Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].

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Group 1 - Trump plans to select the next Federal Reserve Chairman from three or four candidates, criticizing current Chairman Powell for being "stupid" and "politicized" [2] - Trump has urged Powell to take action on interest rates, suggesting he could do a better job himself [2] Group 2 - China's Ministry of Foreign Affairs expresses a desire for a lasting ceasefire in the Middle East, emphasizing cooperation with Iran to maintain regional peace [3] - The Chinese government is committed to fostering friendly relations with Iran and contributing positively to regional stability [3] Group 3 - Over 10 provinces in China have implemented direct payments of maternity benefits to individuals, with 12 provinces and Xinjiang achieving full coverage [4] - Yunnan province is expected to implement direct payments by the end of July, with many other provinces partially achieving this as well [4] Group 4 - The Ministry of Commerce announces a pilot program for foreign investment enterprises to report investment information in China, starting in select regions [5] - The program will require foreign investment enterprises to submit initial and change reports through the enterprise registration system starting July 1, 2025 [5] Group 5 - The Ministry of Ecology and Environment plans to establish a new marine protection framework during the 14th Five-Year Plan, focusing on comprehensive governance of key marine areas [6] - The ministry is collaborating with relevant departments to develop a national marine ecological environment protection plan [6] Group 6 - The Ministry of Agriculture, Public Security, and Market Regulation jointly issue a warning against "order agriculture" scams, advising farmers to be cautious of fraudulent activities [7] Group 7 - The State Administration for Market Regulation will increase supervision and inspection of key products, including stainless steel pressure cookers and baby bottles, to ensure product safety [8] Group 8 - The State Administration for Market Regulation emphasizes the need to establish a statistical data quality management system to prevent statistical fraud [9] Group 9 - Shenzhen's Commerce Bureau releases measures to promote high-quality service consumption, focusing on the development of digital service consumption [10] - The measures include promoting smart business districts and new retail formats such as e-sports and social e-commerce [10] Group 10 - Chengdu encourages the commercialization of low-altitude passenger operations, offering subsidies for companies that successfully launch approved routes [11] Group 11 - The North Atlantic Treaty Organization (NATO) commits to spending 5% of GDP on core defense and related expenditures by 2035, while also pledging support for Ukraine [17] Group 12 - The Japanese Liberal Democratic Party's "Abe faction" officially disbands amid a political funding scandal involving undisclosed funds [18] Group 13 - The U.S. stock market shows mixed results, with the Dow Jones Industrial Average dropping over 100 points while Nvidia reaches a new high, increasing its market capitalization to $3.75 trillion [22]

金十数据6月25日讯，市场监管总局召开加强食品相关产品质量安全监管工作座谈会。会议强调，食品 相关产品质量安全监管要认真践行"监管为民"理念，加强生产销售单位质量安全主体责任落实情况跟踪 调查，优化完善风险防控动态管理机制。要以不锈钢压力锅、铝压力锅、食品用洗涤剂、奶瓶、塑料饮 水杯等5种产品为重点，对其原料采购、生产加工、产品检测、运营销售等关键环节实施追溯管理。要 持续加大流通领域特别是网售食品相关产品监督抽查力度，切实保障产品质量安全。 市场监管总局：要持续加大流通领域特别是网售食品相关产品监督抽查力度 ...

Core Viewpoint - The report from Guolian Minsheng Securities maintains an "outperform" rating for the home appliance industry, highlighting a significant acceleration in retail sales during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and ongoing product upgrades [1] Group 1: Retail Performance - The home appliance industry experienced a notable uplift in overall sales during the 618 shopping festival, with a weighted average year-on-year growth rate of +15% for 20 representative categories in online retail sales from May 12 to June 15, 2025 [1] - The online retail volume and price growth rates for these 20 core categories were +13% and +1% respectively, indicating a strong performance in both volume and pricing [1] - Major appliances like air conditioners, washing machines, and black goods saw retail growth rates exceeding 20%, while low-priced small appliances also experienced significant growth, with online prices for rice cookers, pressure cookers, and air fryers rising over 10% year-on-year [1] Group 2: Brand Performance - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales increasing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [2] - Other notable performers included Little Swan, COLMO, Haier, and Casarte in the white goods sector, while Hisense led the black goods market with a 24% share, particularly excelling in the high-end segment [2] - In the cleaning appliance category, Ecovacs maintained the top position in total sales, with Stone Technology achieving rapid growth, ranking first and second in sales for sweeping and washing machines respectively during the festival [2] Group 3: Subsidy and Demand Outlook - Concerns arose regarding the continuity of subsidy programs after notifications of pauses in certain regions, but data indicates that the usage of subsidy funds has accelerated since May, with approximately 50 billion yuan utilized by the end of May 2025 [3] - The central government is expected to allocate an additional 138 billion yuan in subsidies in July and October, ensuring a steady and orderly implementation of the policy through the end of the year [3] - The home appliance replacement program is anticipated to maintain a steady demand release in the second half of 2025, supported by a more stable pace of subsidy fund usage [3]

北交所信息更新 鸿智科技（870726.BJ） 健康养生厨房小家电快速增长，公司大力拓展电商业务 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 18.50 | | 一年最高最低(元) | 37.18/9.38 | | 总市值(亿元) | 16.35 | | 流通市值(亿元) | 14.83 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.80 | | 近 3 个月换手率(%) | 211.83 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年营收 4.80 亿元，同比+15%；归母净利润 3542 万元，同比-3% 公司发布 2024 年报与 2025 年一季报，2024 年公司实现营业收入 4.80 亿元，同 比增长 14.77%，归母净利润 3542.35 万元，同比下滑 3.12%；2025Q1 公司实现 营业收入 1.02 亿元，同比增长 3.66%；归母净利润 732.92 万元，同比增长 3.40 ...

北交所信息更新 鸿智科技（870726.BJ） 健康养生厨房小家电快速增长，公司大力拓展电商业务 2025 年 06 月 04 日 投资评级：增持（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 18.50 | | 一年最高最低(元) | 37.18/9.38 | | 总市值(亿元) | 16.35 | | 流通市值(亿元) | 14.83 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.80 | | 近 3 个月换手率(%) | 211.83 | 公司发布 2024 年报与 2025 年一季报，2024 年公司实现营业收入 4.80 亿元，同 比增长 14.77%，归母净利润 3542.35 万元，同比下滑 3.12%；2025Q1 公司实现 营业收入 1.02 亿元，同比增长 3.66%；归母净利润 732.92 万元，同比增长 3.40%。 我们维持 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年归母净利润 为 0.41/0.49/0.54 亿元，对应 EPS 为 0.46/0.55/0.61 元/ ...

Group 1 - The recent reduction in "reciprocal tariffs" has led to a surge in demand for shipping containers among home appliance companies, with reports of container prices increasing by 20,000 to 40,000 yuan [2][3] - Companies are experiencing a situation where the demand for containers exceeds supply, leading to a competitive environment for securing shipping space [2][3] - The logistics sector has seen a significant increase in shipping volumes to the U.S., with container booking volumes from China to the U.S. rising nearly 300% following the tariff adjustments [5][6] Group 2 - Despite the tariff reductions, some companies are facing logistical challenges that hinder smooth trade, as they struggle to secure shipping containers and vessels [3][4] - The overall shipping rates have increased, with the Shanghai-New York container freight index rising to 4,350 USD, reflecting a 19.31% increase [6] - The current shipping situation is characterized by a mismatch in supply and demand, with many shipping routes being adjusted due to previous tariff policies [7] Group 3 - Home appliance companies have mixed feelings about the tariff reductions; while some clients are eager to place orders, others remain cautious and are reassessing their strategies [8][9] - The impact of tariff changes has led to operational disruptions, requiring companies to reallocate production capacity and manage increased workloads [9][10] - Some companies report that their orders to the U.S. have recovered to about 60% of last year's levels, driven by clients needing to replenish low inventories [9][10] Group 4 - The sudden drop in tariffs has created challenges for cross-border e-commerce, particularly for new entrants in highly concentrated product categories like electric pressure cookers [12] - Companies are facing difficulties in hiring due to the fluctuating demand for labor, with many workers seeking alternative employment during periods of low orders [13][14] - Digital transformation initiatives in the home appliance sector are helping companies manage production scheduling and capacity issues more effectively [14][15]

• 2025 年 2-3 月，国补政策显著修复小家电行业，多数品类恢复增长。电 饭煲、电磁炉等年初至今增速达 12%，电蒸锅 19%，养生壶高达 37%， 豆浆机、榨汁机等长尾品类亦有 17-18%的增长，整体呈现可观增长态势。 • 刚需品类中，电饭煲、电压力锅、微波炉受益于 2025 年 Q1 纳入国补范 围，增长主要依赖价格拉动；养生壶、榨汁机、豆浆机等动力型小家电量 价齐升，市场表现尤为突出。 • 2025 年 Q1，苏泊尔收入从 2024 年 Q4 的下滑恢复至正增长，增幅约 4- 5%。摩飞、九阳、小熊等公司也显现修复迹象，内销预期普遍高于去年 Q4，国补政策带动行业整体趋势向上。 • 偏刚需品类占比高且顺应消费升级的企业受益最明显，尤其享受京东自营 平台最高 20%补贴力度的企业。中高端价格带企业亦受益于国 VI 标准下 刚需品类价格升级趋势。 • 美的和苏泊尔在饭煲、电压力锅及微波炉领域市占率领先，一季度合计达 51%。美的、苏泊尔小家电线上销售中相关产品占比分别达到 25%和 30%，凭借市场领导地位和较高定价策略优势显著。 Q&A 天猫和淘宝在补贴政策方面有何变化？ 天猫和淘宝的补贴政策与去 ...

近期，苏泊尔（002032）、小熊电器（002959）、九阳股份（002242）等厨房小家电公司先后发布了 2024年年报，显示出了明显的业绩分化。"其背后是多元化和国际化业务进展的差异。"业内人士表示， 此前，早餐机、榨汁机、空气炸锅等小巧精致的厨房小家电乘着"宅经济"的东风，实现了销量大幅上 涨。然而，随着消费需求逐步放缓，市场已经开始降温。未来，相关企业的增长点在于对海外市场和细 分市场的开拓。 市场开始降温 2020-2021年，全球"宅经济"拉动了厨房小家电的销量增长。2022年，随着需求逐步放缓，小家电销量 出现下滑。到了2023年，在新型直播电商渠道崛起的背景下，小熊电器、苏泊尔、新宝股份（002705） 等品牌产品销量提升，行业有所回暖，但一些品牌产品销量仍然处于下滑态势。去年，得益于"以旧换 新"国补活动的开展，多个品牌产品销量回升，但仍然不敌势头正盛的2021年。 奥维云网数据显示，去年，厨房小家电整体零售额609亿元，同比下降0.8%。其中，豆浆机、养生壶等 健康养生品类和台式微蒸烤一体机等多功能集成品类零售额增长；电磁炉、电饭煲、电水壶、电压力锅 等刚需大单品零售额变化较小；空气炸锅、 ...