Group 1 - The company emphasizes the importance of talent incentives and long-term value creation [1] - The company will actively assess the feasibility of equity incentives when conditions are mature and align with strategic development needs [1]

Group 1 - The company management will continuously monitor changes in the international environment [1] - In response to the complex and changing external environment, the company is enhancing its competitiveness while maintaining ongoing communication with customers [1] - The company and its subsidiaries will conduct foreign exchange hedging activities based on actual business needs to mitigate and prevent exchange rate risks [1]

Core Insights - The core viewpoint of the article emphasizes that technological innovation is the key driver of long-term growth for the company [1] Group 1: Business Strategy - The company has been continuously launching high-end products in recent years [1] - It actively deepens collaboration with core customers while also exploring new markets [1] Group 2: Cost Management - The company focuses on value-creating cost reduction through process restructuring, technological empowerment, and organizational optimization [1] - This approach aims to maintain competitiveness while achieving continuous cost reduction [1]

Group 1 - The core viewpoint of the article is that Whirlpool (600983) has potential for increased capacity utilization and the injection of washing machine assets will benefit the company's future washing machine business, particularly in the dryer segment [1] Group 2 - The company indicates that there is still room for growth in its capacity utilization [1] - The addition of washing machine assets enhances the product line of the listed company [1] - The development of the washing machine business, especially dryers, is expected to be positively impacted by this asset injection [1]

Group 1 - The white goods sector increased by 2.29% on February 4, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the white goods sector showed varied performance, with Whirlpool rising by 7.62% to a closing price of 12.00 [1] Group 2 - The net inflow of main funds in the white goods sector was 629 million yuan, while retail funds saw a net outflow of 378 million yuan [1] - Midea Group had a main fund net inflow of 296 million yuan, but also experienced a retail net outflow of 205 million yuan [2] - Gree Electric experienced a main fund net inflow of 168 million yuan, with a retail net outflow of 118 million yuan [2]

Market Overview - The white goods sector increased by 0.05% on February 3, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Stock Performance - Whirlpool (600983) closed at 11.15, with a rise of 2.39% and a trading volume of 77,200 shares, amounting to a transaction value of 85.91 million yuan [1] - Snowball Electric (001387) closed at 14.80, up by 1.86%, with a trading volume of 34,200 shares and a transaction value of 50.25 million yuan [1] - Hisense Home Appliances (000921) closed at 23.94, increasing by 1.70%, with a trading volume of 76,300 shares and a transaction value of 182 million yuan [1] - Haier Smart Home (600690) closed at 25.20, up by 0.80%, with a trading volume of 388,500 shares and a transaction value of 977 million yuan [1] - Midea Group (000333) closed at 77.91, with a slight increase of 0.08%, trading 345,000 shares for a total of 2.692 billion yuan [1] - Other notable performances include Gree Electric (000651) down by 0.47% and TCL Smart Home (002668) down by 0.81% [1] Capital Flow - The white goods sector saw a net inflow of 137 million yuan from institutional investors, while retail investors experienced a net outflow of 61.62 million yuan [1] - The capital flow for major stocks indicates that Midea Group had a net inflow of 26.3 million yuan from institutional investors, but a net outflow of 79.25 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 38.57 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Gree Electric experienced a significant net outflow of 143 million yuan from institutional investors [2] - Deep Kangjia A (000016) faced a substantial net outflow of 15.33 million yuan from institutional investors, while retail investors had a net inflow of 1.22 million yuan [2]

Market Overview - The white goods sector experienced a decline of 0.14% on February 2, with the Shanghai Composite Index closing at 4015.75, down 2.48%, and the Shenzhen Component Index at 13824.35, down 2.69% [1] Individual Stock Performance - Aokema (600336) closed at 7.88, up 1.42% with a trading volume of 252,000 shares and a turnover of 202 million yuan - Midea Group (000333) closed at 77.85, up 0.34% with a trading volume of 345,900 shares and a turnover of 2.696 billion yuan - Gree Electric (000651) closed at 38.54, down 0.41% with a trading volume of 367,200 shares and a turnover of 1.424 billion yuan - Haier Smart Home (600690) closed at 25.00, down 0.44% with a trading volume of 471,000 shares and a turnover of 1.189 billion yuan - Deep Kangjia A (000016) led the decline, closing at 4.48, down 10.04% with a trading volume of 93,400 shares and a turnover of 41.824 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 402 million yuan from institutional investors, while retail investors experienced a net outflow of 158 million yuan [1] - Midea Group had a net inflow of 508 million yuan from institutional investors, but a net outflow of 328 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 29.328 million yuan from institutional investors, with a net outflow of 37.224 million yuan from retail investors [2] - Deep Kangjia A experienced a significant net outflow of 20.7661 million yuan from institutional investors, while retail investors had a net inflow of 15.3664 million yuan [2]

Core Viewpoint - The company is focused on enhancing its competitiveness and ensuring sustainable shareholder returns while navigating a complex external environment [2][3]. Group 1: Company Performance and Market Position - As of January 30, 2026, the company's stock price closed at 11.19 yuan, up 3.23% from the previous week, with a total market capitalization of 8.576 billion yuan, ranking 7th in the white goods sector [1]. - The company will continue to prioritize high-quality, high-standard, and efficient operations, maintaining its high-end brand positioning and focusing on its core business to improve competitiveness and operational results [1]. Group 2: Strategic Developments - The company has resolved the issue of competition with its controlling shareholder by purchasing relevant assets related to the washing machine business for cash, eliminating substantial competition in this area [1][3]. - The company plans to conduct foreign exchange hedging activities based on actual business needs to mitigate and prevent exchange rate risks [2][3]. Group 3: Shareholder Returns - The company places significant emphasis on shareholder returns and aims to enhance operational efficiency while considering profitability and cash flow to provide sustainable returns to investors [2][3].

Group 1 - The core viewpoint of the report indicates that Whirlpool's development has been characterized by optimization of its equity structure, integration of brand resources, and iteration of product technology [1] - Significant changes in the equity structure and management occurred before and after Galanz took over, with Whirlpool Group being the core before the takeover and Galanz fully managing Whirlpool thereafter [1] - Starting from 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] Group 2 - The company is expected to benefit from multiple factors including orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz takeover, and changes in competitive dynamics [1] - Future growth is anticipated, with projected net profit attributable to shareholders reaching 505 million, 616 million, and 743 million yuan for 2025-2027, representing year-on-year growth of 150.5%, 21.8%, and 20.7% respectively [1] - The report initiates coverage with a "buy" rating for the company [1]

Core Viewpoint - The report from Guosheng Securities highlights the significant changes in the ownership structure and management of Whirlpool, particularly after the acquisition by Galanz, which has led to a comprehensive takeover of management responsibilities and is expected to drive revenue recovery and profit growth starting in 2024 [1] Group 1: Company Development - Whirlpool's development has involved optimizing its ownership structure, integrating brand resources, and iterating product technology [1] - Before the acquisition, the company was primarily centered around Whirlpool Group, but post-acquisition, Galanz has fully taken over management [1] Group 2: Financial Projections - Starting in 2024, the company's revenue is expected to rebound significantly, with continuous release of profit elasticity [1] - The company is projected to achieve a net profit attributable to shareholders of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% respectively [1] Group 3: Future Growth Drivers - Future growth is anticipated due to several factors: the company taking on orders from Whirlpool Group, increased OEM releases from Japan and Southeast Asia, cost reduction and efficiency improvements post-Galanz acquisition, and changes in competitive dynamics within the industry [1]