According to Gf Securities, domestic appliance sales saw rapid growth in July and August 2025, significantly outperforming the overall consumer market. Data from the National Bureau of Statistics indicates that the retail sales of household appliances and audio-visual equipment reached 144.8 billion yuan during this period, marking a year-on-year increase of 27%. However, the growth rate slowed by 15 percentage points compared to Q2 2025. Stimulated by subsidy policies, domestic sales performed impressively. In contrast, appliance exports declined in Q3 2025. According to customs statistics, the cumulative export value of appliances from September to November 2025 was $24.47 billion, down 6.7% year-on-year, primarily due to the fluctuating impact of U.S. tariff policies and weakening demand from a high base.
For white goods: Domestic sales grew well, but exports slowed. In terms of retail channels, offline sales outperformed online, with air conditioners showing the best performance. Competitive pricing led to a decrease in prices. Specifically, despite facing negative external factors like tariffs and a high base, exports for refrigerators and washing machines still managed positive growth, while air conditioner exports declined year-on-year, reflecting some resilience in white goods exports.
For small appliances: The average price of kitchen appliances significantly increased, with some product categories performing well in terms of sales domestically. However, exports of small appliances declined, affected by tariffs and a high export base. Data from Aowei Cloud Network reveal substantial average price increases for online sales from January 1 to September 28, 2025, including 20% for steam cookers, 16% for health pots, 15% for rice cookers, 14% for electric pressure cookers, and 13% for electric kettles. The competitive environment in the kitchen small appliance sector has improved under the drive of subsidy policies, leading to better profit margins among leading companies. Exports of small appliances, particularly to the U.S., faced a decline due to a high base.
For black goods: Television product growth rates in both volume and price have slowed, with weak demand and stable panel prices. Downstream manufacturers are optimizing product structures to enhance average prices, potentially improving profitability. Data from Aowei Cloud Network indicates that domestic offline retail volume for color TVs from January to September 2025 was up 1.5% year-on-year, with retail sales rising 3.2%, while online sales volume showed a minor decline of 0.4%, but sales revenue increased by 9.7%. The subsidy policies have sustained an upward trend in the average prices of black goods.
Investment Suggestion: The white goods sector demonstrates stable growth with solid ROE and high dividend advantages, likely benefiting from the old-for-new policy. Recommended stocks include Midea Group (000333.SZ) and Haier Smart Home (600690.SH). For top growth selections, focus on industry leaders like Stone Technology (688169.SH) and Ninebot (689009.SH), which are expanding their global market shares and product categories. For black goods, recommend Hisense Visual (600060.SH) and TCL Electronics (01070) due to their benefits from global share gains and product structure upgrades.
Risk Warning: Rising raw material prices; significant currency fluctuations; weakening industry demand; increasing competition in the industry.
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