Retail demand for black electrical appliances remains in an adjustment phase, with online sales declines narrowing but offline markets weakening further. Amid subdued demand, brand competition continues to consolidate toward leading players. The supply chain reveals structural highlights, including a clear trend toward RGB Mini LED premiumization, though memory price hikes are creating cost pressures. The brokerage believes that the television premiumization trend will persist, benefiting leading companies. Below are Orient Securities' key points.

Retail Pressure Persists with Mixed Average Price Performance

According to Aowei data, online sales for the black electrical appliance industry in June totaled 4.234 billion yuan, down 11.0% year-on-year, an improvement of 1.41 percentage points from May's growth rate, while the average price rose 0.51% year-on-year. Offline sales reached 1.970 billion yuan, down 14.94% year-on-year, a deterioration of 12.15 percentage points from May, with the average price falling 5.85% year-on-year. Overall, end-market demand remains in an adjustment phase, with online channel declines narrowing but offline markets weakening at the margin.

Brand Performance Diverges as Leaders Extend Share Advantage

In June, online sales were generally under pressure across brands, but Skyworth achieved online sales growth of 8.50% year-on-year, capturing a 12.66% market share by sales value. Hisense and TCL held online sales shares of 19.54% and 17.91%, respectively, maintaining their industry-leading positions. In offline channels, Hisense saw its sales share rise to 33.02%, up 1.42 percentage points year-on-year, while Skyworth's share reached 20.66%, up 1.71 percentage points. This shows that amid weak demand, the competitive landscape continues to consolidate toward top-tier brands.

Supply Chain Shows Structural Highlights; RGB Mini LED Premiumization Clear

According to Aowei Yuncang data, through the first half of 2026, China's color TV market saw RGB Mini LED TVs sell 110,000 units across all channels, generating 1.55 billion yuan in sales revenue, a strong performance. Hisense led the RGB Mini LED market in the first half with a 79.5% share of units sold. According to Luotu Technology data, during the 618 promotion period, RGB Mini LED market sales doubled year-on-year. The key characteristic of RGB Mini LED in mid-2026 is "downward expansion," with the smallest size dropping to 55 inches. Luotu Technology estimates that global RGB Mini LED TV shipments will reach 400,000 to 500,000 units in 2026.

Risk Reminders

Risks include uncertainty over the sustainability of trade-in subsidy policies, repeated tariff disruptions, and intensifying industry competition.