股票代码：000921 股票简称：海信家电 公告编号：2024-079 海信家电集团股份有限公司 2024 年 A 股员工持股计划第一次持有人会议决议的公告 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」）2024 年 A 股员工持股计划（「本次持股 计划」）第一次持有人会议于 2024 年 8 月 30 日以通讯方式召开。本次会议由董事会秘 书张裕欣女士召集并主持。出席本次会议表决的持有人为 24 人，代表本公司 2024 年 A 股员工持股计划份额10,014,620份，占本公司2024年A股员工持股计划总份额的72%。 会议的召开符合本公司《2024 年 A 股员工持股计划》《2024 年 A 股员工持股计划管理 办法》（「持股计划管理办法」）的相关规定，会议决议合法有效。经与会持有人认真 审议，会议形成以下决议： 一、审议及批准《关于设立 2024 年 A 股员工持股计划管理委员会的议案》 反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 0 份，占出席持有人 会议的持有人所持份额总数的 0%。 为 ...

Financial Performance - Total operating revenue for the first half of 2024 reached RMB 48.64 billion, a 13.5% increase from RMB 42.94 billion in the same period of 2023[6]. - Total operating costs increased to RMB 46.21 billion, up 14.1% from RMB 40.47 billion year-over-year[7]. - Operating profit for the first half of 2024 was RMB 3.36 billion, representing a 20.9% increase compared to RMB 2.78 billion in the first half of 2023[7]. - Net profit for the first half of 2024 was RMB 3.03 billion, a 21.9% increase from RMB 2.49 billion in the same period of 2023[7]. - Basic earnings per share for the first half of 2024 were RMB 1.48, compared to RMB 1.09 in the first half of 2023, reflecting a 36% increase[8]. - The company's profit for the period was RMB 3.50 billion, compared to RMB 2.96 billion in the previous year, marking a growth of 17.9%[14]. - Net profit attributable to shareholders was ¥2,015,831,383.14, reflecting a growth of 34.61% from ¥1,497,562,724.59 year-on-year[73]. Assets and Liabilities - As of June 30, 2024, the total assets of Hisense Home Appliances Group amounted to RMB 70.72 billion, an increase from RMB 65.95 billion as of January 1, 2024, representing a growth of approximately 7.5%[4]. - The total current assets reached RMB 49.93 billion, up from RMB 45.14 billion, indicating a growth of about 10.5%[4]. - The total liabilities increased to RMB 51.71 billion from RMB 46.55 billion, which is an increase of about 11.6%[5]. - The company's equity attributable to shareholders reached RMB 14.16 billion, up from RMB 13.58 billion, showing a growth of approximately 4.3%[5]. - The company's debt-to-asset ratio as of June 30, 2024, is 73.12%, slightly down from 73.38% on June 30, 2023[85]. Revenue Breakdown - The company's main business income was RMB 43.53 billion, up from RMB 38.70 billion year-on-year, reflecting a growth of 12.3%[20]. - Domestic revenue for the first half of 2024 was RMB 25.33 billion, compared to RMB 24.47 billion in the same period of 2023, indicating a growth of 3.5%[16]. - Overseas revenue increased significantly to RMB 18.21 billion, up 28.0% from RMB 14.24 billion year-on-year[16]. - The overseas white goods business generated revenue of 14.78 billion yuan, a year-on-year increase of 36.91%[61]. Market Trends - The domestic central air conditioning market saw a 5% decline in overall market capacity in the first half of 2024, indicating a shift from growth to upgrading in the industry[32]. - The retail volume of the home air conditioning market decreased by 10.8% year-on-year in the first half of 2024, with retail sales value down by 13.7%[33]. - The domestic refrigerator market experienced a retail volume increase of 0.8% and a retail value increase of 0.4% in the first half of 2024, indicating a slight recovery in demand[35]. - The washing machine market in China saw a retail volume increase of 6.2% year-on-year, with retail sales growing by 3.8%[36]. - The kitchen appliance market experienced a retail volume growth of 0.5% year-on-year, but retail sales declined by 2.3%[37]. Research and Development - Research and development expenses rose to RMB 1.64 billion, up 32.2% from RMB 1.24 billion in the first half of 2023[7]. - The company is actively involved in the development of new technologies and products, enhancing its competitive edge in the market[96]. - The company aims to enhance operational quality by focusing on user needs, strengthening R&D capabilities, and optimizing sales structure[82]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[2]. - The company is focusing on energy-saving renovation projects as a new development opportunity in the central air conditioning sector, driven by government initiatives[32]. - The company is committed to advancing its manufacturing strategy, enhancing lean production systems, and improving automation levels across factories[72]. - The company is poised for future growth, leveraging its strong market position and innovative product pipeline[96]. Shareholder Returns - The company approved a final dividend of RMB 10.13 per 10 shares for the year ending December 31, 2023, totaling approximately RMB 1.4 billion distributed to shareholders[31]. - The company did not declare an interim dividend for the reporting period, consistent with the previous year[31]. Risks and Challenges - The company faces risks from macroeconomic fluctuations and rising costs of raw materials, which could impact consumer demand for home appliances[81]. - The company faced risks from rising labor and shipping costs, which could negatively impact profitability[82]. Operational Efficiency - The company improved manufacturing efficiency, with a 2.3% year-on-year reduction in absolute work hour losses and a 10% improvement in accounts receivable turnover[58]. - The company improved its inventory turnover days by 6.5% year-on-year, enhancing supply chain efficiency amid increasing credit risks[71].

北 京德和 衡律师 事务所 B E I J I N G D H H L AW F I R M 北京德和衡律师事务所 关于海信家电集团股份有限公司 2022年A股限制性股票激励计划 回购注销部分A股限制性股票并减少注册资本 相关事项的法律意见书 德和衡证律意见（2024）第412号 B E I J I N G D H H L A W F I RM 1 事务所 BEIJING DHH LAW FIRM 释 义 在本法律意见书中，除非文义另有所指，下列简称分别具有如下含义： | 简称 | | 全称 | | --- | --- | --- | | 海信家电、公司、贵司 | 指 | 海信家电集团股份有限公司 | | 《激励计划（草案）》、 | 指 | 《海信家电集团股份有限公司2022年A股限制性股票激励计划（草 | | 本激励计划 | | 案）》 | | 激励对象 | 指 | 按本激励计划规定，获得限制性股票的公司董事、高级管理人员、 | | | | 核心技术人员以及董事会认为需要激励的其他人员 | | 本次注销 | 指 | 公司根据本激励计划安排，回购注销A股限制性股票并减少注册资本 | | | | 的行为 | | ...

2、会议召开的时间、地点和方式 股票代码：000921 股票简称：海信家电 公告编号：2024-069 海信家电集团股份有限公司 第十二届董事会 2024 年第三次临时会议决议公告 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。 一、董事会会议召开情况 1、会议通知的时间和方式 海信家电集团股份有限公司（「本公司」）董事会于 2024 年 7 月 30 日以通讯方式向 全体董事发出召开第十二届董事会 2024 年第三次临时会议的通知。 （1）会议于 2024 年 8 月 2 日以现场结合通讯方式召开。 （2）董事出席会议情况 会议应到董事 9 人，实到 9 人。 3、会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： （一）审议及批准关于选举徐国君先生为本公司第十二届董事会审计委员会主席 的议案》（任期至本公司第十二届董事会届满）。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 （二）审议及批准关于选举徐国君先生为本公司第十二届董事会提名委员会委员 的议案》（任期至本公司第十二届董事 ...

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 海信家电（000921）公司研究报告 2024年06月04日 [Table_InvestInfo] 首次 治理持续优化，业绩端表现优异 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 0[6Ta月b0le3_日S收to盘ck价I（nf元o]） 40.37 投资要点： 52周股价波动（元） 19.69-43.18 总股本/流通A股（百万股） 1387/903  公司23年度及24Q1业绩表现优异。公司23年全年收入规模856亿元，同比 总市值/流通市值（百万元） 56000/56000 增长15.5%，实现归母净利润28.4亿元，同比增长97.7%。其中Q4单季度实 相关研究 现收入207.0亿元，同比增长21.13%，实现归母净利润4.11亿元，同比增长 [Table_ReportInfo] 12.66%。公司Q4单季度收入及利润端表现优异，单季度收入增速均环比优于 Q3。24年一季度实现营收 234.86亿元，同比增长 20.87%，实现归母净利润 9.81 亿元，同比增长 59.5%，扣非净利润达 8 ...

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [5]. Core Insights - The company's Q1 2024 performance exceeded expectations, driven by significant growth in export business and continuous improvement in profitability across various segments, indicating a strong likelihood of achieving its annual growth targets [3][11]. Summary by Sections 1. Performance Overview - In Q1 2024, Hisense achieved a revenue of 23.486 billion RMB, representing a year-on-year increase of 20.87%, and a net profit of 981 million RMB, up 59.48% year-on-year [11]. 2. Revenue Growth: Strong Export Performance and Washing Machine Segment Growth - The revenue growth in Q1 2024 was primarily driven by exports, with expectations that export growth will outpace domestic sales. - Specific segment performance includes: 1. Air Conditioners: Domestic sales increased by 30.2% and exports by 33.5%, with overall revenue growth expected to be 15-20% [12]. 2. Refrigerators: Export growth is estimated to exceed 60%, while domestic sales are projected to grow by around 20%, leading to an overall revenue increase of 35-40% for the refrigeration segment [12]. 3. Washing Machines: The segment is smaller, with online and offline sales growth of 18% and 10% respectively [12]. 4. Central Air Conditioning: Sales increased by 13%, with overall revenue growth expected to be 5-10% [12]. 5. Three Electric Components: Revenue growth is expected to remain at 0-5% [12]. 3. Profitability Improvement Across Segments - The gross margin for Q1 2024 was 21.63%, an increase of 0.51 percentage points year-on-year, while the net margin was 6.55%, up 1.18 percentage points year-on-year. The improvement in gross margin is attributed to increased production scale and higher average prices for white goods [13]. 4. Investment Recommendations - Following the strong Q1 performance, the profit forecasts for 2024-2026 have been raised, with expected net profits of 3.567 billion, 4.176 billion, and 4.819 billion RMB respectively, translating to EPS of 2.57, 3.01, and 3.47 RMB [16].

[Table_Page] 季报点评|家用电器 证券研究报告 [海Table_信Title] 家电(000921.SZ/00921.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 34.97元/28.60港元 冰洗外销高景气，24Q1 业绩持续超预期 合理价值 39.27元/32.16港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-25 ⚫ 公司披露2024年一季报。24Q1实现营收234.9亿元（YoY+20.9%）， [相Tab对le_P市icQ场uote表] 现 归母净利润 9.8 亿元（YoY+59.5%），扣非归母净利润 8.4 亿元 （YoY+60.9%），毛利率 21.6%（YoY+0.5pct），归母净利率 4.2% 42% 29% （YoY+1.0pct）。 16% ⚫ 外销高景气，家空、冰洗增长预计优于行业。（1）根据产业在线数据， 4% 24Q1空调行业内销量同比+17%、外销量同比+22%，合计销量+19%。 -9%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -22% ...

公司报告 | 季报点评 海信家电（000921） 证券研究报告 2024年04月 25日 投资评级 外销增长较好，业绩大幅提升 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 34.97元 事件：2024Q1公司实现营业收入234.86亿元，同比+20.87%，归母净利润 目标价格 元 9.81亿元，同比+59.48%。 基本数据 A股总股本(百万股) 928.35 内外销呈较快增长，外销增速更快。根据产业在线数据显示，24M1-2海信 流通A股股本(百万股) 902.83 空调内/外销销量同比+25%/+48%，冰箱内/外销销量同比+16%/+52%，外销 A股总市值(百万元) 32,464.24 增速更快。内外销齐增带动收入增长。 流通A股市值(百万元) 31,572.01 利润水平大幅提升。2024Q1公司毛利率为21.63%，同比+0.51pct，净利率 每股净资产(元) 10.31 为 6.55%，同比+1.18pct。2024Q1 公司季度销售、管理、研发、财务费用 资产负债率(%) 70.50 率分别为10%、2.65%、3.3%、-0.31%，同比-0.09、-0.01、+0 ...

[Table_Title] 证券研究报告 海信家电：Q1 业绩超预期，盈利能力持续改善 公司研究 [Table_ReportDate] 2024年04月24日 [Table_ReportType] 公司点评报告 [T事ab件le：_ QSu 1m公ma司ry实] 现营业收入234.86亿元，同比+20.87%；实现归母净利润 [海Ta信bl家e_电Sto（ck0A0n0d9R2an1k）] 9.81亿元，同比+59.48%；实现扣非后归母净利润8.38亿元，同比+60.89%。 点评： ➢ Q1收入增长亮眼，冰洗海外贡献增量。 空调：根据产业在线数据，海信 Q1 家用空调内外销排产较 23 年实绩 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 同比+12%。中央空调业务方面，根据产业在线数据，1-2 月我国中央 执业编号：S1500520070002 空调内外销分别同比+22%、+53%，我们预计公司的外销表现或优于 邮 箱：luoanyang@cindasc.com 内销。 冰洗业务：根据海关总署数据，Q1 我国冰箱、洗衣机出口金额分别同 尹圣迪 家电行业分析师 比+26%、+22%， ...

Financial Performance - Revenue increased by 15.5% year-on-year, with net profit attributable to shareholders rising by 97.7%[6] - The company's operating revenue for 2023 reached RMB 85.60 billion, a year-on-year increase of 15.50% compared to RMB 74.12 billion in 2022[61] - Net profit attributable to shareholders increased by 97.73% to RMB 2.84 billion in 2023 from RMB 1.43 billion in 2022[61] - The cash flow from operating activities saw a significant increase of 163.2% year-on-year, indicating improved liquidity and operational efficiency[60] - The total assets of the company at the end of 2023 were RMB 65.95 billion, up 19.09% from RMB 55.38 billion at the end of 2022[62] - The net assets attributable to shareholders increased by 17.90% to RMB 13.58 billion in 2023 from RMB 11.52 billion in 2022[62] - The company reported a basic earnings per share of RMB 2.08, a 98.10% increase from RMB 1.05 in 2022[61] - The manufacturing sector contributed RMB 76.96 billion, accounting for 89.91% of total revenue, with a year-on-year growth of 14.02%[66] - Domestic sales accounted for 57.28% of total revenue, amounting to RMB 49.04 billion, reflecting a 15.04% increase from the previous year[66] Market Growth and Product Performance - The number of users on the Hisense Home App increased by 54% year-on-year, while monthly active users rose by 58%[9] - The retail sales growth of the Hisense Brilliant series reached 287% in 2023[12] - The market share of multi-split air conditioning systems exceeded 20%[10] - The air conditioning heat pump segment grew by 46% year-on-year, while the refrigerator market share in Thailand and Malaysia increased by 2.3 and 3.1 percentage points, respectively[13] - Overall revenue in the ASEAN region grew by over 20% in 2023, with Hisense brand revenue increasing by over 70%[13] - The home air conditioning business achieved a retail sales growth of 41.4% online and 14.3% offline in 2023, surpassing industry growth by 26 percentage points and 10 percentage points respectively[34] - The refrigerator business reported a main business revenue growth of 18.7% in 2023, with retail sales increasing by 17.8% and market share rising by 1.6 percentage points[38] - The washing machine segment reported a 53.6% increase in main business revenue, driven by the innovative active water washing technology that reduced washing time by 20% and improved stain removal capability by 22%[42] - The kitchen appliance segment experienced a 66% year-on-year growth, with the Hisense dishwasher receiving multiple certifications for its high standards in cleaning and disinfection[43] Technological Innovation - The C3 series air conditioner achieved over 99.99% efficiency in filtering PM0.3 particles, showcasing advanced technology[8] - The AI-powered temperature control module in the Rongsheng WILL series refrigerator improved preservation effectiveness by 20%[8] - The company launched the "ThinkAir Active Whole Health Air Solution" and received positive user feedback for its 5G+ Honor Home Series central air conditioning products[30] - The company's innovative four-pipe multi-connected machines significantly reduced energy consumption during the manufacturing process, achieving a notable energy saving effect[32] - The company’s refrigerator technology improved the freshness of fruits and vegetables by 20% for a 7-day period, utilizing near-infrared light preservation technology[78] - The company introduced advanced technologies in dishwashers, achieving a 20% increase in single-side airflow and a 70% improvement in heating area for cooking appliances[79] Corporate Governance and Shareholder Engagement - The company has adopted the corporate governance code as per the Hong Kong Listing Rules to enhance governance standards[90] - The board of directors consists of nine members, including six executive directors and three independent non-executive directors[101] - The company has established communication channels with shareholders through various means, including announcements and electronic communications[92] - The company has a strategic committee and an ESG committee to oversee strategic initiatives and environmental, social, and governance matters[91] - The company ensures timely responses to shareholder inquiries and suggestions through designated personnel[98] - The company has outlined procedures for shareholders to convene extraordinary general meetings, requiring at least 10% shareholding to make such requests[95] Sustainability and Environmental Initiatives - The company has created 7 green factories and 2 green supply chains, aligning with national carbon neutrality policies[16] - The family energy management system achieved a 13% energy saving through the integration of photovoltaic, energy storage, heat pump, and smart control technologies[15] - The company has set mid- to long-term carbon reduction targets and is enhancing its ESG risk management mechanisms[86] - The company has established an ISO14001 environmental management system, which has passed re-certification, indicating a commitment to environmental protection[153] Employee Engagement and Development - The company has a robust employee training system and provides various support services, including employee apartments and health services, to enhance employee satisfaction[155] - The total training hours exceeded 770,000, with 43,000 employees receiving training during the reporting period[164] - The group employed 56,240 staff as of December 31, 2023, including 10,816 technical personnel and 12,362 sales personnel[163] Strategic Expansion and Market Positioning - The company aims to enhance its digital transformation focusing on product, customer, and user lines, while establishing five overseas regional centers[19] - The company is transitioning to a comprehensive thermal management system supplier for electric vehicles, focusing on energy efficiency and carbon neutrality[80] - The company plans to implement a dual-track supply chain to improve long-term cost reduction capabilities and optimize global production capacity[86] - The company is actively searching for new directors and senior management candidates based on its internal needs and the talent market[119] Risk Management - The company faces risks including macroeconomic fluctuations, rising costs of raw materials and labor, currency exchange rate volatility, and trade protectionism impacting overseas operations[87] - The company has implemented a risk-first investment decision-making process, focusing on liquidity and returns, to enhance financial stability[60]