证券代码：600690 证券简称：海尔智家 编号：临 2025-003 海尔智家股份有限公司 关于 2025 年度第一期绿色两新中期票据发行结果的 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。 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一般性授权以决定发 行境内外债务融资工具的议案》，同意公司注册发行不超过人民币 100 亿元或等 值外币的债务融资工具及上述发行方案，并一般及无条件地授权董事会并由董 事会或由董事会转授权董事长及其授权人士根据公司不时的需要以及市场条件 全权决定及办理境内外融资工具发行的全部事宜，以及由董事会进一步授权董 事长及其授权人士根据公司需要以及其它市场条件等具体执行债务融资工具发 行事宜。2024 年 10 月 25 日，公司收到中国银行间市场交易商协会的《接受注 册通知书》（中市协注[2024]MTN1019 号）。 | | 中国工商银行股份有限公司、中国建设银行股份有限公司、上海浦东 | | --- | --- ...

Investment Rating - The report maintains a "Positive" outlook on the home appliance industry, particularly focusing on the air conditioning and white goods segments [4]. Core Insights - The report highlights a mixed performance in the home appliance sector for January 2025, with air conditioning sales declining domestically while exports continue to grow [5][6]. - The report identifies three main investment themes: white goods, export-driven companies, and core components suppliers, suggesting a favorable environment for investment in these areas [5]. Summary by Sections Air Conditioning - **Production and Sales**: In January 2025, the air conditioning industry produced 16.67 million units, a year-on-year decrease of 4.23%, while sales reached 17.73 million units, an increase of 8.70%. Domestic sales fell by 1.50% to 7.21 million units, while exports rose by 17.00% to 10.52 million units [5][6]. - **Retail Performance**: Offline retail sales for air conditioners saw a decline of 2.9% in volume and 0.5% in value. Online sales dropped significantly, with a 27% decrease in volume and a 34% decrease in value [5][23]. Refrigerators and Washing Machines - **Sales Trends**: In January, refrigerator sales fell by 2.9% in volume and value, while washing machines experienced a more significant decline of 17.4% in volume and 14.4% in value [28]. - **Market Share**: Haier maintained a strong market share in both categories, with a slight increase in refrigerator sales despite overall market declines [28]. Kitchen Appliances - **Traditional Appliances**: Sales of traditional kitchen appliances like range hoods and gas stoves continued to grow, with range hood sales up 3.7% and gas stove sales up 4.1% [35]. - **Emerging Appliances**: Sales of dishwashers saw a significant decline, with a 43.26% drop in volume and a 42.87% drop in value [48]. Small Household Appliances - **Sales Performance**: The report notes a decline in sales for rice cookers and air fryers, with rice cooker sales down 12.0% and air fryer sales down 23.6% [52][56]. - **Market Dynamics**: The report indicates a shift in consumer preferences, impacting the sales of various small appliances [61]. Investment Recommendations - **White Goods**: The report recommends investing in companies like Hisense, Midea, Haier, and Gree, which are expected to benefit from favorable market conditions and government policies [5]. - **Export Opportunities**: Companies like Ousheng Electric and Dechang Co. are highlighted for their potential growth driven by export orders [5]. - **Core Components**: The report suggests investing in companies like Huaxiang and Shun'an, which are positioned to benefit from increased demand for core components in the home appliance sector [5].

（於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 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 海外監管公告 承董事會命 海爾智家股份有限公司 董事長 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。 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 2025-002 海尔智家股份有限公司 李華剛 中國青島 2025年3月4日 关于为子公司提供担保的进展公告 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 ...

证券代码：600690 证券简称：海尔智家 编号：临 2025-002 海尔智家股份有限公司 关于为子公司提供担保的进展公告 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： 一、担保情况概述 海尔智家股份有限公司（简称"公司"）于 2024 年 3 月 27 日召开了第十一届董 事会第九次会议、于 2024 年 6 月 20 日召开了 2023 年年度股东大会，均审议通过了 《海尔智家股份有限公司关于 2024 年度公司及子公司预计担保额的议案》，即公司 可以在子公司向金融机构申请综合授信等事项时对其提供担保，且董事会授权总裁办 公会等决定公司前述每一笔担保的具体事宜，并根据公司实际经营需要，具体调整公 司对各级子公司及子公司之间的担保额度以及代表董事会签署有关法律文件（以下简 称"2024 年度担保授权"）。独立董事对 2024 年度担保授权事项发表了独立意见。 详见公司于 2024 年 3 月 27 日在上海证券交易所网站披露的《海尔智家股份有限公司 - 1 - - 2 - 币种：人民币 序 号 公司名 称 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，上海新时达电气股份有限公司（下称"新时达"、"上市公司"）发布公告称，通过签署相关协议转让、表决权委托及一致行动安排协议，青岛 海尔卡奥斯工业智能有限公司（下称"海尔卡奥斯"）将取得上市公司10.00%的股份，以及19.24%股份所对应的表决权，合计控制上市公司 29.24%股份所对应的表决权。 同时，海尔卡奥斯以7.99元/股的包揽定增1.53亿股（占上市公司总股本的16.83%），耗资12.19亿元。 这意味着，完成定增后，海尔卡奥斯耗资25.19亿元，最终持股比例达26.83%，总控制权超40%，海尔集团将成为新时达实际控制人。 根据上市公司2024年半年报，新时达电梯控制器业务出货量全球第二，SCARA机器人出货量处于国产第二、全球第四，是国产头部机器人厂商中最早拥 有全自主可控控制技术的企业。 截至2023年，新时达获得国家授权专利840项，其中发明专利343项，软件著作权277项。研发投入方面，2019年至2023年，公司研发投入均超过2亿元。 尽管身处蓝海赛道，但糟糕的财务状况要求新时达向外部寻求输血机会。 此次出手收购国内工业机器人龙头企业，海 ...

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: White Goods and Home Appliances Key Points and Arguments Market Impact and Performance - The 2024 national subsidy policy significantly boosted the market, with the overall retail sales in the second quarter reaching approximately 240 billion yuan, a year-on-year decline of 9%. However, the third quarter showed improvement, and the company achieved double-digit revenue growth in the fourth quarter, driven by government subsidies and proactive transformation measures [3][4][12]. - The Casarte brand experienced a remarkable shipment growth of over 30% in the fourth quarter of 2024, indicating an improvement in market structure and increased demand for high-end brands [4][12]. Sales Growth and Future Projections - In January 2025, domestic shipments approached double-digit growth, with the Casarte brand growing approximately 20%. The overseas business also showed median growth in the fourth quarter of 2024, with expectations of maintaining double-digit growth in the first quarter of 2025 [4][5]. - The company aims for overall revenue growth to remain above the median and profits to maintain double-digit growth in 2025, with contributions from CCR and other companies expected to add 6 to 7 billion yuan in revenue [4][12]. Strategic Adjustments - Since the third quarter of 2024, the company has adjusted its operational model, optimizing digital inventory, content marketing, and cost management to enhance user conversion efficiency and optimize dealer structure [6][12]. - Haier's operations in the U.S. leverage the GE Appliances (GEA) system, providing a competitive advantage. The focus for 2025 is to strengthen product leadership to achieve local development goals [9][12]. Overseas Market Performance - The company performed well in the U.S. and European markets in 2024, with significant growth in emerging markets such as Southeast Asia, the Middle East, and India, achieving growth rates of 16-21%, 40%, and over 30%, respectively [7][12]. - The Mexican production capacity accounts for 20-30%, allowing the company to effectively address tariff issues through localization [13][12]. Industry Outlook - The white goods industry has stable long-term demand, with essential products like refrigerators, washing machines, and air conditioners remaining necessary. Despite not being a hot topic currently, the demand side is very stable [8][12]. - The company plans to continue its transformation to enhance competitiveness and achieve steady, high-quality growth [8][12]. Brand Development and Consumer Engagement - The Casarte brand aims to maintain a growth target of 10-15% in 2025, focusing on online channel investments to cater to younger consumers and enhance conversion rates through offline experience stores [15][16]. - The company recognizes the importance of KOLs and social media in influencing young consumers' purchasing decisions and plans to enhance its marketing strategies accordingly [26][12]. Supply Chain and Efficiency Improvements - Haier has implemented strategies to optimize supply chain and logistics, reducing costs and improving efficiency through cloud storage systems and data-driven services [22][12]. - The company has also focused on enhancing local production capabilities to better respond to tariff fluctuations and market changes [14][12]. Investment Opportunities - Current stock price adjustments present a good opportunity for investors, as Haier's brand and product strength in the domestic and international markets position it favorably in the white goods sector [33][12]. Additional Important Insights - The integration of AI technology is expected to enhance operational efficiency and product quality, with a target net profit margin increase from 6.4% to at least 8% [20][12]. - The company has made significant improvements in its air conditioning business, focusing on cost reduction and quality stability through unified platforms and rapid product iterations [29][12]. This summary encapsulates the key insights from the Haier Smart Home conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances, specifically focusing on air conditioning and washing machines Key Points and Arguments Industry Growth Projections - Haier Smart Home anticipates a small single-digit growth in the Chinese air conditioning industry by 2025, slightly outperforming the washing machine sector, which is expected to experience negative growth [2][3] - The overall demand for air conditioning is expected to improve starting February, following a weak January due to strong December sales [3] Performance and Strategy - The premium brand Casarte achieved a 30% growth in Q4 2024 and a 22% growth in January 2025, with an expected annual growth rate of 10%-15% [4] - Marketing strategies will focus on expanding the high-end user base, launching luxury products priced at 100,000 RMB, and increasing online sales channels to 15%-20% [4][6] - Haier Smart Home plans to enhance its presence in Southeast Asia, aiming to grow the market size from 6 billion RMB to 40 billion RMB or more [4][12] Operational Efficiency - The company is implementing digital inventory management to improve operational efficiency, reduce logistics costs, and enhance product flow speed [9][12] - Measures to boost profitability include optimizing logistics costs, controlling technical costs, and improving production efficiency [12] Market Performance - In 2024, Haier Smart Home increased its market share in the U.S. by over 1 percentage point despite an overall industry decline, with expectations for a slightly better industry situation in 2025 [10] - The European market saw organizational transformation and supply chain adjustments, with expectations for improved performance in 2025 [11] Challenges and Responses - The U.S. tariffs on steel and aluminum have a minimal impact on Haier Smart Home's operations, as the company primarily sources from stable suppliers [14] - The company is strategically adjusting its global supply chain to enhance competitiveness and resilience against market challenges [6] Future Outlook - The company aims for mid-to-high-speed revenue growth while maintaining steady double-digit profit growth despite potential challenges from tariffs and increased R&D investments [12] Additional Important Insights - The focus on digital marketing and content creation on platforms like Douyin and Xiaohongshu is part of a broader strategy to enhance brand visibility and consumer engagement [4][8] - The integration of various brands under Haier's umbrella aims to optimize user acquisition and operational efficiency through a collaborative approach [7][12]

Investment Rating - The investment rating for Haier Smart Home is "Buy" [26] Core Views - The company is benefiting from domestic sales recovery driven by national subsidies, with a significant improvement in high-end brand demand, particularly for the Casarte brand. The global brand business shows resilience, and the company is expected to continue optimizing efficiency and profitability [3][26]. Summary by Sections Domestic Sales - In the short term, the company is benefiting from national subsidies, leading to a recovery in domestic sales, particularly in the refrigerator and washing machine categories. Online and offline sales for refrigerators are expected to grow significantly, with online sales increasing by 10% and offline sales by 66% in Q4 2024. The Casarte brand is seeing a notable recovery, with online sales for refrigerators increasing by 59% and washing machines by 42% [10][11]. - In the long term, the air conditioning business is expected to grow, supported by digital transformation initiatives and the integration of logistics services through the acquisition of a supply chain service provider. A new air conditioning production project is being established to enhance production capacity [12]. International Sales - In the short term, the company maintains a leading position in major markets due to its global layout and localized supply chain advantages. The North American market is expected to see improved demand due to anticipated interest rate cuts and real estate recovery. The company is also expanding its presence in emerging markets [23]. - In the long term, the company is diversifying its product offerings through acquisitions, such as the purchase of Electrolux's South African water heater business, which is expected to broaden growth opportunities [23]. Earnings Forecast and Rating - The earnings per share (EPS) for 2024-2026 are adjusted to 2.03, 2.32, and 2.61 yuan, respectively. The corresponding dynamic price-to-earnings ratios are 13.5x, 11.9x, and 10.5x. The company is positioned as a leader in the home appliance export market, with domestic sales growth driven by national policies and a resilient international brand business [26].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home with a target price of Rmb 38.50, corresponding to a 16.5x PE for 2025E [5][6]. Core Insights - Haier Smart Home has shown strong sales momentum continuing into 2025, with management guiding for revenue growth in the mid to high single digits, supported by domestic subsidies and product upgrades [2]. - The company expects a continued increase in operating profit margins, with a projected decrease in SG&A expenses by 50 basis points in 2025 [2]. - Domestic sales are anticipated to grow in double digits, particularly for the Casarte brand, benefiting from higher-than-expected subsidies [2]. - The company is addressing competitive threats from Xiaomi by launching more competitive SKUs and enhancing retail efficiency while maintaining its premium strategy [4]. - Concerns regarding U.S. tariffs have led management to evaluate shifting production from China to Vietnam and Thailand, which may require additional capital expenditure [3]. Summary by Sections Financial Performance - Revenue is projected to grow from Rmb 261.428 billion in 2023 to Rmb 351.350 billion by 2028, reflecting a steady increase [8]. - EBITDA is expected to rise from Rmb 18.669 billion in 2023 to Rmb 33.968 billion by 2028, indicating improved profitability [8]. - Net profit is forecasted to increase from Rmb 16.597 billion in 2023 to Rmb 29.709 billion by 2028 [8]. Market Position - Haier Smart Home is recognized as one of the largest home appliance manufacturers globally, with a diverse product range including refrigerators, washing machines, and air conditioners [11]. - The company aims to become a leading provider of smart home solutions, leveraging its R&D capabilities and a network connecting suppliers and users [11]. Valuation Metrics - The report uses a DCF valuation method with a WACC of 11.4%, projecting a 13% CAGR in earnings from 2024 to 2026 [5]. - The current market price of Rmb 26.87 suggests a potential upside of 43.3% to the target price [10].

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 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1月3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 2025-001 海尔智家股份有限公司 关于为子公司提供担保的进展公告 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 ...