Shenwan Hongyuan Group Co., Ltd. released a research report stating that domestic sales of white goods continued their growth trend in the first eight months of 2025, with white goods and kitchen appliances benefiting from real estate policies and trade-in programs. Real estate policy direction has significantly reversed, while the white goods sector combines "low valuation, high dividends, stable growth" characteristics, offering both high safety margins and strong elasticity. Trade-in policies are expected to act as a catalyst, while short-term copper price increases have fueled bullish sentiment in distribution channels. The firm remains optimistic about synchronized volume and price growth across the white goods industrial chain. Better-than-expected performance in white goods is driving above-expectations demand for upstream core components.

**Key Investment Themes for 2025 1-8 Months: White Goods Domestic Sales Continue Growth, Benefiting from Real Estate and Trade-in Policies**

According to Industrial Online data, the air conditioning industry achieved cumulative production of 149.32 million units in the first eight months of 2025, up 6% year-over-year. Air conditioning sales reached 152.57 million units, up 7% year-over-year, with domestic sales growing 9% year-over-year. Refrigerator domestic sales in the first eight months of 2025 increased 4% year-over-year, while washing machine domestic sales grew 6% year-over-year.

Regarding exports, air conditioning overseas sales in the first eight months of 2025 grew 4% year-over-year cumulatively, with refrigerator and washing machine export volumes up 3% and 11% respectively year-over-year.

**White Goods and Components: Annual Air Conditioning Sales Maintain Growth, Trade-in Programs Drive Average Selling Price Improvements**

Midea Group: Expected Q3 2025 revenue and earnings to grow 3% and 8% year-over-year respectively. Gree Electric: Expected Q3 2025 revenue flat year-over-year, net profit flat year-over-year. Haier Smart Home: Expected Q3 2025 revenue up 5% year-over-year, earnings up 10% year-over-year. Hisense Home Appliances: Expected Q3 2025 revenue flat year-over-year, earnings up 15% year-over-year. Haier Cold Chain: Expected Q3 2025 revenue up 5% year-over-year, earnings up 15% year-over-year. Dunnan Environment: Expected Q3 2025 revenue flat year-over-year, earnings up 20% year-over-year. Sanhua Intelligent Controls: Expected Q3 2025 revenue up 10% year-over-year, earnings up 8% year-over-year. Huaxiang Co.: Expected Q3 2025 revenue flat year-over-year, earnings up 15% year-over-year.

**Kitchen Appliances: Real Estate and Trade-in Policies Provide Sustained Stimulus, Both Traditional and Emerging Kitchen Appliance Categories Show Recovery**

Boss Appliances: Expected Q3 2025 revenue up 2% year-over-year, earnings down 7% year-over-year. Entive Smart: Expected Q3 2025 revenue down 40% year-over-year, earnings expected to post losses. Vatti: Expected Q3 2025 revenue flat year-over-year, earnings down 10% year-over-year.

**Small Appliances: Private Label Export Brands Show High Growth, Domestic Trade-in Programs Provide Significant Benefits**

Supor: Expected Q3 2025 revenue up 3% year-over-year, earnings up 1% year-over-year. Joyoung: Expected Q3 2025 revenue down 5% year-over-year, earnings expected to turn positive year-over-year. Xinbao Co.: Expected Q3 2025 revenue up 5% year-over-year, earnings up 10% year-over-year. Biyi Co.: Expected Q3 2025 revenue flat year-over-year, earnings up 10% year-over-year. Bear Electric Appliance: Expected Q3 2025 revenue up 15% year-over-year, earnings up 350% year-over-year. Roborock: Expected Q3 2025 revenue up 80% year-over-year, earnings up 40% year-over-year. Ecovacs: Expected Q3 2025 revenue up 35% year-over-year, earnings up 5,700% year-over-year. Lexy: Expected Q3 2025 revenue up 2% year-over-year, earnings flat year-over-year. Flyco: Expected Q3 2025 revenue down 20% year-over-year, earnings down 5% year-over-year. Dechang Co.: Expected Q3 2025 revenue up 3% year-over-year, earnings flat year-over-year. Osheng Electric: Expected Q3 2025 revenue up 10% year-over-year, earnings up 15% year-over-year.

**New Displays and Lighting: Emerging Displays Reach Inflection Point, Lighting Sector Awaits Breakthrough**

Hisense Visual Technology: Expected Q3 2025 revenue and earnings up 8% and 20% year-over-year respectively. XGIMI Technology: Expected Q3 2025 revenue up 15% year-over-year, profits expected to turn positive. Opple Lighting: Expected Q3 2025 revenue up 3% year-over-year, earnings flat year-over-year. Minfa Optoelectronics: Expected Q3 2025 revenue down 5% year-over-year, earnings down 15% year-over-year.

**Risk Warnings:** Exchange rate volatility risk; raw material price fluctuation risk.