经济观察网2025年8月27日，老板电器（002508）发布半年度业绩报告。报告期内，公司实现营业收入 46.08亿元，归母净利润7.12亿元，经营性现金流5.11亿元。其中第二季度营收同比增长1.57%，净利润 同比增长2.96%，核心财务指标保持稳健，经营韧性凸显。公司延续高比例分红政策，每10股派发现金 红利5元，合计派发4.72亿元。 报告显示，老板电器核心品类持续领跑行业，油烟机、燃气灶、嵌入式蒸烤一体机、集成灶线下份额均 位居第一。数字厨电业务表现尤为亮眼，销量同比增长56.26%，成为驱动增长的第二曲线。公司通 过"老板+名气"双品牌战略精准覆盖不同客群，通过对大众烹饪需求的专业化满足，名气品牌线上零售 量同比增长38.4%。 战略层面，老板电器正从"厨电专家"向"烹饪伙伴"深度转型。AI烹饪大模型"食神"用户数突破540万， 通过AI舌诊、智能菜谱推荐等功能显著提升用户黏性，赋能业务高质量增长。商用厨电场景开拓成效 显著，签约额、开票额分别环比增长37%和50%，成为掘金千亿蓝海市场的重要引擎。 未来，期待老板电器将持续践行"科技+人文"的发展路径，以企业长期发展价值为导向，推进从"厨电专 家 ...

增强"第一拉动力" 如何大力提振消费 01 图片来源/摄图网授权 ■ 中国经济时报记者 郭锦辉 "我家老油烟机用久了，吸力弱还难清洁，趁着消费品以旧换新政策，在网上选了一款新的。商品总价2499元，国家补贴直接减了499.8元，最终1999.2元 到手，性价比一下就上来了！"北京市海淀区的张先生近日告诉中国经济时报记者，"消费品以旧换新政策真'香'，既让旧家电物尽其用，又能实惠换新， 减轻消费者负担，还助力环保，一举多得。" 今年以来，我国加力扩围实施"两新"政策。近期，今年第三批消费品以旧换新资金690亿元已下达，第四批同等规模资金将于10月接续发力。8月22日召开 的国务院常务会议，听取实施"两新"政策情况汇报。会议指出，要在对政策实施情况进行认真总结评估的基础上，加强统筹协调，完善实施机制，更好发 挥对扩大内需的推动作用。业内人士预计，一系列政策协同发力，将进一步打通供需堵点，优化消费环境，更好释放消费潜力。 消费品以旧换新政策成效明显 今年以来，消费品以旧换新政策红利不断释放。杭州萤石网络股份有限公司相关负责人告诉中国经济时报记者，该公司线上渠道今年2月份全面参与到消 费品以旧换新活动中，这有力推动了 ...

奥维云网数据显示，2025年上半年，油烟机、燃气灶、消毒柜、洗碗机、嵌入式微蒸烤、厨房小家电零 售额分别同比增长11.8%、10.1%、3%、7.5%、5.3%、9.3%，集成灶零售额同比下滑27.6%。 在以旧换新政策助力下，厨卫结构化升级态势明显。京东家电家居数据显示，今年618期间，油烟机、 燃气灶等中高端产品增长显著。用户聚焦健康、节能与超龄换新，关注油烟健康、水质洁净等痛点，同 时年轻群体追求颜值、情绪价值与轻量化产品，推动厨电向场景化、个性化跃迁。 近日，由中国家电网主办的"2025中国厨电行业高峰论坛"在长春召开。中国家用电器协会秘书长王雷表 示，"好房子"的落地实施，为厨电行业提供了很好的发展契机。厨房作为家庭生活核心场景，当下的定 位和功能正发生深刻的变化，用户对厨房空间的优化升级需求也很迫切，尤其是一些旧房改造的用户， 在改造时往往将厨房作为首选。 为进一步提供"以人为本"的美好家居、美好厨房的解决方案，中国家电网联合好住房云研究院、中国建 筑科学研究院有限公司联合推出《2025中国好房子好厨电好生活7大趋势》。该报告从"可变式成长空 间、全龄友好安全系统、多感官舒适系统化、厨房新社交场景 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance sector, highlighting its undervalued status, high dividends, and stable growth potential [3][7]. Core Insights - The home appliance sector is expected to benefit from a reversal in real estate policies, with the "old-for-new" policy likely to stimulate demand. The report anticipates a rise in both volume and price in the white goods industry [7]. - The report emphasizes the growth in online and offline sales for air conditioners and kitchen appliances, indicating a positive trend in consumer demand [4][5][32][33][38]. Sales Data Summary - **Air Conditioners**: In July 2025, online retail sales reached 4.64 million units, a year-on-year increase of 28.9%. Offline sales were 892,000 units, up 37.4% year-on-year. The average online price increased by 6.5% to 2,629 yuan per unit, while the offline average price decreased by 0.9% to 3,978 yuan per unit [4][32]. - **Kitchen Appliances**: For July 2025, online sales of range hoods were 473,000 units, up 16.6% year-on-year, and offline sales were 91,000 units, up 17.9%. The average online price rose by 3.5% to 1,474 yuan per unit, and the offline average price increased by 5.7% to 4,226 yuan per unit. Dishwashers saw online sales of 60,000 units, up 25.5%, and offline sales of 17,000 units, up 30.7% [5][33][38]. Company Performance Summary - **Midea Group**: The company has secured a major project for a large-scale liquid-cooled intelligent computing data center in the Guangdong-Hong Kong-Macao Greater Bay Area, indicating strong growth potential in its smart building technology business [6][14]. - **Huaxiang Co., Ltd.**: For the first half of 2025, the company reported revenue of 1.976 billion yuan, a 2% increase year-on-year, and a net profit of 290 million yuan, up 26% year-on-year [6][15]. - **Bolei Technology**: The company reported a significant decline in revenue for the first half of 2025, with a 36% drop to 385 million yuan, indicating challenges in its market performance [6][56]. Market Dynamics - The home appliance sector has underperformed compared to the CSI 300 index, with the home appliance index rising by 2.2% while the CSI 300 increased by 4.2% during the same period [6][8]. - The report notes a significant increase in demand for air conditioners and fans in overseas markets due to extreme heat in Europe, with exports from Guangdong experiencing substantial growth [62][65].

Consumer Experiences - Consumers are facing issues with unauthorized repair services, including inflated repair costs and substandard parts [2][3][4] - Many consumers are unable to contact the repair service after payment, leading to difficulties in seeking redress [3][4] Industry Practices - The home appliance repair industry is plagued by fraudulent practices, with some companies using misleading advertising to attract customers [6][7] - Repair technicians often exaggerate issues to justify high repair costs, taking advantage of consumers' lack of technical knowledge [7] Regulatory Challenges - Regulatory bodies face difficulties in enforcing consumer protection due to unclear responsibility and the use of false business information by repair services [8][9] - There is no unified pricing standard for repair services, leading to potential exploitation of consumers [9] Consumer Guidance - Consumers are advised to verify repair service numbers through official brand websites and retain evidence of transactions to aid in potential disputes [9]

Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the undervaluation, high dividends, and stable growth attributes of the white goods segment [5]. Core Insights - The home appliance sector has shown resilience, with the home appliance index outperforming the CSI 300 index, remaining flat while the latter declined by 2.1% [4][6]. - The report identifies three main investment themes: white goods, exports, and core components, recommending key players such as Hisense, Midea, and Gree for white goods, and companies like Ousheng Electric and Dechang for exports [5]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales reached 1.032 million units, up 40.4% [2]. - The average online price decreased by 5.6% to 2,429 RMB/unit, and the offline average price fell by 2.5% to 4,031 RMB/unit [2][24]. Kitchen Appliances Data - For range hoods, online sales were 565,000 units, up 13.7%, and offline sales were 180,000 units, up 32.8% [3]. - The average online price for range hoods decreased by 2.0% to 1,662 RMB/unit, while the offline price increased by 4.8% to 4,674 RMB/unit [3][26]. - Dishwashers saw online sales of 192,000 units, up 8.9%, and offline sales of 49,000 units, up 24.3% [3]. - The average online price for dishwashers fell by 8.0% to 4,196 RMB/unit, while the offline price rose by 3.9% to 8,464 RMB/unit [3][30]. Industry Dynamics - The total production of major home appliances in August 2025 was 26.97 million units, a decrease of 4.9% year-on-year [11]. - Air conditioner production was 11.44 million units, down 2.8% year-on-year; refrigerator production was 7.62 million units, down 9.5%; and washing machine production was 7.91 million units, down 3.0% [11]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and potential catalysts from trade-in programs [5]. - The report highlights the increasing demand for core components driven by the robust performance of the white goods sector, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [5].

Group 1 - The domestic kitchen and bathroom appliance market has shown strong performance in the first five months of 2025, with retail sales reaching 77.4 billion yuan, a year-on-year increase of 9% [1][2] - The retail sales of the water heater market reached 21.04 billion yuan, with a year-on-year growth of 5.8% [1][2] - The overall market is expected to reach 210 billion yuan in retail sales for the year, with a year-on-year growth rate of 6.0% [1] Group 2 - The China RoHS regulations have been upgraded to include additional phthalates, increasing the restricted substances from 6 to 10, aligning with EU standards [2] - The testing methods for the restricted substances have been updated to match international IEC standards [2] - The conference recognized brands that have passed the "CHCT voluntary certification" and highlighted leading products and brands in the kitchen and bathroom appliance industry [2]

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the white goods segment as undervalued with high dividend yields and stable growth potential [5]. Core Insights - The report emphasizes the impact of government subsidies, with the third batch of 690 billion yuan allocated to support the consumption of old appliances, which is expected to stimulate demand in the home appliance market [4][11]. - The introduction of DJI's first robotic vacuum cleaner, ROMO, marks a significant entry into the market, indicating competitive dynamics in the home appliance sector [12]. - The report notes a general increase in sales volume across various appliance categories, with a particular focus on air conditioners and kitchen appliances, despite a decline in average selling prices [2][3][30][34][36]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales were 1.032 million units, up 40.4% [2][30]. - The average online price decreased by 5.6% to 2,429 yuan per unit, and the offline average price fell by 2.5% to 4,031 yuan per unit [2][30]. Kitchen Appliance Data - Sales of range hoods increased, with online sales at 565,000 units (up 13.7%) and offline sales at 180,000 units (up 32.8%) in June 2025 [3][34]. - The average online price for range hoods decreased by 2.0% to 1,662 yuan, while the offline price increased by 4.8% to 4,674 yuan [3][34]. - Dishwasher sales also saw growth, with online sales at 192,000 units (up 8.9%) and offline sales at 49,000 units (up 24.3%) [3][36]. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the sector index remaining flat while the CSI 300 rose by 1.7% [4][6]. - Key companies such as Marsman and Lek Electric showed significant gains, while others like Huaxiang and Supor faced declines [4][8]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and government incentives [5]. 2. Export-oriented companies like Ousheng Electric and Dechang Co. that are seeing stable income growth [5]. 3. Core component manufacturers like Huaxiang and Sanhua Intelligent Control, which are expected to benefit from increased demand in the white goods sector [5].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [3][4][10] Core Views - The home appliance retail sales in June showed a strong growth trend, exceeding 30% year-on-year, driven by high temperatures boosting air conditioning demand [1][15] - The export value of home appliances continued to decline by 8% in June, with washing machines and vacuum cleaners showing good growth [1][40] - The ongoing high temperatures in northern China are expected to further stimulate air conditioning demand [1][52] Summary by Sections 1. Market Performance - In June, the retail sales of home appliances grew by 32.4% year-on-year, significantly outperforming the overall retail sales growth of 4.8% [1][16] - Major categories such as air conditioners, washing machines, and small kitchen appliances showed positive retail performance, with air conditioner online and offline sales increasing by 20.8% and 37.5% respectively [1][16] 2. Export Performance - The export value of home appliances decreased by 7.8% year-on-year in June, with significant declines in air conditioners (23.5%), refrigerators (9.1%), and televisions (16.2%) [1][40] - In contrast, washing machines and vacuum cleaners saw export growth of 10.4% and 12.8% respectively, indicating resilience in these segments [1][40] 3. Temperature Impact on Demand - The average maximum temperature in major cities in China reached 32.1°C from July 1 to 20, which is 1.0°C higher than the same period in previous years, creating favorable conditions for air conditioning sales [1][52] - The penetration rate of air conditioners in northern regions remains low compared to the national average, suggesting significant growth potential as demand increases due to high temperatures [1][52] 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [2][10][12]