| 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 | 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: 2026年2月28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: 2026年3月5日 I. 法定/註冊股本變動 | 2. 股份分類 | ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry, particularly focusing on air conditioning products [6]. Core Insights - The air conditioning market experienced a significant year-on-year growth in January 2026, with production reaching 19.93 million units, an increase of 19.52%, and sales at 19.85 million units, up by 11.92% [6][7]. - Domestic sales accounted for 8.26 million units, reflecting a 14.53% increase, while exports reached 11.59 million units, growing by 10.13% [6][7]. - The report highlights the impact of the Chinese New Year timing on sales figures, indicating a positive trend in domestic sales compared to previous years [6]. Summary by Sections Production and Sales Data - January 2026 production: 19.93 million units, +19.52% YoY - January 2026 sales: 19.85 million units, +11.92% YoY - Domestic sales: 8.26 million units, +14.53% YoY - Exports: 11.59 million units, +10.13% YoY - Ending inventory: 1.49 million units, -10.93% YoY [6][7]. Manufacturer Performance - Gree: +2.67% YoY (Domestic +1.67%, Export +4.17%) - Midea: +21.75% YoY (Domestic +47.50%, Export +6.51%) - Haier: +2.12% YoY (Domestic +35.92%, Export -38.37%) - Hisense: +19.21% YoY (Domestic +58.54%, Export +4.55%) - Changhong: -26.21% YoY (Domestic -60.38%, Export +10.00%) [6]. Market Trends - The report notes a recovery in domestic sales, with a projected improvement in the coming months due to low comparative bases from previous years [6]. - The concentration of market share among leading manufacturers is increasing, with Midea and Gree showing positive trends in market share [6]. - External sales are expected to stabilize as the base effects diminish, with a gradual recovery anticipated in the export market [6]. Future Outlook - The report suggests that the air conditioning market is approaching a turning point, with expectations of moderate growth as the base effects from previous years lessen [6]. - The overall market environment is seen as favorable for leading manufacturers, with a recommendation to invest in Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric Appliances due to their strong market positions and dividend yields [6].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the home appliance sector, particularly the performance of leading companies in the Hong Kong stock market during the Spring Festival period from February 16 to February 23, 2026 [1][2]. Market Performance - The Shanghai Composite Index increased by 0.4% in the week leading up to the Spring Festival, while the home appliance index (Shenwan) rose by 0.2% - The white goods sector experienced a decline of 0.7%, the kitchen appliance sector fell by 2.6%, the black goods sector increased by 3.5%, and the small appliances sector decreased by 1.2% [1]. Stock Performance of Leading Companies - Notable stock performances during the Spring Festival period include: - Midea Group: +3.6% - Haier Smart Home: +2.8% - Hisense Home Appliances: +2.6% - Aux Electric: -11.6% - TCL Electronics: +1.3% - Sanhua Intelligent Control: +6.2% - Yadea Holdings: +4.4% - Techtronic Industries: +4.5% - JS Global Lifestyle: -2.2% - The Hang Seng Index rose by 1.9% and the Hang Seng Composite Index increased by 1.7% during the same period [2]. Valuation Insights - Current price premiums for A-shares compared to H-shares are as follows: - Midea Group: -4.8% - Haier Smart Home: +4.0% - Hisense Home Appliances: +9.7% - Sanhua Intelligent Control: +57.1% - Midea Group is viewed as having stable operations, with high absolute return levels due to dividends and buybacks. The influx of insurance capital and the appreciation of the RMB against the USD, along with easing tariffs, enhance its attractiveness to foreign investors, suggesting potential upward movement in stock price [2].

Core Viewpoint - Hisense Home Appliances has announced a financial agreement to invest in trust products, indicating a strategic move to enhance its financial management and investment portfolio [1] Group 1: Financial Agreement - Hisense Home Appliances (stock code: 000921) has entered into a financial agreement with Western Trust to subscribe to trust financial products [1] - The total subscription amount for the trust products is set at RMB 1.7 billion [1] - The subscription period is from September 4, 2025, to February 11, 2026 [1]

海信家电集团股份有限公司（「本公司」）于 2026 年 2 月 11 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 2026 年 2 月 11 日 1 股票代码：000921 股票简称：海信家电 公告编号：2026-004 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。 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 2025 年 9 月 4 日至 2026 年 ...

Group 1 - The company Hisense Home Appliances (00921) announced a financial agreement with Western Trust to subscribe to financial products [1] - The subscription amount is set at 1.7 billion RMB [1] - The agreement period is from September 4, 2025, to February 11, 2026 [1]

Core Viewpoint - Hisense Home Appliances (00921.HK) has announced a financial agreement to invest in trust products amounting to RMB 1.7 billion during the period from September 4, 2025, to February 11, 2026 [1] Group 1 - The company and its subsidiaries, including the air conditioning and refrigerator marketing divisions, will act as subscribers to the Western Trust financial products [1] - The total subscription amount for the trust products is set at RMB 1.7 billion [1] - The group plans to utilize its own idle funds to cover the subscription amount under the Western Trust financial agreement [1]

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 2025 年 9 月 4 日至 2026 年 2 月 11 日期間，本公司及本公司的附屬公司空 調公司及冰箱營銷公司（作為認購方）訂立西部信託理財協議，以認購西部信託理財產品， 認購金額為人民幣 1,700,000,000 元。 本集團使用自有閒置資金支付該等西部信託理財協議下的認購金額。 每份西部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，當該等西部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，該等西部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 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 ...

Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

Core Viewpoint - Sony Group's decision to divest its television business to a joint venture led by Chinese companies will increase the market share of Chinese-backed brands in Japan's television market to 60% [1][2]. Group 1: Market Dynamics - Japanese television manufacturers, once dominant in the global home appliance industry, are at a critical juncture in their business model transformation [1]. - Chinese brands such as TCL and Hisense are increasingly visible in Japanese electronics stores, indicating a shift in market presence [1]. - The ownership structure of Japanese brands like REGZA has changed significantly, with Hisense holding 95% of its shares, while Toshiba only holds 5% [1]. Group 2: Pricing and Competition - Chinese products have a clear price advantage, with a 43-inch 4K LCD television priced around 50,000 yen (approximately 2,210 RMB), compared to Japanese brands priced around 100,000 yen [2]. - Japanese companies have been outsourcing key components like LCD panels, diminishing their technological edge [2]. - Chinese-backed companies now account for a significant portion of television sales in Japan, with their market share expected to reach 60% when including Sony's brand under the new joint venture [2]. Group 3: Industry Trends - The overall market for flat-screen televisions in Japan has contracted, with shipments dropping from over 25 million units in 2010 to less than a quarter of that figure [2]. - In the global market, Japanese companies are losing their presence, with Samsung, LG, Hisense, and TCL projected to dominate the rankings by 2025 [2]. - Panasonic remains the only major Japanese company manufacturing televisions independently, but it has outsourced the production of lower-end models [2]. Group 4: Broader Implications - The television manufacturing sector reflects broader trends in the white goods industry, where Japanese companies are also selling off businesses or restructuring with foreign firms [3]. - Chinese products are gradually shedding the perception of being low-quality and cheap, as they improve in cost control and technology [3].