[中报]美的集团(000333):2023年半年度报告（英文版）
原标题:美的集团:2023年半年度报告（英文版） The Board of Directors, the Supervisory Committee, directors, supervisors and senior management of Midea Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is free of any misrepresentations, misleading statements or material omissions, and shall together be wholly liable for the truthfulness, accuracy and completeness of its contents. Mr. Fang Hongbo, Chairman of the Board and CEO of the Company, Ms. Zhong Zheng, CFO and Director of Finance of the Company, and Ms. Chen Lihong, head of the accounting department of the Company, have represented and warranted that the financial statements in this report are true, accurate and complete. All directors of the Company attended the Board meeting to review this report. The future plans and other forward-looking statements mentioned in this report shall not be considered as promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. The Company plans not to distribute cash dividends or bonus shares or convert capital reserves into share capital. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Contents SECTION I IMPORTANT STATEMENTS, CONTENTS AND DEFINITIONS ............................. 2 SECTION II COMPANY PROFILE AND KEY FINANCIAL RESULTS ........................................ 6 SECTION III MANAGEMENT DISCUSSION AND ANALYSIS ................................................. 10 SECTION IV CORPORATE GOVERNANCE ........................................................................ 105 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY ....................................... 118 SECTION VI SIGNIFICANT EVENTS ................................................................................... 142 SECTION VII CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS ..... 157 SECTION VIII PREFERENCE SHARES ............................................................................... 163 SECTION IX BONDS ............................................................................................................ 164 SECTION X FINANCIAL REPORT ........................................................................................ 167 Documents Available for Reference 1. The original of The Semi-Annual Report 2023 of Midea Group Co., Ltd. signed by the legal representative; 2. The financial statements signed and stamped by the legal representative, the CFO & Director of Finance and the head of the accounting department; 3. The originals of all company documents and announcements that are disclosed to the public via newspaper designated for information disclosure during the Reporting Period; and 4. The electronic version of The Semi-Annual Report 2023 that is released on http://www.cninfo.com.cn. Definitions
Section II Company Profile and Key Financial Results 1. Corporate Information
3.1 Ways to Contact the Company Changes to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period: □Applicable ?N/A No such changes in the Reporting Period. The said information can be found in the 2022 Annual Report. 3.2 Information Disclosure and Place Where the Semi-Annual Report Is Kept Changes to the media for information disclosure and the place where materials carrying disclosed information such as this Report were kept in the Reporting Period: □Applicable ?N/A The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing this Report and the place where materials carrying disclosed information such as this Report were kept did not change in the Reporting Period. The said information can be found in the 2022 Annual Report. 3.3 Other Information Changes to other information in the Reporting Period: □Applicable ?N/A 4. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data □Yes ?No
5.1 Differences in the net profit and net assets disclosed in the financial reports prepared under China Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) □Applicable ?N/A No such differences for the Reporting Period. 5.2 Differences in the net profit and net assets disclosed in the financial reports prepared under CAS and foreign accounting standards □Applicable ?N/A No such differences for the Reporting Period. 5.3 Reasons for differences in accounting data under domestic and overseas accounting standards □Applicable ?N/A 6. Non-recurring Gains and Losses ?Applicable □N/A Unit: RMB'000
Explain the reasons if the Company classifies an item as a recurring gain/loss item, which is enumerated as a non-recurring gain/loss in the Section III Management Discussion and Analysis 1. Industry Overview for the Reporting Period 1.1 Summary of the business scope Midea is a global technology group comprising the Smart Home, Industrial Technology, Building Technologies, Robotics & Automation, and Other Innovation businesses. With a business portfolio that is focused on the coordinated development of the ToC and ToB businesses, Midea offers diversified products and services. Specifically, the Smart Home Business Group, as the main operating entity of smart appliances, smart home and related peripheral industries and ecological chains, undertakes the construction of intelligent scenarios for end users, user operations and data value discovery, and is committed to providing the best experience of entire-house smart home appliances and service. The Industrial Technology Business Group, with technology as the core driver, commands key technologies in intelligent transportation, industrial automation, green energy and consumer appliances. It operates many brands including GMCC, Welling, HICONICS, SUNYE, SERVOTRONIX, DORNA, MR, TOSHIBA, Motinova, etc., with its products covering high-precision core components such as compressors, motors, chips, auto parts, electronic expansion valves, variable frequency drive, servo and motion control systems, speed reducers and cooling modules. It provides green, efficient and intelligent products and technology solutions for industrial customers across the world. The Building Technologies Division is responsible for providing products and services in relation to buildings, as well as the relevant operations. With iBUILDING, Midea’s digital building service platform, as the core, its business covers HVAC, elevators, energy, building control, etc. Its primary products include VRF units, large chillers, unitary units, machine room air conditioners, escalators, passenger elevators, freight elevators, etc., as well as building automation software and building weak electricity integrated solutions. Supported by “Building Equipment and Facilities + Digital Technology + Industrial Ecosystem”, it facilitates logistics, information, feeling and energy flows of buildings to empower buildings with digital and low-carbon technologies and build sustainable smart space. The Robotics & Automation Division primarily focuses on providing solutions of industrial robotics, automatic logistics systems, and transmission systems for future factory-related fields, as well as solutions for health care, entertainment, new consumption, etc. The Other Innovation Business includes new businesses arising from the transformation of Midea Group’s business models. Among them, there are Annto, which provides customers with end-to-end digital and intelligent supply chain solutions; Midea Cloud, which provides industrial software and digitalisation consulting services for intelligent manufacturing and industrial interconnectivity through its industrial internet platform M·IoT; Midea Lighting, which focuses on the R&D, production, and sales of lighting and intelligent pre-decoration electrical products; WDM, which is committed to innovation in medical imaging technology, providing high-quality medical imaging products and services for clinical use; and Midea Finance, which provides users with industrial chain finance, Midea Pay, consumer finance and other diversified financial services. With “Bring Great Innovations to Life” as its corporate vision, “Integrate with the World, to Inspire Your Future” as its mission, “Embrace what’s next - Aspiration、Customer First、Innovation、Collaboration、 Dedication” as its values, “High-quality Development and High-performance Operations” as its management and operation standard, Midea integrates global resources and promotes technological innovation to create a better life for over 400 million users, major customers and strategic partners in different areas worldwide every year with satisfying products and services. In face of higher requirements for products and services in the digital Internet era, Midea continues to promote its strategic focus of “Technology Leadership, Direct to Users, Digitization & Intelligence Driven, and Global Impact”, so as to rebuild Midea in the new era. To be specific, it strives to achieve Technology Leadership by building scale advantages in R&D and strengthening the efforts and investment in core and cutting-edge technologies; be Direct to Users through direct contact and interaction with users and reinventing product service and business models; be Digitization & Intelligence Driven through “Comprehensive Digitalization and Comprehensive Intellectualization”, as well as improving efficiency internally and focusing on users externally; and achieve Global Impact by seeking breakthroughs in key regions in terms of market, channel and business model dimensions and serving global users. Midea, a global operating company, has now established a global platform with around 200 subsidiaries, 31 R&D centers, 40 major manufacturing bases, and more than 160,000 employees. Its business covers more than 200 countries and regions. Overseas, Midea has 16 R&D centers and 21 major manufacturing bases in more than ten countries. And 22 currencies are used by Midea in settlement. Midea Group ranks No. 278 on the Fortune Global 500 list unveiled in August 2023, marking its eighth consecutive year on the list. Meanwhile, Midea has also been named to the Fortune China ESG Impact list for its high-value practices in environmental management and social contribution. In June 2023, the Forbes magazine released its 2023 “Global 2000” list and Midea ranks No. 199, up 18 places from last year. Also, Midea Group has been named as one of the 2022 Forbes World’s Top Female Friendly Companies and the 2022 Forbes World’s Best Employers, among others. In March 2023, Midea Group was selected as one of the ESG Case Companies with Practical Reference Significance according to the “2023 ESG Inspiring Cases” results released by Forbes China. In the “2022 Forbes China Sustainable Development Industrial Enterprises Top 50 Selection” held in February 2023, Midea was selected as an Industry Benchmark for Sustainable Development Industrial Enterprises by virtue of its solid performance in green manufacturing, carbon neutrality, sustainable development and ESG practices. In July 2023, the Summit Forum of Top Enterprises in China Light Industry released the 2022 list of “Top 200 Enterprises in China Light Industry”, and Midea Group once again topped the list with an outstanding score of 98.07. In March 2023, Midea won the China Industrial Grand Prize at the Seventh China Industrial Grand Prize Ceremony jointly organized by the China Federation of Industrial Economics and 13 national industry associations for its excellent performance in technology innovation, quality management and branding, among others. By June 2023, five of Midea’s factories had been included in the “Global Lighthouse Network” initiated by the World Economic Forum, covering air conditioners, refrigerators, laundry appliances, microwave ovens, dishwashers, etc., which demonstrates Midea’s leading position in intelligent manufacturing and digital development among manufacturers worldwide. Meanwhile, Midea takes the lead among domestic home appliance makers by ranking No. 39 on the 2023 Brand Finance China 500 list released by Brand Finance, a British brand assessment institution. Midea has been given excellent credit ratings by the three major international credit rating agencies, Standard & Poor’s, Fitch Ratings and Moody’s. The ratings are in a leading position among home appliance manufacturers worldwide as well as among Chinese non-state-owned enterprises. Particularly, Standard & Poor’s has raised the credit rating on Midea to “A”, making it the highest-rated private manufacturer in China. In the first half of 2023, Midea has successfully retained the "Number One Engine" of ToC business on the domestic market. According to data provider AVC, Midea ranks first in the industry with respect to both the online and offline domestic market share for seven home appliance categories, namely, residential air conditioners, countertop pan-microwave ovens, countertop ovens, electric radiators, induction cookers, electric kettles, and electric fans. The table below shows the offline market shares and rankings of the Company’s primary home appliance products (by value of retail sales) in the first half of 2023:
products (by value of retail sales) in the first half of 2023:
A. Home Appliance Industry In the first half of 2023, the domestic economy continued its recovery, presenting a year-on-year increase of 5.5% in the GDP. Concurrently, the consumer market experienced an upturn, particularly notable in the home appliance industry, where the rebound was swift. Nonetheless, the speed of recovery varied greatly across industries and sectors. The demand for home appliances and home furnishings and decor exhibited sluggish growth. Specifically, within the home appliance industry, domestic market trends corresponded to the macroeconomic landscape, and the pace of recovery accelerated in the second quarter. Nevertheless, there were significant performance disparities among different segments. According to the H1 2023 Report on China’s Household Electrical Appliance Industry prepared by the National Household Appliance Industry Information Center under the guidance of the China Household Electric Appliance Research Institute (CHEARI), both the exports and domestic sales of the home appliance industry recorded growth in the first half of 2023. In numerical terms, the exports and domestic sales reached RMB296.7 billion and RMB371.1 billion, respectively, up 5.2% and 2.8% year on year. Considering the trend in the domestic home appliance industry, home appliance products are being upgraded rapidly, with enhancements in basic features and performance. Simultaneously, their appearance designs are increasingly embracing beauty, health-consciousness, integration, and embedded functionality. The upgraded product mix has not only boosted the sales of high-quality home appliances but also increased the end-user market price. Meanwhile, in the medium and long run, upgrading of the industrial structure, relatively stable increase of household income, diversified consumption, the national policy support for the green and smart industries, as well as continuous upgrading of the standards for home appliances will create new opportunities for growth. To stimulate home furnishing consumption, including the demand for home appliances, the Ministry of Commerce, along with 11 other departments, issued the Measures for Boosting Home Furnishing Consumption in July 2023. This document emphasizes that the focus shall be given to green, intelligent, and elderly- friendly development and urges enterprises to enhance the supply quality, create new consumption scenarios, improve consumption conditions, and optimize the consumption environment, thereby eliminating bottlenecks, difficulties, and pain points and promoting the recovery and upgrade of home furnishing consumption. According to the data from the National Household Appliance Industry Information Center, the domestic retail sales of air conditioners were RMB90.7 billion in the first half of 2023, up by 16% year on year. Due to the high temperature appearing earlier than before in South China and the ongoing high temperature in the North China Plain, combined with the low sales last year, the sales of air conditioners surged, which were particularly notable in the entry-level markets in counties and townships with potential for growth. In terms of product structure, Midea introduced a range of emerging products, such as air machines and kitchen air conditioners, to respond to segmented demands, including rapid cooling and heating, healthy and comfortable airflow, improved air quality, as well as catering to various home scenarios. This exhibited a differentiated approach to innovation in the air conditioning industry, consistently propelling product iteration and upgrade and increasing the average price of air conditioners in offline stores. In terms of product functions, the concept of air conditioners kept expanding from the functions of cooling and heating to fresh air, self-cleaning, dehumidification, odour removal, air purification, etc., and the comfort of product experience has been focused on. According to the data from the National Household Appliance Industry Information Center, the domestic retail sales of laundry appliances were RMB29.6 billion in the first half of 2023, down 1.3% year on year, with the retail sales of clothes dryers reaching RMB3.4 billion, up 8.4% year on year. In terms of product types, the share by retail sales of front-loading products in the laundry appliance market exceeded 65%. Among the front-loading products, the growth in the sales of washing and drying machines slowed down, as the stand-alone clothes dryers and cleaner-dryer kits exhibited better drying performance, such as preventing secondary pollution, larger drying capacity, and better wearing experience. By comparison, the share of retail sales of stand-alone clothes dryers in the total retail sales of front-loading laundry appliances and stand-alone clothes dryers went up to 11%. In terms of product capacity, large-capacity products were obviously replacing small-capacity ones, with laundry appliances with a capacity of 10 kg or above having dominated the market, of which the share in the offline market by retail sales has exceeded 80%. In terms of product functions, products were further segmented, with the market of the second household washers continuously being expanded, such as Little Swan Mini Top-loading Washing Machine allowing sterilization through high-temperature boiling and cleaning and Midea Foldable Mini Washing Machine that can be carried during trips. According to the data from the National Household Appliance Industry Information Center, the domestic retail sales of refrigerators were RMB43.2 billion in the first half of 2023, up slightly by 1% year on year. The product structure of refrigerators was significantly optimized. In terms of prices, the average online product price saw a year-on-year increase of 3.4%, whereas offline products witnessed a 7.4% rise. In terms of capacity and structure, the market share by retail sales of large refrigerators with a capacity of more than 500-L exhibited consistent and steady growth. Concurrently, side-by-side refrigerators and multi-door refrigerators with more than four doors experienced an uptick in this regard. In terms of product features, consumers' intensified willingness to pursue quality life has prompted the refrigerator market to pivot towards high-end multi-dimensional design, which is mainly manifested as "anti-bacterial and fresh" and "intelligent" functionality. Additionally, technological advancements, such as the novel foaming technology, vacuum insulation panels, and aerogels, allowed the "zero built-in" design for refrigerators. For example, COLMO Zero Built-in Nutritional Retention Refrigerator boasts an ultra-thin 600-mm body that can seamlessly fit into the standard cabinet. According to the data from the National Household Appliance Industry Information Center, the domestic retail sales of kitchen appliances were RMB95.7 billion in the first half of 2023, up by 2.8% year on year. As dishwashers became more popular on the domestic market, the retail sales reached RMB5.4 billion, up 6.1% year on year. And product upgrading continued. In terms of functions, functions such as the integration of functions of washing, sterilization, drying and storage, layered and separate washing, and automatic recognition and program matching have become mainstream. Integrated stove sales reached RMB13.6 billion in the domestic market, an increase of 15.8% year on year. Due to the surge in demand for high-end kitchen appliances, in particular steamers and ovens, integrated stove products trended towards style diversification and function upgrading. The retail sales of water heaters reached RMB25.5 billion, a year-on-year increase of 1.4%. Specifically, demand for large-capacity products remained inelastic, with the 60-L electric storage water heaters and 16-L gas water heaters experiencing increases to 67.3% and 53.1%, respectively, in the offline market share by retail sales. With respect to functions, aiming at enhancing showering comfort, water heaters equipped with new technologies that allow high power, dual tanks, water flow control, silence, and sterilization, saw a substantial rise in the share of sales. On this basis, technologies such as deep cleaning, skin beautification and care, and customization spearheaded the current trends in product innovation. The retail sales of water purifiers amounted to RMB13.3 billion, showing a year-on-year uptick of 0.6%. Concerning product specifications, with the advantages of shorter waiting time and suitability for more daily water purification scenarios, high-flow rate water purifiers boasting a capacity of 800 G or above witnessed growth to 36.0% and 16.7%, respectively, in online and offline retail sales. In parallel, reverse osmosis and under-sink water purifiers continued to dominate the market, with offline market shares by retail sales both above 90%. With respect to functions, functions such as the integration of water purification and heating, faucet display, and strontium abundance/mineralization became increasingly sought after, driving products into a new round of upgrading. According to the data from the National Household Appliance Industry Information Center, the domestic sales of small domestic appliances were RMB57.97 billion in the first half of 2023, down 1.5% year on year. Health-friendly cleaning appliances led the market over the past three years due to the intensified attribute of health-friendliness. By categories, the robot cleaner industry registered retail sales of RMB5.9 billion, a year-on-year increase of 5.0%, as a result of slow innovation of production functions. Meanwhile, functions and experience of floor scrubbers have been improved as a result of the advancement of technology. Floor scrubbers recorded retail sales of RMB4.5 billion, up 9.5% year on year. In the meantime, product prices experienced a notable decline as the industrial chains and technologies became increasingly developed, with the online average price falling below RMB2,600. Moreover, the product trend diverged toward single-function and all-round products that integrated the functions of floor scrubbers, vacuum cleaners, mite removal devices, and free vacuuming. Electric fans, inelastically demanded, maintained a steady market scale. Through consistent product optimization and upgrading, the market share of circulation fans has exceeded 30%. Meanwhile, the online market has shifted its focus toward intelligent products with a sense of design and suitable for outdoor scenes, whereas the offline market has focused on high-end products that integrate multiple functions, including purification and humidification. According to the data from the National Household Electrical Appliance Industry Information Center, the online sales of home appliances in the first half of 2023 reached RMB208 billion, up 4.3% from last year, while the offline sales amounted to RMB163.1 billion, up 1.1% year on year. The online scale continued to grow, whereas the offline scale slightly recovered. However, in terms of prices, there is a gap between online and offline prices, as demonstrated by products such as refrigerators, of which the gap in this regard is up to 2.8 times. The adjustment of the structure of products in the online market is still some way off. Adhering to a new round of consumption stimulation policies, distributors and brands have concentrated their efforts on the submerged markets and seen high-quality home appliances as a critical way to meet consumers' demand for a happy life. Moreover, the consistently diversified healthy and intelligent functions of home appliances have driven the transition of the domestic consumption view about home appliances from having home appliances to pursuing high-quality ones. In the future, the domestic home appliance market will face both pressure and opportunities and is expected to record slight growth in the overall sales scale of the year. B. Robotics and Automation Industry World Robotics 2022 Industrial Robotics released by the International Federation of Robotics (hereinafter referred to as "IFR") showed that there would be five trends in the robot industry in 2023, which refer to that the performance of robots will get promoted, it will be easier to operate robots, robots will support more AI and digital automation technologies, the manufacturing comeback and localised production will be more significant, and the repair and reuse of robots will be emphasised more. Currently, the domestic industrial robot industry is transitioning from the market growth explosion phase to a new cycle featuring existing market share capture and position securing in the segmented incremental markets. Under this circumstance, the demand side becomes the focal point of the industrial chain. According to the downstream demands in the first half of 2023, the photovoltaic industry has entered a critical phase of capacity expansion and technological iteration, thus maintaining a high growth rate. This has made the industry the principal driver of the growth in the industrial robot industry. Comparatively, industries such as consumer electronics and general industry have recovered less than expected. Furthermore, their market demands have exhibited negative growth. Concurrently, due to a slowdown in investment growth, the automobile and lithium battery industries have also experienced negative growth in market demands. According to the analysis and forecast of Marketing Intelligence Resource (MIR), In the first half of 2023, the output of the Chinese industrial robot market is expected to reach 135,000 units, showing a slight year-on-year increase. By models, both collaborative robotics and vertical multi-joint robotics showed an output uptick, whereas other models experienced a certain decline in this regard. In 2023 H2, demands in the downstream industries of the industrial robot market are expected to further polarize, with demands in the photovoltaic and energy storage industries remaining booming and those in industries such as automobiles, consumer electronics, and general industry still sluggish. The year-on-year growth rate of the domestic sales scale of industrial robots in 2023 is expected to be 5% or less. According to the latest statistics of IFR, in terms of industrial robotic density (the average number of industrial robotics per 10,000 workers), South Korea ranks No.1 in the world with 1,000 robotics, while the robotic density of China has increased from 49 robotics in 2015 to 322, surpassing the US for the first time and making the country a global top five in this respect. Since 2016, China has been the fastest growing and largest industrial robotics market in the world. Supported by diverse factors such as flexible demands of the manufacturing sector, declining demographic dividend, emerging markets and the development of innovative technologies, industrial robotics will be applied to more and more areas, with great potential and prospects. C. Smart Building Industry In the smart building industry, Midea focuses on products, services and related businesses with respect to buildings. It aims to provide users with comprehensive, intelligent and sustainable building solutions based on the digital building platform and by facilitating the logistics, information, feeling and energy flows. The smart building ecosystem mainly includes HVAC, elevator, intelligent building (building automation) and integrated energy management. From the perspective of the industry competition pattern, domestic HVAC, elevator and building control have the same pattern and two major characteristics. The first is the high proportion of foreign and joint venture brands; the second is the low market concentration. According to the data from HVAC, Industry Online and Changjiang Securities Research Institute, the proportion of foreign brands of commercial air conditioner in the first half of 2023 was about 45%, and the long tail effect was obvious as only four manufacturers have a share of more than 10%. For elevator, the data from the Business Yearbook of Elevator Industry in China and Changjiang Securities Research Institute indicates that the proportion of foreign and joint venture brands in the elevator market is as high as 70%, brands of Kone, Mitsubishi, Hitachi and OTIS's revenues exceeded RMB20 billion in China. The building control market is also dominated by Honeywell, Siemens, Johnson Controls, Schneider and other foreign brands. From the perspective of the market size and development prospects, according to the data from Industry Online, HVAC and Changjiang Securities Research Institute, the sales revenue (excluding tax) of domestic commercial air conditioner in the first half of 2023 was RMB74 billion, up 18% year on year, of which domestic sales accounted for about 90%; the compound growth rate of the industry in the first halves of the past three years was 22%. The application field of commercial air conditioner is mainly divided into residential, commercial, industrial and public building. By business type, the sales of ToB business accounted for more than 70%, and the revenue is expected to surpass RMB100 billion in 2023. In industrial development, the periodicity of the non-residential part of commercial air conditioner was smaller than that of residential part, which was more related to infrastructure investment. For example, government public construction, transportation, data center, culture, education and entertainment, medicine and other downstream segmentation still maintained a good growth trend, and a long-term high growth rate. According to the data of National Bureau of Statistics and Changjiang Securities Research Institute, in the first half of 2023, the production of domestic elevators, escalators and lifts was 745 thousand sets, up approximately 13% year on year, which was mainly for domestic sales. The sector has returned to strong growth. Judging from the operating data of major manufacturers, the output value of a single elevator was about RMB200,000, considering the average factory price of a single elevator equipment and the maintenance business; the annual market size of domestic elevator equipment was RMB250-300 billion, and the scale of the elevator industry was even larger. The data from EqualOcean Intelligence and Changjiang Securities Research Institute shows that the current market size of intelligent building, which was about RMB7.1 billion in 2021, is relatively small. The equipment-based businesses such as commercial air conditioner and elevator are "organs" in building construction, whereas building control is the "nervous system" which controls various equipments for the high-efficiency and low-carbon operation of buildings, and determines the overall quality of building solutions. Overall, the domestic revenue of the smart building industry alone is nearly RMB400 billion, and the compound annual growth rate of the industry is between 5% and 10% (revenue caliber). Meanwhile, the marginal improvement of the real estate policy may bring stronger demand. New opportunities are ushered into the smart building industry, which are "carbon emission peak and carbon neutrality", "digital and intelligent transformation" and "domestic replacement". With the establishment of the dual-carbon strategy, the intelligent and low-carbon process of building construction is expected to accelerate. Buildings account for a relatively high proportion of energy consumption and carbon emissions in China. According to data from the Building Energy Efficiency Research Centre of Tsinghua University and the Changjiang Securities Research Institute, the carbon emissions of building （未完）  |