公牛集团官网显示，上述结论由尚普咨询集团于2021年1月1日至2024年12月31日期间，基于行业专家调研、消费者调研与渗透率数据得出，覆盖全国（不含 港澳台）家用全渠道市场，最近一次调研于今年8月完成。 从商业角度看，这场诉讼的爆发时点耐人寻味。2025年三季报显示，前三季度公牛集团实现营业收入121.98亿元，同比下降3.22%；实现归母净利润29.79亿 元，同比下降8.72%；实现扣非归母净利润27.01亿元，同比下降4.87%。 事实上，这场纠纷背后，也是国内电工照明市场日益激烈的同质化竞争的真实写照。家的电器成立于2007年，主营插座、开关等产品，与公牛集团业务高度 重合。 近年来，随着正泰、德力西、欧普等品牌加速渠道下沉，公牛集团在中低端市场面临的压力增大。 今年11月下旬，公牛集团曾向家的电器发出律师函，指后者20余名销售人员在社交媒体有组织地发布200余条短视频，质疑公牛集团核心广告语"10户中国家 庭，7户用公牛"存在"大字吹牛、小字免责"问题，涉嫌误导消费者并损害公牛集团商业信誉，构成商业诋毁。公牛集团要求对方删除相关视频、公开道歉并 协商赔偿事宜。 面对指控，家的电器回函辩称，相关视频 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The new consumption valuation system is being elevated, and expectations for tariff relief in the export chain are strengthening [2] - The report highlights the impact of recent overseas supply disruptions in the paper industry, suggesting that pulp prices may stabilize at low levels [3] - The report discusses the recent "breakthrough" in US-China trade relations, indicating potential for improved tariff negotiations [3] - The new tobacco sector is experiencing robust growth, with Japanese tobacco reporting significant revenue increases [4] - The home furnishing sector is seeing a recovery in orders, particularly in custom furniture, driven by government subsidies and promotional activities [4] - The report notes a positive trend in consumer goods, with several brands launching new products and experiencing sales growth [5] - The packaging industry is performing steadily, with companies like Yongxin and Yutong showing strong growth and profitability [5] - The two-wheeler market is expected to maintain good sales momentum, with new product launches from companies like Ninebot [5] - The gold and jewelry sector is witnessing expansion, with companies like Laopu Gold and Chaohongji opening new stores [5] - The cross-border e-commerce sector is facing challenges due to tariff fluctuations, but some brands continue to show strong growth [5] Summary by Sections Paper Industry - Overseas supply disruptions are frequent, and pulp prices are expected to stabilize [3] - Companies like Sun Paper and Xianhe Co. are highlighted for their potential profit improvements [3] Export Sector - Tariff negotiations between China and the US are progressing, with a notable increase in exports to ASEAN countries [3] - Companies with strong overseas layouts are recommended for investment [3] New Tobacco - Japan Tobacco's new tobacco products are showing impressive growth, with a focus on HNB products [4] - Companies like Smoore International and China Tobacco Hong Kong are noted for their potential [4] Home Furnishing - The sector is recovering with increased orders, particularly in soft furnishings and custom furniture [4] - Key companies to watch include Gujia Home and Mousse [4] Consumer Goods - New product launches are driving sales growth in the consumer sector [5] - Brands like Bubble Mart and Runben are highlighted for their structural growth potential [5] Packaging - Companies like Yongxin and Yutong are performing well, with steady growth and profitability [5] Two-Wheeler Market - Sales are expected to remain strong, with new product launches from Ninebot [5] Gold and Jewelry - Companies like Laopu Gold and Chaohongji are expanding their store presence [5] Cross-Border E-Commerce - Some brands are facing sales slowdowns due to price increases, but others maintain strong growth [5]