Core Insights - Over 70% of household air conditioning purchases in Europe are influenced by recommendations from installers, highlighting the importance of installation efficiency, ease of cleaning, and maintenance in overseas markets [1][2] - Haier Air Conditioning showcased its innovative "easy installation, easy disassembly, easy cleaning" service solution at the 138th Canton Fair, providing new options for overseas users [1] Product Features - The modular design is the core breakthrough of the "three-easy" solution, with the Expert series featuring standardized interfaces and pre-assembled components, which reduce installation time by approximately 50% compared to traditional products [1] - The detachable structure addresses cleaning and maintenance challenges, allowing users to easily remove key components for thorough cleaning, thus preventing odors and bacteria growth [1] Market Performance - According to 2024 sales data, Haier Air Conditioning maintains a leading position in several overseas markets, including being the top brand in Pakistan for 17 consecutive years and leading in Italy and Spain [2] - Haier has achieved the highest sales in the global market for home air conditioning brands, particularly excelling in the fields of internet-connected air conditioning and self-cleaning air conditioning [2] Strategic Approach - The shift in global home appliance market competition from single-function innovation to system solution competition is evident, with Haier's "three-easy" service solution reflecting comprehensive consideration from product design to service experience [2] - Haier's specialized training for installers enhances channel recognition and trust in the product's user-friendly design, demonstrating a service-oriented product mindset tailored to regional needs [1]

Core Insights - Haier Air Conditioning has achieved significant market performance in 2023, with a cumulative market share increase of 2.5% from January to September, and consistently ranking second in offline sales during the cooling season [1] - The company launched four new products at a recent event, emphasizing a comprehensive air solution for various home scenarios, aiming to ensure comfort in every corner of the home [1][10] Product Innovations - The four new products include the Haier Yunxi air conditioner, which offers rapid cooling and heating capabilities, the Haier Warm Sun Pro central heating system, the Casa Di Lan Guang concealed air conditioner, and the ultra-thin Casa Di Galaxy II central air conditioner [1][3] - The Haier Yunxi air conditioner features a 15-second cooling and 30-second heating function, capable of operating in extreme temperatures from -35°C to 70°C, with a large airflow of 1850m³/h [3][5] - The Haier Warm Sun Pro central heating system is designed to maintain stable heating even in -35°C environments, combining high efficiency with energy-saving features [5] Aesthetic and Functional Features - The Casa Di Galaxy II central air conditioner offers precise temperature control, self-cleaning capabilities, and a slim design of 18cm, making it suitable for various home environments [7] - The Casa Di Lan Guang concealed air conditioner integrates seamlessly into home decor, providing a discreet airflow solution while ensuring air quality with a formaldehyde removal module [7] Comprehensive Service Platform - Haier Air Conditioning introduced its "Big Warm Air Full Process Platform," which provides a complete service from user needs assessment to installation and long-term maintenance [10] - The platform allows for quick generation of customized design plans within 15 seconds, utilizing a database of 28 million household types [10][12] - The installation process is monitored by factory supervisors, ensuring quality control and adherence to design specifications [12] User Experience Enhancement - The platform offers 60 pre-set product combinations tailored to different household sizes (100-500㎡), simplifying the selection process for users [12] - A digital operation system monitors equipment status in real-time, allowing for proactive maintenance and enhancing user comfort [12]

Core Insights - Haier Air Conditioning has achieved significant market performance in 2023, with a cumulative market share increase of 2.5% from January to September, and total revenue exceeding the entire year of 2024 during this period [1] - The company launched four innovative products at a recent event, aimed at providing comprehensive air solutions for various home scenarios, enhancing user comfort during the Double 11 shopping festival [1][10] Product Innovations - Haier Cloud Creek Air Conditioner: Features rapid cooling and heating capabilities, achieving 15 seconds for cooling and 30 seconds for heating, with a high-temperature cooling capacity of 70℃ and a low-temperature heating capacity of -35℃, addressing extreme weather challenges [3] - Haier Warm Sun Pro Central Air Conditioning: Designed for winter heating, it utilizes a high-efficiency heat exchanger and compressor to maintain stable heating even at -35℃, while ensuring energy efficiency [6] - Casarte Galaxy II Central Air Conditioning: Offers precise temperature control, self-cleaning at high temperatures, and active ion sterilization, with an ultra-thin design of 18cm to fit various home environments [8] - Casarte Lingguang Concealed Air Conditioner: Features a hidden outlet design for aesthetic integration into home decor, along with a customized formaldehyde removal module to enhance air quality [9] Comprehensive Service Platform - The launch of the "Big HVAC Full Process Platform" allows for a seamless service experience from user needs assessment to installation and long-term maintenance, ensuring tailored air solutions for different home scenarios [10][11] - The platform includes a quick design feature that generates personalized solutions in 15 seconds based on user input, and a monitoring system for installation quality and ongoing maintenance [10][14] - Users can select from 60 pre-set product combinations based on their home size (100–500㎡) and preferences, simplifying the decision-making process [14]

Core Viewpoint - Haier Air Conditioning has achieved significant market performance growth in 2023, with a net market share increase of 2.5% from January to September, being the only brand among the top three to realize positive growth [1] Product Innovations - Haier launched four major new inventions at the product launch event on October 18, including the Haier Yunxi air conditioner, Haier Nuan Yang Pro central heating system, Casarte Languang concealed air conditioner, and Casarte Galaxy II central air conditioner, providing comprehensive air solutions for various home scenarios [1][3] - The new products focus on core scenarios such as daily heating and cooling, winter heating, and high-end aesthetics, creating a systematic home air solution [3] Performance Features - The Haier Yunxi air conditioner features rapid cooling and heating capabilities, with a cooling speed of 15 seconds and heating speed of 30 seconds, and can operate in extreme temperatures from -35°C to 70°C, ensuring comprehensive coverage of the home [4] - The Haier Nuan Yang Pro central heating system addresses winter heating challenges, maintaining stable heating even in -35°C environments, while also being energy-efficient [6] - The Casarte Galaxy II central air conditioner offers precise temperature control, self-cleaning at high temperatures, and ion active sterilization, designed for various home environments [8] Service Platform - Haier introduced its "Big Warm Air Full Process Platform," which integrates user needs, solution design, installation, and long-term maintenance into a seamless service experience [10] - The platform allows for quick generation of customized design solutions within 15 seconds based on user input, and offers pre-set product combinations for different home sizes [11][13] - The installation process is monitored for quality assurance, and a digital maintenance system provides real-time monitoring and proactive maintenance alerts [13] Market Strategy - This year's Double 11 event marks a shift in user experience from merely owning a hardware product to enjoying a complete service solution, indicating a transition in the air conditioning industry from single products to comprehensive scene-based solutions [13]

Core Insights - The fourth China Human Settlements Health Conference was successfully held in Beijing, co-hosted by the China Building Materials Market Association, the China Health Management Association, and Haier Air Conditioning [1][3] - Haier's Vice President and General Manager of Air Industry, Song Yujun, emphasized the importance of good air quality in creating good homes, advocating for collaboration to advance industry progress [1][5] - The establishment of the Health Home Industry Innovation Alliance aims to promote the development of the health home industry through standard setting, technological innovation, industry collaboration, market promotion, and talent cultivation [3][5] Group 1 - The global trend of extreme climate is increasing, leading to a rise in demand for home renovations and improved housing, with the concept of "good homes" included in the government work report for the first time [5] - The Health Home Industry Innovation Alliance's formation is timely and will be a key initiative in promoting industry collaboration and implementing the "good home" policy [5] - Haier Air Conditioning brings its innovative practices in the whole-house air sector into the alliance, offering customized solutions that accurately understand user habits and environmental changes [5][6] Group 2 - Haier's innovative solution includes "one brain, two breakthroughs, and N scene-based customizations," upgrading from traditional temperature and humidity control to a whole-house AI smart health air expert [6] - Haier is developing a new household light-storage direct-drive heat pump air conditioning energy management system, integrating photovoltaic, energy storage, and heat pump technologies for a comprehensive smart living experience [6] - The construction of an open and collaborative industrial ecosystem is crucial for Haier Air Conditioning in promoting the "good home" and healthy living environment initiatives [6]

Core Insights - The 2025 "Double 11" shopping festival has commenced, with a fierce competition in the home appliance sector, particularly in air conditioning [1] - JD.com reported that Midea's air conditioners achieved the top position during the 52-hour Super Flash Sale event, indicating strong market competitiveness and consumer recognition [1] Industry Overview - The air conditioning market is experiencing intensified competition characterized by homogenization and price wars [1] - Midea's success is attributed to its precise coverage of diverse household usage scenarios, aligning with the demand for quality consumption upgrades [1] Product Highlights - Midea's flagship product, the "No Wind" air conditioner, has gained popularity due to its gentle airflow and mother-baby level purification experience [1] - The "Cool Energy-Saving" air conditioner has sold over 10 million units since its launch, addressing consumer concerns about electricity costs through energy-saving technology [1] Market Trends - The strong performance of Midea's air conditioners during the "Double 11" event reflects the brand's comprehensive strength in technology accumulation and product matrix [1] - Current industry competition has shifted from a focus on performance parameters and pricing to a differentiation strategy based on "refined needs and quality experience" [1]

Core Viewpoint - The introduction of the "10-year free warranty" service for Mijia air conditioners by Xiaomi sets a new standard in the air conditioning industry, benefiting consumers significantly while potentially harming competitors' profit margins [1][3]. Group 1: Service Offering - The "10-year free warranty" service is genuinely free, with no hidden costs, allowing users to avoid any expenses related to repairs [1]. - This warranty covers various types of air conditioning units, including wall-mounted, floor-standing, and central air conditioning systems, emphasizing the long usage cycle and repair difficulty of these products [1]. Group 2: Industry Impact - Xiaomi's move is expected to disrupt the air conditioning industry's profit margins, leading to a decrease in profitability for competitors [3]. - Consumers are likely to express gratitude towards Xiaomi for enhancing service standards in the air conditioning sector [1].

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国空调出口情况统计图 相关报告：智研咨询发布的《2026-2032年中国空调行业市场现状分析及发展前景研判报告》 根据中国海关数据显示：2025年4月中国空调出口数量为751万台，同比增长12.1%，出口金额为11.02亿 美元，同比增长10.8%。 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) opened on October 15, featuring a record total of 74,600 exhibition booths and over 32,000 participating companies, marking a historical high [1] - The fair highlights the theme of "advanced manufacturing," showcasing a variety of intelligent products and innovations [3][10] Group 1: Exhibition Highlights - The exhibition covers a total area of 520,000 square meters, with over 25,000 booths and approximately 12,000 participating companies, including more than 5,500 high-quality export enterprises [5] - Major brands such as Midea, Gree, and TCL presented new products, indicating strong participation from leading companies [7] - The service robot section attracted significant attention, with various robots being popular among attendees [3][5] Group 2: Innovative Products - Intelligent products showcased include a patrol robot capable of navigating rough terrains and a commercial cleaning robot with a 4 to 6-hour autonomous operation time [3] - Gree's new GMV9 series central air conditioning system can operate in extreme temperatures from -35°C to 60°C, demonstrating adaptability to diverse climate conditions [8] - TCL introduced the small blue wing C7 air conditioner, which optimizes temperature based on user sleep patterns, showcasing innovation in energy efficiency [8] Group 3: Market Trends - The fair reflects the resilience of China's foreign trade, with an increasing proportion of high-tech enterprises participating, indicating strong international market appeal [10][11] - The introduction of a smart medical area in the upcoming third phase of the fair will feature 47 companies, highlighting advancements in the medical technology sector [10]

Investment Rating - The report initiates coverage on Aux Electric with a "Buy" rating and a target price of HKD 17.67, based on an 8x PE for 2025 [5][4]. Core Insights - Aux Electric is the fifth largest air conditioning provider globally and the fourth largest in China, with a market share of 7.1% globally and 7.3% in China for 2024 [1][18]. - The company has a robust presence in over 150 countries, focusing on both domestic and international markets through a dual strategy of ODM and OBM [1][18]. - The report highlights Aux's historical adaptability and strategic positioning, capturing market opportunities across different eras, from cost-effective products in the early 2000s to leveraging e-commerce in the 2010s and expanding globally in the 2020s [1][21]. Summary by Sections Company Overview - Aux Electric entered the air conditioning industry in 1994 and has since developed a multi-brand strategy, including the main brand Aux and sub-brands like ShinFlow, HuaSuan, and Aufit, to cater to various market segments [23][1]. - The company has maintained a strong growth trajectory, with a projected revenue of RMB 29.8 billion in 2024 and a CAGR of 30% in air conditioning sales from 2023 to 2024 [23][18]. Market Outlook - The global air conditioning market is expected to grow from RMB 1.31 trillion in 2024 to RMB 1.53 trillion in 2028, with a CAGR of 4.0% [2]. - Aux is actively expanding in emerging markets, particularly in the Middle East and Southeast Asia, with significant contributions from both ODM and OBM business models [2][18]. Financial Projections - The report forecasts Aux's net profit attributable to shareholders to be RMB 3.167 billion, RMB 3.661 billion, and RMB 4.073 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.99, RMB 2.31, and RMB 2.56 [4][12]. - Revenue from overseas sales is expected to reach RMB 188.9 billion, RMB 234.6 billion, and RMB 281.8 billion from 2025 to 2027, accounting for 54.3%, 58.5%, and 62.6% of total revenue [2][4]. Competitive Positioning - Aux Electric's manufacturing efficiency is highlighted, with a capacity utilization rate of 91.3% compared to the industry average of 74.4% in 2024, which enhances its bargaining power [3][22]. - The company has diversified its customer base, reducing dependency on any single client, with the largest customer accounting for only 6.3% of revenue in Q1 2025 [22][3].