Shenzhen Breo Technology Co. Ltd. A

The small appliance sector rose 3.16% in intraday trading on July 27, with Breo up 14.55%, Joyoung up 6.44%, Rainbow Group up 5.77%, Ousheng Electric up 4.58%, and Roborock up 4.52%. According to AVC data, in the first half of 2026, omni-channel retail sales of kitchen small appliances fell 4.8% year-on-year, retail volume dropped 14.6% year-on-year, but the average price rose 11.5% year-on-year to 260 yuan. China Galaxy Securities noted that in 2026, the small appliance industry continues to see declining volume and rising prices, with product structure upgrades remaining the core theme. Driven by trends such as titanium materials, AI smart applications, and multi-function integration, structural upgrades are expected to continuously broaden application scenarios, support average price increases, and improve profitability. Guojin Securities pointed out that the industry is shifting from scale expansion to a value enhancement stage. Against the backdrop of continued national subsidy policies, the demand-side pull effect is tending to weaken marginally, but companies with technological iteration capabilities that can deeply integrate AI interaction, new material applications, and scenario-based functions are expected to continue benefiting from average price increases and brand premiums.