机构：招银国际 研究员：Alex NG/Hanqing LI We expect Tongda to deliver earnings recovery in 1H25E with revenue/net profit of HK$2,802mn/59mn (-6%/+359% YoY), following business disposal and impairment provisions in 2024. Excluding disposed business, we estimate Tongda revenue will grow 13% YoY in 1H25E backed by consumer electronics /household & sports goods (+10%/25% YoY) and GPM will improve to 15.7% in 1H25E (vs 15% in 1H24). We remain positive on Tongda's turnaround efforts to focus on investments in new business o ...

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 ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both. The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor. Zacks Premium includes access to the Zacks Style Scores as well. Momentum Score Momentum tr ...

7月26日，在青岛华夏家博会上的卡萨帝展馆内，前来购买家电的孙先生成为海尔消费金融"智家分 期"联通银联云闪付后的首个用户，孙先生表示，新家装修趁着家博会有活动，定了冰箱、洗衣机、空 调、热水器等全套海尔家电，领了国补券减了11000多，剩余的58000再用海尔的家电分期，每月只需要 还不到5000元，今天也不用付钱，确实是很划算，也很方便。据悉，本次分期免息活动覆盖冰箱、洗衣 机、空调、热水器、净水机等展馆内的全品类家电，满足消费者各类家电购置需求。 正在为消费者办理家电分期手续的卡萨帝展馆工作人员称，分期确实给销售带来非常明显的提升，选择 用分期购买家电的用户越来越多，不论是单件家电，还是套购;同时，门店日常销售也会把"智家分 期"作为重要的工具来使用，为用户提供了更多支付选择，在使用国补的基础上，节省了用户的资金成 本。 海尔消费金融相关负责人表示，一方面，依托集团资源，我们有非常庞大家电场景入口，可以精准满足 家电用户的消费需求;另一方面，基于自身强大的金融科技能力及产品创新能力，毫秒级响应信贷需 求，让智家分期产品在全国海尔专卖店持续落地;对消费者而言，此次"智家分期"接入银联云闪付，把 以旧换新国 ...

经严格测试验证，应用"真空磁场保鲜技术"的食材存储7天后，其TVB-N值（挥发性盐基氮，肉类鲜度核心指标）低至7.57mg/100g，远优于国家一级鲜肉标 准（≤15 mg/100g）。此项技术不仅保障了家庭高端食材的新鲜度，还解锁了多元生活场景，如快速备制健康简餐、真空预处理加速烹饪、饮品瞬时冰镇以 及为外出活动提供便捷的食材分储方案。 转自：新华财经 7月26日，海信冰箱在"真空真保鲜 '呲'刻好新鲜"的发布会上，重磅发布璀璨U6系列新款真空冰箱。其中，海信璀璨501U6真空冰箱以领先的"真空磁场保鲜 技术"与高效智能的自动制冰系统，为高端食材储存与家庭健康冷饮体验双重需求提供解决方案。 传统冰箱保鲜技术长期面临难以有效延缓食材氧化与酶活性衰败的挑战。海信璀璨501U6真空冰箱搭载的"真空磁场保鲜技术"提供了革命性解决方案。该技 术的核心在于构建一个独立密封的真空空间——"真空头等舱"，并配合内部精准的磁场调控，实现"外防氧化，内抑酶活"的双重锁鲜效果。外部真空环境有 效抑制了肉类氧化产生异味，同时显著降低果蔬的呼吸代谢速率和水分蒸腾速率，从源头上延缓食材衰败。内部磁场则利用磁致生物学效应，一方面促进水 ...

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]

Core Insights - A. O. Smith Corporation (AOS) reported adjusted earnings of $1.07 per share for Q2 2025, exceeding the Zacks Consensus Estimate of 97 cents, with a year-over-year increase of 1% [1] - Net sales reached $1.01 billion, surpassing the consensus estimate of $990.9 million, although this represented a 1% decline year-over-year due to lower water heater volumes and decreased sales in China [1] Segmental Details - North America sales decreased by 1% year-over-year to $779 million, compared to an estimated $758.9 million, primarily due to lower water heater volumes [2] - Segmental earnings remained flat year-over-year at $198.1 million [2] - Sales in the Rest of the World segment totaled $240.1 million, down 2% year-over-year, with China sales decreasing by 11% and India sales increasing by 19% in local currency [3] Margin Details - Cost of sales was $614.2 million, down 2.2% year-over-year, while selling, general & administrative expenses rose by 1.5% to $191.3 million [4] - Gross profit increased by 0.3% year-over-year to $397.1 million, resulting in a gross margin of 39.3%, up from 38.7% in the previous year [4] - Interest expenses rose to $4.6 million from $1.8 million in the year-ago quarter [4] Liquidity & Cash Flow - As of June 30, 2025, cash and cash equivalents totaled $177.9 million, down from $239.6 million at the end of December 2024 [5] - Long-term debt increased to $284.2 million from $183.2 million at the end of December 2024 [5] - Cash provided by operating activities for the first half of 2025 was $178.3 million, compared to $164 million in the same period last year [5] Share Repurchases - In the first half of 2025, A. O. Smith repurchased 3.8 million shares for $251.3 million, with 3 million shares remaining under the existing repurchase authorization as of June 2025 [6] 2025 Outlook - A. O. Smith raised its sales outlook for 2025 to a range of $3.85-$3.93 billion, up from the previous estimate of $3.8-$3.9 billion, with reported sales of $3.82 billion in 2024 [7] - Adjusted earnings per share (EPS) forecast for 2025 is now projected to be between $3.70-$3.90, compared to the earlier expectation of $3.60-$3.90 [8]

Second Quarter 2025 Results July 24, 2025 Second Quarter 2025 Earnings Presentation | 1 Second Quarter 2025 Earnings Presentation | 2 Forward Looking Statements This presentation contains statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "continue," " forecast," "guidan ...