Group 1 - Hisense Home Appliances (00921.HK) announced a board meeting scheduled for October 28, 2025, to review and approve the unaudited third-quarter results for the period ending September 30, 2025 [1] - The board meeting will also address any other matters that may arise [1] Group 2 - Hisense Home Appliances (000921.SZ) plans to acquire equity and sell assets [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a financial agreement to subscribe to a trust product with a total investment amount of RMB 1.739 billion, indicating a strategic move to enhance its financial management and investment portfolio [1] Group 1 - The subscription period for the trust product is set from May 27, 2025, to October 13, 2025 [1] - The companies involved in the subscription include Hisense's air conditioning marketing company, Guoloni Company, and refrigerator marketing company [1] - The total subscription amount for the trust product is RMB 1.739 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. 董事會宣佈，於 2025 年 5 月 27 日至 2025 年 10 月 13 日期間，本公司及本公司的附屬公司 空調營銷公司、古洛尼公司及冰箱營銷公司（作為認購方）訂立金谷信託理財協議，以認 購金谷信託理財產品，認購金額為人民幣 1,739,000,000 元。 本集團使用自有閒置資金支付該等金谷信託理財協議下的認購金額。 每份金谷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，當該等金谷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，該等金谷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 本公司第十二屆董事會 2025 年第一次會議以及 20 ...

海信家電集團股份有限公司 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 部份內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 中國廣東省佛山市，2025年10月13日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方 雪玉女士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及 徐國君先生；及本公司的職工代表董事為殷必彤先生。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 1 1. 審議批准本公司及其附屬公司截至2025年9月30日未經審計的第三季度業 績；及 2. 處理任何其他事項（如有）。 海信家電集團股份有限公司 董事長 高玉玲 公告 董事會會議通知 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025 年10月28日（星期二）舉行董事會會議，以處理以下事項： 承董事會命 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Core Viewpoint - Hisense Home Appliances has experienced a decline in stock price and significant changes in shareholder structure, indicating potential challenges in the market and investor sentiment [1][2][3]. Stock Performance - The stock price of Hisense Home Appliances has dropped by 7.81% year-to-date, with a recent decline of 6.56% over the last five trading days [2]. - As of October 9, the stock was trading at 25.51 CNY per share, with a market capitalization of 35.328 billion CNY [1]. Financial Performance - For the first half of 2025, Hisense Home Appliances reported a revenue of 49.34 billion CNY, reflecting a year-on-year growth of 1.44%, and a net profit attributable to shareholders of 2.077 billion CNY, up by 3.01% [2]. Business Overview - Hisense Home Appliances, established in April 1997 and listed in July 1999, is primarily engaged in the manufacturing and sales of refrigerators, air conditioners, and home appliances [2]. - The company's main revenue sources are: HVAC (48.02%), washing machines (31.20%), and other segments (20.78%) [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 27.22% to 41,200, with an average of 0 shares per shareholder [2]. - The top circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 20.65 million shares [3].

Core Insights - Foshan, located in the heart of the Pearl River Delta, is a key city in the Guangdong-Hong Kong-Macao Greater Bay Area, with a GDP of 1.34 trillion yuan in the previous year, ranking third in Guangdong's economy [1] - The threshold for the "Top 100 Enterprises in Foshan 2025" list was set at 3.134 billion yuan, with a total revenue of 1.66905 trillion yuan, reflecting a year-on-year growth of 2.22% [1] - Total R&D investment reached 32.465 billion yuan, with an R&D intensity of 2.70%, an increase of 0.68 percentage points year-on-year [1] Regional Distribution - Nanhai District had 42 companies on the list, followed by Shunde District with 33, and other districts like Zen District (19), Sanshui District (5), and Gaoming District (1) [3] - Notable companies include ceramic firms like Keda, Arrow, Dongpeng, and household appliance companies such as Galanz, Newell, and Midea [3] Company Highlights - Xinghai Copper Aluminum Industry ranked fifth with a revenue of 49.425 billion yuan, focusing on non-ferrous metal trading [5] - Hongwang Group, a leader in the metal new materials industry, ranked fourth with a revenue of 60.592 billion yuan, producing stainless steel and other materials [5] - Hisense Home Appliances, ranked third, reported a revenue of 92.746 billion yuan, with significant growth in air conditioning and refrigerator sales [7] - Country Garden, in second place, had a revenue of 252.757 billion yuan, but faced a net loss of 32.835 billion yuan [7] - Midea Group topped the list with a revenue of 409.084 billion yuan, marking a year-on-year growth of 9.47% and leading in multiple categories [9] R&D and Innovation - Midea Group's R&D investment reached 16.233 billion yuan, accounting for 3.99% of sales revenue, with a significant increase in global patent applications [9] - The company has over 19,000 employees and operates more than 400 subsidiaries and 38 R&D centers globally [9] Summary of Key Companies - The top companies include: - Midea Group: 409.084 billion yuan revenue, leading in various categories [9] - Country Garden: 252.757 billion yuan revenue, but significant losses [7] - Hisense Home Appliances: 92.746 billion yuan revenue, strong performance in air conditioning and refrigerators [7] - Hongwang Group: 60.592 billion yuan revenue, leader in metal new materials [5] - Xinghai Copper Aluminum Industry: 49.425 billion yuan revenue, focusing on non-ferrous metals [5]

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: 2025年9月30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: 2025年10月6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 | ...

Market Performance - In the first half of 2025, the overall market capacity of the central air conditioning sector declined by 15.9% year-on-year, with traditional application scenarios like commercial and public buildings contracting by 5.6%[8] - The home air conditioning market saw retail volume and retail value increase by 28.5% and 24.9% year-on-year, respectively, driven by the old-for-new policy and rising demand for healthy air[9] - The domestic refrigerator market experienced a retail volume growth of 2.9% and a retail value growth of 3.9% in the first half of 2025, with high-end products (priced above 8000 RMB) seeing a retail value increase of 25.7%[10] - The washing machine market grew by 7.3% in retail volume year-on-year, supported by national subsidy policies encouraging appliance upgrades[12] - The global refrigerator export volume increased by 6.5%, while washing machine and air conditioning exports rose by 10% and 15.2%, respectively, in the first five months of 2025[14] Company Performance - The company holds over 20% market share in the multi-split air conditioning business, maintaining its leading position in the industry[16] - The company's home decoration business achieved a 13% year-on-year growth in scale, driven by innovative air solutions integrating five core functions with AI control[17] - The company signed contracts for old equipment renovation projects with a total value that increased by 110% year-on-year, highlighting its commitment to market expansion[20] - The company's energy-saving and low-carbon solutions in the water machine segment received the 2025 Refrigeration Exhibition Innovation Product Award, showcasing its technological advancements[21] - The company's revenue for the reporting period reached approximately RMB 49.34 billion, a year-on-year increase of 1.44%[50] Financial Highlights - Net profit attributable to shareholders was approximately RMB 2.08 billion, reflecting a year-on-year growth of 3.01%[50] - The net cash flow from operating activities surged by 153.43% to approximately RMB 5.32 billion compared to the previous year[50] - Total assets increased by 7.33% to approximately RMB 74.81 billion compared to the end of the previous year[50] - The gross profit margin for the manufacturing sector was 22.66%, a decrease of 0.01% compared to the previous year[62] - The company reported a net increase in cash and cash equivalents of RMB 1,075,732,900.97, reversing a decrease of RMB 127,424,266.33 from the previous year[57] Regional Performance - In the European region, revenue increased by 22.7%, with refrigerator market share rising by 1.75 percentage points[41] - The Americas region saw a revenue growth of 26.2%, with washing machine sales increasing by 71%[42] - The Middle East and Africa region reported a revenue increase of 22.8%, with air conditioning revenue growing by 28.9%[43] - The Asia-Pacific region's revenue grew by 14.5%, with washing machine sales increasing by 9%[44] Research and Development - The company has established over 20 provincial and national-level technology innovation platforms, focusing on smart, healthy, and energy-saving technology innovations[93] - The company achieved a 16.8% improvement in overall operational energy efficiency for home air conditioning systems, enhancing user comfort[94] - The company developed a dual-direction fresh air exchange technology, improving fresh air replacement efficiency by 21%[94] - The company has made breakthroughs in key technologies for centrifugal compressors, achieving international leading levels in energy efficiency and operational reliability[94] - The company continues to focus on research and development in home appliances, including air conditioning and refrigeration systems, to enhance its market position[166] Corporate Governance - The company has not experienced any bankruptcy reorganization matters during the reporting period[127] - The board of directors has confirmed that there are no overdue commitments from major shareholders during the reporting period[126] - The company has no major properties, factories, or equipment pledged as collateral for borrowings as of June 30, 2025[119] - There were no significant changes in the information of directors, supervisors, and senior management during the reporting period[137] - The financial report for the half-year period was not audited[140] Shareholder Information - As of June 30, 2025, the company's total issued share capital is 1,385,616,805 shares, with A shares accounting for 66.83% (926,026,997 shares) and H shares for 33.17% (459,589,808 shares)[120] - The top ten shareholders hold a total of 1,066,000,000 shares, representing 76.94% of the company's issued share capital, with Qingdao Hisense Air Conditioning Co., Ltd. holding 37.29% (516,758,670 shares)[121] - The company has a total of 41,209 shareholders as of June 30, 2025[121] - The company declared a final dividend of RMB 12.30 per 10 shares for the year ending December 31, 2024, totaling approximately RMB 1.7 billion distributed to shareholders[135] - The company did not declare an interim dividend for the reporting period, consistent with the previous year[136] Risk Management - The group faced significant risks including macroeconomic fluctuations, rising costs, and exchange rate volatility, which could impact consumer demand and profitability[103] - The group has implemented strategies to enhance its resilience against economic challenges, including high-end product transformation and deep development in emerging markets[102] - The group utilized financial instruments such as import and export financing and forward contracts to hedge against exchange rate risks during the reporting period[114] - The company established a foreign exchange risk management team to monitor and manage currency exposure effectively[76] - The company has maintained its commitment to sustainable operations, with no significant doubts regarding its ability to continue as a going concern for the next 12 months[169]

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]