--- title: "Guotai Junan Securities: August home appliance retail growth is good, companies showcase determination to go overseas at IFA" type: "News" locale: "en" url: "https://longbridge.com/en/news/257645144.md" description: "Guosen Securities released a research report indicating that retail sales of home appliances maintained good growth in August, with offline growth rebounding and online growth remaining stable. Home appliance exports decreased by 6% year-on-year. At the Berlin IFA exhibition, domestic companies showcased new products, demonstrating confidence in going global. Recommended stocks include Midea Group, BEAR APPLIANCE, and Roborock. In August, the total retail sales of consumer goods increased by 3.4% year-on-year, with retail sales of home appliances growing by 14.3% year-on-year. New cleaning appliances such as vacuum cleaners and floor washers continued to show strong growth" datetime: "2025-09-17T03:27:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/257645144.md) - [en](https://longbridge.com/en/news/257645144.md) - [zh-HK](https://longbridge.com/zh-HK/news/257645144.md) --- # Guotai Junan Securities: August home appliance retail growth is good, companies showcase determination to go overseas at IFA According to the Zhitong Finance APP, Guosen Securities released a research report stating that the retail sales of home appliances continued a good growth trend in August, with offline growth improving and online growth remaining relatively stable as it entered the off-season. Home appliance exports are still under pressure, with a year-on-year decline of 6% in August. At the Berlin IFA exhibition, domestic home appliance companies showcased new products, demonstrating confidence in overseas development. Recommended stocks include Midea Group (000333.SZ, 00300), BEAR APPLIANCE (002959.SZ), and Roborock (688169.SH). ## The main points from Guosen Securities are as follows: **Retail growth of home appliances in August was good, with vacuum cleaners and small kitchen appliances maintaining a good trend.** In August, with the arrival of the third batch of national subsidy funds, the offline retail environment for home appliances improved; however, the growth rate of online essential categories slowed down, maintaining a good overall growth trend. According to data from the National Bureau of Statistics, the total retail sales of consumer goods in China increased by 3.4% year-on-year in August, with a cumulative year-on-year growth of 4.6%; the retail sales of home appliances and audio-visual equipment above the designated size increased by 14.3% year-on-year, with a cumulative year-on-year growth of 28.4%. As the national subsidies have been in effect for nearly a year, the stimulating effect has weakened, compounded by the increased rainfall across the country in August, leading to a slowdown in the growth rate of home appliance retail sales. According to data from Aowei Cloud Network, the retail sales of air conditioners online/offline increased by +6.8%/+11.2% year-on-year in August, while refrigerators saw online/offline retail sales decrease by -9.3%/+16.1%, and washing machines increased by +9.1%/+20.4%. The retail environment for large and small kitchen appliances remained stable, with the retail sales growth rates for range hoods, gas stoves, and dishwashers maintaining around 20%; rice cookers saw online/offline retail sales increase by +15.4%/+24.1%, and air fryers saw online retail sales grow by over 30%. New cleaning appliances continued to show strong growth, with online and offline retail sales of vacuum cleaners increasing by over 80%, and floor washers increasing by +71.7%/+27.5% respectively. **Home appliance exports in August decreased by 6%, highlighting resilience under tariff disruptions.** According to data released by the General Administration of Customs, China's home appliance export value reached 60.37 billion yuan in August, a year-on-year decrease of 6.3%; in US dollars, the export value was 8.43 billion USD, a year-on-year decrease of 6.6%; the export volume was 400 million units, a year-on-year decrease of 3.6%; and the average export price decreased by 3.2% year-on-year to 20.9 USD/unit. Since April, affected by tariffs, the decline in home appliance exports was nearly 8% in May and June, but the decline narrowed slightly in July and August as tariff policies eased. Since the imposition of tariffs in April, Chinese home appliance companies have accelerated their overseas production capacity, building capacity in regions such as Southeast Asia, which is expected to impact the growth rate of home appliance exports. As tariff policies become clearer, it is expected that China's home appliance exports will return to a stable growth path, and there is still great potential for overseas development of home appliances. **Home appliance companies showcased new products at IFA, with Roborock entering the lawn mower robot industry.** From September 5 to September 9, the Berlin IFA exhibition was held, where domestic home appliance companies such as Midea Group, Haier Smart Home, Hisense Home Appliances, Hisense Visual, TCL, Roborock, and Ecovacs showcased localized new products, highlighting the strong determination of domestic companies to enter overseas markets. Midea's exhibition booth, themed "Master Your Home," made a stunning appearance at IFA, showcasing smart series home appliances such as refrigerators, kitchen appliances, and air conditioners; Haier showcased its latest technological achievement, AI Eye, and officially announced sponsorship of two top European football clubs; Hisense Visual, TCL launched cutting-edge television products; Roborock introduced its first all-terrain smart lawn mower and a five-axis folding bionic robotic vacuum cleaner. **Core Investment Portfolio Recommendations**: For white goods, recommend Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, Hisense Home Appliances; for kitchen appliances, recommend Robam Appliances; for small appliances, recommend BEAR APPLIANCE, Roborock, and Ecovacs. **Risk Warning**: Intensified market competition; demand may fall short of expectations; significant increase in raw material prices ### Related Stocks - [000333.CN](https://longbridge.com/en/quote/000333.CN.md) - [688169.CN](https://longbridge.com/en/quote/688169.CN.md) - [002959.CN](https://longbridge.com/en/quote/002959.CN.md) - [00300.HK](https://longbridge.com/en/quote/00300.HK.md) ## Related News & Research - [12:07 ETHotter Summers and Rising Energy Costs Drive Demand for Next-Generation Inverter Heat Pumps](https://longbridge.com/en/news/286797357.md) - [03:40 ETHaier Named the World's Only IoT Ecosystem Brand in Kantar BrandZ Top 100 for Eight Consecutive Years](https://longbridge.com/en/news/286732510.md) - [Hisense Home Appliances Deploys RMB1.81 Billion into Chongqing Trust Wealth Products](https://longbridge.com/en/news/286888326.md) - [Premium skincare brand Forest Cabin will study L’Oreal, but not copy it: CEO interview](https://longbridge.com/en/news/286831488.md) - [Strix Discloses Trust-Led Share Tender by Non-Executive Director](https://longbridge.com/en/news/286884952.md)