出品：新浪财经上市公司研究院 作者：木予 2025年1-6月，在"以旧换新"政策的助力下，国内家电市场整体量额齐升，展现增长韧性。奥维云网数据显示，报告期内国内家电（不含3C）零售市场规模 达到4537亿元，同比增长9.2%。其中，空调、洗衣机、冰箱市场零售量同比分别增长15.6%、10.1%、2.7%，零售额则同比分别增长12.4%、11.5%、3.5%。 截至8月31日，A股10家白色家电（按申万二级行业分类）上市公司均已披露2025年半年报。据财报披露的数据统计，10家公司上半年实现总营收5942.23亿 元，较2024年同期增长10.5%；归母净利润（含亏损）总和为554.96亿元，而2024年同期为473.83亿元。 更进一步来看，3家空调企业总营收为3977.89亿元，归母净利润合计425.03亿元，约占比66.9%、76.6%，与2024年上半年相比分别提高8.8%、15.0%；其余7 家水洗企业总营收为1964.34亿元，归母净利润（含亏损）合计129.94亿元，约占比33.1%、23.4%，与2024年上半年相比分别提高14.1%、24.6%。报告期 内，澳柯玛、雪祺电气营收、净利双降，均为 ...

商报记者 杨伊琳 "直接跟客户交流，比较有针对性，让我们更加了解对方的需求。" 在嘉兴海宁的跨国采购对接会现 场，平湖市太士服饰的外贸经理手里攥着刚填好的对接清单，笔尖还沾着未干的墨水——他面前的中东 采购商正指着样品册，认真询问羽绒服的面料材质与交货周期。这场2025年9月举办的长三角（嘉兴） 出海中东合作交流暨跨国采购对接会，是浙江省贸促会"国际贸易投资代表团浙江行"系列活动（以下简 称"浙江行"）的一个缩影：为应对传统市场不确定性，近60家中东采购企业专程来浙，与嘉兴外贸工 厂"零距离"对接；箱包、毛衫、羽绒服、面料、皮革5个产业带集中入驻嘉兴（迪拜）优品直销中心， 从以往单家企业"产品出海"，升级为整条产业链"抱团出海"，为嘉兴企业打开了中东市场的新赛道。 自2020年新冠疫情阻隔跨境交流开始，浙江省贸促会打破"企业出国找商机"的传统模式，把海外资 源"请进来"，在浙江大地上搭建起一座连接全球的经贸桥梁。五年间，19场活动、60多个国家和地区、 400多人次海外嘉宾、1300次精准对接，一个个数字背后，是无数个"双向奔赴"的合作故事。 故事一： 县域里的"大机遇"，让老外竖起大拇指 "在面积不大的县域 ...

Group 1 - The company has appointed Tang Youdao as the president after a 10-month acting period [1] - The previous president, Zhong Ming, resigned due to personal work changes after serving from December 2020 to November 2024 [4] - Tang Youdao has held various positions within the company, including vice president and general manager of the international washing and refrigeration division [9] Group 2 - As of the announcement date, Tang Youdao holds 800,000 shares of the company's A-shares and has no related party relationships with other major stakeholders [10] - Changhong Meiling, established in 1983, is one of China's earliest home appliance manufacturers, with a product range that includes refrigerators, washing machines, and air conditioners [10] - The company is recognized as a national-level green factory and a model enterprise for industrial internet by the Ministry of Industry and Information Technology [10]

Core Viewpoint - Gree Electric Appliances reported a decline in revenue but a slight increase in net profit for the first half of 2025, indicating challenges in its multi-category strategy and channel adjustments [1][2][3]. Financial Performance - Gree Electric's revenue for the first half of 2025 was 97.325 billion, a decrease of 2.46% year-on-year, while net profit attributable to shareholders increased by 1.95% to 14.412 billion [1][2]. - The consumer electronics segment contributed 76.279 billion, accounting for 78.38% of total revenue, with a slight decline of 2.17 percentage points compared to the same period last year [2]. Strategic Developments - The company has been focusing on channel reform and diversification, highlighted by the upgrade of over 800 stores to the "Dong Mingzhu Health Home" format, with plans for further flagship store developments [3][4]. - Gree Electric has adjusted its revenue classification from seven categories to five, making it difficult to assess the financial impact of its multi-category strategy [2][3]. Cash Flow Analysis - Despite the decline in revenue and modest profit increase, Gree Electric's net operating cash flow surged by 453.06%, while cash flow from investment activities saw a significant drop from -2.336 billion to -34.275 billion, a decline of 1366.95% [4].

Core Viewpoint - Wanhe Electric aims to transform into a global leader in comprehensive heating and hot water solutions, focusing on innovation and globalization as key drivers for its strategic upgrade [1][8]. Group 1: Strategic Vision - The company announced its strategic vision to focus on the heating and hot water sector, aspiring to become a world-class new energy technology company [1]. - Wanhe Electric's president introduced the new "1211" industrial strategy, which builds upon the previous "121" strategy, emphasizing product-driven growth, efficiency enhancement, and digital intelligence upgrades [2][5]. Group 2: Industrial Strategy - The "1211" strategy includes a new industrial ecosystem characterized by "one body, two wings, one engine, and one base," indicating a shift from gas appliances to a multi-energy approach in heating and hot water [5]. - The two wings focus on strengthening kitchen and living appliances while developing the water purification industry to connect kitchen and bathroom spaces [5]. Group 3: Global Operations - A new strategic pillar, "global operations," has been added to the existing three pillars, highlighting the company's commitment to internationalization as a key growth path [6]. - Wanhe Electric has already established manufacturing bases in Thailand and Egypt, and is leveraging cross-border e-commerce to enhance its brand presence in developed markets [7]. Group 4: Operational Management - The company introduced VBS 2.0, an upgraded operational management system that includes strategic management, growth, and ESG frameworks, aimed at supporting both organic and inorganic growth [7]. - The focus has shifted from single product sales to ecosystem competition, with an emphasis on creating a multi-scenario, full-process ecological service platform centered around heating and hot water systems [7]. Group 5: Technological Collaboration - Wanhe Electric has partnered with the China Aerospace Aerodynamics Research Institute to develop new products that incorporate aerospace technology, enhancing energy efficiency, comfort, and safety [8]. - The launch of the "1211" industrial strategy marks a significant evolution in the company's product technology and ecological layout, reinforcing its commitment to high-end and global manufacturing [8].

Group 1 - Gree Electric's stock price is reported at 47.65 yuan, down 0.14 yuan or 0.29% from the previous trading day, with a trading volume of 1.769 billion yuan [1] - Gree Electric is a representative enterprise in the domestic home appliance industry, focusing on the research, production, and sales of household air conditioners, central air conditioners, and other home appliances [1] - The company maintains a leading position in online air conditioner sales, with a market share of 17.65% in July, ranking second, while Xiaomi holds a market share of 15.73%, ranking third [1] Group 2 - Gree Electric's main funds saw a net inflow of 60.6977 million yuan on August 18, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 59.2554 million yuan [1] - Gree Electric has maintained the highest customer satisfaction for 16 consecutive years, as emphasized by the company's marketing director [1]

Group 1 - In July, 395 non-food brand merchants on Taobao Flash Sale achieved over 1 million yuan in transactions, with 66 brands surpassing 10 million yuan, covering various categories such as 3C digital, beauty, sports, apparel, and more [1] - Notable brands like Apple, Xiaomi, Watsons, Decathlon, MO&Co, and Miniso saw increased orders and revenue through Taobao Flash Sale [1] - The number of Apple authorized stores connected to Taobao Flash Sale exceeds 3,000, with Watsons having over 3,800 stores, Miniso with 4,500 stores, and Xiaomi reaching 7,000 stores [1] Group 2 - Since July, the average daily orders for Xiaomi Home on Taobao Flash Sale have increased fourfold compared to May, with significant growth in categories like smartwatches, computer hardware, and home appliances [5] - Over half of Miniso's offline stores connected to Taobao Flash Sale doubled their sales in July, with more than 1,000 stores seeing sales double, and new customer ratio exceeding 78% [5] - The number of new brands joining Taobao Flash Sale increased by 110% in July, with over 12,000 new non-food brand stores launched [5] Group 3 - Taobao Flash Sale is seen as a strategic move for brands to upgrade retail digitization and integrate online and offline sales, benefiting consumers, brands, and service providers [5] - Key values identified by brands include reconstructing consumption scenarios, activating member engagement to enhance repurchase rates, and optimizing the physical network by transforming stores into "front warehouses" [5] - Taobao Flash Sale is building a comprehensive retail ecosystem across all categories and scenarios, contributing to stable growth for brand merchants [6]

Core Insights - Taobao Flash Sales has seen significant growth, with 395 non-food brands surpassing 1 million in monthly transactions and 66 brands exceeding 10 million [1] - Major brands such as Apple, Xiaomi, Watsons, Decathlon, MO&Co, and Miniso have reported increased sales through Taobao Flash Sales [1] Brand Performance - Over 3,000 Apple authorized stores, more than 3,800 Watsons stores, 4,500 Miniso stores, and 7,000 Xiaomi stores are now connected to Taobao Flash Sales [1] - Xiaomi's daily orders on Taobao Flash Sales have increased fourfold since May, with significant growth in categories like smartwatches, computer hardware, and home appliances [1] Store Performance - More than half of Miniso's stores connected to Taobao Flash Sales saw sales double in July, with over 1,000 stores experiencing a twofold increase in transactions [1] - New customer acquisition for Miniso reached 78%, with notable growth in cities like Chongqing, Foshan, Dongguan, Zhuhai, Shenyang, and Changchun [1] Market Expansion - The number of new brands joining Taobao Flash Sales increased by 110% in July, with over 12,000 new non-food brand stores launched [1] - In August, several fast-moving consumer goods brands, including Unilever, beauty brand Naturals, clothing brand Gujin, and baby brands YeeHoO and Ginoo, opened stores on the platform [1]

Core Insights - The latest data shows significant growth in non-food brands on Taobao Flash Sale, with 395 brands surpassing one million in monthly transactions and 66 brands exceeding ten million, covering various categories such as 3C digital, beauty, sports, apparel, and more [1] - Major brands like Apple, Xiaomi, Watsons, Decathlon, MO&Co, and Miniso have achieved increased orders and revenue through Taobao Flash Sale [1] Group 1: Brand Performance - Xiaomi's daily orders on Taobao Flash Sale have increased fourfold since May, with popular categories like smartwatches and home appliances seeing substantial growth [4] - Over half of Miniso's stores connected to Taobao Flash Sale saw transaction volumes double in July, with new customers accounting for over 78% of sales [4] - Watsons achieved nearly 50,000 daily orders during the 618 shopping festival, marking a significant increase in near-field orders and leading the beauty and personal care sector on Taobao Flash Sale in July [5] Group 2: Market Expansion - The number of new brands joining Taobao Flash Sale increased by 110% in July, with over 12,000 new non-food brand stores launched [5] - Brands such as Unilever, Naturals, and YeeHoO have opened stores on Taobao Flash Sale, indicating a trend of fast-moving consumer goods and beauty brands entering the platform [5] Group 3: Strategic Insights - Brands are leveraging Taobao Flash Sale to reach high-potential customers within a 0-30 km radius of their stores, creating a complementary model between online flagship stores and near-field flash stores [7] - The integration of online and offline retail through Taobao Flash Sale is seen as a strategic move for brands to enhance their market presence and operational efficiency [7] - Taobao Flash Sale is building a comprehensive retail ecosystem that covers all categories and scenarios, driving stable growth for brand merchants [7]

Group 1 - Guangdong has accelerated the digital transformation of over 44,000 industrial enterprises, highlighting the importance of traditional industries in stabilizing growth, employment, and foreign trade [1] - The province's manufacturing sector includes 31 major industry categories and over 400 main industrial products, with more than 160 products ranking first in national output, primarily from traditional industries [1] - Recent policies have been implemented to promote the high-end, intelligent, and green development of traditional industries such as food and beverage, textiles, home appliances, automotive, and petrochemicals, leading to enhanced industrial competitiveness [1] Group 2 - The development momentum in Guangdong's traditional industries is strong, with asset and revenue growth rates in most sectors exceeding the national average, indicating robust industrial resilience and upgrading [2] - A shift from "scale expansion" to "quality improvement" is observed in traditional industries, with continuous optimization of the industrial structure [2] - Recommendations include building industry-level industrial internet platforms and digital transformation promotion centers to assist small and medium-sized enterprises in their digital transition [2] - The CFO of Midea Group highlighted the inconsistency in digitalization levels among upstream and downstream enterprises, which hampers data integration and sharing, affecting the collaborative transformation of the industry chain [2] - It is suggested to leverage leading enterprises to drive collaborative transformation across the industry chain by creating a unified digital platform for information sharing and process optimization [2]