According to the CITIC Securities Research Report, the profitability of the home appliance industry was phased under pressure in the third quarter of 2026 due to factors such as weak domestic demand, rising raw material costs, and exchange rate fluctuations. By sector, white electricity's revenue is under pressure but profits remain resilient; black electricity has benefited from an increase in global share and high-end promotion, and revenue has continued to grow and gross margin has improved; revenue from small household appliances has increased, but profits have been differentiated; kitchen appliances are still being dragged down by the post-real estate cycle; and upstream revenue is growing steadily. Looking ahead, with the low base effect of domestic sales, the arrival of the peak overseas sales season, and leading companies continuing to promote globalization and product structure upgrading, industry operations are expected to improve marginally. It is recommended to focus on leading targets with steady operation, continuous increase in global share, and room for improvement in profitability.

According to the CITIC Securities Research Report, the profitability of the home appliance industry was phased under pressure in the third quarter of 2026 due to factors such as weak domestic demand, rising raw material costs, and exchange rate fluctuations. By sector, white electricity's revenue is under pressure but profits remain resilient; black electricity has benefited from an increase in global share and high-end promotion, and revenue has continued to grow and gross margin has improved; revenue from small household appliances has increased, but profits have been differentiated; kitchen appliances are still being dragged down by the post-real estate cycle; and upstream revenue is growing steadily. Looking ahead, with the low base effect of domestic sales, the arrival of the peak overseas sales season, and leading companies continuing to promote globalization and product structure upgrading, industry operations are expected to improve marginally. It is recommended to focus on leading targets with steady operation, continuous increase in global share, and room for improvement in profitability.