这个问题显然不只困扰我一个人。随着电商平台的多元化发展，消费者对不同平台价格差异的疑惑与讨论越来越多。据中国电子商务研究中心2025年第一季 度发布的《中国电商消费行为分析报告》显示，78.3%的消费者会在多个电商平台对比同一产品价格后再下单，而提及价格差异原因时，超过65%的消费者 表示"不太清楚"或"有些疑惑"。 拼多多作为后起之秀，以"低价"策略迅速崛起，成为与淘宝、京东并驾齐驱的电商巨头。2025年初，某消费者权益保护组织对1000种日用品在不同电商平台 的价格进行了对比，结果显示拼多多平均价格比淘宝低15?5%，部分商品甚至低至对手价格的50%。这种惊人的价差背后，到底藏着什么样的商业逻辑？ 上个月我朋友老李来我家做客，聊天时他得意地掏出手机给我看："你猜这个电动牙刷我花了多少钱？淘宝上要两百多，我在拼多多只花了九十八！"看着他 满脸兴奋，我不禁产生疑问：同样的商品，为什么平台之间价格差异这么大？拼多多的低价到底是怎么做到的？是真的便宜还是另有隐情？ 通过深入了解电商行业运作机制，咨询多位供应链从业者，以及分析大量消费者反馈，我们发现电商平台价格差异主要源于以下几个关键因素： 第一是供应链结构和商业 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产，海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源：iFinD，申万宏源研究 重点公司方面，海信视像（12.7%）、海信家电（7.2%）、比依股份（3.6%）领涨， 光峰科技（-8.7%）、亿田智能（-6.9%）、荣泰健康（-5.2%）领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...

京喜提供全链路解决方案，外贸企业实现"无痛"转内销 对做外贸代工的广东企业来说，转内销最怕"从零起步"，而京喜自营模式，精准解决企业这些痛点。 广东，中国制造业的"世界工厂"，承载着全国近五分之一的外贸出口份额。数以万计的中小制造企业在 此扎根，曾凭借"世界工厂"红利与稳定的海外订单，撑起发展一片天。然而，近年来全球经济格局深度 调整，广东不少中小企业急需寻找新增长路径，开拓国内市场，成了破局关键。 东莞宝玺服装就是典型例子。这家2005年成立的牛仔服饰老厂，八九成销量靠外销，核心市场在美国。 2025年关税战突袭，负责人王诚伟至今焦虑："当时订单还在生产运输，后续单全黄了。" 但内销之路并非坦途：缺乏对国内消费者需求的精准洞察、不熟悉国内电商运营逻辑、没有成熟的渠道 资源和品牌影响力，这些 "短板" 让许多企业在转型初期屡屡碰壁。此时，以京东京喜自营为代表的电 商平台，凭借对下沉市场的深刻理解、供应链能力以及全链路帮扶体系，帮助广东中小制造企业打通内 销堵点，实现从 "外贸贴牌" 到 "内销品牌" 的跨越，成为"广东制造"突围的生动样本。 此前王诚伟不是没试过转内销，但因为种种原因无奈搁置，其他平台试水也因 ...

Core Insights - The article highlights the transformation of Xinbao Co., Ltd. from a small workshop to a global leader in small home appliances, emphasizing its strategic shift from OEM to ODM and brand operation [1][2][6][7] Group 1: Company Growth and Strategy - Xinbao Co., Ltd. produces approximately 13% of China's export electric kettles and ranks first in several niche categories globally, with an expected annual overseas revenue exceeding 13 billion yuan in 2024 [1] - The company was founded in 1995, focusing on foreign trade from its inception, and has grown significantly since then, with sales increasing from 1 billion yuan in 2002 to 3 billion yuan in 2005 [4] - The establishment of its first overseas marketing agency in 1998 marked the beginning of its international expansion, initially taking on low-end orders that others avoided [3] Group 2: Technological and Operational Advancements - Xinbao has developed a self-sufficient production chain, achieving over 75% self-supply rate for key components like heating elements and packaging, which significantly reduces costs and enhances responsiveness [5] - The company has invested over 1 billion yuan in digitalization, streamlining manufacturing, research, and logistics processes, allowing for rapid adaptation to customer demands [5] Group 3: Brand Development and Market Positioning - Xinbao launched its own brand "Dongling" in 2003 but faced challenges in the domestic market; however, partnerships with international brands like Morphy Richards have led to successful localized product lines [6] - The shift from OEM to ODM has seen the proportion of ODM products rise from 15% to 50%, indicating a strong focus on brand operation and independent design [6] - The company is now entering a new phase of "capacity going abroad," with significant investments in overseas production facilities, such as the establishment of companies in Indonesia [7]

Core Viewpoint - The Shandong Provincial Market Supervision Administration has released the results of the provincial quality supervision sampling inspection for hair dryers in 2025, revealing that several products failed to meet safety and quality standards [3][4]. Group 1: Inspection Results - A total of 11 batches of hair dryer products were sampled, including 1 batch from the production stage and 10 batches from online sales [3]. - The inspection was conducted based on multiple national standards, including GB 4706.1-2005 and GB 4706.15-2008, focusing on various safety and performance criteria [3]. - Three sellers were found to have sold non-compliant products, with issues related to protection against live parts, input power and current, abnormal operation, and terminal disturbance voltage [4]. Group 2: Non-compliant Products - The non-compliant products included those from Linyi Chuangjia Trading Co., Jinan Zhongwei Beauty and Hairdressing Supplies Store, and Huangdao District Dongwan Beauty and Hairdressing Supplies Store [4]. - Specific non-compliance issues identified were related to the protection of live parts, input power and current, and terminal disturbance voltage [4]. Group 3: Compliance Results - The inspection also identified compliant products from various manufacturers, including Shandong Meijue Xinda Intelligent Technology Co. and Zhejiang Borui Personal Care Appliances [6][7]. - Compliant products met the required specifications and safety standards, indicating a segment of the market that adheres to regulatory requirements [6][7].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41.7 yuan [1]. Core Views - The company reported a revenue of 2.12 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the net profit attributable to shareholders was 320 million yuan, an increase of 1.77% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 960 million yuan, down 16.2% year-on-year, and a net profit of 140 million yuan, up 3.5% year-on-year [1]. - The decline in revenue is attributed to the company's strategic choice to reduce marketing expenses and optimize its business structure for higher profitability [8]. - The overall gross margin improved to 57.5%, an increase of 1.9 percentage points year-on-year, with Q2 2025 gross margin reaching 59.1%, up 5.0 percentage points year-on-year [8]. - The net profit margin for the first half of 2025 was 15.2%, an increase of 1.6 percentage points year-on-year, with Q2 2025 net profit margin at 14.6%, up 2.8 percentage points year-on-year [8]. - The company is recognized as a leading player in the domestic personal care small appliance sector, with significant channel transformation and continuous product innovation to meet diverse consumer needs [8]. - Future earnings per share (EPS) are projected to be 1.5 yuan in 2025, 1.8 yuan in 2026, and 2.0 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 25, 21, and 19 respectively [8]. Financial Summary - Total revenue for 2024 is estimated at 4.147 billion yuan, with a year-on-year growth rate of -18.0%, followed by 4.243 billion yuan in 2025 with a growth rate of 2.3% [4]. - The net profit attributable to shareholders is projected to be 458 million yuan in 2024, with a significant decline of 55.1%, and is expected to recover to 646 million yuan in 2025, reflecting a growth of 41.0% [4]. - The company’s total assets are expected to grow from 3.776 billion yuan in 2024 to 5.258 billion yuan in 2027 [9].

Core Viewpoint - The article discusses the pros and cons of using a hairdryer versus letting hair air dry, emphasizing the impact on hair and scalp health. Group 1: Hair Drying Methods - Using a hairdryer can damage hair quality, making it dry, brittle, and prone to split ends due to the heat and strong airflow [2][4]. - Natural air drying helps maintain hair quality and provides a healthy shine by avoiding the damaging effects of high temperatures [4][7]. Group 2: Hair Structure and Damage - Hair consists of a complex structure including the medulla, cortex, and cuticle, with the cuticle serving as a protective barrier [3]. - Damage to the cuticle from heat can lead to moisture loss and increased friction between hair strands, further harming hair quality [4][5]. Group 3: Scalp Health - High temperatures from hairdryers can dry out the scalp's protective barrier, leading to issues like itching and flaking [5]. - Prolonged exposure to heat can also cause scalp inflammation and discomfort [5]. Group 4: Practical Considerations - Natural drying takes longer, which may be inconvenient for those with busy schedules or who wash their hair before bed [7][9]. - For those needing quick drying or styling, hairdryers can be beneficial, but occasional use is recommended to minimize damage [9][10]. Group 5: Recommendations for Hairdryer Use - It is advisable to use a towel to gently absorb excess water before using a hairdryer and to use the cool setting for styling [10][11]. - The recommended method is to dry the roots first before moving to the ends to prevent additional damage [12].

Core Viewpoint - The company, Feike Electric, reported a decline in revenue for the first half of 2025, contrasting with the overall growth in the electric shaver market, indicating potential issues with its business strategy and market positioning [1][2][22]. Financial Performance - Feike Electric's revenue for the first half of 2025 was 2.116 billion yuan, a year-on-year decrease of 8.76%, while net profit attributable to shareholders was 321 million yuan, an increase of 1.77% [1][6]. - The company experienced a significant decline in revenue in 2024, with total revenue of 4.147 billion yuan, down 18.03%, and net profit down 55.10% [4][22]. Market Position and Strategy - The domestic electric shaver market saw a retail revenue increase of 10.5% in the first half of 2025, highlighting Feike's underperformance relative to industry trends [2]. - Feike Electric's sales expenses from 2021 to 2025H1 were significantly higher than its R&D expenses, with sales expenses reaching 704 million yuan in the first half of 2025, 18 times the R&D expenses of 38.88 million yuan [3][15]. Brand and Product Performance - The sales proportion of mid-to-high-end products decreased to 56.37% in the first half of 2025, down 8.51 percentage points from the previous year [8]. - The sub-brand Borui's revenue was 411 million yuan, a decline of 18.07%, indicating challenges in brand positioning and market acceptance [8][9]. Distribution and Sales Channels - Feike Electric reduced its number of distributors by 83, a decline of 18.16%, as part of a strategy to adapt its sales model [4][17]. - The company is shifting towards a mixed sales approach, combining distribution and direct sales through various channels, including e-commerce and experience stores [17]. Competitive Landscape - The company faces increasing competition from brands like Xiaomi and Leifeng, which have adopted innovative marketing strategies and high cost-performance products, impacting Feike's market share [16][22]. - The reliance on traditional marketing methods has become less effective, necessitating a reevaluation of the company's marketing strategy [17][22]. Dividend Policy - Since 2016, Feike Electric has distributed a total of 5.5748 billion yuan in cash dividends, with a payout ratio close to 81.03%, raising concerns about the sustainability of its growth and investment potential [19][21].

Core Viewpoint - The company, Feike Electric, reported a decline in revenue for the first half of 2025, contrasting with the overall market trend in the electric shaver industry, which saw a growth in retail sales [3][5][8]. Financial Performance - Feike Electric's revenue for the first half of 2025 was 2.116 billion yuan, a year-on-year decrease of 8.76%, while net profit attributable to shareholders was 321 million yuan, an increase of 1.77% [3][5]. - The company experienced a significant decline in revenue in 2024, with total revenue of 4.147 billion yuan, down 18.03%, and net profit down 55.10% [5][6]. Marketing and R&D Strategy - Feike Electric is characterized as a "heavy marketing, light R&D" company, with sales expenses significantly higher than R&D expenses, reaching 18 times the R&D costs in the first half of 2025 [4][17]. - The company has reduced its dealer network by 83 dealers, a decline of 18.16%, indicating a shift in its distribution strategy [4][18]. Brand Strategy and Market Position - The sales proportion of mid-to-high-end products decreased to 56.37% in the first half of 2025, down 8.51 percentage points from the previous year [10][11]. - The sub-brand Borui's revenue was 411 million yuan, a decline of 18.07%, indicating challenges in the dual-brand strategy [10][11]. Product Performance - The sales volume of electric shavers has declined from 56.558 million units in 2020 to 41.907 million units in 2024, while the sales of hair dryers have also stagnated [13][15]. - The company's core business, personal care appliances, has seen a decrease in revenue contribution, with electric shavers being the largest segment [12][13]. Leadership and Dividend Policy - Chairman Li Gaiteng has overseen a cumulative cash dividend of 5.5748 billion yuan since 2016, with a dividend payout ratio close to 81.03% [4][20][22]. - The high dividend payouts have raised concerns about the company's retained earnings and future investment capabilities [23].