Core Viewpoint - The home appliance industry in China is experiencing intense competition, driven by significant market changes and consumer interest, particularly highlighted by the activities of major players like Haier, Midea, Gree, and Xiaomi [1][3][5]. Industry Overview - The retail scale of China's home appliance market reached 907.1 billion yuan in 2024, marking a new record following 891 billion yuan in 2019 [5][11]. - The national subsidy policy has led to a concentrated market demand explosion, but it also risks preemptively exhausting future demand [7][11]. - The home appliance sector is characterized by severe internal competition, with historical examples dating back to the 1990s [7][9]. Major Players - Midea, Haier, and Gree are recognized as the "Big Three" in the white goods sector, with Midea currently leading in market share across various categories [9][12]. - Midea holds the top position in both online and offline markets for air conditioners, with market shares of 35.9% and 33.2% respectively [10]. - Gree's revenue for the first three quarters of 2024 was 146.7 billion yuan, a decrease of 5.34% year-on-year, with air conditioning accounting for nearly 80% of its total revenue [16][18]. Competitive Dynamics - Xiaomi's rapid growth in the home appliance sector is notable, with significant increases in the shipment of air conditioners, refrigerators, and washing machines [18][20]. - In 2023, the growth rates for Xiaomi's major appliances were 49%, 100%, and 24% respectively, with projections for 2024 showing continued strong growth [20][22]. - The competition is particularly fierce in the air conditioning segment, which represents 22.3% of the total home appliance sales [22][23]. Strategic Responses - Gree is shifting its marketing focus towards health-oriented appliances, moving away from its traditional emphasis on core technology [26][30]. - Midea employs sub-brands like Hualing to engage in price competition against Xiaomi, while also maintaining a presence in the high-end market with brands like COLMO [45][50]. - The integration of AI and smart home technology is becoming increasingly important, with companies like Xiaomi leading in consumer perception of smart home solutions [47][48]. Market Trends - The home appliance industry is witnessing a transformation driven by national policies, technological advancements, and evolving consumer preferences, leading to a competitive landscape described as a "battle of the gods" [52][53].

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 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5月9日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-034 海尔智家股份有限公司 （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 2025 年 4 月 29 日，海尔智家股份有限公司（以下简称"公司"）召开了第十 一届董事会第 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2025年5月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600690 | 說明 | | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 ...

Core Viewpoint - Haier Smart Home Co., Ltd. has completed the cancellation of certain stock options from its 2021 and 2022 A-share stock option incentive plans, which will not affect the company's capital structure [1][2]. Group 1 - The board of directors and the supervisory board of Haier Smart Home approved the cancellation of stock options from the 2021 and 2022 A-share stock option incentive plans [1]. - A total of 34,914,862 stock options have been canceled as of May 8, 2025, following the application submitted to the China Securities Depository and Clearing Corporation [2]. - The cancellation of stock options is part of the company's ongoing management of its incentive plans and is disclosed in accordance with regulatory requirements [1][2].

证券代码：600690 证券简称：海尔智家 公告编号：临 2025-034 海尔智家股份有限公司 关于 2021 年 A 股股票期权激励计划、2022 年 A 股股 票期权激励计划部分股票期权注销完成的公告 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。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述已登记 股票期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 合计 3,491.4862 万份股票期权注销事宜已于 2025 年 5 月 8 日办理完毕。本次股票 期权注销不会影响公司股本结构。 特此公告。 海尔智家股份有限公司董事会 2025 年 5 月 9 日 - 1 - 2025 年 4 月 29 日，海尔智家股份有限公司（以下简称"公司"）召开了第十 一届董事会第十四次会议及第十一届监事会第十四次会议，审议通过了《海尔智 家股份有限公司关于注销 2021 年 A 股股票期权激励计划部分股票期权的议案》《海 尔智家股份有限公司关于注销 2022 年 A 股股票期权激励计划部分股票期权的议 案》 ...

Core Viewpoint - Haier Smart Home's Q1 2025 financial results exceeded market expectations, showcasing strong growth in both domestic and international markets, driven by new product launches and digital transformation initiatives [1][2]. Financial Performance - Q1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 79.1 billion, 5.5 billion, and 5.4 billion yuan, respectively, representing year-on-year increases of 10%, 15%, and 16% [1]. - Gross margin for Q1 2025 was 25.4%, up by 0.1 percentage points year-on-year, with improvements in both domestic and overseas operations [2]. - Net profit margin for Q1 2025 remained stable at 6.9% year-on-year [3]. Market Growth - Domestic and overseas revenue growth for Q1 2025 was 8% and 13%, respectively, with the domestic high-end brand Casarte benefiting from government subsidies and new product launches, achieving over 20% growth [1]. - Emerging markets showed rapid growth, with revenue increases of over 30% in South Asia, over 20% in Southeast Asia, and 50% in the Middle East and Africa [1]. Cost and Efficiency - The company optimized its expense ratios in Q1 2025, with sales, management, R&D, and financial expense ratios at 9.6%, 3.1%, 4.2%, and -0.3%, respectively, all showing year-on-year improvements [2]. - Digital transformation initiatives contributed to enhanced efficiency in marketing resource allocation, logistics, and warehousing operations, leading to reduced sales expense ratios [2]. Investment Outlook - The company is positioned as a leader in the white goods industry, with advantages in high-end, global, and localized operations, supported by a multi-tiered brand portfolio [3]. - The integration of logistics capabilities through the merger with日日顺 is expected to become a new growth point for the company [3]. - Projected net profits for 2025 and 2026 are 21.3 billion and 23.9 billion yuan, respectively, with corresponding EPS of 2.27 and 2.55 yuan, indicating a favorable investment outlook [3].

港股开盘，恒指开跌0.45%，科指开跌0.28%；万洲国际(00288.HK)开涨超2%，理想汽车(02015.HK)、 海尔智家(06690.HK)开涨超1%，百度(09888.HK)跌超3%，安踏体育(02020.HK)跌近2.5%。 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或需採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經理、律師、專業會 計師或其他專業顧問。 閣下如已出售或轉讓名下的全部海爾智家股份有限公司股份，應立即將本通函連同代表委任表格送交買主或承讓人，或經手買 賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本通函全部或任何部份內容而產生或因倚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 (1) 2024年度財務決算報告； (2) 2024年度董事會工作報告； (3) 2024年度監事會工作報告； (4) 2024年年度報告及年度報告摘要； (5) 2024年度內部控制審計報告； (6) 2024年度利潤分配預案； (7) 續聘2025年度中國會計準則審計機構； (8) 續聘2025年度國際會計準則審計機構； (9) ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][8]. Core Insights - The company achieved a revenue of 79.12 billion RMB in Q1 2025, reflecting a year-over-year (YOY) growth of 10.0%. The net profit attributable to shareholders was 5.49 billion RMB, with a YOY increase of 15.1% [5]. - The growth in emerging markets is robust, with overseas revenue increasing by 13% YOY. Notably, South Asia, Southeast Asia, and the Middle East and Africa markets saw revenue growth exceeding 30%, 20%, and 50%, respectively [5]. - Domestic sales benefited from national subsidy policies, with a 7.8% YOY growth in Q1 2025, particularly in high-end brands like the Casarte series, which grew over 20% [5]. - The gross margin slightly increased to 25.4%, up by 0.1 percentage points YOY, driven by digital transformation in procurement, R&D, and manufacturing [5]. - The company launched a core employee stock ownership plan to enhance employee motivation, with a target return on equity (ROE) of over 17.7% [5]. Financial Projections - The company forecasts net profits of 21.66 billion RMB, 23.73 billion RMB, and 26.29 billion RMB for 2025, 2026, and 2027, respectively, with YOY growth rates of 15.6%, 9.5%, and 10.8% [7]. - Earnings per share (EPS) are projected to be 2.31 RMB, 2.53 RMB, and 2.80 RMB for the same years, with corresponding growth rates of 14.27%, 9.54%, and 10.81% [7]. - The report indicates that the H-share price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 9X, 8X, and 7.59X, respectively, suggesting that the stock is undervalued [5][7]. Market Position - The company has a diversified product portfolio, with refrigerators accounting for 29.3%, washing machines for 22.2%, and air conditioners for 17.2% of its revenue [5]. - The total market capitalization of the company is approximately 185.97 billion RMB, with a share price of 22.90 HKD as of May 6, 2025 [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][8]. Core Insights - The company achieved a revenue of RMB 79.12 billion in Q1 2025, representing a year-over-year (YOY) growth of 10.0%. The net profit attributable to shareholders was RMB 5.49 billion, with a YOY increase of 15.1% [5]. - Emerging markets are driving rapid growth, with overseas revenue increasing by 13% YOY. Notably, South Asia, Southeast Asia, and the Middle East and Africa saw revenue growth exceeding 30%, 20%, and 50%, respectively [5]. - Domestic sales benefited from national subsidy policies, with a YOY growth of 7.8%, particularly in high-end brands like the Casarte series, which grew over 20% [5]. - The gross margin slightly increased to 25.4%, up by 0.1 percentage points YOY, driven by digital transformation in procurement, R&D, and manufacturing [5]. - The company launched a core employee stock ownership plan to enhance employee motivation, covering a wide range of participants [5]. Financial Summary - The company forecasts net profits of RMB 21.66 billion, RMB 23.73 billion, and RMB 26.29 billion for 2025, 2026, and 2027, respectively, with YOY growth rates of 15.6%, 9.5%, and 10.8% [7]. - Earnings per share (EPS) are projected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the same years, with corresponding growth rates of 14.27%, 9.54%, and 10.81% [7]. - The H-share price-to-earnings (P/E) ratios are expected to be 9X, 8X, and 8X for 2025, 2026, and 2027, indicating a low valuation [5][7]. - The dividend per share (DPS) is projected to be RMB 1.15, RMB 1.26, and RMB 0.98 for the next three years, with a dividend yield of approximately 4.59% [7].