图为消费者挑选家电。城关区委宣传部供图 中新网甘肃新闻1月7日电 2026年消费品以旧换新国补新政一经落地，兰州市城关区汽车、家电、数码 智能产品消费市场迅速升温，惠民红利加速惠及辖区千家万户，为城关区冬日消费市场注入了强劲活 力。 走进位于西关商圈的苏宁易购超级体验店，作为城关区家电消费的重要地标，该店凭借多重优惠叠加的 促销活动，吸引了大批市民前来选购，店内人头攒动，咨询、下单的消费者络绎不绝。该店楼层经理滕 宏疆介绍说，门店在积极参与商场补贴、苏宁品牌补贴和地方补贴的基础上，同步叠加国补优惠，形成 了"多重补贴"的消费利好组合。以一款原价8299元的美菱冰箱为例，经过各项补贴叠加后，最终售价仅 需3824元，优惠力度一目了然。 此外，新年期间门店还额外推出专属福利，门店补贴至高可达2000元，同时提供48项会员免费体验服 务，涵盖家电清洗、产品保养、智能体验等多个方面，全方位提升消费体验。据统计，截至目前，该店 享受以旧换新补贴的订单占比已超四成，消费热潮持续升温。 实实在在的优惠，让消费者真切感受到了政策带来的红利。市民马鑫专程来到西关苏宁易购超级体验店 选购，他看中的一款原价1.5万元的海信电视，经 ...

Group 1 - The core event of the 2025-2026 season Longjiang International Snow Federation Snowboard and Freestyle Skiing Big Air World Cup concluded in Beijing, with Chinese athlete Su Yiming winning the men's snowboard event [1] - Changhong, as the exclusive title sponsor, showcased its full range of AI home appliance products, marking a shift in its sports marketing strategy from being a mere "official partner" to a deep event co-builder [1] - The event highlighted Changhong's latest technological achievements in display technology and environmental control, demonstrating the performance of home appliances in extreme scenarios [1] Group 2 - Changhong's air conditioning technology was demonstrated, showcasing its full DC inverter technology that can operate stably in ultra-low temperatures of minus 35°C and achieve rapid heating in 60 seconds [2] - The "Kecanting Pro" series features a wind volume of 1880m/h, while the dust-free smart wind LD wall-mounted unit emphasizes "carpet heating" and dust prevention [2] - The marketing strategy combined "sports + e-commerce," featuring live streaming from Changhong's pop-up store with the participation of champions, aiming to connect the event with home life scenarios [2] Group 3 - Changhong's strategic moves in the ice and snow sector include providing special new energy power systems in 2022, partnering with the International Snow Federation in 2023, and acquiring exclusive naming rights for this event, indicating its efforts to accelerate the implementation of "Chinese intelligence" and AI technology in the high-end consumer market [2]

Investment Rating - The investment rating for Changhong Meiling is maintained at Buy-A, with a target price of 9.56 yuan for the next six months [4]. Core Views - Changhong Meiling reported a revenue of 25.39 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%. However, the net profit attributable to shareholders decreased by 8.2% year-on-year to 490 million yuan [1]. - In Q3 alone, the company achieved a revenue of 7.32 billion yuan, down 6.3% year-on-year, and a net profit of 70 million yuan, down 38.6% year-on-year. The decline in performance is attributed to national subsidy limits and price competition [1][2]. - The company is expected to improve its performance in the future as it continues to enhance domestic channels and expand overseas markets [2]. Revenue Analysis - Domestic sales of Changhong air conditioners fell by 36.8% year-on-year in Q3, while Meiling refrigerators saw a decline of 14.4%. The slowdown is linked to national subsidy limits and intense price competition in the air conditioning sector [2]. - Overseas, air conditioner exports dropped by 39.7% year-on-year, while Meiling refrigerators experienced a growth of 7.2%. The decline in air conditioner exports is likely influenced by U.S. tariff policies and increased competition in overseas markets [2]. Profitability Insights - The gross margin for Q3 was 9.4%, remaining stable year-on-year, while the net profit margin decreased by 0.5 percentage points to 1.0%. The decline in net profit margin is primarily due to increased R&D expenditures and foreign exchange losses [2][3]. - R&D expenses increased by 0.6 percentage points year-on-year in Q3, reflecting the company's commitment to innovation [2]. Cash Flow and Financial Projections - Operating cash flow for Q3 saw a slight decline of 30 million yuan year-on-year, attributed to increased production and inventory costs [3]. - The company forecasts earnings per share (EPS) of 0.64 yuan, 0.72 yuan, and 0.80 yuan for 2025, 2026, and 2027, respectively [3].