Group 1 - The core viewpoint of the article highlights the collective rise of Hong Kong's home appliance stocks, with Haier Smart Home increasing over 5% and other companies like Skyworth Group and Hisense Home Appliances also showing gains [1] - According to Guosen Securities, China's home appliance retail sales in August experienced a year-on-year growth of 14.3%, although the growth rate has slowed compared to the previous month, indicating a still positive growth trend [1] - The report notes that with the arrival of the third batch of national subsidy funds, offline home appliance retail has seen an increase in growth, while online sales for essential categories have slowed down, but optional categories like robotic vacuum cleaners and floor washers continue to grow rapidly [1] Group 2 - The article mentions that Chinese home appliance companies are accelerating their capacity expansion overseas, particularly in Southeast Asia, which is expected to impact the growth rate of home appliance exports from China [1] - It is anticipated that as tariff policies become clearer, China's home appliance exports are likely to return to a stable growth path, indicating significant potential for the overseas development of home appliances [1] - The stock performance of major home appliance companies is as follows: Haier Smart Home at 26.940 with a rise of 4.91%, Skyworth Group at 4.480 with a rise of 2.75%, Hisense Home Appliances at 22.760 with a rise of 2.71%, Midea Group at 85.950 with a rise of 1.66%, and TCL Electronics at 9.900 with a rise of 0.61% [1]

Core Viewpoint - Hisense Home Appliances Group Co., Ltd. has announced the subscription of wealth management products using its idle funds, aiming to enhance capital efficiency and increase cash asset returns [3][5][7]. Group 1: Announcement Details - The company disclosed the subscription of wealth management products on September 16, 2025, in compliance with the Shenzhen Stock Exchange's rules for simultaneous disclosure [1][3]. - The board approved the use of up to RMB 23 billion for low to medium-risk investments through various financial institutions [3][7]. Group 2: Subscription Specifics - The company and its subsidiaries subscribed to the wealth management products from Shanghai Pudong Development Bank, with a total subscription amount of RMB 1.97 billion [5][6]. - The wealth management agreements are considered independent transactions and do not constitute a disclosure requirement under the listing rules [8]. Group 3: Rationale and Benefits - The investment in wealth management products is expected to improve the efficiency of idle funds without negatively impacting the company's daily operations or the interests of minority shareholders [7]. - The board believes that the subscription is conducted on fair commercial terms and aligns with the overall interests of the company and its shareholders [7].

股票代码：000921 股票简称：海信家电 公告编号：2025-061 2025 年 9 月 16 日 1 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。 海信家电集团股份有限公司（「本公司」）于 2025 年 9 月 16 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 本集團使用自有閒置資金支付該等浦銀理財協議下的認購金額。 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） 每份浦銀理財協議本身並不構成本 ...

Core Viewpoint - Hisense Home Appliances (00921.HK) has announced a subscription agreement for wealth management products with a total investment amount of RMB 1.97 billion, utilizing its idle funds [1] Group 1 - The subscription period for the wealth management agreement is from January 17, 2025, to September 16, 2025 [1] - The companies involved in the subscription include the air conditioning marketing company, (Beijing) electrical company, Qingdao Yiyang company, refrigerator marketing company, and SanDian (China) company [1] - The investment will be funded using the company's own idle funds [1]

Core Viewpoint - Hisense Home Appliances (000921)(00921) has entered into a financial agreement to subscribe to a wealth management product with a total investment amount of RMB 1.97 billion, scheduled between January 17, 2025, and September 16, 2025 [1] Group 1 - The company and its subsidiaries, including the air conditioning marketing company, Beijing appliance company, Qingdao Yiyang company, refrigerator marketing company, and SanDian (China) company, are involved in this subscription [1] - The subscription is specifically for wealth management products offered by Pudong Development Bank [1]

Group 1 - Hisense Home Appliances (00921.HK) announced a subscription agreement for wealth management products with a total subscription amount of RMB 1.97 billion [1] - The subscription period is from January 17, 2025, to September 16, 2025 [1] - The group will use its own idle funds to pay for the subscription amount under the wealth management agreement [1]

Core Viewpoint - Hisense Home Appliances (00921) has entered into a financial agreement to subscribe to a wealth management product with a total investment amount of RMB 1.97 billion during the period from January 17, 2025, to September 16, 2025 [1] Group 1 - The company and its subsidiaries, including the air conditioning marketing company, (Beijing) electrical company, Qingdao Yiyang company, refrigerator marketing company, and SanDian (China) company, are involved in this subscription [1] - The subscription is specifically for wealth management products offered by Pudong Development Bank [1]

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 本公司第十二屆董事會 2025 年第一次會議以及 2024 年股東周年大會已分別於 2025 年 3 月 28 日以及 2025 年 6 月 25 日審議批准了本公司《關於以自有閒置資金進行委託理財的議案》， 同意本公司在控制投資風險的前提下，以提高資金使用效率、增加現金資產收益為原則，使 用自有閒置資金合計不超過人民幣 230 億元委託商業銀行、信託公司、證券公司、基金公司、 保險公司、資產管理公司等金融機構進行短期中低風險投資理財。 茲提述該等浦銀理財協議，關於本公司及其附屬公司（作為認購方）於 2024 年 12 月 16 日至 2025 年 1 月 16 日期間向浦發銀行及其附屬公司（作為發行人 ...

Core Insights - Goldman Sachs reports that the Chinese air conditioning market remains attractive due to high market consolidation, strong profitability of leaders, and balanced supply-demand dynamics [1] Industry Overview - The competition among Xiaomi Group-W (01810) and industry leaders is linked to the overall efficiency of the industry value chain, from supply chain and manufacturing to distribution networks [1] - Increased competition is expected to enhance industry efficiency and potentially reduce the profit pool [1] Company Ratings - Goldman Sachs maintains a "Buy" rating for Midea Group (000333), Haier Smart Home (600690), Hisense Home Appliances (000921), and Xiaomi [1] - The rating for Gree Electric Appliances (000651.SZ) is downgraded from "Buy" to "Neutral" due to weakened demand and intensified competition affecting growth prospects, although a projected dividend yield of 7 cents provides valuation support [1] Company Performance Expectations - Midea is anticipated to be the most resilient manufacturer, leveraging its global leading production advantages and continuously improving distribution efficiency to potentially increase market share [1] - Gree's profitability is expected to be most impacted among peers, given the company's reliance on the Chinese market [1] - Xiaomi is projected to become a leading player in second-tier cities, with a mid-term market share expected to rise to approximately 10%, benefiting from its distribution network, product ecosystem, and improved production capabilities [1] - Further market share growth will depend on strategies related to mid-to-high-end products and offline channels [1]

Core Viewpoint - The Chinese air conditioning market remains attractive due to high market consolidation, strong profitability of leaders, and balanced supply-demand dynamics [1] Industry Summary - The competition among Xiaomi Group-W (01810) and industry leaders is linked to the overall efficiency of the industry value chain, from supply chain and manufacturing to distribution networks [1] - Increased competition is expected to enhance industry efficiency and potentially reduce profit pools [1] Company Summary - Goldman Sachs maintains a "Buy" rating for Midea Group (00300), Haier Smart Home (06690), Hisense Home Appliances (00921), and Xiaomi, while downgrading Gree Electric Appliances (000651.SZ) from "Buy" to "Neutral" due to weakened demand and intensified competition affecting growth prospects [1] - Midea is anticipated to be the most resilient manufacturer, leveraging its global production advantages and continuous improvement in distribution efficiency to potentially increase market share [1] - Gree's profitability is expected to be most impacted among peers, given its reliance on the Chinese market [1] - Xiaomi is projected to become a leading player in second-tier cities, with a mid-term market share expected to rise to approximately 10%, benefiting from its distribution network, product ecosystem, and improved production capabilities [1] - Further market share growth will depend on strategies related to mid-to-high-end products and offline channels [1]