2024年，潮州市卫浴产业规上产值突破580亿元，产品出口全球130多个国家和地区，智能生产线覆盖率 超65%。随着"深圳标准+潮州智造"生态链不断深化，潮州卫浴这一传统产业正焕发生机，为广东省"百 千万工程"提供了可复制、可推广的实践经验。这场深潮协作的产业转型实践，不仅带来了经济效益的 提升，更探索出了区域协调发展的新路径。 面对"缺资金、缺技术、缺市场、缺机制"的发展瓶颈，潮州卫浴这一传统产业在深圳对口帮扶协作的推 动下，正迎来转型升级。深圳对口帮扶协作潮州指挥部精准施策，助力帮扶地区传统产业转型升级，打 出政策引导、金融支持、技术协同、市场拓展"组合拳"，助力潮州卫浴实现从"制造"到"智造"的质效双 升，为区域协调发展注入新动能。 深潮两地的合作模式凸显出产业帮扶从"输血"到"造血"的根本转变。深圳依托资本、科技与市场优势， 潮州则发挥制造业基础与产能优势，双方通过联盟机制、基金引导、园区共建等形式，实现优势互补、 协同发展。这种协作模式打破了地域限制，实现了资源要素的跨区域优化配置，走出了一条从制造基地 到智造高地的协作路径。 政策先行，构筑产业生态新基础。深圳对口帮扶协作潮州指挥部协调指导当地制定 ...

《中国经济周刊》记者 孙 冰 孙庭阳 2024年开始，工业和信息化部等6部门连续两年联合开展智能工厂梯度培育行动，分基础级、先进级、 卓越级和领航级4个层级开展梯度培育。数据显示，"十四五"以来，我国已建成基础级智能工厂超3.5万 家、先进级智能工厂7000余家、卓越级智能工厂230余家，首批领航级智能工厂培育工作也在积极推进 中。在政策精准滴灌和企业主动求变下，制造业不断转型升级、拥抱智能，新型工业化建设动能澎湃。 ——编 者 提升智能制造水平，重塑全球对中国制造的认知 时光倒回到十几年前。从规模上看，中国已成为全球第一制造大国。但是，不少中国消费者选择从国外 背回日用品，这一现象引起了对中国制造"大而不强"的反思。 "发展智能制造，是形势所迫、发展所驱、强国所需。"工业和信息化部装备工业二司原一级巡视员王瑞 华介绍，当时她所在的部门负责智能制造工作。那时，国内很多企业对智能制造的意义认识还比较肤 浅，缺乏转型经验。"在这种情况下，我们提出，一方面，先搞试点摸索经验，通过示范，推广可复制 模式。另一方面，要因地制宜、因企施策，这也是基于我国制造业电气化、自动化、数字化并存的实 际。"王瑞华表示。 在王瑞华看 ...

智能制造成效显著，融入生产各个环节 智能制造需要智能工厂。国家智能制造专家委员会委员、国家智能制造标准化专家咨询组副组长郝玉成 介绍，智能工厂是应用物联网、大数据、人工智能等新一代信息技术，实现生产装备、生产过程、生产 经营全面智能化的新型工厂形态。 2024年开始，工业和信息化部等6部门连续两年联合开展智能工厂梯度培育行动，分基础级、先进级、 卓越级和领航级4个层级开展梯度培育。数据显示，"十四五"以来，我国已建成基础级智能工厂超3.5万 家、先进级智能工厂7000余家、卓越级智能工厂230余家，首批领航级智能工厂培育工作也在积极推进 中。在政策精准滴灌和企业主动求变下，制造业不断转型升级、拥抱智能，新型工业化建设动能澎湃。 ——编者 提升智能制造水平，重塑全球对中国制造的认知 时光倒回到十几年前。从规模上看，中国已成为全球第一制造大国。但是，不少中国消费者选择从国外 背回日用品，这一现象引起了对中国制造"大而不强"的反思。 "发展智能制造，是形势所迫、发展所驱、强国所需。"工业和信息化部装备工业二司原一级巡视员王瑞 华介绍，当时她所在的部门负责智能制造工作。那时，国内很多企业对智能制造的意义认识还比较肤 ...

Core Insights - The concept of a "good house" is evolving, focusing on safety, health, and sustainability, as emphasized by industry experts [1][2] - The integration of digital technologies like AI and big data is reshaping building design and enhancing residential safety and health management [3][5][6] - Traditional architectural wisdom is being combined with modern techniques to create adaptable and sustainable living environments [8][9][10] Group 1: Definition and Standards of a "Good House" - A "good house" should be defined by a negative checklist, specifying what it cannot be, such as issues with sound insulation and water leakage [7][16] - Government guidance is crucial, but specific standards for what constitutes a "good house" are still lacking [7][16] - The focus should be on user-centered design, ensuring that the house meets the practical needs of residents [14][17] Group 2: Technological Integration - AI can enhance home maintenance by monitoring for issues like gas leaks and automatically adjusting systems based on environmental conditions [5][6] - Health management technologies, such as smart toilets and fall detection systems, are becoming integral to modern housing [6] - Sustainable practices, including automated systems for natural light and ventilation, are essential for reducing energy consumption [6][12] Group 3: Traditional Wisdom and Modern Techniques - The separation of load-bearing and enclosure structures in traditional Chinese architecture allows for easier renovation and sustainability [9][11] - The use of modular construction techniques can facilitate the adaptability of buildings, echoing traditional practices [11] - The balance between modern technology and traditional living practices is necessary for creating homes that are both functional and culturally relevant [8][9] Group 4: Future Directions - The establishment of a "housing service industry" akin to automotive service centers is seen as a way to enhance the homeownership experience [17][18] - There is a call for more long-term thinking from developers, focusing on quality and user needs rather than short-term profits [18] - The realization of a "good house" requires collaboration among government, developers, and residents to create a supportive ecosystem [18]

Group 1 - The 2024-2025 China Home Appliance Industry Brand Evaluation event was held at the IFA in Berlin, covering 11 categories of home appliances with a total of 55 brands selected [1] - The brand evaluation project, initiated in 2010, is guided by the Ministry of Industry and Information Technology and aims to support the development of domestic home appliance brands through a scientific and objective evaluation system [1] - The project has positively contributed to the high-quality development of the industry by enhancing brand value and cultivating industry benchmarks [1] Group 2 - The home appliance industry in China is experiencing significant growth opportunities due to the old-for-new policy, with a recovery trend observed over the past year [2] - Traditional categories are benefiting from policy incentives, while emerging categories are expanding and reshaping competitive structures, driven by large-scale equipment updates and consumer replacement actions [2] - Companies are focusing on technological innovation to strengthen brand foundations, increasing R&D investments in AI, smart sensing, and energy-saving technologies to enhance user experience and product reliability [2] Group 3 - Brand building is a comprehensive reflection of national competitiveness and is crucial for establishing a new development pattern in the home appliance industry [3] - The industry is committed to increasing product variety, improving quality, and creating strong brands to better align supply with market demand [3] - Chinese home appliance brands are gaining global influence through diversified strategies and technological innovation, positioning themselves as key representatives of Chinese manufacturing and creativity [3]

Group 1 - The company has established itself as a leading ODM service provider for smart bathroom solutions in China, with a growing customer base among domestic and international brands and e-commerce platforms [2] - The penetration rate of smart toilets in the domestic market is increasing year by year, contributing to significant growth in the company's smart bathroom business, which outperformed the industry average in the first half of 2025 [2] - The company has developed a comprehensive advantage in the entire smart toilet industry chain through years of research and market application, positioning itself as a deep service provider for "one-stop, full-process solutions" in smart bathrooms [2]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In H1 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 28 million yuan, down 25% year-on-year. However, the net profit excluding non-recurring items increased by 6% year-on-year [2][6] - In Q2 2025, the company reported revenue of 1.787 billion yuan, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 102 million yuan, down 21% year-on-year [2][6] - The company is focusing on retail transformation and expects improvements in gross margins, with Q2 2025 gross margin increasing by 1.2 percentage points to 29.7% [6] Revenue Analysis - The company’s revenue decline is attributed to industry downturn and intensified competition, with specific product categories showing varied performance: sanitary ceramics down 13.3%, faucets up 0.7%, bathroom furniture up 1.5%, bathtubs down 20.4%, and tiles down 10% [6] - The smart toilet segment showed resilience, with a 4.2% increase in revenue to 660 million yuan, accounting for approximately 23.3% of total revenue [6] - The company is actively promoting dealer retail growth, with dealer retail revenue increasing by 4% year-on-year, while e-commerce and engineering channels saw declines [6] Profitability Analysis - The improvement in gross margin is attributed to product mix optimization and cost reduction efforts, with the smart toilet's revenue share increasing [6] - The net profit margin for Q2 2025 decreased slightly, reflecting the impact of reduced revenue on expense ratios [6] Market Opportunities - The company is focusing on the existing housing market, leveraging product, channel, and service strategies to capture growth opportunities [6] - Despite challenges in the North American market, the company is expanding its international business in emerging markets [6] Retail Strategy - The company plans to enhance its retail strategy in response to government subsidy policies, which are expected to stimulate demand for bathroom products [6] - A significant expansion of the store sales enhancement project is anticipated in H2 2025, aiming to improve customer engagement and sales conversion [6] Financial Projections - The company forecasts net profits of 231 million yuan, 325 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 25, and 19 [6]

Core Points - The National Standards Committee has released a set of national standards aimed at enhancing safety and guiding high-quality development in relevant industries [2] - The standards cover various products including student nap desks, elderly furniture, dishwashers, and smart toilets, with implementation dates set for 2026 and 2027 [2][3] Group 1: Student Nap Desks - The standard for student nap desks (GB/T 46016-2025) focuses on comfort, safety, and durability, taking into account the physical development characteristics of students [3][4] - It includes strict regulations on materials, performance, and structural quality assurance from production to usage [4] Group 2: Elderly Furniture - The "Design Guidelines for Elderly Furniture" standard emphasizes the actual needs and physiological characteristics of the elderly, providing detailed design requirements [5] - It highlights the importance of considering potential risks in material design and advocates for simple and practical smart design [5] Group 3: Dishwashers - The revised dishwasher efficiency and water efficiency standard (GB 38383-2025) introduces stricter technical requirements and classification indicators [6][7] - For example, the new standard reduces water consumption for a level 1 dishwasher to approximately 10.1 liters, a 20% decrease compared to the previous version, and electricity consumption to about 0.56 kWh, a 36% reduction [7] Group 4: Smart Toilets - The new smart toilet efficiency and water efficiency standard (GB 38448-2025) includes previously unregulated simple smart toilets and will be implemented in April 2027 [8][9] - It sets stricter energy and water efficiency limits, reducing energy consumption from 0.06 kWh to 0.048 kWh (20% reduction) and water usage from 0.7L to 0.6L (14% reduction) [9] Group 5: Antibacterial and Purification Functions - The standard for antibacterial and purification functions in electric toilets (GB/T 21551.7-2025) will be effective from January 1, 2027, focusing on safety indicators such as ozone and UV leakage [10] - It mandates that products claiming antibacterial functions must achieve a minimum of 90% efficacy, with virus removal rates exceeding 99% [10]

Core Viewpoint - The increase in revenue share from smart toilets in the first half of 2025 is a key factor driving product structure optimization and operational efficiency improvement [1] Investment Highlights - The company has adjusted its profit expectations and maintains a "Buy" rating, with an upward revision of earnings per share (EPS) forecasts for 2025-2027 to 0.38/0.41/0.43 yuan, compared to the previous 0.37/0.37 yuan for 2025-2026 [2] - The company’s revenue for the first half of 2025 was 2.837 billion yuan, a year-on-year decrease of 8.12%, while the net profit attributable to shareholders was 28 million yuan, down 25.15% year-on-year [2] - The company plans to focus on R&D innovation, retail upgrades, management optimization, and capital operations in the second half of 2025 to drive revenue and efficiency [2] Product Performance - In the first half of 2025, the company generated revenue of 661 million yuan from smart toilets, a year-on-year increase of 4.20%, accounting for 23.31% of total revenue, an increase of 2.76 percentage points year-on-year [3] - The company’s gross profit margin improved to 29.73% in Q2 2025, an increase of 1.17 percentage points year-on-year, while the net profit margin was 5.68%, a decrease of 0.89 percentage points year-on-year [3] - The company plans to further promote internal management reforms and cost reduction efforts in the second half of 2025 to improve gross margins and reduce expense ratios [3]