截至2026年1月31日，根据申万行业分类，A股家用电器行业103家上市公司，其中44家已披露2025年业绩预告。 整体来看，已披露2025年业绩预告的44家家电上市公司中，业绩偏正面（包括预增、略增、扭亏及续盈）的企业合计15家。 | | Six 3r 11724 面 901 经 | | | --- | --- | --- | | A股家电行业上市公司2025年业绩预告 | | | | 预告方向 | 预告类型 | 公司数 | | 正面 | 预增 | 8 | | | 扭亏 | 5 | | | 略增 牡丹 | 1 | | | 续盈 | 1 | | 负面 | 预减 | 15 | | | 续亏 | 8 | | | 賞号 | 6 | 图1：A股家电行业上市公司2025年业绩预告类型 30家家电上市公司2025年实现盈利，占比约68.18%，其中2家归母净利润超10亿元。 近七成公司预告盈利三花智控、科沃斯盈利规模居前 以业绩预告净利润下限统计，已公布2025年业绩预告的44家家电上市公司中，30家预计实现盈利，占比近七成。 其中，2家公司预告归母净利润超10亿元，分别是三花智控、科沃斯。 C 2025年预告利润排名前 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

【申万宏源家电】扫地机1月数据更新 # 1月扫地机线上数据由于受以旧换新政策与春节前置消费错期拉动同比增长，石头科技份额仍大幅提升，头部效 应明显： 据奥维云网数据，扫地机1月线上销额同比+7.9%，销量同比+4.5%，均价同比-1%。 市占率方面，1月线上石头/科沃斯/云鲸/追觅销额市占率同比+8.0%/+5.1%/-3.4%/-7.8%，达到 31.0%/29.1%/11.0%/11.6%，石头/科沃斯/云鲸/追觅销售额同比+6.6%/+5.3%/-2.2%/-4.5%。 【申万宏源家电】扫地机1月数据更新 # 1月扫地机线上数据由于受以旧换新政策与春节前置消费错期拉动同比增长，石头科技份额仍大幅提升，头部效 应明显： 据奥维云网数据，扫地机1月线上销额同比+7.9%，销量同比+4.5%，均价同比-1%。 市占率方面，1月线上石头/科沃斯/云鲸/追觅销额市占率同比+8.0%/+5.1%/-3.4%/-7.8%，达到 31.0%/29.1%/11.0%/11.6%，石头/ # 新品及份额点评： 1月销售冠军单品仍然为石头P20 Ultra plus，8月上市以来月市占率始终第一。 整体成交均价高于位列第二的 ...

2月9日消息，追觅科技创始人兼CEO俞浩微博发文炮轰科沃斯和添可"黑水军"。他表示，请大家不要相 信评论区说追觅产品不好或售后有问题的。 2月9日消息，追觅科技创始人兼CEO俞浩微博发文炮轰科沃斯和添可"黑水军"。他表示，请大家不要相 信评论区说追觅产品不好或售后有问题的。 "尤其是这种主页没有任何内容的，基本都是科沃斯和添可家请的水军，专门来黑的。IP地址主要在广 东和江苏，也有其他省份，我们已经追查到分布在16个省份。 "他说。 他还转发强调，"这家人家实在是道德水平低下"。 责任编辑：李思阳 "尤其是这种主页没有任何内容的，基本都是科沃斯和添可家请的水军，专门来黑的。IP地址主要在广 东和江苏，也有其他省份，我们已经追查到分布在16个省份。 "他说。 他还转发强调，"这家人家实在是道德水平低下"。 责任编辑：李思阳 ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are spending more on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks. Brands like Dongfang Shuye and Jianchun are gaining traction in this sector [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, is on the rise. Companies like Jinbo Biological are seeing significant market value growth [23][25]. - **Outdoor and Leisure Products**: The outdoor equipment market is thriving, with brands like Kailas and Camel experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands like Labubu and Rio are tapping into the emotional needs of consumers, providing products that offer comfort and joy, even in a tight economic climate [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations spend less time cooking. Companies like Anjijia and Kewot are benefiting from this trend [33][35][36]. Group 2: Market Trends - The article emphasizes that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors. The key to success lies in recognizing and seizing these opportunities [39].

公 司 研 究 外销持续高增，Q4 内销受国补退坡影响 科沃斯(603486) 科沃斯 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 本报告导读： 公司发布 25 年业绩预告，外销占比持续提升，Q4 盈利能力收到国内自补影响，环 比略有下降。 投资要点： | [Table_Finance] 财务摘要(亿元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 155 | 165 | 188 | 193 | 219 | | (+/-)% | 1.2% | 6.7% | 13.4% | 3.0% | 13.3% ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

[Table_Summary] 公司发布 2025 年业绩预增公告：公司预计 2025 年全年实现归母净利润 17.00~18.00 亿元， 较上年同期增加 8.94~9.94 亿元，同比增长 110.90%~123.30%，预计实现扣非归母净利润 16.00~17.00 亿元，较上年同期增加 8.84~9.84 亿元，同比增长 123.40%~137.36%。对应单 Q4 来看，公司实现归母净利润 2.82~3.82 亿元，同比增长 47.62%~99.96%，实现扣非归母净 利润 3.16~4.16 亿元，同比增长 70.18%~124.12%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨科沃斯（603486.SH） [Table_Title] 科沃斯：Q4 内销或有拖累，品类延展有望攫取 增量 报告要点 %% %% research.95579.com 1 [Table_scodeMsg2] 科沃斯（603486.SH） ...

公司近一年市场表现 | 年 月 市场数据：2026 2 4 | 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 71.56 | | 年内最高/最低（元/股）： | | 111.69/42.3 | | | | 0 | | 流通 A 股/总股本（亿股）： | | 5.73/5.79 | | 流通 股市值（亿元）： A | | 410.29 | | 总市值（亿元）： | | 414.28 | | 年 月 基础数据：2025 9 | 日 30 | | | --- | --- | --- | | 基本每股收益(元/股)： | | 2.51 | | 摊薄每股收益(元/股)： | | 2.51 | | 每股净资产(元/股)： | | 15.05 | | 净资产收益率(%)： | | 16.27 | | 资料来源：常闻 | | | 分析师： 陈玉卢 执业登记编码：S0760525050001 邮箱：chenyulu@sxzq.com 服务机器人 科沃斯（603486.SH） 买入-A(首次) 盈利能力改善，加速迈向多品类、全场景服务机器人 2026 年 2 月 5 日 公司研究/公司快报 ...

Core Insights - The CLNB 2026 New Energy Industry Expo will take place from April 8 to 10, 2026, at the Suzhou International Expo Center, featuring over 1,500 exhibitors, 30,000 professional visitors, and more than 200 international procurement teams from over 30 countries [1] Group 1: Exhibition Overview - The expo aims to provide valuable opportunities for attendees to connect with suppliers, projects, and collaboration opportunities in the new energy sector [1] - The event will feature a wide range of displays, including new battery technologies, mining resources, advanced materials, and battery recycling [2][3][4] Group 2: Business Matching Services - CLNB will offer a one-on-one business matching service, connecting exhibitors with selected professional buyers to facilitate in-depth communication and potential partnerships [4] - The event will include a VIP procurement matching session, ensuring targeted outreach to key buyers and decision-makers [4] Group 3: Forums and Discussions - The expo will host multiple forums focusing on global resource dynamics in lithium, nickel, and cobalt, as well as advancements in lithium batteries, solid-state technology, and energy storage [10][11] - The event will also feature discussions on the integration of aluminum and copper industries with the new energy sector, creating a comprehensive ecosystem for industry participants [10][11] Group 4: Group Participation Benefits - Groups of five or more attendees will receive special benefits, including customized services, access to multiple forums, and invitations to gala dinners [6][7] - Group members will also receive commemorative badges and access to presentation materials from the event [7]