Core Viewpoint - Hisense Home Appliances has announced a financial agreement to invest in trust products, indicating a strategic move to enhance its financial management and investment portfolio [1] Group 1: Financial Agreement - Hisense Home Appliances (stock code: 000921) has entered into a financial agreement with Western Trust to subscribe to trust financial products [1] - The total subscription amount for the trust products is set at RMB 1.7 billion [1] - The subscription period is from September 4, 2025, to February 11, 2026 [1]

海信家电集团股份有限公司（「本公司」）于 2026 年 2 月 11 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2026 年 2 月 11 日 1 股票代码：000921 股票简称：海信家电 公告编号：2026-004 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 9 月 4 日至 2026 年 ...

智通财经APP讯，海信家电(00921)发布公告，于2025年9月4日至2026年2月11日期间，本公司及本公司 的附属公司空调公司及冰箱营销公司(作为认购方)订立西部信托理财协议，以认购西部信托理财产品， 认购金额为人民币17亿元。 ...

格隆汇2月11日丨海信家电(00921.HK)发布公告，2025年9月4日至2026年2月11日期间，公司及公司的附 属公司空调公司及冰箱营销公司(作为认购方)订立西部信托理财协议，以认购西部信托理财产品，认购 金额为人民币17亿元。集团使用自有闲置资金支付该等西部信托理财协议下的认购金额。 ...

HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 9 月 4 日至 2026 年 2 月 11 日期間，本公司及本公司的附屬公司空 調公司及冰箱營銷公司（作為認購方）訂立西部信託理財協議，以認購西部信託理財產品， 認購金額為人民幣 1,700,000,000 元。 本集團使用自有閒置資金支付該等西部信託理財協議下的認購金額。 每份西部信託理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然 而，根據上市規則第 14.22 條，當該等西部信託理財協議下的認購金額合併計算時，相關適 用百分比率（定義見上市規則）超過 5%但低於 25%。因此，該等西部信託理財協議下的交 易按合併計算基準構成本公司的須予披露交易，並須遵守上市規則下的申報及公告規定。 背景 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生 ...

Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

在全球市场，日企存在感也日益减弱。英国市场调查公司的数据显示，2025年全球电视市场排名第一的 是韩国三星电子，第二至第四位分别是LG电子、海信和TCL。这4家公司共占有全球市场过半的份额。 索尼剥离电视业务后，日本仍以独立路线维持电视整机制造的主要企业只剩松下控股。但松下也已将低 价机型生产外包，只有高端机型保持自己制造。业内人士指出，销量缩小将压缩研发的投入空间，未来 恐怕也会卷入产业整合。 电视制造业只是缩影。冰箱、洗衣机等传统白色家电领域，日企同样在经历业务出售或与海外企业重 组。而且随着中国企业成本控制与技术水平的提升，中国产品正在逐渐摆脱"价廉质低"的印象。 在东京一些电器大卖场，TCL、海信等中国制造的电视机已经开始出现在比较显眼的位置。最显眼的位 置仍是"REGZA""BRAVIA""VIERA"等日系品牌，但这些品牌背后的资本结构已发生变化。 以"REGZA"为例，该公司95%的股权由海信集团持有，东芝出资比例仅为5%。索尼电视业务将转入由 TCL集团持股51%的合资公司运营。虽然"索尼""BRAVIA"等品牌仍将保留，但在资本与运营层面，已 纳入中资体系。 报道提及，中国企业在价格方面有明 ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海信家電集團股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00921 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 459,589,808 | RMB | | | 1 RMB | | 459,589,808 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 459,589,808 | RMB | | | 1 RMB | | 459,589,808 | | 2. 股份分類 | ...

Group 1: Core Insights - The 2026 FIFA World Cup in North America is set to begin in June, with significant pre-event sales of related sports merchandise already observed in Yiwu, China [1] - Yiwu's sports goods and equipment exports reached 11.65 billion yuan in 2025, marking a 20.3% year-on-year increase, with major export markets including the USA, Brazil, and Saudi Arabia [1] - The upcoming World Cup is expected to generate a consumption boom, benefiting local manufacturers and suppliers in Yiwu, which has historically capitalized on major sporting events [1] Group 2: Industry Impact - Analysts predict a surge in demand for sports-related products during the World Cup, directly benefiting the performance of related companies [2] - The commercial value of the World Cup exceeds $30 billion, significantly higher than other sports events, indicating strong economic activity linked to the tournament [2] - Investment opportunities are identified in four main areas: lottery sales and operators, sports venue facilities and equipment suppliers, electronic display providers, and leisure food and beverage suppliers [2] Group 3: Related Companies - Anta Sports (02020) has acquired Puma, a major sponsor of the 2026 World Cup, and holds partnerships with top clubs like Manchester City and AC Milan [3] - Shenzhou International (02313) manufactures football apparel for brands like Nike and Adidas, ensuring stable order flow [3] - Hisense (00921) is a global official sponsor of the 2026 World Cup, marking its third consecutive sponsorship [4] - Yongjia Group (03322) specializes in manufacturing fan scarves and flags, positioning itself as a core enterprise in the Yiwu supply chain [5] - Rainbow International Group (02678) supplies high-quality fabrics for football apparel related to the World Cup [6]