China Consumer Appliances Sector: June domestic retail sales weak, except for RVC

Research evidence excerpt

China Consumer Appliances Sector: June domestic retail sales weak, except for RVC

Powered by Lab Global14 JulyResearch2026ab Evidence UBS YES

China Consumer Appliances Sector Equities

ChinaJune domestic retail sales weak, except for RVC

Consumer Electronics

Molly Huang

We remain cautious on China's appliance sector Analyst

Based on AVC data, we estimate 1H26 omni-channel white goods retail sales fell from molly.huang@ubs.com

down 6% to down 21% YoY with RVC online sales down a milder 7%, mostly due to +86-213-866 8823

fading subsidy benefits and a high base. June omni-channel white goods retail sales fell Christine Peng, CFA

from down 11% to down 28%, on a high base caused by subsidies and strong Analyst

promotions during the 618 shopping festival in 2025. As per UBS Evidence Lab and christine-y.peng@ubs.com

Sensor Tower data, Anker app (mainly for portable power storage and balcony solar & +852-2971 7571

storage) global/European/US downloads grew 90%/45%/231% YoY in 2Q26 and

59%/30%/150% YoY in June. Although Anker's Europe app downloads in June

dropped from the peak, we think uncertainty on Middle East tensions may continue to

support demand for balcony solar & storage. In addition, 2Q26 eufy (mainly for security

camera and RVC) / soundcore (mainly for earbud) app downloads accelerated to

55%/27% YoY from 42%/17% YoY in 1Q26. Meanwhile, Insta360 global/China app

downloads rose 51%/57% YoY in 2Q26. While we remain cautious on China's

appliance sector, we think demand could stabilise in H226. Midea is our top pick in the

white goods sector. We have a Neutral rating on Arashi.

Major appliances: Haier gained share in WM/refrigerator; ASPs dropped MoM

In 1H26, offline AC/washing machine (WM)/refrigerator (fridge)/range-hood sales