Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].

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 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年7月18日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 关于海尔智家股份有限公司 差异化分红事 ...

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 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 海爾智家股份有限公司 董事長 李華剛 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 中國青島 2025年7月18日 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 2024年年度A 股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董 ...

Core Viewpoint - Haier Smart Home Co., Ltd. has announced a differentiated cash dividend distribution plan for its shareholders, with a cash dividend of RMB 0.96504 per share for A shares, approved at the 2024 annual general meeting on May 28, 2025 [1][2]. Dividend Distribution Details - The cash dividend distribution is set at RMB 9.65 per 10 shares (including tax), excluding shares held in the company's repurchase account [2]. - The total cash dividend to be distributed to A shareholders amounts to RMB 5,977,681,480.40, based on a total A share capital of 6,254,501,095 shares, after deducting 60,269,270 shares held in the repurchase account [3]. - The A share equity registration date is July 24, 2025, with the last trading day on July 25, 2025, and the ex-dividend date also on July 25, 2025 [3][5]. Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the equity registration date [5]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until they complete the necessary transactions [5]. Taxation Information - For individual shareholders and securities investment funds, the actual cash dividend received will vary based on the holding period, with a maximum of RMB 0.96504 per share for those holding shares for over one year [6][7]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of RMB 0.86854 per share [7][8]. - Hong Kong Stock Exchange investors will also receive dividends after a 10% withholding tax, with the same net amount of RMB 0.86854 per share [8].

Core Viewpoint - The legal opinion from Beijing Zhonglun Law Firm confirms that Haier Smart Home Co., Ltd.'s differentiated dividend distribution plan for 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's 2024 profit distribution plan, which proposes a cash dividend of RMB 9.65 per 10 shares (including tax) for all shareholders, excluding shares held in the repurchase account [5][6]. - As of the date of the legal opinion, the company has repurchased a total of 59,919,870 shares, with 31,481,400 shares held in the repurchase account, which do not participate in the profit distribution [3][4]. Group 2: Impact on Ex-Dividend Price - The actual cash dividend per share is RMB 9.65, and the total number of shares eligible for distribution is 6,194,231,825 shares after excluding repurchased shares [6]. - The ex-dividend reference price calculated based on actual distribution is approximately RMB 23.96 per share, while the virtual distribution reference price is approximately RMB 23.97 per share, indicating a minimal impact of 0.0388% on the ex-dividend price due to the shares in the repurchase account not participating in the dividend [6][7]. Group 3: Legal Compliance - The legal opinion asserts that the differentiated dividend distribution adheres to the Company Law, Securities Law, and other relevant regulations, confirming that it does not infringe upon the rights of the company or its shareholders [8].

北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 致：海尔智家股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受海尔智家股份有限公司（以 下简称"海尔智家"或"公司"）的委托，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下简称《自律监管指引第 7 号》）、《上 海证券交易所股票上市规则》等法律法规、其他规范性文件以及《海尔智家股份 有限公司章程》（以下简称《公司章程》）的规定，就公司 2024 年度利润分配 所涉及的差异化分红特殊除权除息处理（以下简称"本次差异化分红"）的相关 事宜进行专项核查并出具本法律意见。 为出具本法律意见，本所律师审查了公司本次差异化分红的有关文件和材料， 就相关事项向公司进行了必要的询问。本所律师得到公司如下保证，即其已提供 了本所律师认为作为出具本法律意见所必需的材 ...

证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 2024年年度A 股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.96504元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经海尔智家股份有限公司（简称"公司"、"本公司"）2025 年 5 月 28 日 的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 差异化分红送转： 是 ...

Core Viewpoint - Haier Smart Home is a leading player in the home appliance industry, focusing on innovation and technology to enhance its market position and product offerings [2][6]. Company Overview - Haier Smart Home, established on March 31, 1994, is located in Qingdao, Shandong Province, and was listed on November 19, 1993 [6]. - The company specializes in the research, production, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances [6]. - The revenue composition includes: refrigerators 29.11%, washing machines 22.04%, air conditioners 17.15%, kitchen appliances 14.38%, equipment and channel services 11.33%, water appliances 5.51%, and other businesses 0.49% [6]. Market Position - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors, becoming a global leader in providing solutions for a better life [2]. - In 2014, Haier held a global retail market share of 10.2%, maintaining its position as the world's largest home appliance brand for six consecutive years [2]. Financial Performance - For the period from January to March 2025, Haier Smart Home achieved a revenue of 79.118 billion yuan, representing a year-on-year growth of 14.70%, and a net profit attributable to shareholders of 5.487 billion yuan, up 14.95% year-on-year [6]. - The company has distributed a total of 37.159 billion yuan in dividends since its A-share listing, with 17.090 billion yuan distributed in the last three years [7]. Investment and Shareholding - As of March 31, 2025, Haier Smart Home had 188,700 shareholders, an increase of 13.34% from the previous period [6]. - Major shareholders include Hong Kong Central Clearing Limited, holding 581 million shares, and various ETFs, which have seen a decrease in holdings compared to the previous period [8]. Technical Analysis - The average trading cost of the stock is 26.26 yuan, with the current price near a support level of 25.30 yuan, indicating potential for a rebound if this support holds [5].

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points Global Operations and Supply Chain - Haier has established a global integrated research, production, and sales system, effectively mitigating currency and shipping risks while enhancing supply chain efficiency [2][3] - The company operates over 160 million units of production capacity, with 130 industrial parks and 163 manufacturing centers globally, creating a self-circulating production system [2][3] Performance in Emerging Markets - In 2024, Haier's revenue in the South Asia market reached 11.525 billion yuan, a year-on-year increase of 21.5%, with India showing over 30% growth [2][4] - The high-end brand Casarte achieved a retail revenue growth of 12% in 2024, with a 65% increase in suite sales [4][10] - The Leader brand, targeting cost-effective markets, saw a 26% increase in sales in 2024 [4][10] Financial Performance - Haier's financial performance remains robust, with a revenue growth rate exceeding 10% in Q1 2025, and nearly 50% of revenue coming from overseas [2][7] - The traditional home appliance business continues to lead, contributing over 68% of total revenue, while the smart building business grew over 15% globally [7] - The net profit attributable to the parent company is expected to reach 21.3 billion, 23.8 billion, and 26.3 billion yuan for 2025-2027, with corresponding EPS of 2.27, 2.54, and 2.80 yuan [4][17] Impact of Tariffs - Tariff impacts on Haier are relatively limited due to early investments in local production capacity in the U.S. and diversified overseas production [6] - The company has successfully transferred some production capacity to countries like Thailand, mitigating risks associated with U.S. tariffs on Southeast Asian imports [6] Innovations in Smart Technology - Haier is innovating in smart technology through the "Three Wings Bird" platform, offering customized smart home solutions [9] - The launch of the AI Eye series, including AI refrigerators and washing machines, enhances user experience and engagement [9] Sales and Marketing Strategy - The company has 126 marketing centers and over 230,000 sales outlets, covering mainstream channels and professional markets [15] - Haier's acquisition of Quick, a historical water heater brand in South Africa, enhances its market expansion potential [15] Regional Market Performance - North America: 2024 revenue reached 79.529 billion yuan, with a steady growth in appliance sales [16] - Europe: 2024 revenue was 32.089 billion yuan, growing 12.42%, outperforming industry growth rates in Eastern and Western Europe [16] - Japan: 2024 revenue was 3.426 billion yuan, with market share increases in refrigerators and freezers [18] Future Outlook - The company maintains a "buy" rating, with attention to risks in overseas operations, including currency fluctuations and economic slowdowns [17] - Haier's strengths in integrated research, production, and sales, along with deep global integration, position it well for future growth [17]

恒生科技指数盘初涨超1%，腾讯音乐(01698.HK)、哔哩哔哩(09626.HK)、均涨超5.5%，舜宇光学科技 (02382.HK)、海尔智家(06690.HK)均涨超3.5%。 ...