CHINA CONSUMER DURABLES: APPLIANCE TRACKER: June 2026: Domestic showing early bottoming out signs with easing comps, resilient overseas on share gains

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CHINA CONSUMER DURABLES: APPLIANCE TRACKER: June 2026: Domestic showing early bottoming out signs with easing comps, resilient overseas on share gains

Equity Research

21 July 2026 | 3:08PM CST

CHINA CONSUMER DURABLES: APPLIANCE TRACKER

June 2026: Domestic showing early bottoming out signs with easing

comps, resilient overseas on share gains

Domestic appliances data started to show sequential improvements in June on a Nicolas Yi

+86(21)2401-8922 |

lower base: 1) NBS home appliances and electronics retail sales fell by 9% yoy in Jun nicolas.yi@goldmansachs.cn

Goldman Sachs (China) Securities

(vs. -16% yoy in May), showing sequential improvements as a lower comp base kicks Company Limited

in; 2) AC domestic ex-factory shipment came in better than feared at -7% yoy (vs. Cecilia Tang

-23% in the previous production plan as compiled by IOL) aided by sequentially +86(21)2401-8738cecilia.tang@goldmansachs.cn|

better pricing. Going forward, we expect domestic demand growth to gradually GoldmanCompany SachsLimited(China) Securities

recover with diminishing drags from front-loaded demand against easing comps

(retail sales +15%/-18% yoy in 3Q25/4Q25 vs. +40% yoy in 2Q25 per NBS). That

said, high frequency data suggests it remains difficult to pass through all the cost

inflation pressure through price hikes, in the absence of a strong demand recovery.

Appliances exports remained resilient and beat IOL and market expectations in

June. Overall appliances exports growth further accelerated to DD% growth in Jun

vs. HSD% in May. Though AC exports decline widened slightly mom, the magnitude

came narrower than previous production plan. Consumer sentiment in the

US/Europe and US housing sales data also demonstrated sequential improvements