这是1991年的秋天。对于入职海利（格力前身）才半年的她来说，身后车斗里这堆价值42万元的货物， 根本不是什么光鲜的业绩，而是身家性命。 这并不是一场普通的商业交割，而是一个女销售在经历了40天"炼狱"般的对峙后，从老赖口中硬生生夺 回的生存资本。 就在几天前，局势还完全不是现在这个样子。那个被行内人称为"牛经理"的经销商，给董明珠抛出了一 个裹着糖衣的剧毒诱饵。 他是这么说的："你再给我发50万的货，新账旧账我一次性给你结清。" 1991年，董明珠上门讨要42万货款，经销商却说："再发50万的货，卖完一起结！"董明珠灵机一动 道："行！先去仓库看看！"谁知到了仓库，董明珠的一番举动，让经销商气得直拍大腿："这女人真 狠！" 那是一辆满载电器的货车，正颠簸着驶离合肥的一处批发门店。 透过驾驶室满是灰尘的后视镜，能看到那个姓牛的中年男人站在路边，脸色铁青，像刚吞了一只死苍 蝇。 车厢里，36岁的董明珠死死抓着扶手，刚刚摇下车窗吼出的那句"以后绝不和你做生意"，耗尽了她最后 的肾上腺素。 换做任何一个急于回款的销售新手，可能当场就签字了。这太符合人性的弱点了，为了挽回42万的沉没 成本，哪怕再搭进去50万也在所不 ...

Core Insights - Guangdong is transitioning from "scale manufacturing" to "smart creation" in the consumer electronics and home appliance sectors, driven by AI technology [2][3] - Leading companies like Huawei, Gree, and Midea are integrating advanced AI technologies into product innovation, production processes, and business models to enhance consumer experiences [3][4] Industry Trends - The "Guangdong Goods Going Global" event showcased over 400 AI smart hardware products, with 80% featuring AI capabilities, highlighting the competitive edge of Guangdong's products in meeting diverse consumer needs [4] - The smartphone market is facing growth challenges, prompting Guangdong mobile companies to embrace AI and launch innovative products that redefine consumer perceptions of smartphones [5][6] Product Innovations - Huawei's latest devices, equipped with the HarmonyOS, demonstrate full-stack independent innovation, enhancing connectivity in extreme environments through AI algorithms [4] - Vivo and OPPO are leading in mobile imaging, with products like the Vivo X300 Pro and OPPO Find X9 Pro utilizing AI for superior image quality and user experience [5] Smart Home Solutions - AI is transforming home appliances from mere functional tools to proactive lifestyle partners, creating new consumer demands for smart home solutions [6][7] - Companies like Midea and TCL are developing comprehensive smart home ecosystems, enhancing user interaction and convenience through AI technologies [6][7] Manufacturing Advancements - Guangdong's manufacturing sector benefits from a complete supply chain, enabling rapid product development and market responsiveness, exemplified by the "design today, product tomorrow" capability [8][9] - Gree's intelligent manufacturing factory has achieved a 200% increase in production efficiency and 100% digital coverage, showcasing the potential of AI in manufacturing [10] Strategic Vision - The Guangdong government emphasizes continuous innovation and adaptation in traditional industries to maintain competitiveness and create new value [6][10] - The integration of AI into manufacturing and product development is positioning Guangdong as a leader in the transition from a manufacturing province to an innovation hub [10]

Core Viewpoint - Leading home appliance companies are deepening their investments in the trillion-yuan new energy sector as traditional markets mature and growth slows, with new energy businesses becoming significant growth drivers for these companies [3][4][8]. Group 1: Company Developments - Skyworth Group plans to delist and spin off its solar business, with expectations that solar revenue will surpass TV revenue by 2025, driven by a 53.5% year-on-year growth in solar revenue to 13.836 billion yuan in the first half of 2025 [4]. - Midea Group has established a new energy division and aims to integrate solar, storage, and heat pump technologies, with annual revenue from its new energy business reaching approximately 10 billion yuan [5]. - TCL's subsidiary, TCL Zhonghuan, reported revenues of 21.57 billion yuan in the first three quarters of the previous year and is investing in new energy to enhance its product offerings [6]. - Haier New Energy recently secured over 1 billion yuan in Series B funding and aims to create an AI-driven energy internet ecosystem [6]. Group 2: Market Trends and Challenges - The Chinese home appliance market is expected to see a decline in retail sales by 6.7% in 2026, highlighting the need for companies to pivot towards new energy for growth [8]. - The competition in the solar and storage sectors is intensifying, with companies facing challenges in profitability despite the potential for significant market expansion [10][11]. - The shift towards new energy is seen as a "second growth curve" for these companies, with a focus on integrating new energy solutions into smart home and manufacturing sectors [9][10]. Group 3: Future Outlook - Companies like Gree Electric are expanding into silicon carbide chip production to enhance energy efficiency in their products, with plans to mass-produce these chips by 2026 [9]. - The energy landscape is evolving, with expectations that by 2030, renewable energy will account for approximately 30% of total power generation in China [8]. - The transition from hardware sales to operational capabilities in the storage sector is crucial for maintaining competitive advantages as market dynamics shift [11].

Core Viewpoint - Gree's leadership transition, with Dong Mingzhu stepping down and Fang Xiangjian taking over, signals a strategic shift as the company matures in its semiconductor ambitions, particularly in silicon carbide chip production [2][5][14]. Group 1: Leadership Changes - Dong Mingzhu has resigned as the legal representative and executive director of Zhuhai Gree Electronic Components Co., Ltd., with Fang Xiangjian assuming these roles [2][3]. - This leadership change is perceived as a self-adjustment and management restructuring within Gree as it accelerates its semiconductor initiatives [5][14]. Group 2: Semiconductor Business Development - Gree's semiconductor venture, particularly in silicon carbide chips, has reached a significant stage of maturity, with the establishment of a fully automated production line for third-generation semiconductor chips [4][6]. - The company has invested heavily in chip research, with Dong Mingzhu previously stating that Gree would invest 50 billion yuan to ensure success in chip development [6]. - By the end of 2025, Gree's silicon carbide chip factory is expected to achieve an annual production capacity of 240,000 six-inch wafers, with over 70% of core equipment being domestically sourced [11]. Group 3: Market Position and Future Plans - Gree aims to expand its presence in the automotive chip market, targeting partnerships with major automotive companies like BYD and Changan, as the demand for chips in electric vehicles continues to grow [11][17]. - The domestic automotive chip market is projected to exceed 95 billion yuan by 2025, presenting a significant opportunity for Gree to establish itself in this competitive landscape [17]. - Gree's strategy includes transitioning from self-sufficiency to external expansion, with plans to produce chips for solar energy storage and logistics vehicles [17]. Group 4: Organizational Evolution - The leadership transition is part of Gree's broader organizational evolution, aiming to maintain strategic coherence while empowering capable individuals like Fang Xiangjian to lead specific initiatives [22][24]. - This shift reflects a move away from reliance on individual leadership towards a more systematic approach, which is crucial for navigating the complexities of the semiconductor and renewable energy sectors [24][25].

扬子晚报网1月28日讯（记者 范晓林 薄云峰）据工商登记信息，珠海格力电子元器件有限公司发生工商变更，董明珠不再担任公司法定代表人及执行董 事，相关职务由方祥建接任。 董明珠 方祥建自2021年11月起担任格力电器副总裁，此次接任后，将负责珠海格力电子元器件公司的核心管理事务。 珠海格力电子元器件有限公司成立于2022年7月，注册资本1亿元人民币，由上市公司格力电器全资持股，主营电子元器件制造及第三代半导体碳化硅 （SiC）芯片业务。该公司拥有全球领先的全自动化第三代半导体芯片工厂，从芯片工艺研发、晶圆制造到封装测试已实现全流程自主可控。 l 扁原创内谷 19个朋友关注 关注服务号 ~ GREE格力量明珠店 进店 > ® 品牌授权 【新品】格力智能电饭煲 ... ¥299 15人觉得"加热效果好" 手机 文章 视频号 容文 服务 = 星期 - 该项目是国内较早面向智慧生活需求的碳化硅芯片智能制造项目，产品应用广泛，覆盖家用与商用空调、冰洗厨电、生活电器，以及新能源汽车、光伏、 储能和充电桩等行业。依托格力电器的产业生态需求，该公司将持续助力格力电器的多元化发展战略，并为"双碳"节能领域提供重要的技术与服务支持 ...

光伏、储能等新能源业务正逐步成为一批以家电起家的龙头企业的新增长点，但其规模、盈利仍有待提升。 近日，创维集团（00751.HK）拟退市并分拆创维光伏上市，海尔新能源获B轮超10亿元融资，美的集团（000333.SZ）旗下电动重卡充电桩业务上线，格力 电器（000651.SZ）今年将量产光伏储能用碳化硅芯片消息曝光，TCL中环（002129.SZ）拟投资一道新能源……家电起家的龙头企业2026年都在深化布局新 能源的万亿赛道。 经历了四五年的孵化和发展，新能源业务已经成为这些龙头企业的新增长点，但是发展规模、业务布局、盈利水平仍有待进一步提升或完善。创维光伏董事 长范瑞武1月27日向第一财经记者表示，"新能源是长坡厚雪，才刚刚开始。" 向"光"而行，欲从量变到质变 家电市场已进入成熟期，增速放缓。在国家"碳中和"战略下，家电龙头四五年前已开始布局新能源业务，部分企业的光伏、储能业务已到了从量变到质变的 临界点。 创维集团创始人黄宏生透露，创维2025年光伏业务的收入预计将首次超过彩电业务收入。创维集团从2020年开始涉足光伏领域，先利用国内彩电销售网络， 在农村发展户用分布式光伏业务，后来延伸到组件、支架、逆 ...

Summary of Conference Call Notes Industry Overview - The focus is on the home appliance industry, particularly on undervalued stocks following a period of high growth, with expectations that funds will favor these low-value targets in the near term [1] Core Insights and Arguments - **Market Expectations**: The high base from Q4 2025 has been fully digested, leading to a stable outlook for Q1 2026, with production data remaining flat compared to a slight decline in Q4 2025 [1] - **Performance Metrics for Key Companies**: - **Midea A**: Expected net profit growth of +10%, with a Price-to-Earnings (PE) ratio of 11.7X and a dividend yield of 5.9% [1] - **Haier A**: Expected net profit growth of +10%, with a PE ratio of 10.5X and a dividend yield of 5.2% [1] - **Gree**: Net profit expected to remain flat, with a PE ratio of 6.9X and a dividend yield of 7.5% [1] - **AUX**: Assuming a net profit of 2.6 billion for 2026, with a PE ratio of 7.3X and a dividend yield of 10% [1] - **Hisense Home Appliances**: Expected net profit growth of +6%, with a PE ratio of 9.9X and a dividend yield of 5% [1] - **Hisense Visual**: Expected net profit growth of +13%, with a PE ratio of 11.4X and a dividend yield of 4.5% [1] - **TCL Electronics**: Expected net profit growth of +23%, with a PE ratio of 11.2X and a dividend yield of 4.5% [1] - **Yadea**: Expected net profit growth of +15%, with a PE ratio of 10.5X and a dividend yield of 4.8% [1] - **Aima**: Expected net profit growth of +15%, with a PE ratio of 9.9X and a dividend yield of 5% [1] Additional Important Points - The overall sentiment indicates a favorable environment for investment in the home appliance sector, particularly for companies with strong fundamentals and attractive valuations [1]

Summary of Conference Call Notes Industry Overview - The focus is on the home appliance industry, particularly on undervalued stocks following a period of high growth. The market is expected to stabilize in the short term, with a preference for low-valued stocks in the home appliance sector [1] Key Financial Metrics - The fundamental updates indicate that the high base market expectations for Q4 2025 have been fully digested, and the fundamentals for Q1 2026 appear strong. Production data from the industry remains stable, with a slight decline compared to Q4 2025 [1] Company Performance Metrics for 2026 - **Midea A**: - Net profit growth: +10% - Price-to-Earnings (PE) ratio: 11.7X - Dividend yield: 5.9% [1] - **Haier A**: - Net profit growth: +10% - PE ratio: 10.5X - Dividend yield: 5.2% [1] - **Gree**: - Net profit growth: flat - PE ratio: 6.9X - Dividend yield: 7.5% [1] - **AUX**: - Assumed net profit for 2026: 2.6 billion - PE ratio: 7.3X - Dividend yield: 10% [1] - **Hisense Home Appliances**: - Net profit growth: +6% - PE ratio: 9.9X - Dividend yield: 5% [1] - **Hisense Visual**: - Net profit growth: +13% - PE ratio: 11.4X - Dividend yield: 4.5% [1] - **TCL Electronics**: - Net profit growth: +23% - PE ratio: 11.2X - Dividend yield: 4.5% [1] - **Yadea**: - Net profit growth: +15% - PE ratio: 10.5X - Dividend yield: 4.8% [1] - **Aima**: - Net profit growth: +15% - PE ratio: 9.9X - Dividend yield: 5% [1] Additional Insights - The analysis suggests a favorable outlook for the home appliance sector, particularly for companies with strong dividend yields and reasonable PE ratios, indicating potential investment opportunities in undervalued stocks [1]

Core Insights - The article discusses the rising trend of "Becoming Chinese" among foreign audiences, highlighting the exploration of Chinese lifestyle through everyday products, particularly from Guangdong province [4][5][10]. Group 1: Quality and Lifestyle - Guangdong products, referred to as "广货," play a crucial role in enhancing the quality of daily life for Chinese people, with a focus on their craftsmanship and cultural significance [11][12]. - The article emphasizes the importance of quality in daily products, such as rice cookers and smartphones, which are often manufactured in Guangdong, showcasing the region's industrial strength [10][18][19]. Group 2: Technological Innovation - Guangdong's smartphone production reached 585 million units in the first 11 months of 2025, accounting for approximately half of China's total smartphone output, reflecting the region's technological prowess [19]. - The article highlights the advanced manufacturing capabilities in Guangdong, such as AI integration in smartphone production, which enhances precision and efficiency [20][24]. Group 3: Cultural Significance - The concept of "识叹" (appreciating life) is explored through various products, including tea and furniture, which embody both functionality and aesthetic appeal, contributing to a sense of ritual in daily life [48][66]. - Guangdong's tea industry is significant, with an annual consumption of 270,000 tons and a market size of 63.8 billion yuan, showcasing the cultural and economic importance of tea in the region [54][55]. Group 4: Long-term Value - The philosophy of "襟用" (durability) is emphasized, indicating that Guangdong products are designed for long-term use, providing reliability and comfort to consumers [75][88]. - The article notes that Guangdong's clothing industry produces over 3.44 billion garments annually, representing 16.8% of the national output, highlighting the region's commitment to quality and sustainability in fashion [81][82].

国家知识产权局信息显示，珠海格力智能装备有限公司、珠海格力电器股份有限公司取得一项名为"基 于PLC模块化编程的绕线控制方法、装置、设备及介质"的专利，授权公告号CN115016384B，申请日期 为2022年6月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，珠海格力智能装备有限公司，成立于2015年，位于珠海市，是一家以从事文教、工 美、体育和娱乐用品制造业为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，珠海 格力智能装备有限公司共对外投资了6家企业，参与招投标项目78次，专利信息4225条，此外企业还拥 有行政许可86个。 珠海格力电器股份有限公司，成立于1989年，位于珠海市，是一家以从事电气机械和器材制造业为主的 企业。企业注册资本601573.0878万人民币。通过天眼查大数据分析，珠海格力电器股份有限公司共对 外投资了98家企业，参与招投标项目5000次，财产线索方面有商标信息5000条，专利信息5000条，此外 企业还拥有行政许可908个。 ...