上 市 公 司 2025 年 08 月 26 日 比依股份 (603215) ——2025 年中报点评：Q2 业绩符合预期，新品类持续 放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 21.52 | | 一年内最高/最低（元） | 23.60/12.21 | | 市净率 | 3.4 | | 股息率%（分红/股价） | 1.39 | | 流通 A 股市值（百万元） | 4,029 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.27 | | 资产负债率% | 61.52 | | 总股本/流通 A 股（百万） | 188/187 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 家用电器 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on non-operating fund occupation and the performance of its main business segments [1][2]. Group 1: Non-operating Fund Occupation - The company reported a total of 32.61 million yuan in non-operating fund occupation with its controlling shareholder, involving loans provided to a subsidiary [1][6]. - The controlling shareholder, Tibet Longsheng Energy Management Co., Ltd., has a registered capital of 1 million yuan and generated revenue of 10.59 million yuan in 2024 [2][3]. - The company has taken corrective measures, including the return of all occupied funds and interest, and has strengthened internal controls to prevent future occurrences [7][8]. Group 2: Main Business Performance - The company achieved a total revenue of 5.079 billion yuan in 2024, with solar water heater sales contributing 2.202 billion yuan, a 44.42% increase despite a 25% decline in sales volume [11][12]. - Other product categories, including kitchen and bathroom products, saw revenue declines ranging from 24% to 50% due to market conditions [11][12]. - The company operates under a dual sales model of direct sales and distribution, with distribution accounting for 72.38% of total revenue [24][25]. Group 3: Special Operating Projects - The company is involved in several special operating projects in Tibet, with significant investments and expected long-term returns, although these projects have not yet generated operational income [28][30]. - The company has established a joint venture for a clean energy heating project in Tibet, which is currently in the trial operation phase [28][29]. - The accounting treatment for these projects aligns with relevant accounting standards, recognizing construction service income as intangible assets [27][30].

Core Insights - The recent "High Net Worth Consumer Attitude and Behavior Research Report 2025" indicates that health is the top priority for high net worth individuals, with 65% expressing this preference, a 9% increase from 2021 [1] - The report highlights a shift in consumer focus from single-function products to health-oriented lifestyle solutions, emphasizing the importance of health in the high-end market [1][3] Industry Trends - The demand for health-oriented home appliances is rising, with nearly 70% of respondents in a survey indicating the need for appliances with health functions [3] - During the 2025 "618" shopping festival, health appliances showed significant growth, with water purifiers experiencing a notable increase in both volume and sales [3] Company Innovations - Vatti has positioned itself as a leader in the health appliance sector by integrating health into its product core and enhancing kitchen scenarios [6] - The company has developed innovative technologies, such as a PM2.5 sensor in its range hood, which monitors air quality in real-time, achieving a dispersion concentration of only 76.8μg/m³ [6][9] - Vatti's dishwashers utilize advanced washing technology to improve cleaning efficiency, while its embedded steam ovens maintain low oxygen levels to preserve food nutrition [6][9] Health and Wellness Focus - Vatti's new beauty bath water heater aims to enhance skin health by ensuring water quality, demonstrating a commitment to consumer wellness [8][9] - The company's "Clean Kitchen" initiative addresses cleanliness as a core issue, offering comprehensive solutions that enhance the overall kitchen experience [10][12] Comprehensive Solutions - The "Clean Kitchen" system focuses on product cleanliness, space optimization, and sensory improvement, creating a holistic approach to kitchen health [10][12] - Vatti's strategy reflects a broader industry trend towards providing sustainable health solutions that integrate seamlessly into daily life, catering to the growing demand for meticulous health maintenance among consumers [12][13]

Core Viewpoint - The Chinese government is intensifying policies to boost domestic consumption, particularly through the "old-for-new" program for consumer goods, in response to increasing external uncertainties and economic challenges [2][5]. Group 1: Policy Implementation - The National Development and Reform Commission (NDRC) plans to issue the third batch of "old-for-new" funds in July, emphasizing a more timely and balanced approach to fund allocation [2][4]. - The total support for the "old-for-new" program includes 300 billion yuan from special long-term bonds, with 162 billion yuan already distributed in the first two batches [3][4]. - The program has significantly contributed to the retail sector, with a reported 6.4% year-on-year growth in social retail sales in May, marking the highest growth rate in 2024 [3]. Group 2: Economic Impact - The "old-for-new" policy has led to a surge in sales of related products, exceeding 1.4 trillion yuan this year, with notable growth in the county-level markets [3][7]. - From May 1 to June 21, county-level home appliance sales increased by 47%, and "old-for-new" sales rose by 54%, indicating a new peak in sales [3]. - The focus on upgrading consumption patterns is evident, with sales of high-end appliances increasing by 73% in the first five months of the year [3][7]. Group 3: Future Outlook - The government aims to further enhance the effectiveness of the "old-for-new" policy by expanding the categories of supported products and improving the quality of goods [7][8]. - There is a strong emphasis on collaboration between fiscal, monetary, and industrial policies to ensure timely fund allocation and stimulate consumer spending [8]. - The focus will also be on supporting low-income groups and promoting service-oriented consumption, particularly in sectors like education and healthcare [7][8].

Group 1 - The national energy-saving publicity week took place from June 23 to 29, with June 25 designated as "National Low Carbon Day," themed "Carbon Road Pioneers, Green Future" [1] - The Urumqi Market Supervision Bureau organized various promotional activities to enhance low-carbon energy-saving awareness among the public, advocating for green consumption and ecological protection [1][2] - A joint promotional event was held by 12 local government units, where staff used banners and distributed materials to educate the public on energy-saving and carbon reduction knowledge [1] Group 2 - The Urumqi Market Supervision Bureau plans to conduct regular inspections of energy and water efficiency labels on products sold in the area, ensuring compliance with national energy-saving and emission reduction policies [2] - Volunteers distributed energy-saving handbooks and relevant materials in local shops and markets, encouraging consumers to adopt green consumption practices [2] - The bureau's leadership emphasized the importance of collective action in promoting green and low-carbon initiatives, aiming to foster a sustainable development environment in the community [2]

Core Viewpoint - The county-level home appliance market in China is experiencing a sales peak, driven by strong demand for "trade-in" programs, with total sales increasing by 28% from June 1 to June 20, 2025 [1] Group 1: Market Trends - The county market shows a significant increase in sales, with a 33% month-on-month growth in June for home appliances, particularly in cooling products like air conditioners and refrigerators [8] - Since the implementation of the "national subsidy" policy, there has been a 35% year-on-year increase in sales from the "trade-in" program, with sales of appliances priced over 10,000 yuan rising by 73% [10] - The demand for green and smart products is surging, with sales of items like dryers, water purifiers, and dishwashers increasing by over 50% [18] Group 2: Consumer Behavior - Consumers are increasingly opting for mid-to-high-end products, with many choosing appliances priced above 4,000 yuan [5][10] - Young consumers, such as those in rural areas, are embracing smart home devices, indicating a shift towards quality and modernity in household choices [13][16] - The trend of upgrading to smart and healthy appliances is becoming a necessity rather than an option for many households [18] Group 3: Service Innovations - Various regions are innovating "trade-in" service models to enhance accessibility, including community engagement and mobile service stations [24][31] - Community initiatives are helping consumers understand and utilize the "trade-in" policy effectively, with local volunteers providing assistance [26] - A service alliance has been established in Sichuan to address the distribution challenges in rural areas, facilitating cross-store ordering and local delivery [28]

Core Insights - The county-level home appliance market is experiencing a sales peak, with total sales from June 1 to June 20 increasing by 28% month-on-month, driven by strong demand for "trade-in" programs [1] - New popular appliances in the county market include dryers, water purifiers, and dishwashers, indicating a clear trend towards consumption upgrades [1] - Consumers in county markets are increasingly seeking quality living standards comparable to those in first and second-tier cities, leading to a surge in demand for improvement-oriented consumption [1] Sales Trends - The average transaction price for mobile phones, tablets, and computers has significantly increased, reflecting a shift towards higher-quality products [1] - Sales of health monitoring smart devices, such as smartwatches and AI smart glasses, have seen a remarkable year-on-year growth of approximately 500% [1]

Core Viewpoint - Gree's new initiative "Dong Mingzhu Healthy Home" aims to redefine its brand perception beyond air conditioning, promoting a holistic healthy lifestyle [1][4] Group 1: Brand Strategy and Expansion - Gree plans to open 3,000 "Dong Mingzhu Healthy Home" stores by 2025, with a long-term goal of 10,000 stores nationwide [1] - The first store in Shouguang is located within a large shopping center, marking a strategic shift in Gree's retail approach [1][7] - The transformation from Gree Electric to "Dong Mingzhu Healthy Home" reflects a strategic upgrade based on market demand and company development [4] Group 2: Product Offering and Consumer Experience - The store features a futuristic technology atmosphere with immersive displays of Gree's full range of products, including AI energy-saving air conditioners and high-efficiency water purifiers [3] - A dedicated relaxation area in the store enhances customer experience, creating a sense of belonging and comfort [4] - Gree's product range now spans various categories, including home air conditioning, refrigerators, washing machines, and smart home devices, emphasizing a shift from individual products to a comprehensive home ecosystem [4][7] Group 3: Market Potential and Industry Trends - Shandong province is identified as a key market due to its strong economic and population growth, with increasing demand for health-oriented and smart home appliances [7] - The "Dong Mingzhu Healthy Home" initiative showcases Gree's strategic commitment to evolving from traditional electrical appliances to integrated home living solutions [7]