公司发布半年报 一方面，通过加速智能制造升级、深化新产品研发及数字化降本增效，持续提升产品竞争力；另一方 面，以多元化与差异化创新驱动品类拓展，开辟增量业务。其中龙头、净水机等品类，积极响应市场变 化和客户需求，竞争力显著增强；智能家居应用场景持续拓宽，带动智能产品业务占比提升，为公司释 放可持续增长新动能。 同时，公司采取了更积极的营销策略、商业模式创新和渠道深化拓展，持续提升客户服务覆盖的广度与 深度。全资子公司美国建霖充分发挥多元化平台整合优势及国际化产品与服务能力，推进与Lowe's、 The HomeDepot、Menards 等零售渠道的深化合作，推动上半年渠道收入同增45.7%。 跨境电商业务依托集团技术沉淀与家居供应链优势，加速品类拓展与渠道建设，上半年收入同比增长 82.8%。泰国、墨西哥等海外基地建设再提速，目前泰国基地已实现全品类布局，年内启动三期扩产， 墨西哥基地预计年底试产，海外运营能力显著提升，为持续增强全球市场竞争力奠定坚实基础。 调整盈利预测，维持"买入"评级 25H1 公司营收24 亿，同减2%，归母净利2.4 亿，同减8%，扣非后归母净利2 亿，同减15%。 25H1 毛利 ...

公司报告 | 半年报点评 建霖家居（603408） 证券研究报告 泰国总产能将覆盖 60%以上的北美订单 公司发布半年报 25Q2 营收 12 亿，同减 7%，归母净利 1.2 亿同减 16%，扣非后归母净 利 1 亿，同减 23%。 25H1 公司营收 24 亿，同减 2%，归母净利 2.4 亿，同减 8%，扣非后归 母净利 2 亿，同减 15%。 25H1 毛利率 26.82%，逆势增长 0.41%。海外出货溢价为盈利水平提供 支撑，但毛利率保持韧性更重要的是得益于持续不断的内部成本改善，以 及技术创新带来的产品附加值提升，例如通过智能制造体系升级，在模具 设计、复合材料研发、智能成型等环节实现降本增效。 25H1 海外市场营收 18.1 亿元，占比 75.9%。海外市场面对复杂环境， 公司在巩固既有市场同时，积极拓展欧洲及"一带一路"等新市场机会与 新渠道客户。加大海外基地建设，着力运营提效，完善业务协同布局，强 化本地化供应能力，国际化产能的先发与规模优势加速形成。 公司国内基地与海外基地协同运作 随着新项目逐步在泰国工厂落地，泰国基地现在的出货量较去年同期大幅 提升。目前公司正在加速泰国基地扩产建设 ...

央视网消息：我国2000多个县域地区约占90%的国土面积、超过50%的人口是畅通国内循环、拓展内需增量的重要市场。 国庆中秋假期，各地县域商超、商业综合体迎来集中焕新升级，不仅人气火爆，更激发出县域消费的巨大活力。 在福建泉州惠安县，一家刚刚完成改造升级的大型超市，假期里吸引了大批消费者。琳琅满目的商品、时尚简约的装潢布局让人眼前一 亮。 在浙江瑞安，当地最大的商业综合体里人潮涌动，一家餐饮企业县域首店刚开业，便成为当地人的热门"打卡地"。 今年以来，这家商业综合体焕新品牌达130家，引进了很多国际一线品牌及热门网红品牌，显著提升了商业能级。这个国庆假期，就有54 个新品牌开门迎客。 记者从商务部了解到，《县域商业三年行动计划（2023-2025年）》实施三年来，已累计支持建设县级商贸综合服务中心2600多个、乡镇 商贸中心1.3万个，村级便民商店13.8万个，截至今年7月，全国县乡村商业网点在具备条件的地区已基本实现全覆盖。国家推出的三年县域商 业行动让众多县城里的商业基础设施更加完善。硬件升级了，长假期间，各地又开始琢磨起如何提供更多优质的消费产品。 负责家电安装的蔡师傅告诉记者，这个长假格外忙碌，特别是 ...

"8天长假，我们景区将举办'戏说三国''风华三国''趣动三国'等四大板块演出。"9月27日，河南省南阳市 卧龙岗武侯祠景区负责人李虎介绍，景区还为游客准备了免费"打卡集章"大挑战、"墨签拓礼"非遗体验 活动，让"亲子游"、"家庭游"、"研学游"的游客深度体验两汉三国诸葛文化。 国庆、中秋"双节"将至，河南省南阳市卧龙区一大波文旅商贸活动已上线，该区正全力筹备黄金周文旅 商贸盛宴。 "一级能效至高补贴20%，单件至高补贴2000元。补贴产品涵盖冰箱、洗衣机、空调、净水机、清洁电 器共10大品类，消费者在卧龙区苏宁易购新华城市广场店购买符合补贴条件的家电产品，即可享受相应 补贴，额度有限，先到先得。"卧龙区商务局局长汤杰平介绍，10月1日至10月8日，该区商务部门将开 展"双节家国共团圆.卧龙区家电20%补贴"专项家电消费补贴活动。 卧龙区大力实施商贸文旅"引流工程"，强力推进文旅融合发展提速行动，在区域性消费中心、文旅产业 高地、枢纽经济三个方面强势发力，持续丰富沉浸式文旅新业态，提升"吃住行游购娱、商养学闲情 奇"服务品质，不断提高商贸文旅核心竞争力、影响力、辐射力，推动商贸文旅深度融合发展。 今年以来，卧龙 ...

Group 1 - The core viewpoint highlights the robust growth of e-commerce in China, with online retail sales increasing by 9.2% year-on-year from January to July, marking a new high for the year [1] - The online retail sector is reshaping consumer shopping habits and the retail landscape, driven by technological advancements such as big data and artificial intelligence, which enhance shopping efficiency [1][2] - The number of online shopping users in China has surpassed 900 million, with rural online retail sales growing by 6.4% in the first seven months of the year, indicating a shift in consumption patterns among rural residents [1][2] Group 2 - Policies like trade-in programs have significantly boosted rural consumption, with sales during the "618" shopping festival in county areas increasing by 54%, highlighting a shift towards new consumer goods [2] - The China Chain Store & Franchise Association reported that the top 100 online retail companies achieved a total sales volume of 2.17 trillion yuan, reflecting a year-on-year growth of 13.6% [2] - The ongoing transformation in the online retail market emphasizes the need for high-quality consumer supply and the expansion of new e-commerce models such as live streaming and instant retail [2][3] Group 3 - The increase in online retail activity has raised expectations for logistics efficiency, necessitating improvements in service networks and technology applications to meet diverse consumer needs [3] - There is a focus on enhancing the logistics distribution system, including cold chain logistics and village service stations, to facilitate better access to e-commerce for rural residents [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's Q2 performance met expectations, with H1 2025 revenue of 1.157 billion yuan, a year-on-year increase of 35%, while net profit attributable to shareholders decreased by 21% to 54 million yuan [5][8] - The company is expanding its product categories, particularly in air fryers and coffee machines, which contributed to revenue growth [8] - The profitability is expected to improve as new products gain traction, with a projected increase in gross margin [8] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 2.441 billion yuan, with a year-on-year growth rate of 18.6% [7] - The net profit attributable to shareholders for 2025 is forecasted to be 178 million yuan, reflecting a year-on-year increase of 27.7% [7] - The company’s gross margin is projected to improve to 15.2% in 2025, with a return on equity (ROE) of 13.8% [7][8]

Core Viewpoint - The integration of Haier Consumer Finance with UnionPay Cloud Flash Payment marks a significant innovation in the home appliance retail sector, creating a new ecosystem that combines installment services with national subsidies, thereby enhancing consumer experience and driving sales growth [1][3]. Group 1: Innovations and Solutions - Haier Consumer Finance addresses traditional pain points in appliance installment plans, such as the disconnection between subsidies and installment options, by integrating national and corporate subsidies into a single platform [3]. - The company leverages financial technology to achieve "millisecond-level" credit response times, increasing installment approval efficiency by three times [3]. - The service is embedded in thousands of Haier retail stores, creating a closed-loop system that encompasses product selection, subsidies, installments, and fulfillment [3]. Group 2: Market Impact and Consumer Response - The new model has shown a strong consumer pull effect, with average transaction values at participating stores in pilot regions like Shanxi and Xi'an increasing by over 30%, and the proportion of bundled purchase users rising to 45% [3]. - A customer at the Qingdao Huaxia Home Expo reported significant savings of over 11,000 yuan from national subsidies when purchasing a full set of Haier appliances, with a manageable monthly installment plan [5]. - Sales staff noted a clear increase in sales attributed to the installment option, with more customers opting for installment purchases, enhancing the overall shopping experience [5][6]. Group 3: Strategic Advantages - Haier Consumer Finance benefits from the extensive resources of the Haier Group, allowing it to effectively meet the consumption needs of home appliance users [6]. - The integration of national subsidies and interest-free installments into a single offering enhances the shopping experience for consumers, eliminating the need to choose between different subsidy options [6].

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].