Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7][12]. Core Insights - The home air conditioning market showed continued domestic sales growth in July, while external sales were weak, aligning with market expectations. The overall air conditioning sector remains stable, with the white goods sector underperforming the market from May to July. Leading companies in the white goods sector exhibit significant valuation and dividend yield advantages, making them worthy of investment consideration. Recommended companies include Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances [4][12]. Summary by Sections Air Conditioning Market Performance - In July 2025, the domestic air conditioning sales volume reached 10.58 million units, a year-on-year increase of 14.34%, while exports were 5.85 million units, down 15.47% year-on-year. The total production for the month was 16.12 million units, nearly unchanged from the previous year [8][13][15]. - The cumulative production from January to July 2025 was 136.43 million units, reflecting a year-on-year increase of 6.05%, with domestic sales at 77.13 million units, up 9.68% [14]. Domestic and External Sales Trends - Domestic sales continued to show double-digit growth in July, with a stable growth rate compared to previous months. The retail sector also saw significant increases, with online and offline retail volumes rising by 32% and 37% respectively [9][10]. - External sales faced challenges due to ongoing tariff impacts, with a notable decline in exports. The report highlights that the external sales environment remains uncertain, particularly with the potential for tariff changes [11][12]. Company-Specific Performance - In July, Haier's domestic sales increased by 58%, while Gree and Midea saw declines of 4.05% and 7.37% respectively. Hisense and TCL reported increases of 19.58% and stable performance [10][21][25]. - The report emphasizes the strong performance of leading companies like Haier and Hisense, while noting the weaker performance of others like Gree and Midea [10][12].

Core Viewpoint - The article discusses the competitive landscape of the air conditioning industry, focusing on AUX Air Conditioning, which is preparing for a listing on the Hong Kong stock exchange. AUX is known for its cost-effective strategy but faces challenges from industry giants like Gree and Midea as it navigates market changes and competition [1][2]. Group 1: Market Position and Financials - AUX ranks fifth in the global air conditioning market with a market share of 7.1% based on projected 2024 sales, but its revenue is significantly smaller compared to leading competitors [1]. - In 2024, AUX's total revenue is projected to be 29.8 billion yuan, with nearly 90% coming from household air conditioning, and over 70% of that from low-end wall-mounted units [1]. - AUX's net profit of 2.9 billion yuan is considerably lower than that of its competitors, indicating a potential vulnerability in its business model [1]. Group 2: Historical Context and Competitive Challenges - AUX's rise in the early 2000s was driven by aggressive pricing strategies, including "low price + no inspection + cost disclosure," which helped it capture significant market share [2]. - Despite initial success, AUX has faced increasing competition from established brands like Midea and Haier, as well as new entrants like Xiaomi, which have eroded AUX's market position [2]. - AUX's market share in online sales has dropped from first place in 2018 to sixth place by 2025, highlighting the challenges it faces in maintaining its competitive edge [2]. Group 3: International Expansion and Business Model - AUX has shifted focus to international markets, with overseas business accounting for 49.3% of its operations in 2024, up from 42.9% in 2022 [3]. - Approximately 82% of AUX's overseas business operates under an ODM model, which limits its pricing power and profit margins [3]. Group 4: Technological and Strategic Challenges - AUX lacks competitive strength in core technologies, particularly in compressor production, relying on external suppliers, unlike competitors who have in-house capabilities [5]. - The company has not made significant investments in smart home technology and AI features, which are becoming critical for enhancing user experience in modern air conditioning systems [5]. - The upcoming Hong Kong listing presents new opportunities for AUX, but its ability to transition from a price-driven model to one focused on brand and technology will be crucial for its future success [5].

Core Viewpoint - Aux Air Conditioning, known as the "price butcher" in the air conditioning industry, is set to go public on the Hong Kong Stock Exchange after a decade-long rivalry with Gree's Dong Mingzhu, despite facing challenges from new competitors like Xiaomi [1][12]. Group 1: Company Overview - Aux has passed the hearing for its IPO on the Hong Kong Stock Exchange, marking a significant step towards its public listing [1]. - The company claims to be the fifth largest air conditioning manufacturer globally, with a market share of 7.1% as of 2024 [1]. - Aux's total revenue for 2024 is projected to reach 29.8 billion yuan, with nearly 90% coming from its home air conditioning business [2]. Group 2: Business Structure and Market Position - Aux heavily relies on low-end wall-mounted air conditioners, which contribute 74.2% of its revenue, while central air conditioning, which is gaining popularity, only accounts for 10.8% [2]. - The company has a market share of 25.7% in the price range of air conditioners below 2,500 yuan, indicating its focus on cost-effective models [4]. Group 3: Competitive Landscape - The domestic air conditioning market is projected to decline by 2.2% in 2024, but the lower-tier markets are expected to show resilience due to lower penetration rates [4]. - Aux's online sales dominance has diminished, with its market share in online channels dropping to 5.02% by 2025, ranking sixth [9]. - Competitors like Midea and Haier have rapidly gained ground in the online and price-performance segments, challenging Aux's market position [8][12]. Group 4: Financial Performance - Aux's revenue growth rate from 2022 to 2024 is reported at 30%, outpacing the top four competitors in the industry [6]. - In contrast, major competitors like Midea and Gree have significantly higher revenue and net profit figures, with Midea's revenue reaching approximately 407.1 billion yuan in 2024 [4][6]. Group 5: Challenges and Future Outlook - Aux's reliance on the ODM model for 82% of its overseas business limits its profit margins and investment in R&D, with only 2.4% of revenue allocated to R&D in 2024 [12]. - The company faces a critical challenge in transitioning from a price-driven strategy to one focused on technology and brand enhancement, especially as the industry shifts towards smart home solutions [13][14].

当夏日的热浪与足球的激情碰撞，如何让球迷们既能畅享赛事狂欢，又能感受清凉舒适？追觅空调在苏 州打造了一场别开生面的科技盛宴。 8月16日，在万人沸腾的苏超赛场，追觅空调的快闪体验区"夏日看球好搭子，追觅空调送清凉"成为最 火爆的打卡点，不仅吸引了来自全国各地的代理商伙伴们，更与超过5000名热情球迷共同体验了追觅空 调的黑科技魅力。 8月17日举行的追觅空调战略合作会暨新品品鉴会更是盛况空前，为今夏空调市场注入一剂强心针。追 觅空调不仅展示了前沿黑科技，更以沉浸式体验和跨界互动为球迷和合作伙伴们带来了前所未有的清凉 体验。 跨界联动，打造沉浸式足球盛宴 在这个火热的夏天，苏超联赛战况正酣，追觅空调以创新科技深度融入足球热潮，为球迷打造了一场别 开生面的沉浸式体验。8月16日，在苏超联赛第9轮苏州VS泰州的赛事外场，追觅空调线下快闪打卡点 的互动体验区，球迷们不仅能参与精准射门送清凉足球游戏，感受竞技乐趣与科技降温的双重快感，更 能零距离体验新一代空调的卓越性能。更令人惊喜的是，足球宝贝与球迷的趣味互动，将现场氛围推向 高潮。 黑科技加持，重定义空调体验 新品品鉴会现场，追觅空调重磅推出全新一代空调，涵盖双机械 ...

来源：奥维云网 作者：大家电研究组 01 市场概述 高增长神话终结，下行压力陡增2025年空调市场经历了戏剧性转折。在6-7月持续高温的强力催化下，行业零售端 迎来爆发式增长。奥维云网推总数据显示，1-7月空调零售量同比增长16.7%，延续了上半年稳中有升的态势。然 而这场"靠天吃饭"的狂欢在8月戛然而止——零售端增速首次转负，从奥维云网周度数据看，8月首周线上线下分 别下滑6%，19%；更严峻的信号来自生产端：奥维云网最新排产数据显示，9月空调内销排产508.2万台，同比下 滑9.1%，出口排产478.5万台，跌幅高达14.6%。 02 内销困局 库存压顶与需求透支双重绞杀 库存吞噬渠道活力 6-7月零售高增实质是对前期库存的集中消化。截至6月，行业整体库存量突破5400万台，其中工厂库存2232万 套，渠道库存3181万套，远超行业健康水平。高库存直接压制经销商进货意愿，尤其是中小经销商资金链承压明 显，渠道补货积极性大幅下降。 高基数魔咒与需求枯竭 2024年国补政策形成的高基数效应显现。去年9-12月零售量线下同比激增76.9%，导致今年下半年同比压力陡增。 叠加前期需求透支，消费者观望情绪浓厚；企业 ...

人民财讯8月19日电，哈空调（600202）8月19日晚间披露2025年半年报，公司上半年实现营业收入5.49 亿元，同比下降22.53%；归母净利润为-764.31万元，同比由盈转亏。基本每股收益-0.0199元。报告期 内，归属于上市公司股东的净利润减少的主要原因是公司的销售收入、其他收益减少，期间费用增加 等。 ...

Core Viewpoint - Recent reports indicate that Xiaomi has surpassed Gree in online air conditioner market share for July, positioning itself as the second-largest player in this segment, while Gree holds the third position [1][4]. Group 1: Market Share Data - According to the latest data from Aowei Cloud Network, Xiaomi's online market share for air conditioners in July was 16.71%, while Gree's was 15.22%, placing them second and third respectively [1]. - Contrarily, Gree's market director claimed that their online market share remains higher than Xiaomi's, asserting that Gree holds a 16.41% share compared to Xiaomi's 13.50% [4]. - Midea leads the online air conditioner market with a share of 19.98% for July [4]. Group 2: Company Responses - Xiaomi's public relations department and executives expressed surprise and gratitude for the support received, emphasizing the importance of capability enhancement for quality growth [1]. - Gree's market director publicly disputed Xiaomi's claims, stating that the data presented by Xiaomi was inaccurate and that Gree still leads in the online market [4]. - A blogger who initially shared the data claimed that the discrepancy arose from Aowei Cloud Network changing its data collection methodology [4]. Group 3: Historical Context - The rivalry between Xiaomi and Gree regarding air conditioner sales has been ongoing, with previous confrontations over market position and sales figures [6]. - In a past shareholder meeting, Gree's CEO criticized Xiaomi's claims about being the market leader, questioning the technological advancements behind Xiaomi's products [6].

近日，"小米空调线上销量超越格力"登上微博热搜。 在8月15日、16日，小米高管卢伟冰、王化先后转发了奥维云网数据#小米空调线上销量超越格力#的消 息。 王化表示"没想到新时代这么快就来了"。卢伟冰则表示，"能力的坚实提升，才能赢得高质量的增长。 再次感谢大家对小米大家电的支持"。 对此，格力高管坐不住了。8月18日晚，格力电器市场总监朱磊在微博回应小米空调线上销量超越格力# 称，据奥维云网数据，7月格力空调在线上市场仍然领先小米。 可以看到，卢伟冰微博转发别人的截图中，小米空调线上销售市占率16.71%，高于格力的15.22%。但 朱磊查询的数据显示，格力的市占率16.41%，远高于小米的13.5%。 对此，新浪科技今日查阅奥维云网显示，与朱磊查询的数据一致，格力的市占率16.41%，远高于小米 的13.5%。 | | | 家电数据 | | ... O | | | --- | --- | --- | --- | --- | --- | | 家电快报 | | 品类解析 | | 品牌竞争 | | | 空调 ਚ | 线上 | V 全部 | | 销量 | 4 | | 月度 ਵ | 25.07 | V 年累计 | | ...

#奥维数据更改致小米格力销量反转#【破案了！#小米格力空调之争原来是奥维的锅#】近日，#小米空 调线上销量超越格力#一事引发争议，原因是小米和格力发布的第三方平台奥维云网的数据差距巨大。 小米高管@卢伟冰、@王化 最先转发的数据显示小米领先，而随后格力高管@朱磊Gree 发布的数据显 示格力远远超过小米。 可以看到，卢伟冰微博转发博主@晓春哥XCG 的截图中，小米空调线上销售市占率16.71%，高于格力 的15.22%。但朱磊查询的数据显示，格力的市占率16.41%，远高于小米的13.5%。当前，据媒体实测， 结果与格力公布的数据一致。 那么问题到底出在哪里呢？晓春哥XCG回应称："这个事情，是奥维更改了数据罗盘的统计口径。" 他表示当时卢伟冰转发的截图数据确实是真的，不少同行都看到了，也有不少人截图，不存在编造数 据。"这个数据业内从业人员应该都可以看到，各大品牌也都有订阅，不是我瞎编的数据。"而目前，奥 维云网的最新数据与格力后来发布的截图一致。博主称不知道这种更改是不是频繁的。（三言Pro） Z 133 日 127 凸 537 | 19:29 | | | | 11 2 6 11 | | 2025年7月中 ...

Core Viewpoint - The competition between Gree Electric and Xiaomi in the air conditioning market is intensifying, with Xiaomi reportedly surpassing Gree in online sales for July, according to data from Aowei Cloud Network [5][8]. Group 1: Market Position - In July, Xiaomi's online market share reached 16.71%, placing it second, while Gree's share was 15.22%, ranking third [5][8]. - Gree Electric's market director, Zhu Lei, refuted claims of Xiaomi's overall dominance, stating that Gree still leads in the online market as of July [1][5]. Group 2: Industry Dynamics - Zhu Lei emphasized that healthy competition benefits both the industry and consumers, expressing optimism about the ongoing investments from competitors that drive industry progress [2][5]. - Xiaomi's president, Lu Weibing, acknowledged the importance of capability enhancement for achieving high-quality growth and thanked consumers for their support [7][10].