股票简称：海尔智家 股票代码：600690 编号：临 2025-004 海尔智家股份有限公司 本议案需提交公司 2024 年年度股东大会审议通过。 第十一届董事会第十三次会议决议公告 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。 海尔智家股份有限公司（以下简称"公司"）第十一届董事会第十三次会议 于 2025 年 3 月 27 日上午在海尔科创生态园生态品牌中心大楼中 118 会议室召 开，应到董事 9 人，实到董事 9 人，其中董事李锦芬、李世鹏以通讯方式参会， 出席人数符合法律法规和《公司章程》的规定。本次会议通知于 2025 年 3 月 12 日以电子邮件形式发出，公司监事和高级管理人员列席了会议，会议的通知 和召开符合《公司法》和《海尔智家股份有限公司章程》（以下简称"《公司章 程》"）的规定，会议由董事长李华刚主持。经与会董事认真审议，通过了以下 议案： 一、 《海尔智家股份有限公司 2024 年度财务决算报告》（表决结果：同 意 9 票、反对 0 票、弃权 0 票） 公司聘请审计机构和信会计师事务所（特殊普通合伙 ...

Financial Performance - Haier Smart Home achieved a record global revenue of RMB 285.981 billion in 2024, representing a year-on-year growth of 4.29%[14] - The net profit attributable to shareholders reached RMB 18.741 billion, an increase of 12.92% compared to the previous year[14] - Operating profit was RMB 20.22 billion, reflecting a growth of 15.8% year-on-year[14] - The company generated a net cash flow from operating activities of RMB 26.543 billion, which is 1.4 times the net profit[14] - Haier Smart Home reported a revenue increase of 15% year-over-year, reaching RMB 200 billion in the last fiscal year[38] - The company achieved a net profit of RMB 18 billion, representing a growth of 12% compared to the previous year[38] - The company reported a basic earnings per share of CNY 2.02, reflecting a 12.85% increase year-over-year[41] - The total assets increased by 11.13% to CNY 290.11 billion compared to the end of 2023[52] - The gross profit margin for 2024 reached 27.8%, up 0.3 percentage points from 2023, driven by digital transformation and product upgrades in both domestic and overseas markets[53] - The company's sales expense ratio improved to 11.7%, a decrease of 0.2 percentage points compared to 2023, due to efficiency gains from digital transformation in the domestic market[53] Market Expansion - In the domestic market, the revenue from home appliances increased by over 10% in Q4 2024, with the Casarte brand seeing a growth of over 30%[14] - In the U.S. market, GE Appliances' HVAC revenue grew by 70%, and the company maintained its leading position in the North American major appliance market[15] - Haier's revenue in India surpassed USD 1 billion for the first time, with a year-on-year growth of over 30%[15] - The company aims to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[38] - The company successfully increased its market share in India from 13% to 15% through differentiated high-end product offerings and localized supply chain strategies[60] - The overseas market revenue reached 143.814 billion yuan in 2024, a year-on-year growth of 5.43%[92] - The North American market generated sales revenue of 79.529 billion yuan, solidifying the company's leadership position in multiple categories[93] Product Innovation - The company launched innovative products such as the Apex oven and new generation stainless steel dishwashers, which received widespread recognition[15] - Haier Smart Home introduced a new line of smart appliances, which contributed to a 30% increase in sales in the smart home segment[38] - The company launched the Haier Langjing X11 washing machine, which received the A-60% VDE certification, making it one of the most energy-efficient washing machines globally[68] - The company launched innovative products, including the TX refrigerator series with advanced temperature and humidity control technology, enhancing its competitive edge[106] - Haier Smart Home launched innovative products in 2024, such as refrigerators with a 98% nutrient retention rate and air conditioners that increase comfort area by 40%[151] Sustainability and ESG - The company achieved an MSCI ESG rating upgrade to AA, reflecting its commitment to sustainable development[23] - The company has established a green design system to align with national carbon neutrality strategies, promoting sustainable development[169] - The company has implemented a comprehensive ESG governance structure, achieving a leading rating in ESG assessments from major institutions like MSCI[154] Strategic Acquisitions - The company completed the acquisition of Kwikot, a leading water heater manufacturer in South Africa, to accelerate its global expansion in the water industry[18] - The company has completed the acquisition of Candy Group, enhancing its product portfolio and market reach[38] - The company acquired the South African water heater brand Kwikot in 2024, enhancing its market presence and brand recognition in the region[137] - The company has successfully integrated multiple brands through acquisitions, including CCR and Kwikot, to expand its global business layout[138] Digital Transformation - The company is enhancing digital marketing and inventory transformation to improve user reach and operational efficiency in the domestic market[26] - The company is implementing a digital transformation strategy to enhance cost efficiency and user experience, aiming for a 13% optimization in domestic order response cycles and a 7-day reduction in customer capital occupation periods by 2024[108] - The company is implementing a digital inventory model to enhance operational efficiency across the entire value chain, while also accelerating channel expansion and improving e-commerce competitiveness in the domestic air conditioning market[191] Supply Chain Management - The company is committed to building a more flexible global supply chain to mitigate potential geopolitical impacts[25] - The company is enhancing its supply chain resilience and efficiency by optimizing its network layout and establishing a diversified supplier system to ensure stable raw material supply and timely product delivery[195] - The company has developed a digital procurement platform to enhance supply chain resilience and reduce costs through shared resources[150] Consumer Engagement - The company emphasizes direct communication with users through social media to strengthen brand engagement and gather feedback[27] - The company is focusing on enhancing its competitive edge in the domestic market by deepening its online presence and targeting multi-tiered consumer needs, aiming to expand market share across various price segments[191] Future Outlook - In 2025, the company anticipates a gradual recovery in the home appliance industry due to easing real estate demand in Europe and the US[24] - The company expects a revenue growth forecast of 10-15% for the next fiscal year, driven by new product launches and market expansion strategies[38] - The company plans to invest RMB 5 billion in R&D for new product development and technology innovation in the upcoming year[38]

Group 1 - The article emphasizes the importance of technological and value innovation in determining the future direction of the home appliance industry, especially in the context of the AWE 2025 event [2][29] - AWE 2025 showcased the deep integration of AI technology into home appliances, moving from basic interactions to a comprehensive ecosystem that enhances user experience [4][5] - Major brands like Samsung and Haier are leading the way in AI integration, creating smart home environments that respond to user needs in real-time [4][5] Group 2 - The article discusses the disparity in AI application effectiveness among brands, with leading companies leveraging advanced algorithms while smaller firms struggle with basic functionalities [7][8] - The rise of embodied intelligence in home appliances is highlighted, showcasing both advancements and limitations in current technology, such as the challenges faced by cooking robots in adapting to nuanced cooking styles [10][11] - The cost-effectiveness and practicality of embodied intelligence are questioned, as high-priced products may not attract consumer interest despite their advanced features [11] Group 3 - The entry of small appliance companies into the market is invigorating the traditional home appliance sector, with innovative products challenging established norms [13][14] - New entrants face significant hurdles, including the need to build service networks and establish brand recognition in a market dominated by giants like Gree and Midea [15][17] - The article notes that while new technologies can attract attention, their long-term viability and impact on the market remain uncertain [15][17] Group 4 - The article highlights innovations in traditional categories like air conditioning, where companies like Gree and Hisense are introducing advanced technologies to enhance user comfort [19][22] - The shift in refrigerator technology towards food management systems is noted, with brands like Hisense and Casarte integrating AI to provide personalized dietary recommendations [22] - The washing machine sector is experiencing a "drum revolution," with companies responding to consumer demand for more versatile washing solutions [23][24] Group 5 - The article concludes with a reflection on the industry's collective anxiety regarding technological innovation, questioning whether it should lead or adapt to consumer demand [29] - It suggests that the future of competition will hinge on the ability to create meaningful user experiences rather than merely showcasing advanced technologies [29]

Core Insights - Haier aims to provide users with "healthy and good air" through AI-enabled air conditioning solutions, focusing on user-centric innovations [3][9] - The company showcased its AI-driven technologies and products at AWE2025, highlighting significant retail growth in the air conditioning sector [3][4] Market Performance - As of the 10th week of 2025, Haier's retail sales growth in air conditioning reached 40.6% year-on-year, with retail volume growth at 44.9% [3] - Haier has achieved global leadership in interconnected air conditioning and health self-cleaning air conditioning for the 9th and 7th time respectively, and ranks first in the sales of domestic air conditioning brands in overseas markets for the 5th time [3] AI Empowerment - Haier's air conditioning products incorporate seven AI attributes, including AI health, comfort, energy-saving, temperature and humidity control, sleep protection, voice control, and whole-house air solutions [4] - Innovations in AI health include self-cleaning technology and intelligent detection of dirt in heat exchangers, enhancing user experience and health [4][5] Product Innovations - The "Sleep Fresh Air" and "Smart Wind" air conditioners are highlighted for their advanced features, such as ultra-quiet operation and AI-driven temperature adjustments based on sleep patterns [7][8] - The "Sleep Fresh Air" model boasts noise levels as low as 12 dB and a fresh air exchange rate of up to 270 m³/h, while the "Smart Wind" model offers 270° wind direction control and energy savings of 410 kWh annually [7][8] User-Centric Approach - Haier emphasizes a user-centered approach, continuously innovating to meet diverse user needs and preferences for air quality [9] - The company aims to transform its advantages in standard fields into market advantages, expanding its user base [9]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **apparel and home textile industry** in China, with a focus on retail performance and emerging trends in consumer behavior [2][4][6]. Core Insights and Arguments - **Retail Performance**: In January-February 2025, retail sales of clothing, shoes, and textiles from key enterprises increased by **3.3% year-on-year**, showing improvement compared to declines of **4.5%** in November 2024 and **0.3%** in December 2024. This indicates a recovery in the apparel and home textile consumption [2][3]. - **Online vs. Offline Sales**: Offline retail is outperforming online sales, suggesting a shift in consumer preference towards physical shopping experiences [2]. - **Children's Apparel Market**: The introduction of child-rearing subsidies in Hohhot is expected to positively impact the children's clothing market, with approximately **33 provinces and cities** implementing similar policies. In 2021, clothing and footwear accounted for **26%** of the maternal and infant consumption market, indicating significant growth potential in children's apparel [6]. - **Discount Retail Sector**: The discount retail sector is thriving, with strategic partnerships, such as that between **Hailan Home** and **JD.com**, expected to drive growth. The government’s consumer stimulus policies are also beneficial for the apparel and home goods sectors [7][9]. - **Investment Recommendations**: Companies like **Semir Apparel**, which leads in the children's clothing market, are recommended due to their strong brand positioning and expansion strategies. Other notable companies include **Anta Sports**, **Li Ning**, and **361 Degrees**, which have significant children's apparel lines [8]. Emerging Trends - **Demand for UHMWPE**: The demand for **Ultra-High-Molecular-Weight Polyethylene (UHMWPE)** is projected to grow at approximately **20% annually**, with applications expanding across various sectors. Companies involved in UHMWPE production, such as **Nanshan Zhishang** and **Henghui Security**, are recommended for investment [4][5]. - **Consumer Behavior**: There is a notable trend towards value-for-money products, with consumers increasingly seeking high-quality items at lower prices, particularly in the apparel sector [9]. - **Social Consumption Trends**: The total retail sales of consumer goods in January-February 2025 grew by about **4% year-on-year**, indicating a stabilization in consumer spending [2][10]. Additional Important Insights - **Market Dynamics**: The apparel and home textile industry is expected to see a gradual acceleration in performance due to low base effects from previous years, despite potential fluctuations in end-demand [4]. - **Investment Strategy**: The focus should be on companies that can adapt to changing consumer preferences, particularly those that emphasize quality and affordability. The potential for growth in the children's apparel segment is significant, driven by demographic policies and changing consumer habits [6][8]. - **Discount Retail Viability**: The discount retail model is positioned to thrive in economic downturns, as consumers become more price-sensitive. This sector is expected to benefit from existing inventory pressures among apparel brands [9]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the apparel and home textile industry in China.

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

Summary of Conference Call on Home Appliance Industry Industry Overview - The home appliance sector is experiencing a rebound in consumer demand, supported by recent government policies aimed at boosting consumption [2][3] - The white goods segment faced a temporary setback in January and February due to seasonal factors and a pause in national subsidies, leading to subdued sales data [2][3] Key Insights and Arguments - **Market Transition**: The market style has shifted from defensive and value-oriented to growth and technology-focused, with a notable increase in sales starting in March [2][3] - **Sales Seasonality**: March marks the beginning of the sales peak for core categories like air conditioners, driven by promotional activities [2][3] - **Long-term Growth Drivers**: Product structure upgrades, category expansion, and international market penetration are expected to provide long-term growth opportunities for the home appliance industry [2][3] - **Valuation and Dividend Yield**: Leading companies in the sector are currently valued below the median, offering a high margin of safety and stable dividend yields [2][3] Potential Catalysts - **Foreign Investment**: The return of foreign capital and improvements in the real estate market are seen as potential catalysts for valuation and performance recovery in the home appliance sector [4] - **Real Estate Market**: A rebound in second-hand and new housing sales could positively impact competitive companies in the white and black goods segments [4] Recommended Companies - **White Goods**: - Focus on brands like Hisense, Changhong Meiling, and TCL for their elasticity [7] - Among leading brands, Gree Electric is recommended for its low risk and high air conditioning exposure, while Haier and Midea are noted for their efficiency improvements and stable performance [7] - **Black Goods**: - Hisense Visual and Kaide Quartz are recommended due to their structural upgrade benefits [7] - Attention is also drawn to smaller appliance companies like Feike and Xiaoxiong, which are at historical low valuations but have strong fundamentals [5] Profitability and Market Trends - The profitability of the home appliance industry is improving, with reduced competition among e-commerce platforms leading to lower online traffic costs [6] - Companies like Boss Electric are expected to see significant revenue growth due to national subsidy policies, with projections of over 20% revenue growth in Q4 2024 [6] Segment Performance - **Smart Vacuum Cleaners**: Expected to perform exceptionally well in 2025, driven by both fundamental business growth and speculative interest in robotics [8] - **Projectors**: The leading company, XGIMI Technology, is anticipated to benefit from consumer recovery, showcasing significant growth potential despite high current valuations [9] Investment Outlook - The current market environment is viewed positively for the home appliance sector, with strong company fundamentals and a relatively low entry point for investments [10] - Even with potential short-term corrections, leading companies are expected to maintain growth potential in the medium to long term [10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HK$34.10, indicating a potential upside of +30% from the current price of HK$26.20 [1]. Core Views - The report anticipates a low double-digit growth in net profit for 2025, driven by continued digital transformation in both domestic and overseas markets [6][7]. - Domestic revenue is expected to grow approximately 4% year-on-year in 2025, while overseas revenue is projected to increase by around 5% [6][7]. - The overall revenue growth for 2025 is estimated at about 4%, with a focus on product innovation and market expansion strategies [4][5][6]. Summary by Sections Financial Performance - For 2025, the estimated revenue is projected to be RMB 283.4 billion, with a year-on-year growth of 4.4% [7][9]. - The net profit for 2025 is expected to reach RMB 21.2 billion, reflecting a growth of 10.7% compared to 2024 [7][9]. - Earnings per share (EPS) for 2025 is forecasted at RMB 2.26, with a corresponding P/E ratio of 10.5 [6][7]. Revenue Breakdown - Domestic sales are projected to grow by approximately 4%, with specific growth in the refrigerator and washing machine segments [4]. - The air conditioning segment is expected to see a revenue increase of around 8% due to improved sales strategies and market conditions [4]. - Overseas revenue growth is anticipated at about 5%, with significant contributions from North America and Europe [5]. Valuation - The target price of HK$34.10 corresponds to a P/E ratio of 14 times the estimated earnings for 2025, indicating a favorable valuation compared to current market prices [6][7]. - The report maintains a 10% discount rate for Haier's A/H shares, reinforcing the target price stability [6].

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） 董事會會議召開日期 海爾智家股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司謹訂於2025年3 月27日（星期四）舉行董事會會議，以考慮及批准（其中包括）本公司及其附屬公司截 至2024年12月31日止年度的業績及其刊發，並考慮派發末期股息（如有）。 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.* 股份代號：6690 李華剛 中國青島 2025年3月13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 承董事會命 海爾智家股份有限公司 董事長 ...

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 李華剛 中國青島 2025年3月6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 编号：临 2025-003 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 海尔智家股份有限公司（以下称"公司"）2023 年年度股东大会审议通过 了《海尔智家股份有限公司关于提请股东大会给予董事会 ...