冰UBSUBS Evidence LabGlobalResearch10January2026ChinaConsumer AnpliancesSectorEquitiesOutlook 2026: Consumer survey on subsidies.ChinaConsumerElectronicsshows diverginq demand across categoriesomestic demand potentialy sabilsing into 26186.2138668810n consumer sector utook, we update our iews on the home aplarChristineFctor. Our cauticmaijor applance sector remains unchangexpectdomesticdemechristine-ypeng@52-2971757hood shipments tofan2027. Weetial product mix downgrade could bya, amid ising copper pices and cost optimisationintiativelimited upside in demand,eRVC and action continue to consolidate global market share,,andRoborock (all rated Buy)and margin pressure from rising copper pregrow margins via priceutiouson Greee Roborock as a key beneficiary
We adjusted our earxpectedQ425appliancncorporatingour lates26/27 domestic industry shipmenrising raw material prices, mainlycopper We derve higher Pls as we ol fonward valuationsto202Figure 1:Changes to ourearnings forecasts*UBS2
China ConsumerAplanesSetr10January2026TableofcontentsSection 2 Structural opportunities remain under ch allenging export outlbokSection 4 valuation comparison - Chinalglobal home appliance sectorValuations of UBS covered appliance companie,CompanynameMktCapPricePriceTarget(LC)RatingP/E(X)PEGDividendYield(USD, m)(LC)NewQg2025E2026E2027E25-27E2025E2026E2025E2026EMajorappliances2心口2心Group92巧扣89到3ierSmartHomepliancesPTestimate dhangespublisthed in separate note(ink永UBS3
China ConsumerAplanesSetr10January2026Outlook2026:potentidemand into 2H26Mncycle in2H25-27. We expsubsidies pool to be close to that of 2025, though the stimulating effect to-China IOL domesi AC shipmentby quater135;10,4979,98110,0561%4,238,8842,0832,1252,0181,952oz2220420520007-RangehoodUBS景UBS4
ChinaConsumerAplianesSetor10.January2026Export outlookExports still challenging.global market share by volun2078号.67wnlbad tracker(YoY growth)0%40%20%0%20%-20%.50%iaag1asarasg1asa1aspros2022202320222023oveaerlunegroo一GoProIrsta360UBS城in the upper-Jeftchartisbased onUBS5
ChinaConsumerApplinesSector10.Janay2026Kev takeawavs from UBS Evidence Lab's consumer surveyrade-in subsidies boosted 2025 demand, but leaving limited upside for 2026spondents,bycity tier40%42%20868S823%22%23%21%Tier4and4+Sep-Dec2024Jan-Mar2025Jan-NJan-Sep2025Jan-Nov20252:24Nov-25umulative purchase(mnuCumulative berefitedcansumers(mn)Estimated purchase progressin the replacement weave-ovelallWeighted average% ofplanned apoliance purchases to comolete bywear.and60%23%48%51%51%51%77%51%52%45%Dec-24Nov-25Dec24Now-25Dec24Now-25Dec24Nor-25Dec24Vwor-25Dec241wow-25Cumdative%purchased冰UBS瑞银Source: UBSEvidence Lab(>-Atcess Datase), Ministry ofCommerce,IUBSestimatesUBS6
ChinaCOonsumerAplanesSetor10.January2026Kev takeawavs from UBS Evidence Lab's consumer surveyower purchase intentions and budgets in 2026est fall in puappliances to fall by 11%YoY to Rmb9, 800, with the r5%o%RefrigeratorWaterheater5apiancoeMashingconditionerPurchaseJC-24NOVEAverage YoY change of purchase intentions by city tiersifsubsidiesMedian home applince budget...
