8月28日晚8点，京东秋季家装节全面开启。京东携手恒洁、九牧、芝华仕、欧普、美的、海尔等大牌， 带来了智能马桶、电子锁、沙发、实木床、智能浴霸等家居好物，以及冰箱、空调、电饭煲等实用大小 家电。消费者只需打开京东APP搜索"家装节"即可直达活动会场，享受国补叠加多重补贴至高立省 50%。 作为每天高频使用的家居场景，消费者对卫浴空间的卫生性和舒适度需求持续增长。本次秋季家装节， 京东准备了一众智能卫浴产品，让智能真正服务于消费者的日常生活。其中，具备无水压限制技术、感 应翻盖的九牧智能马桶770p，活动期间价格低至6折，并在全国范围内2531城提供免费安装服务；具备 负氧离子除菌降尘能力的欧普京东集采JC系列浴霸S3京耀可1分钟升温10摄氏度，叠加国补优惠不止75 折，并提供拆旧安装服务。 舒适的家居生活与寝具的舒适度和品质密不可分。喜临门乳胶独袋床垫塔利亚经典采用进口乳胶帮助贴 合身体曲线，抑菌防螨面料安全亲肤，活动期间至高可省1018元；顾家家居乳胶床垫是千元内品质乳胶 床垫代表，活动期间至高优惠27%；源氏木语实木双人床具备轻量级斜靠床头、齐边设计，舒适与实用 兼得，活动期间价格优惠不止8折。 家庭幸福 ...

作者：Hasove 经过"宅经济"的短暂火热后，小家电行业就像"坐过山车"一样，快速冲高又迅速回落。 小家电"价格战"血拼，销量却越来越差。打开电商平台搜小家电，随便点进一个打蛋器或者空气炸锅的页面，你会发现价格跟两年前比真的差不少。以前一 个像模像样的空气炸锅怎么也得300多元，现在100多元就能拿下，碰上搞活动时90多元就能包邮。 小家电价格降了这么多，销量却没见往上涨。奥维云网最新的半年数据显示，2025 年上半年小家电整体零售量13652万台，同比下降1.2%。另外据奥维云网 此前数据，2023年厨房小家电市场整体零售额约为549.3亿元，同比下降9.6%；零售量约为2.65亿台，同比下降1.8%。2024年"618"促销期，厨房小家电全品 类线上渠道(传统电商+抖音)零售额为32.8亿元，同比下降10.3%。 同质化让利润"薄得像纸" 你做一个带预约功能的电煮锅，我就加个蒸格；你搞个渐变配色，我就上个卡通图案，完全没有核心技术加持。 另外，有小家电代工厂内部人士透露，现在很多品牌根本不搞研发，拿着现成的模具改改外观就敢推新品，成本压得极低，然后靠低价抢市场。这样一来， 整个行业都陷入了恶性循环，你降 ...

证券研究报告 | 北交所定期报告 | | --- | 投资要点： hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 政策和创新推动中国小家电市场发展，关注北交所相关标的 ——北交所消费服务产业跟踪第二十八期（20250824） 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国补政策与技术创新共振，小家电行业或将迎来结构性机遇。中国小家电销售渠道 逐步向线上转移，线上平台成为驱动增长的核心引擎。根据奥维云网、头豹研究院 数据显示，小家电线上销售占比从 2020 年的 68%持续攀升至 2024 年的 79%，同 期厨房小家电线下零售额不断下滑，2024 年同比下降 9.1%。中国小家电市场规模 稳增，其中厨房小家电市场集中度较高。根据奥维云网、头豹研究院和炼丹炉大数 据信息，我国小家电市场规模保持增长，预计 2027 年市场规模达 5392 亿元。国家 消费品"以旧换新"政策在家电领域持续加 ...

Core Viewpoint - The article highlights the safety hazards associated with low-priced rice cookers, revealing that only a small fraction of popular models pass safety tests, raising concerns about consumer health and product quality [2][5][9]. Group 1: Product Testing and Safety - A recent evaluation of 16 popular rice cookers found that only 5 passed all safety tests, resulting in a pass rate of less than 32% [5][9]. - The main issues identified were the excessive migration of harmful substances from plastic and metal components, particularly in low-priced models [5][10]. - The article emphasizes the importance of ensuring that harmful chemical substances and heavy metals remain within safe limits during cooking [5][6]. Group 2: Market Dynamics and Consumer Behavior - The rice cooker market is highly concentrated, with major brands like Midea, Supor, and Joyoung holding over 60% market share, while low-priced white-label products proliferate due to lower quality standards [9][10]. - Many consumers are misled by e-commerce platforms that prioritize low prices, resulting in a surge in sales of low-quality rice cookers [11][12]. - The article suggests that consumer choices are often influenced by misleading marketing tactics and algorithms that promote low-priced items without regard for quality [12][13]. Group 3: Industry Response and Quality Assurance - In response to the identified issues, JD.com has launched a quality assessment initiative called "Avoid雷情报局" to transparently present product testing results to consumers [5][14]. - JD.com has established a dedicated quality testing laboratory to ensure rigorous evaluation of kitchen appliances, including rice cookers, and to maintain high standards above industry norms [18][20]. - The initiative aims to empower consumers with reliable information, thereby enhancing their purchasing decisions and promoting quality consumption [20][23].

Investment Rating - The report does not explicitly provide an investment rating for the small home appliance industry Core Insights - The small home appliance market in China is categorized into kitchen appliances, home appliances, and personal care appliances, emphasizing portability and functionality [3][4] - Online sales channels for small home appliances have significantly increased, with online sales accounting for 79% of total sales by 2024, reflecting a clear shift towards e-commerce [9][12] - The kitchen small appliance market is projected to have a retail value of 609 billion yuan in 2024, showing a slight decline of 0.8% year-on-year, with online sales being the main growth driver [18][19] - The personal care small appliance market is diverse, with notable growth in hair dryers but declines in electric toothbrushes and shavers, indicating varied performance across product categories [24][27] Summary by Sections Small Appliance Definition and Classification - Small appliances are defined as compact, convenient, low-energy, and affordable household devices that enhance the quality of life [3] - Categories include kitchen appliances, home appliances, and personal care appliances [3][4] Sales Channel Distribution - The sales channels for small appliances are increasingly diversified, with a strong shift towards online platforms, which dominate the market [12] - Traditional retail channels are facing challenges and are in a period of adjustment, while new channels like community group buying are emerging [12] Kitchen Small Appliance Market - The kitchen small appliance market's retail value is expected to be 609 billion yuan in 2024, with online sales reaching 478 billion yuan, a 1.7% increase [18][19] - The market is segmented into traditional large items, health-oriented small items, Western-style appliances, and rapidly penetrating but previously stagnant categories [19][20] Personal Care Small Appliance Market - The personal care small appliance market shows mixed results, with hair dryers experiencing a 10.4% increase in retail sales, while electric toothbrushes and shavers face declines [24][27] - The market dynamics are influenced by social media platforms and the immediacy of retail needs [24][27] Competitive Landscape - The small appliance market in China is characterized by high brand concentration, with leading brands like Midea, Supor, and Joyoung holding over 50% market share in kitchen appliances [35] - The competitive landscape includes a mix of established brands and emerging players, with a trend towards innovation and technology integration in product offerings [36]

Group 1 - The core viewpoint indicates that the home appliance sector is experiencing strong retail demand despite the traditional off-season in July, with significant growth in categories like air conditioners and robotic vacuum cleaners [1] - Data from Aowei Cloud Network shows that in July, the retail sales of air conditioners increased by 39.4% online and 36.5% offline year-on-year, while washing machines saw a growth of 21.6% online and 15.7% offline [1] - The retail demand for kitchen small appliances is also recovering, with rice cookers showing a year-on-year increase of 17.6% online and 12.0% offline, and robotic vacuum cleaners experiencing over 50% growth in both online and offline sales [1] Group 2 - Looking ahead to 2025, domestic subsidies are expected to continue, and external sales may see valuation recovery due to stable tariff expectations, making consumption a key investment theme for the year [1] - The home appliance ETF (159996) is highlighted as a noteworthy investment opportunity given the positive market trends and consumer demand [1]

Summary of Beiding Co. Conference Call Company Overview - **Company**: Beiding Co. (北鼎股份) - **Date**: August 13, 2025 Key Points Industry and Market Performance - Beiding Co. benefited from a low base last year, internal optimizations, and the "old-for-new" policy, leading to significant growth in the domestic market [2][3] - Domestic revenue for the self-owned brand increased by 48.4% year-on-year, driven by low previous year base, ongoing internal optimizations, and promotional policies [3][4] - Overseas business saw a slight growth of 0.71% despite international trade barriers and geopolitical uncertainties [2][3] - OEM and ODM business revenue grew by 2% year-on-year, demonstrating resilience amid external uncertainties [2][3] Strategic Initiatives - The company is increasing SKU variety and embracing differentiated channels (e.g., Sam's Club, JD.com, Douyin) to meet diverse consumer needs and enhance market competitiveness [2][3][6] - Beiding has split its product creation organization into three independent teams focusing on appliances, cups, and cooking tools to improve specialized operations [2][7] - A restrained sales expense strategy is being adopted, exploring differentiated promotional tactics rather than fixed budgets [2][9] Future Outlook and Challenges - The company is preparing for potential impacts from the suspension of national subsidy policies, emphasizing internal efforts to maintain performance [4][5] - Beiding is testing price and promotional expense relationships to find optimal strategies for different product categories and price points [5] - The company plans to continue launching new products in 2025, focusing on core categories and exploring new categories [11][13] Channel Strategy - Beiding prioritizes channels based on optimal input-output ratios, focusing on high-efficiency platforms like JD.com, Sam's Club, and Douyin, while also exploring previously underutilized channels [10] - The company is adopting a stable strategy in overseas markets, primarily targeting North America and covering Chinese communities through distributors [15][17] Competitive Landscape - In overseas markets, competition is relatively low among Chinese brands, but there are strong local competitors in various countries [16] - Beiding does not plan to increase overseas production capacity in the short term, focusing instead on maintaining existing operations [18] Innovation and Product Development - The company is not explicitly prioritizing smart products but is open to using technology to address consumer pain points [22] - Independent teams are established for different product categories to ensure tailored development and faster iteration [21] Risk Management - Beiding is prepared for external uncertainties by continuously optimizing operations and strategies to enhance resilience [23] Conclusion - Beiding Co. is strategically positioned to navigate market challenges and capitalize on growth opportunities through internal optimizations, diversified product offerings, and a focus on consumer needs. The company aims to maintain a robust performance despite potential external pressures.

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 15.10 CNY [2][7]. Core Views - The company reported a significant improvement in profitability and revenue growth, with H1 2025 revenue reaching 430 million CNY, a year-on-year increase of 34.0%, and a net profit of 60 million CNY, up 74.9% year-on-year [2][7]. - The growth is attributed to factors such as the "old-for-new" policy, focus on core self-owned brands, and a low base effect from the previous year [2][7]. - The company is expected to continue benefiting from national subsidy policies, which are anticipated to drive steady revenue growth [7]. Financial Performance Summary - For 2025E, total revenue is projected to be 941 million CNY, reflecting a year-on-year growth of 24.9% [3]. - The net profit for 2025E is estimated at 114 million CNY, showing a significant increase of 64.6% compared to the previous year [3]. - The earnings per share (EPS) for 2025E is forecasted to be 0.35 CNY, with a price-to-earnings (P/E) ratio of 37 times [3][8]. Product and Market Insights - The self-owned brand revenue for H1 2025 was 360 million CNY, a year-on-year increase of 43.6%, while OEM/ODM revenue was 80 million CNY, up 2.1% [7]. - The product categories showing the highest growth include steam cookers (+72.2%), health pots (+12.9%), and electric stoves (+324.4%) [7]. - The company’s revenue growth is primarily driven by the domestic market, with a 48.4% increase in revenue from China [7]. Profitability and Cost Management - The gross margin for H1 2025 was 49.7%, an increase of 2.2 percentage points year-on-year, with the gross margin for self-owned brands at 55.9% [7]. - The net profit margin for Q2 2025 reached 10.2%, up 4.5 percentage points year-on-year, attributed to improved cost control and a decrease in expense ratios [7]. - The report indicates that the company is focusing on enhancing operational efficiency in overseas markets while continuing to develop its self-owned brand strategy [7].

Summary of Beiding Co., Ltd. Conference Call Company Overview - **Company**: Beiding Co., Ltd. - **Date**: August 12, 2025 Key Industry Insights - **Industry**: Kitchen Appliances and Consumer Electronics - **Core Products**: Steaming pots, cups, cooking utensils Core Points and Arguments 1. **Revenue Growth**: Beiding Co., Ltd. experienced significant revenue growth due to internal optimization and trade-in policies, with a 48.4% year-over-year increase in domestic sales for its own brand [4][3][2] 2. **International Business**: Despite facing tariff barriers, the overseas business achieved a slight growth of 0.71% [4][2] 3. **OEM/ODM Resilience**: The OEM and ODM segments maintained resilience, with a 2.05% year-over-year revenue increase [4][2] 4. **Product Segmentation**: The company has segmented its product departments into three categories: electrical appliances, cooking utensils, and cups, enhancing decision-making efficiency and targeted strategies [2][6] 5. **Acquisition**: The acquisition of Keri Automation Technology aims to strengthen manufacturing capabilities and enhance core competitiveness [2][5] 6. **SKU Strategy**: Transitioning from a short SKU strategy to a more diverse SKU approach to meet varied consumer demands, with plans to enhance SKU layouts for core products [2][7] 7. **Consumer Demand**: The company actively responded to national subsidy policies, which boosted consumer purchasing enthusiasm and drove consumption growth [2][7] 8. **Cost Control**: Management expenses decreased both in absolute terms and as a percentage of revenue, indicating effective cost control measures [3][20] 9. **Market Conditions**: Downstream customer inventory has stabilized, and the order rhythm is steady, with no significant fluctuations observed [11][2] 10. **Tariff Impact**: The impact of U.S.-China tariffs on the company's orders is being closely monitored, with current conditions showing limited effects on OEM and ODM businesses [10][9] Additional Important Insights 1. **Product Launches**: The company plans to introduce more differentiated new products in the second half of the year, focusing on core categories [7][8] 2. **Sales Channels**: The company is increasing its focus on the JD.com channel, which has shown significant growth potential compared to Tmall [25][2] 3. **Market Expansion**: Beiding Co., Ltd. is prioritizing the North American market for brand promotion, with stable operations in other regions [12][2] 4. **Customer Base Changes**: No detailed analysis has been conducted on changes in consumer demographics post-subsidy policy implementation [30][2] 5. **Future Plans**: The company does not have immediate plans for overseas production capacity but is focusing on developing its new base in Zhongshan [29][2] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, strategic initiatives, and market conditions.

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][4]. Core Viewpoints - Retail demand in July for home appliances remains strong despite the seasonal downturn, with air conditioning retail sales growing over 30% [1][18]. - The decline in home appliance exports has narrowed to 3% in July, with expectations for a return to stable growth as tariff policies ease [2][29]. - The U.S. housing market shows resilience, with expectations for recovery following anticipated interest rate cuts by the Federal Reserve in 2024, which could positively impact home appliance demand [3][34]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12][13]. 2. Retail and Export Performance - July retail performance shows strong growth in air conditioners (+39.4% online, +36.5% offline), washing machines (+21.6% online, +15.7% offline), and significant growth in small kitchen appliances like rice cookers (+17.6% online, +12.0% offline) [1][18]. - Home appliance exports in July reached 59.55 billion yuan, a 3% year-on-year decline, with a slight increase in export prices [2][29]. 3. Market Data Tracking - The home appliance sector achieved a relative return of +1.14% this week, outperforming the broader market [42]. - Raw material prices for copper and aluminum increased by 1.1% and 2.5% respectively, while cold-rolled steel prices rose by 0.8% [45][56]. - Shipping indices for routes to the U.S. and Europe showed a decline, indicating potential cost pressures in logistics [57]. 4. Company Earnings Forecasts - Earnings per share (EPS) estimates for key companies include Midea Group at 5.62 yuan for 2025, Gree Electric at 6.34 yuan, and Haier Smart Home at 2.26 yuan [5][67].