二手设备回收商如同"生态清道夫"，既为失败者止损，又为入局者铺路，构建起餐饮行业的资源循环通道。 在餐饮行业的生态图谱中，二手设备回收商常被认为是"秃鹫式"的存在——专门盯着倒闭的店铺收割利益。但事实上，这个游走于开张与关店之间的特殊 行业，早已成为餐饮创业生态中不可或缺的一环。 图片丨记者拍摄 杭州一家商厦的中餐馆已经歇业半年，三百平的门面角落结着蜘蛛网。老白的工人们正用电钻切割玻璃隔板，试图将饮料冷藏柜从吧台内搬出。"这些灯 买来贵，现在没人要的，只能当废品卖。"老白指着错落的灯具唏嘘道。 隔壁火锅店也是老白的工人们在进行设备回收工作，孤零零的餐桌上放着的宣传单还写着"暑期自助季，无限畅吃59元/位"，两家相邻的店铺同时黯然出 场，让空气里的氛围带着淡淡忧伤。 这是老白团队今天的工作。从下午两点到晚上七点，四名固定工加两名临时工分工明确：拆电路、卸设备、分类搬运。中餐馆的打荷台、火锅店的电磁炉 被有序装上货车，那些桌椅回收商不要的木桌和椅子，老白随手拍了张照片发朋友圈，很快有人以30元一张桌子，10元一把椅子的价格收去了。 "150元收的电磁炉，大概能卖500元。"老白一边记着账，嘴里一边嘟囔着，但眼神里 ...

步入2025年，这一状况似乎有所改变。2025年国家补贴政策从原有的8大类扩展到12大类，电饭煲、微 波炉等厨小电品类首次被纳入补贴范围。这也让头部小家电企业吃到了这波政策红利。奥维云网表示， 补贴前后对比显示，家电需求价格结构从高低端并存到中高端主导，预计未来将再次回归"哑铃形"分 布，反映出消费者对性价比和高品质产品的双重追求。 根据奥维云网（AVC）推总数据，2025年第一季度，中国厨房小家电市场在经历了几年的波动后，呈现 出明显的分化与复苏态势。本季度中国家电市场（不含3C）全渠道零售额同比增长2.1%，其中厨房小 家电品类表现稳健，零售额达162亿元，同比增长2.5%，零售量7270万台，微降1.1%，行业均价223 元，同比提升3.7%。 奥维云网的零售监测数据显示，今年5月，电饭煲、电磁炉、电蒸锅、电水壶、养生壶、豆浆机、煎烤 机、空气炸锅等多类厨房小家电产品均价都同比上涨。如电饭煲均价同比上涨20.74%，电蒸锅均价同 比上涨37.42%，煎烤机均价同比上涨16.54%。 苏泊尔在财报中表示，报告期内内销业务，面对复杂的国内市场环境与消费者更理性的市场需求，公司 通过持续创新及强大的渠道竞争优 ...

Group 1 - Guangdong's foreign trade import and export reached 3.75 trillion yuan in the first five months of this year, a 4% increase compared to the same period last year, outpacing the national growth rate by 1.5 percentage points [1] - Guangdong's private enterprises are pursuing high-quality development and actively expanding into international markets [1] - Guangdong New Bao Electric Co., Ltd. is a leading small home appliance company in China, producing approximately 40 out of every 100 drip coffee machines globally [1] Group 2 - In 2024, New Bao is expected to produce over 150 million small home appliances, with overseas revenue exceeding 13 billion yuan [1] - The core factors for New Bao's export growth during economic downturns are its independent research and innovation capabilities [1] - New Bao has been recognized with the "National Enterprise Technology Center" and "National Industrial Design Center" designations, employing over 2,900 in its R&D team [1] Group 3 - New Bao plans to establish the New Bao Electric Research Institute in 2024 to maintain its leadership in various technological fields, including smart technology and energy-saving solutions [1] - The small appliance industry emphasizes speed, with New Bao launching over 1,000 new products annually due to its continuous innovation [1] - In the first quarter of 2025, New Bao achieved revenue exceeding 3.8 billion yuan, reflecting a year-on-year growth of over 10% [1] Group 4 - New Bao's production line for drip coffee machines has been upgraded digitally, reducing the number of workers needed from 36 to 16 while increasing capacity [5] - The 137th Canton Fair showcased New Bao's full range of electrical products, attracting numerous buyers for procurement discussions [6]

Core Viewpoint - The article highlights the successful implementation of the "Green Hope" initiative by the State Grid Chengde County Power Supply Company, which addresses the low voltage issues in rural areas due to increased electricity demand from modern appliances, thereby improving the quality of life for local residents [1][2]. Group 1: Service Improvement - The "Green Hope" brand aims to ensure that every kilowatt-hour of electricity contributes to a better quality of life for residents [2]. - The internal simulation profit center construction has enhanced resource allocation precision and construction efficiency, leading to effective solutions for electricity supply issues [2]. Group 2: Infrastructure Upgrades - A transformation plan was established to shorten the power supply radius for the Dabeigou transformer station, which involved the installation of six new electric poles and the extension of 10 kV lines by 0.48 kilometers [2]. - The completion of the low-voltage leakage protection system on June 21 marked the successful upgrade of the electricity supply infrastructure, benefiting local households [2]. Group 3: Impact on Residents - Residents reported significant improvements in their daily lives, with appliances like air conditioners, washing machines, and electric stoves operating smoothly without fluctuations in power supply [2]. - The initiative has effectively eliminated the "happy troubles" faced by residents, allowing them to enjoy a more comfortable lifestyle during the hot summer months [2].

Group 1 - The Civil Aviation Administration of China has announced a ban on carrying power banks without 3C certification, unclear 3C markings, or recalled models on domestic flights starting from June 28 [1][2] - Jinan Airport has set up 30 promotional signs and posters to inform travelers about the new regulations regarding power banks [2][5] - Qingdao Airport has also implemented the same ban and provided guidance on identifying the 3C certification on power banks [5][7] Group 2 - In the railway sector, power banks must have clear markings and a single rated energy not exceeding 100Wh to be allowed on trains, with additional restrictions on recalled products [8][9] - Travelers are advised to check the specifications of their power banks, as 100Wh is approximately equivalent to 27027mAh at a common voltage of 3.7V [8] - Other electrical items such as electric scooters and batteries exceeding 100Wh are prohibited from being carried on trains, while certain appliances can be carried but not used on board [9]

Core Insights - Midea Group achieved total revenue of 409.08 billion yuan in 2024, a year-on-year increase of 9%, and a net profit attributable to shareholders of 38.54 billion yuan, up 14% year-on-year [1] - The company has maintained a steady growth trend with a CAGR of 9% for total revenue and 20% for net profit from 2011 to 2024 [1] - In the domestic market, Midea's revenue reached 238.1 billion yuan in 2024, growing by 8% year-on-year, while overseas revenue was 169 billion yuan, an increase of 12% year-on-year [1] Domestic Market Performance - Midea's products ranked first in market share across nine categories, including air conditioners and kitchen appliances, in both online and offline markets in 2024 [1] - The domestic air conditioning market saw a shipment volume of 104 million units in 2024, a 5% increase year-on-year, with Midea maintaining a leading market share of 31.90% as of February 2025 [2] - The HVAC segment generated revenue of 161.1 billion yuan in 2023, with a CAGR of 9% from 2017 to 2023, while the consumer appliances segment generated 134.7 billion yuan with a CAGR of 5% [2] International Market Performance - Midea has established 22 overseas R&D centers and 23 production bases across 11 countries, with OBM business revenue accounting for 43% of the overseas smart home business revenue in 2024 [1] - The total shipment volume of air conditioners reached 201 million units in 2024, marking an 18% increase year-on-year [2] Business Segment Analysis - The New Energy and Industrial Technology segment leads with a 45.1% global market share in household air conditioning compressors, while the company ranks first in the production of household air conditioning motors and washing machine motors [3] - In the smart building technology segment, Midea ranked fifth in revenue in mainland China with a market share of 2.7%, and in commercial air conditioning, it held a 14.3% market share domestically and 6.6% globally, ranking first and fifth respectively [3] - The Robotics and Automation segment, primarily operated by KUKA, holds a 8.9% market share, ranking third in the global industrial robotics market [3] Future Projections - Midea Group is projected to achieve revenues of 447.46 billion yuan, 478.36 billion yuan, and 506.80 billion yuan from 2025 to 2027, representing year-on-year growth rates of 9.4%, 6.9%, and 5.9% respectively [4] - The expected net profit attributable to shareholders for the same period is forecasted to be 42.48 billion yuan, 46.70 billion yuan, and 50.41 billion yuan, with growth rates of 10.2%, 9.9%, and 7.9% respectively [4] - The company is assigned a target PE ratio of 16 for 2025, indicating a potential upside of 27% from the current market valuation [4]

Summary of Conference Call on Small Home Appliances Investment Opportunities Industry Overview - The conference call discusses the small home appliance industry, particularly in the context of the national subsidy policy that is expected to significantly boost growth in 2025 [1][3]. Key Points and Arguments - **National Subsidy Impact**: The national subsidy policy introduced in early 2025 has led to a recovery in the small home appliance sector, with notable growth in various categories. For instance, rice cookers and induction cookers have seen a year-to-date growth of 12%, steam cookers at 19%, and health pots at an impressive 37% [1][3]. - **Sales Recovery**: Companies like Supor have shown a recovery in Q1 2025, with revenue growth of approximately 4-5% after a decline in Q4 2024. Other brands such as Mofei, Joyoung, and Bear also exhibit signs of recovery, with domestic sales expectations higher than in the previous quarter [1][6]. - **Consumer Demand**: Essential categories like rice cookers, pressure cookers, and microwaves have benefited from being included in the subsidy range, with growth driven primarily by price increases. In contrast, health pots and other dynamic small appliances have experienced both price and volume increases [1][5]. - **Market Leaders**: Midea and Supor lead the market in rice cookers, pressure cookers, and microwaves, holding a combined market share of 51% in Q1 2025. Their online sales of related products account for 25% and 30%, respectively, showcasing their strong market position and pricing strategy [1][8]. Additional Important Insights - **Regional Subsidy Variations**: The subsidy policies on platforms like Tmall and Taobao remain consistent with 2024, but the range of covered categories has expanded significantly, particularly for small home appliances in regions like Zhejiang, Guangdong, and Hubei [2]. - **Channel Benefits**: Companies with a high presence on JD.com are likely to benefit the most from the national subsidy, as JD.com offers broader coverage and higher subsidy rates compared to Tmall's regional focus. Midea, with over 60% presence on JD.com, stands to gain significantly [4][10]. - **Company Performance**: Supor's domestic sales growth is around 4-5%, while Bear is expected to report a 10% growth in domestic sales. Both companies are valued at approximately 19 times earnings, indicating strong market confidence [12]. Recommendations - **Focus on Key Players**: Investors are advised to pay attention to Supor and Bear, as both companies are positioned to benefit from the subsidy policies and have shown promising growth in their latest earnings reports [12].

Core Viewpoint - The competition between Midea Group and Gree Electric in the home air conditioning market has intensified, with both companies claiming to be the market leader based on different data dimensions [2][3][4]. Group 1: Company Performance - Midea Group reported that its air conditioning offline market share is 35.9% and online market share is 33.2%, both ranking first in the industry [3][4]. - Gree Electric stated that its online retail market share for air conditioning is 25.4%, claiming the top position [3][4]. - Midea Group's total revenue for 2024 was 409.08 billion yuan, a year-on-year increase of 9.5%, while its net profit was 38.54 billion yuan, up 14.3% [4]. - Gree Electric's revenue for 2024 was 189.16 billion yuan, a year-on-year decline of 7.26%, with a net profit of 32.19 billion yuan, an increase of 10.91% [4]. Group 2: Market Dynamics - The home appliance industry is characterized by fierce competition, with various companies vying for the title of "number one" [9][11]. - The air conditioning market in China saw a retail value of 207.1 billion yuan in 2024, reflecting a year-on-year decline of 2.2% [12]. - The competition extends beyond air conditioning, as companies like TCL and Hisense also claim leadership in various product categories, indicating a broader trend of market rivalry in the home appliance sector [11].

Core Viewpoint - The kitchen small appliance industry is experiencing significant performance differentiation among companies, driven by varying progress in diversification and internationalization [1] Market Trends - The "stay-at-home economy" boosted kitchen small appliance sales in 2020-2021, but demand has since slowed, leading to a decline in sales in 2022 [2] - In 2023, some brands like Bear Electric and Supor saw sales recover due to new live-streaming e-commerce channels, but others continued to experience declines [2] - The overall retail sales of kitchen small appliances reached 60.9 billion yuan last year, a year-on-year decrease of 0.8% [2] - There is a notable price decline in the small appliance sector, attributed to weakened market demand and intense price competition [2][3] International Expansion - To overcome growth challenges, small appliance companies are increasingly looking to international markets, with exports showing positive trends [4] - In the past year, kitchen small appliance exports reached 19.9 billion USD, a year-on-year increase of 9.1% [4] - Supor's domestic revenue fell by 1.21% to 14.925 billion yuan, while foreign trade revenue grew by 21.07% to 7.502 billion yuan [4] - New Treasure and Bear Electric also reported declines in domestic revenue but increases in foreign revenue [4] Competitive Landscape - The small appliance industry is characterized by intense competition, with companies needing to innovate and adapt to survive [5] - Analysts note that the domestic market is largely saturated, prompting companies to seek growth in overseas markets [5] Product Innovation - Companies are focusing on rapid product iteration to meet changing consumer demands, with some launching over 80 new products annually [6] - The unique attributes of small appliances require manufacturers to quickly adapt to consumer preferences and trends [7] - There is a shift from single-function products to multi-functional product development to enhance value and growth potential [7][8] Consumer Preferences - Consumers are increasingly willing to pay for smart appliances with practical functions, indicating a trend towards mid-to-high-end products [8]