Share Price Information - The share price for the 2022 incentive plan was RMB 19.15 on the grant date of February 28, 2023[4]. - The share price for the 2022 holding plan was RMB 23.72 on the grant date of June 1, 2023[4]. - The reserved shares for the 2024 holding plan had a share price of RMB 29.37 on the grant date of July 15, 2024[4]. - The share price for the 2024 holding plan was RMB 28.28 on the grant date of July 10, 2024[4]. - The share price on the grant date for the 2024 equity incentive plan was RMB 28.28[17]. - The share price for the last grant before the reporting period was RMB 23.72[15]. Incentive Plans and Share Releases - A total of 6,397,866 shares were eligible for release under the second release period of the 2022 A-share incentive plan[11]. - The company approved the repurchase and cancellation of 755,634 shares due to various reasons including employee departures and performance assessments[11]. - The first release period allows for 40% of shares to be released after 12 months from the grant date[8]. - The second release period allows for 30% of shares to be released after 24 months from the grant date[8]. - The third release period allows for 30% of shares to be released after 36 months from the grant date[8]. - The company has established multiple incentive plans to align employee interests with shareholder value[10]. - The total number of unexercised shares granted under the 2024 equity incentive plan is 13,180,050 shares[16]. Unlock Periods - The first unlock period for shares is set at 12 months, allowing for 40% of the total shares to be unlocked[19]. - The second unlock period is at 24 months, allowing for 30% of the total shares to be unlocked[19]. - The third unlock period is at 36 months, allowing for another 30% of the total shares to be unlocked[19]. Shares Held by Employees and Executives - The total number of shares granted to key employees is 5,624,140 shares, with 2,459,630 shares unlocked during the reporting period[12]. - The total number of shares held by executives and directors is 1,854,000 shares, with 927,000 shares unlocked during the reporting period[12]. - The total number of shares held by the company’s executives as of June 30, 2025, is 7,478,140 shares[12]. - The total number of shares granted to the company’s executives under the 2024 plan is 200,000 shares each for two executives[16].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Core Viewpoint - Hisense Home Appliances has engaged in multiple financial product agreements with Yongcheng Insurance Asset Management, totaling RMB 1.738 billion, utilizing idle funds from the group [1] Group 1: Company Performance - As of November 21, 2025, Hisense Home Appliances' stock closed at 26.04 yuan, down 0.8% from the previous trading day, with a total market capitalization of 36.062 billion yuan [1] - The stock opened at 26.0 yuan, reached a high of 26.5 yuan, and a low of 25.99 yuan, with a trading volume of 2.61 billion yuan and a turnover rate of 1.09% [1] Group 2: Financial Product Agreements - The company entered into financial product agreements from March 6 to November 21, 2025, with a total subscription amount of RMB 1,738,000,000 [1] - The subscribing parties include the company and its subsidiaries, with the funds sourced from the group's own idle funds [1] - The financial products are classified as fixed-income types, with a risk rating of low to medium-low, and the expected annual yield is benchmarked against the central bank's one-year deposit rate [1]

股票代码：000921 股票简称：海信家电 公告编号：2025-068 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 11 月 21 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 2025 年 11 月 21 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 認購的永誠保險理財協議的主要條款概述如下： | | | ...

Core Viewpoint - Hisense Home Appliances (00921.HK) announced a financial agreement to invest in insurance products amounting to RMB 1.738 billion during the period from March 6, 2025, to November 21, 2025 [1] Group 1 - The company and its subsidiaries, including air conditioning marketing, Hisense Mould Company, Kelon Mould Company, kitchen and bathroom company, refrigerator marketing company, and Rongsheng Plastics Company, are involved in the subscription of the insurance financial products [1] - The total subscription amount for the insurance financial products is RMB 1.738 billion [1]

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a financial investment in insurance products amounting to RMB 1.738 billion, indicating a strategic move to enhance financial stability and investment returns [1] Group 1: Investment Details - The investment period for the insurance financial products is set from March 6, 2025, to November 21, 2025 [1] - The total subscription amount for the insurance financial products is RMB 1.738 billion [1] Group 2: Involved Entities - The investment involves Hisense Home Appliances and its subsidiaries, including the air conditioning marketing company, Hisense Mould Company, Kelon Mould Company, kitchen and bathroom company, refrigerator marketing company, and Rongsheng Plastic Company [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription to a financial product from Yongcheng Insurance, with a total investment amounting to RMB 1.738 billion, scheduled between March 6, 2025, and November 21, 2025 [1] Group 1 - The company and its subsidiaries, including air conditioning marketing, mold companies, kitchen and bathroom companies, refrigerator marketing, and plastic companies, are involved in the subscription [1] - The total subscription amount for the financial product is RMB 1.738 billion [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 董事會宣佈，於 2025 年 3 月 6 日至 2025 年 11 月 21 日期間，本公司及本公司的附屬公司 空調營銷公司、海信模具公司、科龍模具公司、廚衛公司、冰箱營銷公司及容聲塑膠公司 （作為認購方）訂立永誠保險理財協議，以認購永誠保險理財產品，認購金額為人民幣 1,738,000,000 元。 本集團使用自有閒置資金支付該等永誠保險理財協議下的認購金額。 每份永誠保險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，當該等永誠保險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，該等永 ...

Market Overview - The white goods sector increased by 0.66% on November 20, with Hisense Home Appliances leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Hisense Home Appliances (000921) closed at 26.25, up 1.35% with a trading volume of 73,200 shares and a turnover of 191 million yuan [1] - Haier Smart Home (600690) closed at 26.79, up 1.02% with a trading volume of 286,200 shares and a turnover of 769 million yuan [1] - Midea Group (000333) closed at 77.94, up 0.70% with a trading volume of 261,900 shares and a turnover of 2.05 billion yuan [1] - Gree Electric Appliances (000651) closed at 40.35, up 0.47% with a trading volume of 332,900 shares and a turnover of 1.35 billion yuan [1] - Whirlpool (600983) closed at 10.14, up 0.40% with a trading volume of 15,800 shares and a turnover of 1.6 million yuan [1] - Other notable performances include Changhong Meiling (000521) at 6.89, up 0.15%, and TCL Smart Home (002668) at 10.61, down 1.67% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 22.28 million yuan from institutional investors and 33.49 million yuan from retail investors, while retail investors had a net outflow of 55.77 million yuan [1] - Midea Group experienced a net inflow of 47.03 million yuan from institutional investors, while retail investors had a net outflow of 4.07 million yuan [2] - Hisense Home Appliances had a net inflow of 17.62 million yuan from institutional investors, with a significant net outflow from retail investors of 15.98 million yuan [2] - Gree Electric Appliances and TCL Smart Home both faced net outflows from institutional investors, indicating a shift in investor sentiment [2]

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