ab 31 December 2025 Global Research First Read China Consumer Appliances Sector 2026 home appliances trade-in subsidies and our thoughts What's new? On December 30, NDRC and Ministry of Finance announced the 2026 large scale renewal of equipment and consumer goods policies. The release date was slightly ahead of our expectation (the 2025 version was released on January 8, 2025). Overall, we think this release is largely in-line with market expectation, with white goods and smart home products being the majo ...

Group 1: Core Points - The Zhejiang province will implement a vehicle trade-in program from January 1, 2026, to December 31, 2026 [1][25] - The program aims to encourage consumers to replace old vehicles with new ones, providing subsidies for eligible purchases [3][18] Group 2: Subsidy Details - For scrapping and updating vehicles, personal consumers can receive a subsidy of 12% of the vehicle price, with a maximum subsidy of 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles [7][9][19] - The eligibility for the subsidy requires that the old vehicle must be registered in the applicant's name before January 8, 2025, and the new vehicle must be purchased within the program period [13][21] Group 3: Application Process - Consumers can apply for subsidies through platforms like Alipay and WeChat by searching for the "Zhejiang Auto Trade-in" mini-program [17][22] - Required documents for application include the scrapping certificate, vehicle deregistration certificate, sales invoice, and vehicle registration certificate, all of which must be obtained after January 1, 2026 [13][21] Group 4: Additional Consumer Products - The program also includes subsidies for household appliances such as televisions, refrigerators, washing machines, air conditioners, computers, and water heaters, with a subsidy of 15% of the actual sales price and a maximum of 1,500 yuan per item [30][31] - Consumers can participate in both online and offline activities to claim these subsidies, with specific guidelines for each method [32][43]

转自：北京日报客户端 记者从北京市商务局获悉，北京市将于2026年1月1日起，接续实施家电、数码等领域消费品以旧换新补 贴。2026年1月1日起，补贴资格每日上午8点开始发放，消费者可通过京通小程序"家电、数码以旧换新 专区"领取线上或线下补贴资格。 补贴资格 每日 8 时开放领取,补贴资格逐日发放,领 取后需在有效期内使用;若未使用,过期后 仍可重新领取。 线上资格领取 线下资格领取 提示:线上资格仅限在指定电商 提示:线下资格仅限在北京地区 平台使用,具体平台可查看【常 指定实体门店使用,门店名单可 查看【常见问题 >> 购买渠道】 见问题 >> 购买渠道] 电视机补贴资格 领取 电冰箱补贴资格 领取 l 洗衣机补贴资格 领取 IF 空调补贴资格 领取 电脑补贴资格 领取 le 热水器补贴资格 领取 点击收起 会 我的券码 > 补贴资格使用 线上消费 1 打开京通,首页点击【家电以旧换新专区】 2 【线上资格领取】模块选择对应家电品类, 完成资格领取。 3 点击当前页面【我的券码】,查看并复制 对应品类条码(资格)。 4 前往支持补贴的电商平台,完成兑换绑定 即可使用。 线下消费 1 打开京通,首页点击【 ...

Core Insights - A. O. Smith Corporation (AOS) reported first-quarter 2025 adjusted earnings of 95 cents per share, exceeding the Zacks Consensus Estimate of 90 cents, although this represents a 5% decrease year-over-year [1] - Net sales reached $963.9 million, surpassing the consensus estimate of $947 million, but showed a 1.5% decline year-over-year due to lower water heater volumes and decreased sales in China [1] Segmental Performance - North America sales decreased by 2.3% year-over-year to $748.7 million, slightly above the estimated $744.5 million, primarily due to lower water heater volumes [1] - Segmental earnings fell 6.8% year-over-year to $185.2 million, mainly attributed to reduced water heater volumes [2] - Sales in the Rest of the World segment were $226.7 million, remaining flat year-over-year, with sales in India increasing by 11% in local currency [2] Financial Metrics - Cost of sales was $588.5 million, down 0.9% year-over-year, while selling, general & administrative expenses rose by 0.2% to $192.6 million [4] - Gross profit decreased by 2.4% year-over-year to $375.4 million, resulting in a gross margin of 38.9%, down from 39.3% in the previous year [4] - Interest expenses increased to $2.9 million from $1.0 million in the year-ago quarter [4] Liquidity and Cash Flow - As of March 31, 2025, cash and cash equivalents totaled $173.0 million, down from $239.6 million at the end of December 2024 [5] - Long-term debt rose to $259.8 million from $183.2 million at the end of December 2024 [5] - Cash provided by operating activities in the first three months of 2025 was $38.7 million, compared to $106.6 million in the same period last year [5] Share Repurchase Activity - In the first quarter of 2025, A.O. Smith repurchased 1.8 million shares for $120.6 million, with 1.7 million shares remaining under the existing repurchase authorization [6] 2025 Outlook - A.O. Smith has affirmed its sales outlook for 2025, expecting net sales to be in the range of $3.8-$3.9 billion, compared to $3.82 billion in 2024 [7] - The company projects adjusted earnings per share to be between $3.60 and $3.90, down from $3.63 per share reported in 2024 [7] Zacks Rank - A.O. Smith currently holds a Zacks Rank 3 (Hold) [8]