FF301 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 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11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 | 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 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01070 | TCL电子 | 11.100 | 3.64% | | 06690 | 海尔智家 | 27.340 | 2.01% | | 00300 | 美的集团 | 91.500 | 1.16% | | 00921 | 海信家电 | 26.540 | 0.53% | 本文源自：格隆汇 消息上，岁末年初之际，家电股作为高股息板块正受到市场高度关注。广发证券最新研究显示，港股通 高股息全收益指数即将进入一年中日历效应最为显著的阶段(12月至次年1月中旬)，历史数据显示该时 期获得绝对收益和超额收益的概率较高，收益率表现也相对可观。在当前市场环境下，布局港股通高股 息板块，或将成为投资者把握年末年初投资机会、增厚收益的有效策略。华创证券亦指出，展望2026 年，家电板块将展现出独特的投资价值。 12月3日，港股家电股逆势上涨，其中，TCL电子涨近4%领衔，且近日走出反转行情，海尔智家涨 2%，美的集团涨超1%续创阶段新高，海信家电跟涨。 ...

| 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 01070 | TCL电子 | 11.100 3.64% | | 06690 | 海尔智家 | 27.340 2.01% | | 00300 | 美的集团 | 91.500 1.16% | | 00921 | 海信家电 | 26.540 0.53% | 港股家电股逆势上涨，其中，TCL电子涨近4%领衔，且近日走出反转行情，海尔智家涨2%，美的集团 涨超1%续创阶段新高，海信家电跟涨。 消息上，岁末年初之际，家电股作为高股息板块正受到市场高度关注。广发证券最新研究显示，港股通 高股息全收益指数即将进入一年中日历效应最为显著的阶段(12月至次年1月中旬)，历史数据显示该时 期获得绝对收益和超额收益的概率较高，收益率表现也相对可观。在当前市场环境下，布局港股通高股 息板块，或将成为投资者把握年末年初投资机会、增厚收益的有效策略。华创证券亦指出，展望2026 年，家电板块将展现出独特的投资价值。 ...

12月2日，港股家电股普遍上涨，其中，TCL电子、海信家电涨近3%，美的集团涨2%刷新阶段新高， 海尔智家涨1.8%，JS环球生活涨超1%。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 消息上，华创证券研报指出，展望2026年，认为家电板块兼具价值和成长属性。价值属性：2025年基金 持仓家电比例下降，估值有所回落，家电龙头企业分红意愿强，股息率高，具备高配置属性；2）成长 属性：2026年国补退坡短期对内销或有所冲击，但海外家电销售保持高景气，家电企业积极开拓多元业 务，都将支撑家电企业增长。 白电方面，龙头企业积极开拓新兴市场，有望打开新增长曲线，同时业绩确定性较高，股息率较高，估 值较低，该行推荐美的集团、海尔智家、格力电器、海信家电。厨电方面，头部企业现金流状况较好， 具备高股息属性，且未来拓展海外市场存在增量空间，推荐老板电器、华帝股份。 | 代码 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01070 | TCL电子 | (0) | 10.430 | 2.76% | | 00921 | 海信家电 | | 26.4 ...

港股家电股普遍上涨，其中，TCL电子、海信家电涨近3%，美的集团涨2%刷新阶段新高，海尔智家涨 1.8%，JS环球生活涨超1%。 白电方面，龙头企业积极开拓新兴市场，有望打开新增长曲线，同时业绩确定性较高，股息率较高，估 值较低，该行推荐美的集团、海尔智家、格力电器、海信家电。厨电方面，头部企业现金流状况较好， 具备高股息属性，且未来拓展海外市场存在增量空间，推荐老板电器、华帝股份。 消息上，华创证券研报指出，展望2026年，认为家电板块兼具价值和成长属性。价值属性：2025年基金 持仓家电比例下降，估值有所回落，家电龙头企业分红意愿强，股息率高，具备高配置属性；2）成长 属性：2026年国补退坡短期对内销或有所冲击，但海外家电销售保持高景气，家电企业积极开拓多元业 务，都将支撑家电企业增长。 | 代码 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01070 | TCL电子 | O | 10.430 | 2.76% | | 00921 | 海信家电 | | 26.460 | 2.64% | | 00300 | 美的集团 | | 90.700 ...

新浪财经整理管泉森最新观点如下： 专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，家用电器行业第一名为国联民生证券管泉森团队。 龙头订单积极、拐点可期，关注外销向上趋势 除了本次双十一表现，有望为家电后续内需韧性强化信心外，我们认为家电外销的拐点也值得关注，从 今年三季度情况看，尽管外销整体仍存在高基数压力，但是部分家电公司海外业务出现了环比改善迹 象，考虑10月末中美贸易谈判取得积极进展，龙头全球化经营持续兑现，抢出口库存消化，我们认为后 续外销改善有望延续；智能类家电海外渗透方兴未艾、三季度延续高增长，后续结构性景气有望持续。 在上述基础上，随着全球产能布局愈加完善，龙头对贸易风险应对空间有望更加充裕；结构升级和提质 增效并行，海外业务利润率存在改善空间。综上，我们认为出口已在筑底过程中，结合龙头公司在手订 单情况，拐点可期、关注向上趋势。 维持行业"强于大市"评级 双十一家电行业韧性收官，政策支撑与结构红利并行，龙头巩固优势赛道地位的同时，积极拓展增量。 展望后续，年度维度内销基数并不高、压力或有限，外销或在消 ...

Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning, refrigerators, and washing machines Key Points and Arguments Market Conditions - The central air conditioning business is under pressure in the real estate market, particularly in the refined decoration sector, with a potential decline of 15-20% expected [2][5] - Domestic sales (C-end and public construction) are anticipated to see slight growth, while external sales of refrigerators and washing machines are projected to grow in double digits [2][4] - Orders for processing products are expected to show a turning point in December, with a return to positive growth by the end of 2026 or early 2027 [2][3][5] Financial Performance and Projections - The company faces challenges in achieving its annual performance targets, aiming to unlock nearly 100% of its equity incentive goals [2][5] - For 2026, domestic sales will focus on enhancing product strength and cost competitiveness, while external sales are expected to grow by over 10% with improved profit margins [2][5] - The net profit margin for the central air conditioning business is stable, estimated between 6-10% [4][12] Strategic Initiatives - The company plans to enhance its foundational capabilities by reducing SKU counts, integrating R&D platforms, and improving procurement efficiency to boost single product profitability [2][6] - Expansion of proprietary channel stores and strengthening of lower-tier channel construction are key strategies [2][7] - The company is optimistic about long-term growth in emerging markets, driven by increasing appliance penetration and favorable demographic trends [4][10] External Market Dynamics - The impact of national subsidy policy reduction on price competition is not straightforward; the company does not expect significant price increases despite subsidy reductions [6] - The company is focusing on structural products that benefit from subsidies, such as high-end air conditioning and fresh air systems [7] Profitability and Cost Management - External sales profitability recovery is primarily driven by gross margin improvements, with a 0.5 percentage point increase in profit margin expected, of which 0.3 percentage points come from cost reduction and efficiency improvements [8] - The processing product orders are gradually reducing inventory, indicating a potential recovery in sales [9] Regional Performance - The European market accounts for over 30% of the overall structure for air conditioning and refrigerators, with emerging markets like ASEAN and Central-South America showing significant growth potential despite seasonal fluctuations [10][11] - The company aims to increase overseas revenue contribution to over 20% within 3 to 5 years, leveraging new production capabilities [11] Future Outlook - The company anticipates a modest growth in the C-end market for new housing and second-hand demand, with a projected growth of around 10% in 2025 and single-digit growth in 2026 [18] - The new fresh air conditioning products are expected to have a gross margin advantage of at least 10 percentage points over non-fresh air products [21] Shareholder Returns - The company plans to maintain a minimum dividend payout ratio of 50% and will consider increasing this ratio in the future [17] Additional Important Insights - The company is actively working on balancing cooperation and competition with Midea, focusing on resource optimization and market penetration strategies [15][16] - The integration of logistics and procurement strategies with Midea is progressing well, although details on overseas collaborations remain limited [14]

文 丨 《BUG》栏目 周文猛 在她掌权期间，海信家电先后发布了三个季度的财务数据。《BUG》栏目统计发现，仅看2022年-2025 年前三季度数据，今年的营收增速和扣非净利润增速均创新低，且大幅低于往年同期。 从去年11月21日当选董事长至今，80后"女帅"高玉玲掌舵海信家电已满一年。 此外，知情人士向《BUG》栏目透露，海信家电冰洗业务核心领导人尹志新，目前已升任海信集团中 国区总裁，同时他在海信家电冰洗业务板块仍有挂职，也在参与业务管理。这意味着，被誉为高玉 玲"左膀右臂"的三位核心人物，目前均已身兼要职。针对尹志新的职位变化，海信方面暂未作出回应。 从管理业务营收表现来看，在较出色的业绩增长下，尹志新喜获升迁也在情理之中。不过，对于尹志新 职务调整一事，截至发稿海信方面并未回应《BUG》栏目问询，也未进行更多公开解释。 执掌一年，同期增速最低 "左膀右臂"升迁 去年11月21日，海信家电宣布时任公司董事长代慧忠因达到退职年龄不再担任董事长职务，董事会全票 通过选举高玉玲担任公司新董事长。伴随这一公告的发布，海信家电正式步入"高玉玲时代"。 而在高玉玲当选董事长后，一系列的海信家电高层人员变动也随之发生 ...

出品 / 新浪科技（ID:techsina） 作者 / 张俊 从去年11月21日当选董事长至今，80后"女帅"高玉玲掌舵海信家电已满一年。 在她掌权期间，海信家电先后发布了三个季度的财务数据。《BUG》栏目统计发现，仅看2022年-2025年前三季度数据，今年的营收增速和扣非净利润增 速均创新低，且大幅低于往年同期。 此前据媒体报道，加盟海信家电并出任空气产业（筹）总裁的原美的集团副总裁殷必彤被选举为职工代表董事并进入战略委员会和ESG委员会，进入海信 家电核心管理层。此外，被视作高玉玲加码出海战略的重要人物——方雪玉，也被提名为执行董事候选人，当选后方雪玉将补选为董事会战略委员会委 员。 而据《BUG》栏目获悉，尹志新的职位也有新调整，目前其最新的身份是海信集团中国区总裁。 此外，知情人士向《BUG》栏目透露，海信家电冰洗业务核心领导人尹志新，目前已升任海信集团中国区总裁，同时他在海信家电冰洗业务板块仍有挂 职，也在参与业务管理。这意味着，被誉为高玉玲"左膀右臂"的三位核心人物，目前均已身兼要职。针对尹志新的职位变化，海信方面暂未作出回应。 "左膀右臂"升迁 去年11月21日，海信家电宣布时任公司董事长代慧 ...