Domestic home appliance retail sales remained weak in April, while Anker app downloads in Europe hit a record high

Overview

This report is UBS's monthly data tracker for China's home appliance industry, covering white goods, small kitchen appliances, robot vacuums, app downloads for portable energy storage/balcony solar storage, and app data for action/panoramic cameras. The report shows that domestic home appliance retail sales remained weak in April, with fading subsidy effects and last year's high base as the main drags; meanwhile, Anker's app downloads in Europe and the US accelerated significantly, reflecting resilient demand for storage-related products.

Core views

UBS maintains a cautious view on China's home appliance sector, but notes that demand may stabilize in 2H26. Within white goods, Midea is the preferred name; in robot vacuums, Ecovacs and Roborock show notable share gains; Anker benefits from demand for portable energy storage and balcony solar storage, and its app-download performance stands out; Arashi Vision remains Neutral.

Analysis framework

The report mainly cross-validates retail sales, volumes, ASPs, brand share and app-download trends across home appliance categories using AVC retail data, UBS Evidence Lab and Sensor Tower app-download data, supplemented by valuation methods and risk disclosures. The white-goods and small-appliance sections focus on retail sell-through data, while Anker and Insta360 focus on global and regional app downloads and MAU changes.

Methodology notes

• Industry data trackingAVC retail sales tracking

  Retail sales, volumes, ASP and y/y changes across online and offline channels

  AVC data is used to track channel sales performance of major home appliance categories in April and 4M26, helping assess demand, pricing and brand-share changes.

• Alternative dataUBS Evidence Lab / Sensor Tower app downloads

  App download and usage data

  App-download trends are used to observe end-demand changes for Anker portable energy storage, balcony solar storage and the Insta360 camera ecosystem.

• Valuation methodSOTP

  Sum-of-the-parts valuation

  The target prices for Midea Group and Arashi Vision are based on SOTP multiples or sum-of-the-parts valuation methods.

• Valuation methodPE multiple

  Price-to-earnings multiple valuation

  Anker's target price is based on a PE multiple, with key risks centered on demand, competition, new product ramp-up, tariffs/component costs and FX.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Midea Group

  Preferred white-goods name

  Strengths

  It has scale, brand strength and a broad product portfolio in white goods, and UBS named it the preferred white-goods name in the report.

  Weaknesses

  April online air-conditioner share fell 4ppt y/y, and industry demand overall remained weak.

  Comparison

  Compared with some competitors, Midea remains one of the core white-goods leaders, but Gree saw y/y share gains in both online and offline air conditioners.

  Risks

  Tighter property policy may suppress home appliance demand, RMB volatility may cause FX losses, and slower growth in the global robot market is a risk.

• Anker

  Key name linked to storage and consumer electronics

  Strengths

  App downloads accelerated sharply in global, European and US markets, reaching a record high in Europe and supported by demand for portable energy storage and balcony solar storage.

  Weaknesses

  Demand may still be affected by consumer sentiment, new product ramp-up and overseas competition.

  Comparison

  European charts show Anker clearly surpassing EcoFlow since late 2025 and maintaining higher downloads in April 2026.

  Risks

  Demand weaker than expected, intensifying domestic and overseas price competition, slower-than-expected new product sales ramp-up, higher tariffs or component costs, and FX losses.

• Roborock

  Name with improving robot vacuum share

  Strengths

  Its online RVC share was 28% in April, up 2ppt y/y; online floor-washer sales in April rose 3% y/y, outperforming the market average of -9%.

  Weaknesses

  The robot vacuum industry as a whole saw online retail sales fall 18% y/y, indicating a weak demand environment.

  Comparison

  Share was below Ecovacs' 30%, but well above Dreame's 15%.

  Risks

  Competition from new entrants, rising raw material prices and FX volatility.

• Ecovacs

  Leading robot vacuum name

  Strengths

  Its online RVC share reached 30% in April, up 5ppt y/y, putting it at the industry lead.

  Weaknesses

  Industry sales declined under a high base, so share improvement does not necessarily mean strong absolute sales.

  Comparison

  Share was slightly above Roborock's 28% and ahead of Dreame's 15%.

  Risks

  Rising competition, higher raw material costs and FX volatility.

• Arashi Vision

  Action/panoramic camera related name

  Strengths

  Insta360 app downloads grew 59%/101% y/y globally/in China, showing improved user activity.

  Weaknesses

  The report keeps a Neutral rating, indicating that further validation is still needed for valuation or fundamental improvement.

  Comparison

  Unlike the main home appliance theme, Arashi is more affected by camera app downloads, new product ramp-up and the pace of global expansion.

  Risks

  Demand weaker than expected, intensifying price competition, slower-than-expected new product ramp-up, slower-than-expected global expansion, rising costs and FX losses.

Key data

• 4M26 white-goods all-channel retail sales y/yabout -2% to -23%UBS estimate based on AVC data, weighed down by fading subsidy effects and a high base.
• April offline AC/WM/refrigerator/range hood sales y/y-12%/-6%/-7%/-19%Major offline white-goods and kitchen-appliance categories broadly declined.
• April online AC/WM/refrigerator/range hood sales y/y-34%/+2%/-2%/-1%Online air conditioners weakened significantly, while washing machines posted slight growth.
• April Anker app downloads y/yGlobal +83%, Europe +47%, US +362%This continued the acceleration from 1Q26, when global/Europe/US were +52%/+39%/+95%.
• Anker app downloads in EuropeAt a record highUBS believes this is mainly driven by balcony solar and storage demand.
• 4M26 online robot vacuum retail sales y/y-18%Units y/y -21%, ASP y/y +4%.
• April online RVC brand shareEcovacs 30%, Roborock 28%, Dreame 15%, DJI 3%Ecovacs was up 5ppt y/y, Roborock up 2ppt y/y, and Dreame up 1ppt y/y.
• Insta360 app downloads y/yGlobal +59%, China +101%This reflects growth in demand related to action/panoramic cameras.

Impact & implications

Weak domestic home appliance demand is pressuring sector fundamentals in the near term, especially white goods, kitchen appliances and small appliances amid subsidy normalization and a high base. By contrast, companies with overseas growth logic, app-data validation and new product/new-scenario drivers have more structural opportunities; Anker's storage-demand signal and Midea's relative position in white goods are drawing more attention.

Risks

• Tighter conditions in China's property market may affect home appliance demand.
• Rising raw material prices may erode industry profitability.
• Global supply-chain constraints may affect China's home appliance exports.
• More new entrants in the robot vacuum industry may intensify competition.
• Weak consumer sentiment may pressure demand for Anker, Arashi Vision and small appliances.
• Domestic and overseas price competition, tariffs, component costs and FX volatility may affect profit and valuation.

What to watch

• Whether China's home appliance demand stabilizes in 2026 2H.
• The sequential change in white-goods retail sales, volumes and ASP after subsidy normalization.
• Changes in online/offline white-goods share for Midea, Gree, Haier and Xiaomi.
• Whether Anker app downloads in Europe and the US continue to grow strongly, especially in balcony solar and storage scenarios.
• Whether the RVC industry returns to growth after the high base, and how shares change for Ecovacs, Roborock and Dreame.
• Insta360 global and China app downloads and MAU trends.