Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is experiencing a shift in competition dynamics, particularly in the white goods sector, with a notable increase in the proportion of mid-to-high-end consumption driven by national subsidies [1][2][4] - Price competition for flow models has eased, returning to levels seen in April, likely due to the seasonal decline in air conditioning demand [1][2][4] - Consumer demand is currently weak, with a notable impact from the expiration of subsidies in various regions, particularly in the southwest and eastern areas of China [2][3] Company Performance Midea Group - Midea's revenue growth is expected to be in the high single digits, around 10%, but profit growth may lag due to the consolidation of assets [1][6] - The company demonstrates strong operational resilience, effectively managing inventory to adjust to market conditions [6] Haier - Haier's revenue growth is projected at 7%-8%, with double-digit profit growth anticipated due to channel reforms and reduced expense ratios [1][7] - The Casarte brand continues to perform well under national subsidy policies, contributing positively to profitability [7] Hisense - Hisense is expected to see slight increases in both revenue and profit, although its central air conditioning business faces challenges [1][8] - The company has experienced a rebound in installation card growth since July, indicating a stabilization in price competition [2][4] TCL - TCL's revenue is expected to remain flat compared to last year, with profit also stabilizing due to high base effects from the previous year [1][9] Hailong Cold Chain - Hailong Cold Chain's revenue is expected to match the first half of 2025, with strong growth in refrigeration and exports [1][10] Market Dynamics Mini LED Technology - The penetration rate of Mini LED technology has slightly decreased, influenced by subsidy reductions and cost adjustments in electronic modules [1][11] - Despite this, product iterations are expected to support higher selling prices [11] Small Appliances - The small appliance sector is witnessing significant growth, particularly in cleaning devices like robotic vacuums, with companies like Stone Technology reporting an 80% revenue growth and a 50% profit increase [1][14] - The kitchen small appliance market remains stable, with companies like Bear Electric projecting a 13% revenue increase, while New Bao is expected to face negative growth [1][15][16] Export Market - The export market is experiencing volatility, particularly in Europe and Latin America, with the latter entering its peak air conditioning sales season [3][5] - Chinese companies are shifting production to countries like Egypt and Thailand to mitigate tariff pressures [3][5] Future Outlook - The small appliance industry is expected to continue evolving, focusing on cost control and innovation to drive growth [1][17] - New product categories, such as washing robots, are anticipated to become significant growth drivers [17]

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） 有關關聯交易之補充公告 茲提述本公司於 2025 年 9 月 26 日刊發之公告（「該公告」），內容有關（其中包括）收購股 權之關連交易。除本公告另有界定者外，本公告所用詞彙應與該公告所界定者具有相同涵義。 董事會謹此向股東及潛在投資者提供以下有關收購事項的補充信息： 遵守上市規則 誠如該公告所披露，收購事項代價乃由股權轉讓協議各方經公平磋商後，參考目標公司的評估 價值及標的股權的持股比例而釐定。根據獨立估值師青島德銘資產評估有限公司（「獨立估值 師」）出具的評估報告（「評估報告」），採用收益法對目標公司進行評估後，目標公司股東 於評估基準日（即 2025 年 6 月 30 日）所持全部股權權益的評估值為人民幣 578,847,9 ...

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a subscription agreement for financial products with a total investment amount of 1.86 billion yuan [1] Group 1 - The subscription period for the financial products is from September 23, 2024, to October 16, 2025 [1] - The subscribing entities include the company's air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription agreement for financial products with a total investment amount of 1.86 billion yuan, involving its subsidiaries during the period from September 23, 2024, to October 16, 2025 [1] Group 1 - The company and its subsidiaries, including the air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company, are the subscribing parties [1] - The subscription is for financial products offered by Xingyin Wealth Management [1] - The total subscription amount is 1.86 billion yuan [1]

Core Viewpoint - Hisense Home Appliances (00921.HK) has entered into a financial agreement to invest in financial products amounting to RMB 1.86 billion using its idle funds [1] Group 1 - The investment period for the financial agreement is from September 23, 2024, to October 16, 2024 [1] - The agreement involves Hisense's subsidiaries, including the air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company as subscribers [1] - The total subscription amount for the financial products is RMB 1.86 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 2024 年 9 月 23 日至 2025 年 10 月 16 日期間，本公司及本公司的附屬公司 空調營銷公司、科龍模具公司及冰箱營銷公司（作為認購方）訂立興銀理財協議，以認購 興銀理財產品，認購金額為人民幣 1,860,000,000 元。 本集團使用自有閒置資金支付該等興銀理財協議下的認購金額。 每份興銀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，當該等興銀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，該等興銀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 ...

Group 1 - The core point of the article highlights the significant increase in sales for home appliance stocks in Hong Kong, with major companies like Midea Group, TCL Electronics, Hisense Home Appliances, and Haier Smart Home showing positive stock performance [1] - As of October 14, 2023, during JD.com's 11.11 shopping festival, orders for major categories including home appliances, mobile phones, and digital products saw over 70% year-on-year growth, indicating a strong market position for these sectors [1] - The upcoming Tmall Double 11 event, starting on October 15, 2023, is expected to offer substantial discounts, further driving consumer interest in large and small home appliances [1] Group 2 - Consumer purchasing intent for major home appliances (air conditioners, refrigerators, televisions) and upgraded small appliances (robot vacuums, projectors, high-end kitchen appliances) is notably strong during the Double 11 shopping festival, which is crucial for quarterly and annual revenue growth for appliance companies [1] - The stock performance of key players in the home appliance sector includes Midea Group up by 2.5%, TCL Electronics up by 1.12%, Hisense Home Appliances up by 1.08%, Haier Smart Home up by 1.07%, and JS Global Life up by 0.55% [1]

Core Viewpoint - Hisense Home Appliances (000921) announced a financial agreement to invest in a trust product, indicating a strategic move to enhance its financial management and investment portfolio [1] Group 1: Financial Agreement - The company and its subsidiaries, including the air conditioning marketing company, Guloni Company, and refrigerator marketing company, have entered into a financial agreement with Jingu Trust [1] - The total subscription amount for the trust product is RMB 1.739 billion [1] - The investment period for this agreement is set from May 27, 2025, to October 13, 2025 [1]

Core Viewpoint - Hisense Home Appliances has experienced fluctuations in stock performance, with a recent increase in share price but an overall decline this year, indicating mixed investor sentiment and market conditions [1][2]. Financial Performance - For the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.964 billion yuan, with 3.823 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 14, the stock price of Hisense Home Appliances was 25.96 yuan per share, with a market capitalization of 35.951 billion yuan [1]. - The stock has seen a year-to-date decline of 6.18%, a 5-day drop of 2.22%, a 20-day increase of 3.30%, and a 60-day increase of 2.65% [1]. Shareholder Information - As of June 30, the number of shareholders increased to 41,200, reflecting a 27.22% rise compared to the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 20.6541 million shares, and Southern CSI 500 ETF, which increased its holdings by 970,000 shares [3]. Business Overview - Hisense Home Appliances, established on April 21, 1997, and listed on July 13, 1999, is primarily engaged in the manufacturing and sales of refrigerators, air conditioners, and home appliances [1]. - The main revenue composition includes HVAC (48.02%), washing machines (31.20%), and other segments (20.78%) [1].

Company News - Yuanshan Group (00551.HK) reported a cumulative operating income of approximately $6.017 billion for the first nine months, a decrease of 1% year-on-year [2] - Baoshan International (03813.HK) recorded a cumulative operating income of 12.903 billion yuan for the first nine months, down 7.7% year-on-year [2] - Longyuan Power (00916.HK) achieved a cumulative power generation of 56,546,706 MWh in the first nine months, a decline of 0.53% year-on-year; excluding the impact of thermal power, there was a year-on-year increase of 13.81%, with wind power up 5.30% and solar power up 77.98% [2] Financial Performance - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 317 million tons for the first nine months, an increase of 5.56% year-on-year [3] - New China Life Insurance (01336.HK) expects net profit attributable to shareholders for the first three quarters to be between 29.986 billion yuan and 34.122 billion yuan, representing a year-on-year growth of 45% to 65% [3] - Jiangshan Holdings (00295.HK) reported a total power generation of approximately 238,787 MWh for the first nine months, a decrease of 4.83% year-on-year [3] - Morning News Technology (02000.HK) reported an unaudited revenue of 270 million HKD for the first nine months, down 7.6% year-on-year [3] - Dekang Agriculture and Animal Husbandry (02419.HK) sold approximately 7.5509 million pigs in the first nine months, with sales revenue of approximately 14.277 billion yuan [3] Drug Approvals and Developments - Hengrui Medicine (01276.HK) received a clinical trial approval notice for SHR-A2102, a targeted Nectin-4 antibody-drug conjugate (ADC) developed in-house; global sales for similar products are expected to reach approximately $1.949 billion in 2024 according to EvaluatePharma [3] - Hutchison China MediTech (00013.HK) plans to announce FRUSICA-2 registration study data at the 2025 European Society for Medical Oncology annual meeting [3] - CSPC Pharmaceutical Group (01093.HK) had its new drug application for Idaglutide α injection accepted by the National Medical Products Administration [3] Corporate Actions - Huazhen Medical (01931.HK) announced the acquisition of U.S. properties and the establishment of a U.S. subsidiary, ETHK BANK, to promote stablecoins and intellectual property securitization in the U.S. [3] - Lihigh Holdings (08472.HK) plans to invest 24 million HKD in cryptocurrency and commodities [3] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a financial product from Jingu Trust worth 1.739 billion HKD [3] Real Estate Performance - New Town Development (01030.HK) reported cumulative contract sales of 15.050 billion yuan for the first nine months, a decrease of 52.72% year-on-year [3] - Longfor Group (00960.HK) achieved total contract sales of 50.75 billion yuan in the first nine months [3] - CIFI Holdings Group (00884.HK) reported cumulative contract sales of approximately 13.06 billion yuan for the first nine months [3] - Ronshine China Holdings (03301.HK) reported contract sales of 3 billion yuan for the first nine months, down 45.3% year-on-year [3] - Yuzhou Group (01628.HK) reported cumulative sales of 4.913 billion yuan for the first nine months [3] - Yida China (03639.HK) reported contract sales of approximately 572 million yuan for the first nine months, down 24.74% year-on-year [3] Financing and Buyback Activities - Geely Automobile (00175.HK) was approved to issue debt financing instruments totaling no more than 10 billion yuan [3] - HSBC Holdings (00005.HK) repurchased 1.58 million HKD worth of shares at prices ranging from 102.2 to 103.77 HKD [3] - Xiaomi Group-W (01810.HK) repurchased 400 million HKD worth of shares at prices ranging from 47.82 to 50.55 HKD [3] - Shoucheng Holdings (00697.HK) repurchased 890 million HKD worth of shares at prices ranging from 2.21 to 2.27 HKD [3]