（文章来源：21世纪经济报道） 插线板行业龙头公牛集团，因一句常年沿用的广告语与同行对簿公堂，直指对方商业诋毁并索赔420万 元，这场企业纠纷火速掀动行业讨论。近日，这场争执迎来了新的进展。 ...

Core Viewpoint - Bull Group has been recognized for its brand strength and innovative products, winning three prestigious awards at the "2025 Light Award" ceremony, marking its transition from a strong player to a standard-setting leader in the lighting industry [1] Group 1: Awards and Recognition - Bull Group won the "2025 Home Lighting Brand Award TOP10," "2025 Health Lighting Brand Award TOP10," and "2025 Innovative Product Award" at the "2026 China Lighting Industry Brand Ceremony" [1] - The "Light Award" is considered an annual benchmark in the Chinese lighting and electrical industry, aimed at recognizing entities that drive industry progress and consumer trends [1] Group 2: Company Positioning - The awards signify that Bull Group has advanced from being an industry "strong player" to becoming a "leader" that defines standards in the lighting sector [1] - The company emphasizes its commitment to enhancing quality of life through professional strength and aims to contribute to the high-quality development of the Chinese lighting industry [1]

Group 1: Market Performance - The home goods sector increased by 2.32% on January 29, with Marco Polo leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Group 2: Individual Stock Performance - Marco Polo (001386) closed at 25.70, up 10.02%, with a trading volume of 290,000 shares and a transaction value of 717 million yuan [1] - Other notable performers included: - Bincao Lawn (6605099) at 43.05, up 9.99%, with a transaction value of 211 million yuan [1] - Home Link Technology (301193) at 23.52, up 7.40%, with a transaction value of 215 million yuan [1] - Oppein Home (603833) at 62.34, up 6.20%, with a transaction value of 413 million yuan [1] Group 3: Capital Flow Analysis - The home goods sector saw a net inflow of 263 million yuan from institutional investors, while retail investors experienced a net outflow of 122 million yuan [2] - Major stocks with significant capital flow included: - Marco Polo with a net inflow of 239 million yuan from institutional investors [3] - Bull Group (603195) with a net inflow of 41.50 million yuan [3] - Oppein Home (603833) with a net inflow of 23.39 million yuan [3]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

Core Viewpoint - The ongoing legal dispute between Bull Group and Jia's Electric revolves around the advertising slogan "7 out of 10 Chinese families use Bull," which is claimed to be misleading and has led to accusations of false advertising and unfair competition [1][5][6]. Group 1: Legal Dispute - Jia's Electric has raised jurisdictional objections to Bull Group's lawsuit and has countered with claims of false advertising and unfair competition [1][5]. - Bull Group has accused Jia's Electric of damaging its reputation through misleading comparisons and has demanded the removal of the videos and an apology [5][6]. - The legal battle is seen as a clash of values between misleading advertising and a commitment to fair competition and consumer rights [6]. Group 2: Financial Performance - Bull Group's financial performance has been under pressure, with a notable decline in revenue and net profit in the second and third quarters of 2025, marking a rare double decline [3][11]. - For the first three quarters of 2025, Bull Group reported revenues of 12.198 billion and a net profit of 2.979 billion, representing year-on-year declines of 3.22% and 8.72% respectively [11]. - The company's marketing expenses for 2024 totaled 755 million, contributing to a total sales expense of 1.369 billion [2][11]. Group 3: Market Position and Stock Performance - Since January 13, 2021, Bull Group's stock price has dropped by over 50%, reflecting a significant decline in market valuation [4][11]. - The company's market capitalization has decreased from a peak of 153.594 billion to 76.55 billion by January 23, 2026, less than half of its highest value [11]. - Bull Group has faced previous legal challenges, including a 2.95 billion fine for monopolistic practices in 2021, highlighting ongoing regulatory scrutiny [9][10].

Core Viewpoint - The ongoing legal dispute between Gongniu Group and Jia's Electric reflects intense competition within the industry, with Jia's Electric challenging Gongniu's claims of market dominance and misleading advertising practices [2][8]. Group 1: Legal Dispute - Jia's Electric has filed a counterclaim against Gongniu Group in response to a lawsuit seeking 4.2 million yuan in damages, asserting that Gongniu's advertising is misleading [2][4]. - The legal conflict escalated from a public dispute over advertising claims, with Jia's Electric arguing that Gongniu's assertion that "7 out of 10 Chinese households use Gongniu" is inaccurate [5][8]. - Gongniu Group claims that Jia's Electric's social media posts have harmed its commercial reputation, leading to the legal action [4][5]. Group 2: Market Position and Competition - Gongniu Group holds a significant market share of 60% to 70% in the power strip sector, while Jia's Electric claims Gongniu's share in the wall switch socket market is around 30% [5][6]. - The competition has intensified as Gongniu has expanded into the wall switch socket market, impacting Jia's Electric's sales and market position [8][9]. - Jia's Electric's sales have reportedly declined significantly in 2024 and 2025, prompting the company to enhance its online marketing efforts to strengthen its brand presence [8][9]. Group 3: Financial Performance - Gongniu Group reported a revenue of approximately 12.2 billion yuan for the first three quarters of 2025, a decrease of 3.22% compared to the same period in 2024, with net profit down by 8.72% [9]. - The company is facing challenges in its traditional business while simultaneously developing new markets and products [9]. - Despite the financial pressures, Gongniu Group is adjusting its strategies to invest in new business opportunities, indicating a focus on long-term growth [9].

Core Viewpoint - The ongoing legal dispute between Gongniu Group and Jia's Electric reflects intense competition and industry challenges within the electrical appliance sector, particularly in the wall switch and socket market [2][6]. Group 1: Legal Dispute - Jia's Electric has filed a jurisdictional objection in response to Gongniu Group's lawsuit, while also counter-suing Gongniu Group [2]. - Gongniu Group claims that Jia's Electric's advertising misleads consumers, asserting that their slogan "7 out of 10 Chinese families use Gongniu" is misleading [2][4]. - Jia's Electric's founder, Kuang Jian, describes Gongniu's compensation demand of 4.2 million yuan as excessive and views the legal action as a challenge to be met head-on [2][3]. Group 2: Market Position and Competition - Gongniu Group holds a dominant market share of 60% to 70% in the power strip sector, while Jia's Electric focuses on wall switches and sockets [4]. - Kuang Jian argues that Gongniu's claim of widespread usage in the wall switch market is exaggerated, estimating Gongniu's actual market share in that segment to be around 30% [4][6]. - The competition has intensified since 2023, with Jia's Electric experiencing a significant sales decline due to Gongniu's aggressive market entry into the wall switch sector [6][7]. Group 3: Financial Performance - Gongniu Group reported a revenue of approximately 12.2 billion yuan for the first three quarters of 2025, a decrease of 3.22% compared to the same period in 2024, with a net profit of about 2.98 billion yuan, down 8.72% year-on-year [9]. - Despite facing challenges in traditional business areas, Gongniu Group is focusing on new business development and market expansion [9]. - Jia's Electric plans to expand its product line into the power strip market to counteract the competitive pressures and ensure survival in the industry [7][8].

Core Viewpoint - The controversy surrounding the advertisement slogan "7 out of 10 Chinese households use Bull" highlights the tension between marketing innovation and legal boundaries, prompting companies to reassess their communication strategies and compliance with advertising laws [2][3]. Group 1: Background of the Dispute - The dispute began when the company "Home Appliance" raised public concerns about Bull Group's advertisement slogan in August 2025, leading to a series of legal exchanges and escalating into a lawsuit by December 2025 [3][6]. - Bull Group, headquartered in Ningbo, Zhejiang, holds a dominant position in the residential electrical appliance sector, particularly in the socket market, with the controversial slogan widely used across various advertising materials [3][13]. - The slogan's compliance with advertising laws has been questioned, as it was previously deemed misleading by the Hubei market supervision bureau, which imposed a fine of 100,000 yuan on Bull Group in 2023 [4][15]. Group 2: Legal Proceedings and Arguments - The legal battle intensified when Home Appliance published over 200 videos criticizing the "big font, small print" advertising strategy, which they argue misleads consumers [6][16]. - Bull Group filed a lawsuit on December 5, 2025, seeking 4.2 million yuan in damages for commercial defamation and unfair competition, while Home Appliance countered with its own lawsuit on December 16, 2025, alleging false advertising [7][17]. - Home Appliance's legal representatives argue that the slogan implies market leadership and violates advertising laws by using absolute terms, while also questioning the validity of the survey data used to support the claim [8][18]. Group 3: Market Impact and Industry Implications - The ongoing legal dispute reflects the competitive tension between leading and mid-sized players in the market, with potential implications for advertising practices across the industry [3][9]. - If Bull Group is found to have violated advertising regulations, it may face significant costs related to rebranding and rectifying its advertising materials, while a loss for Home Appliance could severely impact its financial stability [9][19]. - The outcome of this case may set a precedent for future advertising standards and practices within the industry, highlighting the need for clearer regulations regarding marketing claims [9][19].

编辑｜杨锦 家电行业再现"口水战"。 主角之一是"插座一哥"公牛集团。这家百亿营收插座龙头，近日因为"小字争议"再度引发外界关注。 （图片来源：网络） 出品｜搜狐财经 作者｜李保铭 截止到1月底，这场口水战已经持续近2个月，事情不仅没有解决，反而有愈演愈烈之势。 何以至此？ 近日，公牛集团与家的电器的广告语纠纷还在持续发酵。 最新进展是，家的电器不仅举办了媒体沟通会，还就公牛集团提起的诉讼提出管辖权异议，并向中山市第二人民法院提起独立诉讼，指控该广告存在合 规性疑问，涉嫌虚假宣传和不正当竞争并获得受理。 针对此次"硬刚"，家的电器方面告诉搜狐财经，"我们认为此次事件的根源并非我方，而是公牛的广告语确实涉嫌不正当竞争。" 搜狐财经以个人投资者身份向公牛集团董秘办电话咨询，询问其有关事项的后续处理事宜，一位证券部员工表示，"前期已经通过媒体发声，现在公司 的诉讼还是在司法程序里面，所以我们也不便过多回应。" 搜狐财经还向家的电器询问是否在媒体沟通会后收到公牛方面的私下回应，家的方面表示，"目前家的电器与公牛集团暂未进行任何私下沟通，双方均 明确通过法律途径解决此次纠纷。" 家的方面指出，"后续我们会针对公牛所提交 ...

Core Viewpoint - The controversy surrounding the advertisement slogan "7 out of 10 Chinese families use Bull" highlights the tension between marketing innovation and legal boundaries, prompting companies to reassess their communication strategies and compliance with advertising laws [2][4]. Group 1: Background of the Dispute - The dispute began with the advertisement slogan "7 out of 10 Chinese families use Bull," which escalated from social media criticism to a legal battle involving commercial defamation [2][3]. - Bull Group, a leading player in the household electrical sector, has a significant market share in the socket market, while the competitor, Home Appliance, faces brand pressure from Bull [4][5]. - The slogan has been widely used in various advertising materials and has raised questions about compliance with advertising regulations, particularly regarding the "big font, small print" marketing tactic [4][5]. Group 2: Legal Proceedings and Claims - Home Appliance initiated a public campaign against Bull's advertisement, claiming it misrepresents market conditions and violates advertising laws [6][7]. - In November 2025, Bull Group filed a lawsuit against Home Appliance for commercial defamation, seeking 4.2 million yuan in damages [8][9]. - Home Appliance countered with its own lawsuit, alleging that Bull's advertisement constitutes false advertising and unfair competition, which was accepted by the court [9]. Group 3: Market Impact and Consumer Behavior - Despite the presence of other brands, Bull maintains a strong market presence, with consumers expressing loyalty due to the brand's reliability [5][6]. - The ongoing legal battle may have significant implications for both companies, affecting Bull's advertising strategy and Home Appliance's financial stability if they lose the case [10].