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Domestic retail sales of Chinese home appliances were weak in June, but robot vacuum cleaners bucked the trend and grew by 20%. the report highlights Midea (UBS)

2026-07-16·ima-daily5min-0716-22-47e2b90ce0

Street Signal | Domestic retail sales of Chinese home appliances were weak in June, but robot vacuum cleaners bucked the trend and grew by 20%. the report highlights Midea (UBS)

The UBS report shows that in the first half of the year, all-channel white goods retail sales fell by 6%-21% year-on-year. Only online sales of robot vacuum cleaners in June increased by 20% year-on-year. The share of related brands was clearly differentiated, with Haier (600690.SH/6690.HK), Roborock Technology (688169.SH) and others increasing their shares.

The report highlights Midea Group (000333.SZ) as the first choice in the white goods sector and gives Yingshi Innovation (688793.SH) a neutral rating. It also warns of industry risks such as real estate downturn, rising raw material prices, and intensified competition.

In addition, the number of downloads of related applications for brands such as Anker and eufy has increased year-on-year. The uncertainty of the situation in the Middle East may support the demand for balcony solar storage.

The market has expected overall weakness in the white goods sector, but may not have paid enough attention to high-growth segments such as robot vacuum cleaners. One-sentence conclusion: The white goods sector is overall weak, but high-growth subdivisions such as robot vacuum cleaners are booming independently.

Leaders such as Midea have shown resilience in the industry downturn, which deserves attention. Good/bad: Good for Midea Group (000333.SZ), Stone Technology (688169.SH), and Haier Smart Home (600690.SH/6690.HK).

The market's pessimistic expectations for the white goods sector have been partially reflected, but the resilience and new category growth potential of leading companies may be underpriced. Catalysts:

1) White appliance retail sales data from July to August to verify whether the industry has stabilized;

2) Monthly sales data of robot vacuum cleaners;

3) Trends in raw material prices (copper, steel, plastics).

Full text

Domestic retail sales of Chinese home appliances were weak in June, but robot vacuum cleaners bucked the trend and grew by 20%. the report highlights Midea (UBS)

The UBS report shows that in the first half of the year, all-channel white goods retail sales fell by 6%-21% year-on-year.

The UBS report shows that in the first half of the year, all-channel white goods retail sales fell by 6%-21% year-on-year. Only online sales of robot vacuum cleaners in June increased by 20% year-on-year. The share of related brands was clearly differentiated, with Haier (600690.SH/6690.HK), Roborock Technology (688169.SH) and others increasing their shares. The report highlights Midea Group (000333.SZ) as the first choice in the white goods sector and gives Yingshi Innovation (688793.SH) a neutral rating. It also warns of industry risks such as real estate downturn, rising raw material prices, and intensified competition. In addition, the number of downloads of related applications for brands such as Anker and eufy has increased year-on-year. The uncertainty of the situation in the Middle East may support the demand for balcony solar storage. The market has expected overall weakness in the white goods sector, but may not have paid enough attention to high-growth segments such as robot vacuum cleaners. One-sentence conclusion: The white goods sector is overall weak, but high-growth subdivisions such as robot vacuum cleaners are booming independently. Leaders such as Midea have shown resilience in the industry downturn, which deserves attention. Good/bad: Good for Midea Group (000333.SZ), Stone Technology (688169.SH), and Haier Smart Home (600690.SH/6690.HK). The market's pessimistic expectations for the white goods sector have been partially reflected, but the resilience and new category growth potential of leading companies may be underpriced. Catalysts: 1) White appliance retail sales data from July to August to verify whether the industry has stabilized; 2) Monthly sales data of robot vacuum cleaners; 3) Trends in raw material prices (copper, steel, plastics).

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