尽管与"水"紧密关联且身处"大健康"赛道，净水行业却似乎始终被一种难以突破的魔咒所笼罩。早在八九年前，中国产业调研网就曾发布报告乐观预测， 2013至2017年间我国净水器行业年均增长率将保持在15%以上，市场规模有望在2017年突破千亿元大关。然而现实远不如预期，直至2024年，据奥维云网 (AVC)推总数据显示，国内水家电(包括净水器、净饮机、饮水机及线上净水设备)整体零售额仅为346亿元。 到了消费者层面，信任构建与信息透明始终是净水行业未能彻底逾越的鸿沟。水质关乎家庭健康，但净水技术对普通用户而言仍近似"黑箱"，信息不对称极 易触发信任危机。比如此前被自媒体广泛炒作的"阻垢剂"事件，即便多次经专家和学术论文澄清其安全性，仍无法完全消解公众疑虑。这类争议背后，折射 出行业在消费者教育和沟通机制上的长期缺位，导致市场信心脆弱，易受不实信息冲击。 更值得警惕的是，部分企业为追求短期销量采取夸大宣传、恶意竞争等策略，不断损耗整个行业的公信力。诸如"活化水"、"能量水"等伪概念，以及刻意误 导的对比营销，不仅无益于市场教育，反而持续消解消费者对行业的信任。水的专业属性决定了用户高度依赖品牌与企业的专业诚信，一旦 ...

一、引子：水，是厨房的灵魂，也是科技的隐喻 水，至柔至善，无形却可塑万形，柔软却能穿透磐石，静默却能滋养 万物。 现在的厨电行业，科技往往被赋予了过于刚性的定义，参数至上的理 念让厨电沦为了一个个冰冷的工具与容器。而厨房的边界正在消融。 凯度电器从"水"的智慧中给出了不一样的答案——科技应是如水流淌的温柔力量，渗透进生活的每一处 褶皱，最终沉淀出生活本真的模样。 真正的科技从不是高高在上的，而是有温度、有情感，能够与生活完美融合的存在。这种独特的视角与 品牌战略，为凯度在竞争激烈的厨电市场中开辟了一条全新的道路，让科技与生活在"水"的哲学下，展 开了一场诗意的对话。 二、破界：以柔形，成漫境 "当厨房被分割成容器，我们选择成为漫过边界的水。"凯度电器CEO柯漫在《漫》TVC 中的这句宣 言，直指行业痼疾——功能主义思维将厨房切割成孤岛：烤箱、蒸箱、咖啡机等各自为阵，让本就局促 的厨房空间更显割裂。 与此同时，当下的厨电行业陷入技术怪圈——厨电厂商们争相标榜更 高的功率、更快的速度、更复杂的程序，却很少用心关注用户的真实 需求，去思考这些厨电是否真正解决了用户的问题。就像柯漫此前在访谈中描述的："参数高墙越垒越 ...

Group 1 - The home appliance market is entering a new structural upgrade cycle driven by the rise of quality and personalized consumption, with sales of smart home appliances increasing by 72% year-on-year and high-end appliances over 10,000 yuan growing by 86% [2] - The back-to-school season combined with the 818 promotion has led to significant sales increases in 3C products, with laptops, tablets, and smartwatches seeing year-on-year growth of 184%, 129%, and 94% respectively [2] - Suining Yigou's initiatives, including supply upgrades and expanded scenarios, aim to provide cutting-edge home solutions, marking this year as the "Year of Smart Home Appliance Popularization" [2] Group 2 - Smart appliances are becoming popular choices for consumers due to their ability to simplify household tasks and enhance life quality, with over 50% of all smart product sales during the 818 period [4] - Specific smart products saw significant sales growth, including smart kitchen hoods with a 59% increase, smart air conditioners with an 85% increase, and large-capacity smart refrigerators with a 149% increase [4] Group 3 - As health awareness rises, consumers are increasingly focused on features like sterilization and purification in appliances, with sales of water purifiers growing by 297%, dryers with sterilization functions increasing by 147%, and fresh air conditioners rising by 136% [6] - The trend towards integrated home appliances is evident, with embedded refrigerators and washing machines accounting for over 90% of sales, and embedded micro-steaming ovens growing by 129% [6] Group 4 - Suining Yigou is accelerating its layout of Suning Max stores in core urban areas, which has led to a 43% year-on-year sales increase during the 818 period, with significant growth in computers, air conditioners, and kitchen appliances [8] - High-performance gaming laptops saw a 251% increase, embedded kitchen appliances grew by 186%, and large-capacity dishwashers increased by 184% [8]

Summary of Supor's Conference Call Company Overview - **Company**: Supor - **Industry**: Home Appliances Key Points Industry and Market Dynamics - The "old-for-new" policy positively impacted Supor's domestic sales, but its marginal effect is decreasing. Long-term growth relies on macroeconomic improvement and consumer willingness to spend [2][8] - Supor's export business faced challenges due to U.S. tariffs, with some orders shifting to Vietnam. The company is collaborating with Cyber and other clients to mitigate the negative impact of tariffs [2][7] - The company maintains the highest market share in core categories both online and offline, continuously launching new products to meet consumer demands [2][4] Financial Performance - In the first half of 2025, Supor achieved revenue of 11.478 billion yuan, a year-on-year increase of 4.68%. The net profit attributable to shareholders was 940 million yuan, a slight decline of 0.07% [3][24] - Domestic sales benefited from government subsidies, but the overall demand remains weak. The company plans to focus on product innovation and channel transformation to sustain growth [3][6] Product Innovation and Strategy - Supor is committed to product innovation, launching new products in emerging categories like floor washing machines, coffee machines, and water purifiers [2][12] - The company aims to balance high-end and low-end products to maintain stable profit margins despite price competition [2][9] Export and Tariff Impact - U.S. exports account for less than 20% of Supor's overall exports, with cookware primarily shipped from Vietnam. The company is expanding capacity in Vietnam but remains cautious about capital expenditure [4][10][16] - The gross margin for exports has been around 18%, but it has decreased due to tariffs and sales fluctuations [15] Future Outlook - For the full year, Supor expects sales growth but faces pressure on profit margins. Domestic growth will depend on product innovation and channel changes, while export growth relies on Cyber's organic growth in global markets [6][24] - The company is cautious about relying on short-term stimulus policies and emphasizes the need for long-term strategic execution [8][21] Competition and Pricing Strategy - Supor is focused on maintaining high-margin products and avoiding a price war, especially in the 500-1,000 yuan price range, which aligns with its long-term strategy [18][9] - The company is adapting to competitive pressures by enhancing product quality rather than engaging in price competition [9][18] Management and Governance - The CFO is currently serving as the acting CEO, and the company has established a modern corporate governance structure [19][20] Dividend Policy - Supor plans to maintain a dividend payout ratio between 50% and 80%, despite uncertainties regarding future capital expenditures [23] New Retail Channels - Supor is exploring new retail models, including instant retail, to adapt to changing consumer habits and enhance sales through various online platforms [22] Conclusion - Supor is navigating a challenging market environment with a focus on innovation, strategic partnerships, and maintaining profitability while adapting to external pressures such as tariffs and competition. The company remains committed to long-term growth strategies despite short-term challenges.

Core Viewpoint - The domestic water purifier market is evolving towards becoming a necessity, driven by increasing health awareness and occasional events that may accelerate its adoption [1][5]. Market Overview - The current penetration rate of water purifiers in the domestic market is approximately 30% [1]. - In the first half of this year, the retail sales of water purifiers reached 10.95 billion yuan, a year-on-year increase of 22%, while the retail sales of drinking machines were 1.85 billion yuan, growing by 41.4% [1]. - The market size for household drinking water equipment in China is projected to reach 42.8 billion yuan by 2024, with the water purifier segment expected to account for about 32 billion yuan [2]. Product Trends - RO (reverse osmosis) technology currently dominates the water purifier market, with high-capacity products gaining popularity [4]. - In the first four months of 2025, the penetration rates for high-capacity pure water machines (using RO technology) reached 89% online and 87% offline [4]. - The average price for 1200-gallon pure water machines was 2346 yuan online and 3396 yuan offline, showing a year-on-year decrease of 9% and 54%, respectively [4]. Consumer Insights - Consumer awareness and the availability of various price points are crucial for water purifiers to become a necessity [5]. - The market for end-point water purification products (including water purifiers and drinking machines) sees annual sales exceeding ten million units [5]. - The replacement cycle for water purifiers is approximately 5-10 years, with a significant portion of recent market growth attributed to replacement demand [5]. Future Development - The trend in household water purification products is expected to focus on adding functionalities while reducing size [6]. - The market is witnessing a shift towards long-lasting filter products, with online and offline retail shares for long-lasting filters reaching 98% and 85%, respectively [6]. - The demand for features such as smart app control and integrated heating is increasing, with over 10% penetration in the offline market for these functionalities [6].

Core Insights - The domestic market penetration rate of water purifiers is approximately 30%, with increasing health awareness among the public potentially accelerating the adoption of these products [3] - The retail sales of water purifiers in China reached 10.95 billion yuan in the first half of the year, representing a year-on-year growth of 22%, while the retail sales of drinking machines grew by 41.4% to 1.85 billion yuan [3] - The market for household drinking water equipment is projected to reach 42.8 billion yuan by 2024, with the water purifier segment expected to account for around 32 billion yuan [3] Market Trends - The RO (reverse osmosis) technology dominates the water purifier market, with high-capacity products gaining popularity [4] - The penetration rate of high-capacity pure water machines (using RO technology) reached 89% online and 87% offline in early 2025 [4] - The average price of 1200-gallon pure water machines decreased by 9% online and 54% offline compared to the previous year [4] Consumer Behavior - Consumer recognition is crucial for water purifiers to become a necessity, as the market offers products at various price points [4] - The demand for mineralized water purifiers and long-lasting filter products is increasing, indicating a trend towards enhancing water quality and filter longevity [5] - The replacement cycle for water purifiers is approximately 5-10 years, with significant growth in the market attributed to replacement demand [5] Future Outlook - The development trend for household water purification products is expected to focus on adding functionalities while reducing size [5] - The market for long-lasting filter products is gaining traction, with online and offline retail shares reaching 98% and 85% respectively for high-capacity pure water machines [5] - The integration of smart features and compact designs is anticipated to drive further segmentation in the drinking water industry [5]

Summary of Key Points from the Conference Call on the Home Appliance Industry Industry Overview - The home appliance sector is influenced by both U.S. tariff policies and domestic subsidy policies, with a positive impact from the easing of tariffs in May 2025 and a subsequent pullback due to the suspension of subsidies in some regions in June 2025 [1][4] - The sector's various subfields, including white goods, kitchen appliances, black goods, lighting equipment, and components, are generally undervalued, with public fund holdings in the home appliance sector at 6.28%, a slight increase of 0.14 percentage points [1][5][6] Core Insights and Arguments - Domestic demand has been significantly stimulated by subsidy policies, particularly for high-priced small appliances, with notable growth in categories such as photography equipment, which saw a year-on-year increase of 38.8% in April 2025 [1][7] - The two-wheeler market has also benefited from subsidy policies, with over 600,000 new vehicles sold by May 20, 2025, generating sales of 17.8 billion yuan [1][8] - The air conditioning market has experienced a notable decline in average prices, with a controlled year-on-year decrease, indicating rational demand [1][9][10] Subsector Performance - In the first half of 2025, the home appliance sector performed well overall, with positive returns in all subfields except for black goods. The home appliance index rose by 1.2 percentage points, outperforming the CSI 300 index [2] - The air conditioning market is undergoing structural adjustments, with an increase in the proportion of low-priced models and more promotional activities [3][12] - The refrigerator, washing machine, and television markets are trending towards high-end specifications, with increased demand for multi-door refrigerators and large-capacity washing machines [3][14] Export and International Market Dynamics - The U.S. tariffs on Chinese home appliances remain high, with most categories exceeding 40%, leading to a decline in exports to the U.S. [15][21] - The overseas market significantly contributes to China's home appliance exports, with air conditioning exports nearing 60% and refrigerators over 40% [17] - The sales scale in overseas markets is approximately 50% of that in China, with potential for higher domestic growth driven by international demand [18] Future Outlook - The home appliance sector may face risks of a downturn in the second half of 2025, but strong domestic demand supported by subsidies is expected to provide resilience [19][22] - Companies like Gree and Midea are recommended for investment due to their stable dividend yields and potential for recovery in the face of tariff impacts [21][22]

Core Insights - The demand for cooling appliances in China has surged due to high temperatures, with air conditioners, fans, and ice-making products seeing significant sales increases [1][3][5] Group 1: Sales Growth - New energy-efficient air conditioners have seen a year-on-year sales increase of 82%, while fresh air conditioners have grown by 116% since late June [1] - Sales of fans with humidifying and air circulation functions have increased by 62% and 89% respectively during the same period [3] - The market for ice-making products is also thriving, with consumers opting for refrigerators with ice-making capabilities for convenience [5] Group 2: Consumer Preferences - Consumers are shifting their preferences from basic cooling to health and energy-saving features in air conditioners [1] - Smart features are becoming a key consideration, with 62% of air conditioners priced above 5000 yuan incorporating AI and smart functionalities [3] - The trend towards multifunctional cooling devices is evident, as consumers are attracted to products that offer various features such as air purification and humidity control [3][5] Group 3: Service Enhancements - Suining Yigou is enhancing customer service with personalized support through their "Blue Friends" service, providing assistance from product selection to installation [5] - The company has implemented rapid delivery services, promising air conditioners to be installed within 24 hours and fans delivered within 30 minutes in over 300 key cities [5] Group 4: Future Strategy - The company aims to continue innovating in product launches and enhancing customer experience to create a new shopping environment for summer appliances [7]

Core Insights - The home appliance sector, including major segments like white goods and black goods, is currently valued at relatively low levels, while the holding levels are at historical highs, with performance being the key driver for excess returns in the sector [3][20][32] - Domestic sales are expected to maintain high resilience due to national subsidies, while external sales will show high elasticity driven by increasing demand penetration in emerging markets and the rising market share of Chinese brands [3][7][8] Review: Performance-Driven Sector Achieving Excess Returns - As of June 20, 2025, the home appliance index has declined by 1.2%, ranking eighteenth among all major industries, with all segments except black goods achieving positive relative returns [20][21] - The home appliance sector's valuation is currently at a relative low, influenced by ongoing tariff fluctuations, with the kitchen appliance sector above the median [6][28][32] - The public fund holding ratio for the home appliance industry in Q1 2025 was 6.28%, with a slight increase of 0.14 percentage points, indicating a high allocation level historically [6][35][40] Resilience: National Subsidies Driving Domestic Demand - The continuation and expansion of national subsidies for home appliances have shown significant results, with retail sales of home appliances experiencing double-digit growth for eight consecutive months from September 2024 to April 2025 [7][44] - The average selling price of air conditioners has seen a controlled decline, with leading brands maintaining a positive price premium over the industry average [7][46] - Categories with low penetration, such as coffee machines and cleaning appliances, have shown strong growth, indicating a favorable competitive environment for profitability improvement [7][46] Elasticity: Limited Tariff Disturbances and Emerging Market Contributions - Despite high tariffs on Chinese home appliance products in the U.S., the impact on most listed companies is limited due to their low exposure to the U.S. market [8][30] - Emerging markets are expected to become significant sources of incremental exports for Chinese home appliances, with rapid penetration rates in regions like Latin America and the Middle East [8][30] Investment Recommendations: Focus on Quality Leaders with Growth Certainty - For the second half of 2025, it is recommended to focus on high-certainty growth leaders with low exposure to the U.S. market, such as Gree Electric, Midea Group, and Hisense Home Appliances [9][12] - Companies benefiting from domestic sales and the old-for-new replacement policy, like Aima Technology and Yadea Holdings, are also highlighted for their strong growth certainty [9][12] - Emerging leaders with U.S. exposure and strong brand power, such as Anker Innovations and Roborock, are recommended for their potential recovery [9][12]

Core Insights - The "618" shopping festival this year showed a decline compared to previous years, but still received positive responses from merchants amid changing international trade dynamics and pressure on the domestic consumption market [1][6] - Home products, particularly well-known brands, experienced significant sales growth during the "618" period, indicating a shift in consumer preferences [1][2] - The promotional strategies have evolved, with many merchants focusing on international markets, suggesting that "618" and "Double 11" could become global shopping festivals in the future [1][5][7] Home Product Promotions - Sales of home products during this year's "618" were optimistic, with high-end smart toilets seeing a 45% year-on-year increase in sales on JD platform [1] - Other home appliances and small kitchen gadgets, such as multi-functional cooking pots and electronic scales, also saw over 100% year-on-year growth [1] - Suning reported a 69% year-on-year increase in sales of cleaning appliances and smart small home appliances since the start of the promotion [2] Popular Home Products - The most popular home products this year included small kitchen appliances like mini rice cookers and multifunctional steamers, particularly favored by younger consumers [3][4] - Prices of various kitchen small appliances have increased, with rice cookers up 20.74% and steamers up 37.42% year-on-year [3] - Smart small appliances and cooling products gained traction, with portable fans seeing a 300% increase in sales [3] Shift from Domestic to International Markets - The concept of "involution" has led many merchants to shift their focus from domestic competition to international markets, particularly Southeast Asia [5][6] - The Southeast Asian e-commerce market has shown significant growth, with a 123% year-on-year increase in GMV reported by TikTok Shop [6] - The stable policy environment in Southeast Asia is seen as advantageous for merchants looking to expand internationally [6]