Core Viewpoint - Hisense Home Appliances (00921) announced a subscription to a trust financial product from COFCO Trust, with a total investment amount of RMB 2.035 billion, scheduled between January 14 and January 22, 2026 [1] Group 1 - The company and its subsidiaries, including the air conditioning company, Kelon Mould Company, and refrigerator marketing company, are involved in the subscription [1] - The investment is part of a financial strategy to enhance the company's financial management and investment portfolio [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 2026 年 1 月 14 日至 2026 年 1 月 22 日期間，本公司及本公司的附屬公司 空調公司、科龍模具公司及冰箱營銷公司（作為認購方）訂立中糧信託理財協議，以認購 中糧信託理財產品，認購金額為人民幣 2,035,000,000 元。 本集團使用自有閒置資金支付該等中糧信託理財協議下的認購金額。 每份中糧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，當該等中糧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，該等中糧信託理財協議下的交 易按合併計算基準構成 ...

智通财经APP讯，海信家电(00921)发布公告，于2025年7月16日至2026年1月20日期间，公司的附属公司空调营销公司及冰箱营销公司(作为认购方)订立华能 信托理财协议，以认购华能信托理财产品，认购金额为人民币18.15亿元。 ...

股票代码：000921 股票简称：海信家电 公告编号：2026-002 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 2026 年 1 月 20 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 每份華能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，當該等華能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，該等華能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。 2026 年 1 月 20 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 ...

Core Viewpoint - Hisense Home Appliances (00921) announced a financial agreement to invest in a trust product, indicating a strategic move to enhance its financial portfolio and liquidity management [1] Group 1: Investment Details - The company’s subsidiary, the Air Conditioning Marketing Company and the Refrigerator Marketing Company, will subscribe to the Huaneng Trust financial product [1] - The total subscription amount is set at RMB 1.815 billion [1] - The subscription period is from July 16, 2025, to January 20, 2026 [1]

格隆汇1月20日丨海信家电(00921.HK)发布公告，2025年7月16日至2026年1月20日期间，公司的附属公 司空调营销公司及冰箱营销公司(作为认购方)订立华能信托理财协议，以认购华能信托理财产品，认购 金额为人民币18.15亿元。集团使用自有闲置资金支付该等华能信托理财协议下的认购金额。 ...

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 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。 董事會宣佈，於 2025 年 7 月 16 日至 2026 年 1 月 20 日期間，本公司的附屬公司空調營銷 公司及冰箱營銷公司（作為認購方）訂立華能信託理財協議，以認購華能信託理財產品， 認購金額為人民幣 1,815,000,000 元。 本集團使用自有閒置資金支付該等華能信託理財協議下的認購金額。 每份華能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，當該等華能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，該等華能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 ...

Core Viewpoint - The "Guangdong Goods Going Global" spring initiative aims to enhance consumer spending and expand the influence of Guangdong products, showcasing over 30 home appliance companies and their products through live streaming and on-site sales [1][3]. Group 1: Event Overview - The event took place on January 15 at the Shunde Tanzhou Convention and Exhibition Center, featuring major brands like Midea, Gree, Galanz, and Hisense [1][3]. - Sales during the live broadcast exceeded 100,000 yuan within three hours, indicating a 100% increase compared to regular sales [1][3]. Group 2: Evolution of Guangdong Goods - Guangdong goods have evolved from basic necessities to high-quality products, reflecting a shift in consumer demand from mere survival to quality and innovation [3][4]. - The evolution is characterized by three main trends: smart technology, green competitiveness, and aesthetic manufacturing [3][4]. Group 3: Strategic Changes - The Guangdong industry is transitioning from OEM to brand development, supply chain optimization, and international standards, enhancing the value proposition of Guangdong products [4]. - The initiative emphasizes not just product sales but also the transmission of quality confidence and brand value [4]. Group 4: Sales and Marketing Strategies - The initiative includes government subsidies, corporate discounts, and platform support, with companies like Gree offering up to 15% discounts and other brands providing various promotional offers [6]. - The event's success is attributed to the continuous optimization of Guangdong's industrial structure and product quality, with the home appliance sector alone exceeding 1 trillion yuan in scale [7][8]. Group 5: Regional Manufacturing Strength - Foshan was chosen as the launch site due to its concentration of advantageous manufacturing industries, contributing significantly to global production of microwaves and water heaters [8]. - The region has produced major brands like Midea and Galanz, as well as smaller innovative companies, forming a robust industrial cluster [8]. Group 6: Technological and Aesthetic Innovations - Companies are focusing on smart technology and green solutions, with products like Gree's AI-powered air conditioners and Galanz's energy-efficient appliances leading the way [11][12]. - The integration of technology and aesthetics is transforming products from mere tools to expressions of emotional and aesthetic value, enhancing user experience [13][14]. Group 7: Future Directions - Guangdong plans to continue its promotional efforts with a weekly focus on different product categories, aiming to cover all consumer needs and enhance the global reach of its products [9][14]. - The integration of cutting-edge technology, green practices, and aesthetic design is seen as essential for maintaining competitiveness in the global market [14].

Core Viewpoint - The "Guanghuo Hang Tianxia" spring campaign was officially launched in Foshan, marking the beginning of a large-scale online promotion initiative for Guangdong in 2026, starting with a home appliance special event [1] Group 1: Event Overview - The campaign features over 30 home appliance companies and industry associations from Guangdong, showcasing quality products and engaging in live-streaming sales to enhance the influence of "Guanghuo" [1] - The home appliance special is the starting point, with plans to expand to more advantageous industrial clusters in Guangdong in the future [1] Group 2: Company Insights - Hisense, represented by its Shunde Park General Manager Zou Hong, highlighted the company's history of innovation, including the first dual-door refrigerator and the first split air conditioner in China [1] - Zou emphasized the importance of technological advancement and quality improvement as a long-term development path for Hisense [1] - The collaborative advantage of Guangdong's industry was noted, where the presence of complete machine needs leads to the emergence of supporting parts industries, contributing to rapid industrial development in the region [1]

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.