to enhance visibility of issues [3] - Black Cat Complaints maintains a neutral stance, acting as a bridge for information transfer without charging fees [3] Industry-Specific Complaint Channels - Different industries have tailored complaint channels, such as: - E-commerce: Prioritize internal platform mechanisms, supplemented by 12315 and Black Cat Complaints [4] - Education: Complaints can be directed to education authorities and market regulators for false advertising [4] - Home Renovation: Multiple channels including 12315 and construction committee hotlines should be utilized [4] - Automotive: Black Cat Complaints can be used to report defect clues, contributing to national monitoring efforts [4] Preparation for Complaints - To enhance the success rate of complaints, consumers should prepare by gathering complete evidence, clearly stating their demands, and maintaining a rational attitude [4]

Core Points - The company has approved the second unlock period of the 2022 restricted stock incentive plan, allowing 450,088 shares to be released from restrictions on November 18, 2025, which represents 0.0562% of the total share capital [2][15][12] - A total of 279 incentive targets are eligible for the release, but the performance assessment conditions for 100% release were not met, leading to a partial release based on the performance achievement ratio [12][2][15] Summary by Sections Incentive Plan Overview - The 2022 restricted stock incentive plan was approved by the company's board on August 30, 2022, and the first grant of 1,253,500 shares was completed on November 10, 2022 [4][10] - The second unlock period is defined as starting from 36 months after the grant date and lasting until 48 months, with a release ratio of 50% of the granted shares [9][10] Unlock Conditions - The board confirmed that the conditions for the second unlock period have been met, although not all performance targets were achieved [12][14] - The company plans to repurchase and cancel 173,787 shares that did not meet the unlock conditions [12][15] Regulatory Compliance - The board's remuneration and assessment committee, as well as the supervisory board, have verified the eligibility of the incentive targets and the fulfillment of the unlock conditions [12][13][14] - Legal opinions confirm that the release of shares complies with relevant regulations and does not harm the interests of the company or its shareholders [14] Future Actions - The company will handle the necessary procedures for the release of shares and will disclose further information regarding the unlock conditions for the temporarily granted shares [15][16]

公司公告汇总关于部分限制性股票回购注销完成的公告 浙江三花智能控制股份有限公司已完成对2022年和2024年限制性股票激励计划中不符合条件的激励对象 所持部分限制性股票的回购注销。其中，2022年计划涉及51名激励对象，回购注销19.80万股，回购价 格为9.05元/股；2024年计划涉及89名激励对象，回购注销71.40万股，回购价格为11.40元/股。本次合计 注销91.20万股，占注销前总股本的0.0217%，回购资金总额为9,931,500元，均为公司自有资金。注销后 公司总股本由4,208,925,935股减少至4,208,013,935股。相关股份已在中国证券登记结算有限责任公司深 圳分公司完成注销手续。 截至2025年11月14日收盘，三花智控(002050)报收于42.48元，下跌4.09%，换手率3.89%，成交量143.22 万手，成交额61.33亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出6.86亿元；游资资金净流入1.12亿元；散户资金净流入5.74亿元。 大宗交易 11月14日三花智控发生1笔大宗交易，机构净买入254.88万元。 H股公告-翌日披露报表 浙江 ...

行 业 及 产 业 家用电器 2025 年 11 月 16 日 各品牌陆续发布双十一战报，九阳 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 本期投资提示： ⚫ 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数上涨 1.1%，同期沪深 300 指数下降 1.1%。重点公司方面，九阳股份（26.6%）、莱克电气（12.2%）、海信视 像（7.1%）领涨；三花智控（-12.3%）、荣泰健康（-2.6%）、科沃斯（-1.5%）领跌。 ⚫ 行业动态：1）石头科技发布双十一战报：登顶清洁电器品牌 TOP1，扫地机市场份额 TOP1，达到 34.75%，洗地机市场份额 TOP2，达到 25.02%，净销售额同比增长 408.52%。吸尘器净销售额同比增长 2295.52%。2）九阳豆业"哈基米豆浆"引领热 潮：九阳豆业推出名为"哈基米南北绿豆豆浆"的植物饮料并在消费市场掀起热潮，九 阳豆浆旗舰店所属公司为杭州 ...

Investment Rating - Initiate with OUTPERFORM rating [2] Core Views - The company has a well-established product layout in air conditioning, with flexible capacity management effectively controlling risks [3] - The implementation of a new retail model in the Chinese market enhances channel efficiency [4] - The company is advancing its ODM and OBM strategies in overseas markets, with expectations for global market share growth [5] - The company is poised for steady revenue and profit growth due to strong domestic and international performance [6] Summary by Sections Section 1: Steady Revenue and Profit Growth - The company has over 30 years of experience in the air conditioning sector, achieving revenue of RMB 195.3 billion, RMB 248.3 billion, and RMB 297.6 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 23.4% [12] - In Q1 2025, the company reported revenue of RMB 93.52 billion and a net profit of RMB 9.25 billion, representing year-on-year growth of 27% and 23% respectively [12] Section 2: Comprehensive Product Layout and Efficient Channel Operations - The company has established four major manufacturing bases, with a capacity utilization rate of 91.3% for home air conditioners and 90.6% for central air conditioners as of 2024 [21] - The new retail model has effectively integrated online and offline channels, enhancing overall efficiency and enabling better management of retail prices [32] Section 3: Global Market Growth Potential - The global air conditioning market is expected to grow, with household and central air conditioning sales projected to reach 193 million and 69 million units respectively by 2024 [35] - The company has expanded its overseas presence to over 150 countries, with significant growth in both OBM and ODM revenues [28] Section 4: Profit Forecast and Valuation Comparison - The company plans to maintain a dividend payout ratio of no less than 75% from 2025 to 2027, with an expected dividend yield exceeding 10% in 2025 [7] - The projected EPS for 2025, 2026, and 2027 is RMB 1.96, RMB 2.14, and RMB 2.45 respectively, with corresponding year-on-year growth rates of 7%, 9%, and 14% [7][55]