湖北东贝机电集团股份有限公司2025 年半年度报告 公司代码：601956 公司简称：东贝集团 湖北东贝机电集团股份有限公司 湖北东贝机电集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人姜敏、主管会计工作负责人朱宇杉及会计机构负责人（会计主管人员）徐小兵 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本公司已在本报告中"管理层讨论与分析"章节阐述了公司可能面对的风险，敬请投资者予以关 注。 十一、 其他 □适用 √不适用 湖北东贝 ...

Core Viewpoint - The demand for rotor compressors in China's household air conditioning and related markets is increasing due to the government's "old-for-new" policy and manufacturers' proactive stocking in response to market pressures and weather forecasts, leading to a growth trend in production and sales in the rotor compressor industry [1][7]. Industry Overview - Rotor compressors, driven by electric motors, are widely used in air conditioning, dehumidifiers, and heat pumps, characterized by their simple structure, fewer wear parts, reliability, and lightweight [2][3]. - The rotor compressor market in China is primarily driven by household air conditioning, which holds a market share of 88.3%, followed by heat pumps at approximately 5.2% [5]. Production and Sales Data - In 2024, China's rotor compressor production and sales are projected to reach 296 million units and 297 million units, respectively, with year-on-year growth rates of 13.5% and 14.1% [1][10]. - Domestic sales of rotor compressors are expected to grow by 12.3% to 253 million units, while export volume is anticipated to increase by 24.8% to 44.88 million units [1]. Policy Support - The Chinese government has implemented several policies to stimulate domestic consumption, including promoting the replacement of old appliances, which has positively impacted the sales of rotor compressors [7][8]. Competitive Landscape - The market for rotor compressors has shifted from foreign brand dominance in the 1990s to a significant presence of domestic brands like GMCC, Landa, and Haili, which together hold a market share of 86.6% as of 2021 [10]. - GMCC leads the market with a share of 44.8%, followed by Landa and Haili, whose combined market share is 33.4% [10]. Development Trends 1. **Diversification of Application Scenarios** - Rotor compressors are expanding from traditional household air conditioning to emerging fields such as heat pumps and electric vehicles, driven by energy crises and carbon neutrality goals [17]. 2. **Accelerated Replacement of Eco-friendly Refrigerants and Technological Upgrades** - The industry is transitioning to low GWP refrigerants like R32 and R290, with a focus on improving energy efficiency and adapting to environmental regulations [18][19]. 3. **Accelerated Globalization and Export Market Expansion** - Chinese rotor compressor companies are increasingly entering international markets, with significant growth in exports, exemplified by Haili's 35.1% increase in export volume in 2024 [20].

Investment Rating - The industry is rated as "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [38] Core Insights - April exports showed strong resilience with a year-on-year increase of 8.1%, driven primarily by robust demand from non-US regions [11][1] - The HVAC industry experienced significant sales growth in Q1 2025, with exports outperforming domestic sales due to preemptive stocking by overseas distributors amid tariff uncertainties [2][11] - The domestic appliance sector is expected to benefit from strong domestic demand and continued high demand from emerging markets, which is likely to sustain export growth [5][36] Summary by Sections Export Data - In April, China's exports (in USD) increased by 8.1% year-on-year, continuing a positive growth trend [11] - Major trading partners included ASEAN, Europe, and the US, with export values of 1.48 trillion, 1.21 trillion, and 1.07 trillion respectively, showing year-on-year changes of +12.6%, +6.1%, and -1.5% [11] HVAC Industry Performance - The HVAC industry saw a total sales volume of 58.873 million units in Q1 2025, a 15.3% increase year-on-year, with exports at 31.521 million units (+24.5%) outpacing domestic sales [12][15] - Central air conditioning sales reached 36.1 billion yuan, up 7.9% year-on-year, with both domestic and export markets showing growth [12][15] Market Trends - The Shanghai Composite Index rose by 2.00% and the home appliance index increased by 3.3% in the latest week [16] - Key stocks showed significant gains, with Springlight Technology up 46.41% and Greer up 16.79% [16] Raw Material Prices - Recent trends indicate a slight decline in copper and aluminum prices, with copper down 0.15% and aluminum down 0.12% in the last week [20][21] - Year-to-date, copper prices have increased by 9.21%, while aluminum has decreased by 5.32% [21] Real Estate Data - In March 2025, new residential construction area decreased by 24.3% year-on-year, indicating a slowdown in the real estate sector [27][30] - The total area under construction and completed also showed declines of 10.0% and 14.8% respectively [27][30] Investment Recommendations - Focus on domestic demand and subsidy-driven growth in the white goods sector, with specific attention to companies like Gree Electric, Midea Group, and Haier Smart Home [36] - Consider opportunities in the black goods sector, which continues to see structural upgrades, and small appliances that are recovering from previous challenges [36]