[Table_Title] 证券研究报告 高端创牌引领增长，提高分红回报投资者 公司研究 [Table_ReportDate] 2024年03月28日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 3a年ry公] 司实现营业收入2614.28亿元，同比+7.33%；实现归母净 [海Ta尔bl智e_家Sto(c6k0A0n6d9R0an)k ] 利润165.97亿元，同比+12.81%；实现扣非后归母净利润158.24亿元，同 比+13.33%。 投资评级 买入 Q4 公司实现营业收入 627.70 亿元，同比+6.82%；实现归母净利润 34.47 上次评级 买入 亿元，同比+13.20%。 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 点评： 执业编号：S1500520070002 ➢ 业务板块多点开花，欧洲、南亚市场强势增长。 邮 箱：luoanyang@cindasc.com 从业务板块来看，23 年公司制冷业务/厨电分别实现营业收入 尹圣迪 家电行业分析师 819.10/416.54 亿元，分别同比+5.2%、+6.9%；全球洗衣机 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月28日 海尔智家(600690.SH/6690.HK) Buy 买进 王睿哲 C0062@capital.com.tw 目标价(元/港币) 29/30 净利稳步增长，分红比例逐步将提升 公司基本资讯 结论及建议： 产业别 家用电器 A股价(2024/3/27) 23.78  公司业绩：公司发布年报，2023年实现营收2614.3亿元，YOY+7.4% ,录 上证指数(2024/3/27) 2993.14 得归母净利润166.0亿元,YOY+12.8%，扣非后归母净利润158.2亿元， 股价12个月高/低 25.25/19.86 YOY+13.3%,公司业绩符合预期。其中Q4单季度实现营收627.7亿 总发行股数(百万) 9438.11 A股数(百万) 6308.55 元,YOY+6.8%,净利34.5亿元，YOY+13.2%，扣非后YOY+13.2%。 A市值(亿元) 1500.17  拟继续提升鼓励分派比例：公司拟每10股派发现金股利人民币8.04元（含 主要股东 香港中央结算 (代理人)有限 税 ...

公司研 究 证 券研究 报 告 白色家电Ⅲ 2024年03月28日 海 尔智家（600690）2023年报点评 强 推 （维持） 目标价：30元 业绩增长符合预期，高分红提振估值向上 当前价：25.08元 事项： 华创证券研究所  公司发布2023年年报，2023年公司实现营业收入2,614.3亿元，同比+7.3%； 归母净利润166.0亿元，同比+12.8%，扣非归母净利润158.2亿元，同比+13.3%； 证券分析师：秦一超 单季度来看，23Q4公司实现营收627.7亿元，同比+6.8%，归母净利润34.5亿 邮箱：qinyichao@hcyjs.com 元，同比+13.2%，扣非归母净利润31.0亿元，同比+13.2%。 执业编号：S0360520100002 评论： 证券分析师：樊翼辰  营收稳健增长，空调业务表现亮眼。2023年公司营收2614.3亿元，同比+7.3%， 其中单Q4收入627.7亿元，同比+6.8%，全年实现稳健增长。分品类看，空调 邮箱：fanyichen@hcyjs.com /冰箱/洗衣机/厨电/水家电同比分别+14.0%/+5.2%/+6.2%/+7.4%/8.9%，整体维 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Haier Smart Home, with a target price of 29.72 CNY per share and 28.80 HKD per share respectively [5]. Core Views - Haier Smart Home reported a revenue of 261.43 billion CNY in 2023, representing a year-on-year increase of 7.4%. The net profit attributable to shareholders was 16.60 billion CNY, up 12.8% year-on-year, with a gross margin of 31.5% [3][4]. - The company’s various business segments outperformed the industry, with air conditioning revenue growing by 14.0% to 45.66 billion CNY, refrigerators by 5.2% to 81.64 billion CNY, and kitchen appliances by 7.4% to 41.59 billion CNY [3]. - Domestic revenue reached 124.61 billion CNY, a 7.1% increase, while overseas revenue was 135.68 billion CNY, up 7.6%, with notable growth in North America and Europe [3]. - The company announced a profit distribution plan, proposing a cash dividend of 8.04 CNY per 10 shares, totaling 7.47 billion CNY, which corresponds to a dividend payout ratio of 45% [3]. - Earnings forecasts suggest net profits of 18.70 billion CNY and 21.06 billion CNY for 2024 and 2025 respectively, with a projected PE ratio of 15x for 2024 [3]. Financial Summary - Revenue for 2023 was 261,428 million CNY, with a growth rate of 7.3% [4]. - The net profit attributable to shareholders for 2023 was 16,597 million CNY, reflecting a growth rate of 12.8% [4]. - The company’s gross margin for 2023 was 31.5%, with a net profit margin of 6.4% [4]. - The forecast for 2024 indicates a revenue of 281,235 million CNY, with a growth rate of 7.6% [4].

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [3]. Core Views - The company reported a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.33%, and a net profit attributable to shareholders of 16.6 billion yuan, up 12.81% year-on-year [1]. - The cash dividend payout ratio increased to 45% in 2023, with a commitment to maintain a dividend payout ratio of no less than 50% in 2025 and 2026 [1]. - The company continues to focus on high-end and suite-based operations, with significant growth in air conditioning and dishwasher segments, achieving a 14% revenue growth in air conditioning and 25% in dishwashers in 2023 [1][2]. Financial Performance - The gross margin for 2023 increased by 0.18 percentage points to 31.51%, while the net profit margin rose by 0.35 percentage points to 6.40% [2]. - The company is expected to achieve net profits of 19.13 billion yuan, 22.01 billion yuan, and 25.19 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.3%, 15.0%, and 14.5% [2]. - The earnings per share (EPS) for 2023 is reported at 1.76 yuan, with projections of 2.03 yuan, 2.33 yuan, and 2.67 yuan for the following three years [2]. Market Position - Haier Smart Home holds significant market shares in high-end appliances, with a 50% share in high-end refrigerators, 84% in washing machines, and 28% in air conditioning [1]. - The company has expanded its retail presence, with the "Three Wings Bird" brand achieving an 84% increase in retail sales and establishing 2,900 store touchpoints nationwide [1]. Regional Performance - Revenue growth in 2023 was particularly strong in Europe and emerging markets, with year-on-year increases of 23.9% in Europe and 14.9% in South Asia [1].

Financial Performance - Global revenue reached 261.428 billion yuan, a year-on-year increase of 7.3%, with net profit attributable to the parent company reaching 16.597 billion yuan, a year-on-year increase of 12.8%[8] - Revenue for 2023 reached 261.43 billion yuan, a 7.33% increase compared to 2022[24] - Net profit attributable to shareholders of the listed company in 2023 was 16.60 billion yuan, up 12.81% year-on-year[24] - Operating cash flow for 2023 was 25.26 billion yuan, a 24.71% increase compared to 2022[24] - Total assets at the end of 2023 were 253.38 billion yuan, a 7.36% increase from the previous year[24] - Basic earnings per share for 2023 were 1.79 yuan, a 13.29% increase compared to 2022[26] - Weighted average return on equity (ROE) for 2023 was 16.85%, an increase of 0.05 percentage points from 2022[26] - Revenue for Q4 2023 was 62.77 billion yuan, with net profit attributable to shareholders of 3.45 billion yuan[28] - Non-recurring gains and losses for 2023 totaled 772.45 million yuan, compared to 749.12 million yuan in 2022[29] - Fair value changes in financial assets and liabilities impacted 2023 profits by 183.20 million yuan[30] - Revenue in 2023 reached 261.428 billion yuan, a year-on-year increase of 7.3%[32] - Net profit attributable to shareholders of the parent company in 2023 was 16.597 billion yuan, a year-on-year increase of 12.8%[32] - Gross profit margin in 2023 was 31.5%, up 0.2 percentage points year-on-year[32] - Refrigeration business achieved global revenue of 81.91 billion yuan, a year-on-year increase of 5.2%[34] - Kitchen appliance business achieved global revenue of 41.654 billion yuan, a year-on-year increase of 6.9%[37] - Washing business achieved global revenue of 61.491 billion yuan, a year-on-year increase of 6.2%[40] - Air energy solutions revenue reached 46.104 billion yuan, a year-on-year increase of 13.1%[44] - Water industry revenue reached 15.336 billion yuan, a year-on-year increase of 8.5%, with domestic revenue exceeding 12 billion yuan[51] - The company achieved a total revenue of 136.412 billion yuan in 2023, a year-on-year increase of 7.6%[58] - North American market revenue reached 79.751 billion yuan in 2023, a year-on-year increase of 4.1%[59] - European market revenue reached 28.544 billion yuan in 2023, a year-on-year increase of 23.9%, with retail volume share increasing by 1 percentage point to 9.1%[61] - South Asian market revenue reached 9.521 billion yuan in 2023, a year-on-year increase of 14.9%[63] - Southeast Asian market revenue reached 5.780 billion yuan in 2023, a year-on-year increase of 11.6%[64] - Japanese market revenue reached 3.662 billion yuan, a year-on-year increase of 2.6% (5.1% in local currency)[65] - Revenue increased by 7.33% to RMB 261.43 billion in 2023, compared to RMB 243.58 billion in the previous year[92] - Operating costs rose by 7.05% to RMB 179.05 billion, up from RMB 167.26 billion in 2022[92] - R&D expenses grew by 7.51% to RMB 10.22 billion, reflecting increased investment in innovation[92] - Net cash flow from operating activities surged by 24.71% to RMB 25.26 billion[92] - Refrigerator segment revenue reached RMB 81.64 billion, with a gross margin of 32.22%[95] - Overseas revenue increased by 7.60% to RMB 135.68 billion, accounting for 51.90% of total revenue[95] - Domestic direct-to-consumer sales grew by 8.90% to RMB 12.07 billion, with a gross margin of 46.31%[95] - Production volume of home appliances increased by 4.7% to 119.27 million units, while sales volume rose by 6.4% to 119.78 million units[96] - Financial expenses surged by 312.68% due to higher interest rates on overseas borrowings[93] - Other income increased by 45.67% to RMB 1.56 billion, primarily due to higher government subsidies[93] - Home appliance business main operating cost increased by 7.28% YoY to 16,491,091 thousand yuan, with raw material costs accounting for 85.6% of total costs[97] - R&D investment totaled 10,821,245,340 yuan, accounting for 4.14% of operating revenue, with 5.56% of R&D investment being capitalized[103] - Overseas assets reached 11,771,244 thousand yuan, accounting for 46.5% of total assets, generating 136,411,896,001 yuan in revenue and 6,370,417,298 yuan in net profit[110][111] - Top 5 customers accounted for 23.3% of total sales, with no related party transactions among top customers[100] - Top 5 suppliers accounted for 23.6% of total procurement, with 10.6% being related party transactions[101] - Financial expenses increased by 312.68% YoY due to rising interest rates on overseas loans[102] - Investment activities cash outflow increased by 91.41% YoY due to increased investment in fixed assets and long-term assets[107] - Long-term loans increased by 31.97% YoY to 17,936,302,925.77 yuan, mainly due to replacement of short-term loans and new borrowings[108] - Minority shareholders' equity increased by 85.73% YoY to 2,397,589,814.47 yuan due to capital increase by minority shareholders of subsidiaries[109] - The total fair value of financial assets at the end of the period was RMB 7,256,599,323.07, with a net decrease of RMB 8,113,762.29 during the period[115] - The company's investment in financial products increased by RMB 1,093,550,000.00 during the period, with a total value of RMB 487,936,101.81 at the end of the period[115] - The company's investment in other equity instruments increased by RMB 550,686,416.89 during the period, with a total value of RMB 6,403,694,954.77 at the end of the period[115] - The company's investment in derivative financial instruments resulted in a loss of RMB 58,026,743.85 during the period, with a total value of RMB -101,059,175.53 at the end of the period[115] - The company's investment in stocks, including Bank of Communications, Bailian Group, and Neusoft Reach, resulted in a total fair value of RMB 166,776,804.54 at the end of the period[116] - The company's investment in private equity funds includes a 63.13% stake in Qingdao Haier Safford Smart Home Venture Capital Center and a 49% stake in Guangzhou Heying Investment Partnership[117] - The company's investment in forward foreign exchange contracts resulted in a loss of RMB 5,631.26 during the period, with a total value of RMB 1,178,657 at the end of the period[118] - The company's investment in forward commodity contracts resulted in a loss of RMB 171.41 during the period, with a total value of RMB 11,009 at the end of the period[118] - The company's hedging activities resulted in a total actual profit and loss of RMB 11,255.67 during the period[118] - The company's derivatives investment in the reporting period resulted in a realized profit of 112.5567 million yuan, using financial institutions' foreign exchange and interest rate swap forward quotes[120] Dividend and Share Repurchase - The company plans to distribute a cash dividend of 8.04 yuan per 10 shares, totaling 7.471 billion yuan, accounting for 45.02% of the net profit attributable to the parent company[3] - The company's cash dividend payout ratio for 2023 reached 45.02%, with plans to increase it to no less than 50% in 2025 and 2026[14] - In 2023, the company allocated approximately RMB 1.6 billion for share repurchases in both A-shares and H-shares[14] - The company's 2023 dividend plan is to distribute a cash dividend of 8.04 yuan per 10 shares, totaling 7,471,472,992.22 yuan, accounting for 45.02% of the net profit attributable to the parent company[177] - The company repurchased A shares worth 1.43 billion yuan and H shares worth 200 million Hong Kong dollars in 2023, which, if included in cash dividends, would increase the cash dividend ratio to over 54.7% of the net profit attributable to the parent company[177] - The company's 2022 profit distribution plan was to distribute a cash dividend of 5.6692 yuan per 10 shares, totaling 5,297,529,553.10 yuan, which was implemented in August 2023[176] - Cash dividend per 10 shares is 8.04 yuan, with a total cash dividend amount of 7,471,472,992.22 yuan, accounting for 45.02% of the net profit attributable to ordinary shareholders[179] - Total dividend amount (including cash dividends and share repurchases) is 9,084,577,565.50 yuan, accounting for 54.74% of the net profit attributable to ordinary shareholders[179] Market Share and Product Performance - Over 100 million home appliances were sold globally in 2023, covering major categories such as white goods, HVAC, water heaters, and small appliances[8] - The company's refrigerator and washing machine market shares in China both exceed 40%, with embedded refrigerators and washer-dryer combos driving new demand[11] - The dishwasher business is expected to grow rapidly as the penetration rate in the Chinese market is currently less than 4%[11] - The company's home air conditioning and central air conditioning businesses are in the second tier in China, with significant growth opportunities expected[12] - The water heater business holds the top market share in China for both gas and electric water heaters, with plans to expand internationally, especially in emerging markets[13] - In the Chinese market, the company's offline retail share of refrigerators reached 52.8% in the 10,000 yuan price segment, up 4 percentage points year-on-year[35] - In the Chinese market, the company's offline retail share of washing machines reached 47.5%, up 1.5 percentage points year-on-year[40] - Dryer product revenue increased by 20% year-on-year in 2023, with offline retail sales share reaching 40.4% and online retail sales share at 34%[42] - The company's high-end product strategy in the North American market led to the launch of the Combo washer-dryer, achieving industry leadership[43] - The company's high-end air conditioner, Casarte Star Cloud Air Conditioner, sold 110,000 units in its first year, driving the high-end market share above 10,000 yuan to 37%[46] - The company's market share in Pakistan and Thailand ranked first in 2023, with brand share growth in Southeast Asia and Western Europe[47] - Smart building industry revenue grew by over 14% year-on-year, with domestic market revenue exceeding 5 billion yuan and market share increasing by 0.8 percentage points to 9.5%[48] - The company's heat pump business revenue grew by 20%, with the launch of a fully variable frequency high-temperature heat pump product[49] - The company's gas water heater business achieved a compound annual growth rate of over 20% from 2021 to 2023[53] - The company's domestic market share in China reached 28%, an increase of 1 percentage point year-on-year[55] - Online retail sales achieved double-digit growth in 2023, with customer acquisition costs optimized by 7%[56] - Casarte retail sales increased by 14% in 2023, ranking first in high-end home appliance user attention on Xiaohongshu[56] - The retail sales of Three-winged Bird stores increased by 84% year-on-year in 2023, with the proportion of complete sets exceeding 60%[57] - In the Australian market, the company's sales share increased by 1 percentage point, and retail sales share increased by 0.7 percentage points[62] - The company's market share in Vietnam's washing machine market exceeded 20%, ranking first in the industry[64] - The number of active users in the community laundry business exceeded 2 million, with over 53,000 IoT-enabled devices[65] - Digital retail sales increased by 22% year-on-year, driven by the digital distribution system and user management analysis tools[66] - Domestic factory manufacturing costs were optimized by 4%, and labor efficiency improved by 16%[66] - The domestic DIO (Days Inventory Outstanding) was optimized by 8% through intelligent order review and decision-making[66] - The Chinese home appliance market (excluding 3C) achieved retail sales of 849.8 billion yuan, a year-on-year increase of 3.6%[67] - Air conditioner retail sales reached 211.7 billion yuan, a year-on-year increase of 7.5%[68] - The retail sales of dryers increased by 23.8% year-on-year, reaching 12.9 billion yuan[68] - The retail sales of dishwashers increased by 9.6% year-on-year, reaching 11.2 billion yuan[68] - The global home appliance retail market size reached 530.106 billion USD, a year-on-year increase of 1.5%[71] - The total ownership of air conditioners, refrigerators, and washing machines in China in 2022 was 780 million, 580 million, and 550 million units respectively, forming a massive replacement market[73] - The global home appliance retail market is projected to reach $540.6 billion in 2024, with core appliances at $292.5 billion (up 1.9%) and small appliances at $248.2 billion (up 2.1%)[74] - The company has ranked first in global large home appliance brand retail volume for 15 consecutive years, with its refrigerator and washing machine retail volumes leading globally for 16 and 15 years respectively[75] - In 2023, the company held a 26% market share in Asia, 15.8% in the Americas, 14.6% in Australia and New Zealand, and 8.8% in Europe for large home appliances[78] - The company's overseas business has achieved a multi-brand, cross-product, and cross-regional global layout, with over 20 years of overseas operations experience[78] - Casarte brand holds a 50% market share in the high-end refrigerator market priced above 15,000 RMB and an 84% market share in the high-end washing machine market priced above 10,000 RMB in China[80] - Casarte brand holds a 28% market share in the high-end air conditioner market priced above 15,000 RMB in China[80] - The company operates 122 manufacturing centers and 108 marketing centers globally, covering nearly 230,000 sales outlets[82] - The company has established a 10+N innovation ecosystem globally[82] - The company has accumulated over 103,000 global patent applications, including 67,000 invention patents[87] - The company has won 16 National Science and Technology Progress Awards, ranking first in the industry[87] - The company's high-end brands Monogram, Café, and GE Profile are rapidly growing in the North American market[80] - The company has developed the H20 spray technology for dishwashers through global collaborative R&D, applied across multiple brands[85] - The company launched the X11 washing machine, achieving the highest European energy efficiency standard of A-40%[86] - The company has secured 12 National Patent Gold Awards, ranking first in the industry[87] Strategic Initiatives and Future Plans - The company has implemented a digital distribution system in China to optimize inventory management and improve dealer performance[8] - The company completed the acquisition of Carrier Global's global commercial refrigeration business, aiming to expand its large cold chain business[14] - The company's strategic focus includes becoming the preferred brand for smart homes, integrating IoT platforms, and driving smart home appliance adoption[14] - The company's management is confident in achieving further growth by focusing on profit expansion and enhancing leading business segments[14] - The company plans to expand its overseas market share and profitability by deepening localization in the refrigerator and washing machine business, while also accelerating the development and market promotion of emerging products like dryers and dishwashers[124] - The company's kitchen appliance business aims to maintain and expand its leading position in the US, Australia, and New Zealand, while also driving rapid market share growth in China through product line enrichment and sales channel optimization[124] - The company will strengthen the R&D of core technologies and product layout in the air conditioning business, aiming to build industry-leading professional solution capabilities[125] - The company plans to expand new product lines such as whole-house water purification and whole-house heating and cooling systems in the water industry, leveraging its leading position in the water heater business[125] - In 2024, the company will continue to deepen digital transformation, focusing on business model innovation, operational mechanism optimization, and organizational platform enhancement to improve user experience and operational efficiency[126] - The company aims to expand its market share and profitability in overseas markets by launching high-end new products and deepening local market layouts[126] - The company will enhance its supply chain response speed by fully implementing the TC (Total Cost) model and upgrading the Casarte brand to strengthen its leadership in the domestic high-end market[126] - The company will focus on improving market share and profitability in overseas markets by accelerating localized supply chain layouts and optimizing retail systems through digital transformation[126] Corporate Governance and Leadership - The

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 海 尔智家(600690.SH) 证券研究报告 公司计划逐步提升现金分红比例 白色家电Ⅲ 投资评级 买入-A 事件：海尔智家发布2023年年报，公司2023年实现收入2614.3 维持评级 亿元，YoY+7.3%，实现归母净利润 166.0亿元，YoY+12.8%；经折 6个月目标价 27.86元 算，Q4 单季度实现收入627.7亿元，YoY+6.8%，实现归母净利润 股价 (2024-03-27) 23.78元 34.5亿元，YoY+13.2%。海尔Q4 收入、业绩保持稳定增长，公司 将提升股东分红回报，23~26年分红率有望明显提升。 交易数据 2023Q4 收入增速环比保持稳定：海尔 2023Q4 收入增速环比 总市值(百万元) 224,438.37 Q3+0.7pct，我们认为主要因为上年同期受疫情管控放开影响，国 流通市值(百万元) 150,017.38 内业务需求受到一定抑制，2023Q4 国内收入有所恢复。公司 总股本(百万股) 9,438.11 2023H2 收入增速较 2023H1 有所放缓， ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 261,422 million, representing a 7.3% increase from RMB 243,550 million in 2022[3]. - Gross profit increased by 8.2% to RMB 80,703 million compared to RMB 74,590 million in the previous year[3]. - Adjusted operating profit rose by 14.9% to RMB 17,250 million from RMB 15,014 million in 2022[3]. - Net profit for the year was RMB 16,732 million, a 13.6% increase from RMB 14,733 million in 2022[3]. - Basic earnings per share increased to RMB 1.79, up 13.3% from RMB 1.58 in the previous year[3]. - Proposed dividend per 10 shares is RMB 8.04, compared to RMB 5.67 in 2022[3]. - Non-controlling interests profit surged by 542.9% to RMB 135 million from RMB 21 million in 2022[3]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 133,297 million, an increase from RMB 117,132 million in 2022[8]. - Current liabilities totaled RMB 120,083 million, slightly up from RMB 118,886 million in the previous year[8]. - Non-current liabilities increased to RMB 27,385 million from RMB 22,382 million in 2022[8]. - The total equity attributable to the owners of the company increased to RMB 103,514 million in 2023 from RMB 93,459 million in 2022, representing a growth of approximately 10.9%[9]. - The company's reserves rose to RMB 94,076 million in 2023, up from RMB 84,012 million in 2022, indicating an increase of about 11.8%[9]. - The total equity of the company reached RMB 105,912 million in 2023, compared to RMB 94,750 million in 2022, reflecting a growth of approximately 11.7%[9]. Segment Performance - The segment performance for the cooking solutions segment was RMB 5,026 million, up from RMB 4,244 million in the previous year, indicating a growth of about 18.4%[16][17]. - The air energy solutions segment generated revenue of RMB 46,104 million, compared to RMB 40,758 million in 2022, reflecting an increase of approximately 13.0%[16][17]. - The segment for household laundry solutions reported revenue of RMB 15,336 million, an increase from RMB 14,134 million in 2022, reflecting a growth of approximately 8.5%[16][17]. Market and Revenue Growth - Revenue from Mainland China reached RMB 125,010 million, up 7.4% from RMB 116,791 million in 2022[22]. - North America revenue increased to RMB 79,751 million, a rise of 4.2% from RMB 76,630 million in the previous year[22]. - Revenue from overseas markets reached RMB 136,412 million, up 7.6% from RMB 126,759 million in 2022[116]. Research and Development - Research and development costs for 2023 were RMB 10,221 million, an increase of 7.5% from RMB 9,507 million in 2022[27]. - The company continues to invest in R&D and manufacturing integration to enhance efficiency and profitability in core components[42]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Shanghai Haier Intelligent Technology Co., Ltd. for approximately RMB 70 million in January 2023[14]. - The acquisition of 100% equity in Zhengzhou Haiyongxin Enterprise Management Co., Ltd. was completed for approximately RMB 25 million in December 2023[14]. - The company announced the acquisition of Carrier Refrigeration Benelux B.V. for approximately USD 640 million, expanding into the commercial refrigeration sector[49]. Cash Flow and Capital Expenditures - Cash flow from operating activities amounted to RMB 25.262 billion, reflecting a year-on-year increase of 24.7%[37]. - Capital expenditures for the year amounted to RMB 9,907 million, an increase from RMB 8,209 million in 2022, with RMB 4,825 million spent in China and RMB 5,082 million overseas, mainly for factory and equipment construction[140]. Shareholder Returns - The proposed final dividend for 2023 is RMB 7,471 million, up from RMB 5,298 million in 2022, representing an increase of approximately 41%[28]. - The board proposed a final cash dividend of RMB 8.04 per 10 shares, amounting to approximately RMB 7.47 billion, representing 45.01% of the profit attributable to shareholders[148]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, with a review of the separation of roles between the chairman and CEO[153]. - The audit committee has reviewed the financial statements for the year ended December 31, 2023, with no disagreements noted regarding accounting principles and practices[155]. Market Challenges and Risks - The company faces risks from macroeconomic slowdowns that could reduce market demand for durable consumer goods[112]. - The company is exposed to raw material price fluctuations, which could impact production costs and operational performance[112].

关于本报告 报告简介 本报告旨在客观、公允地反映海尔智家股份有限公司及附属子公司（以下 简称"海尔智家""本公司""公司"或"我们"）于 2023 年在环境、社 会及管治（以下简称"ESG"）方面之表现，有关企业管治内容建议与《海 尔智家股份有限公司 2023 年年度报告》（以下简称" 《2023 年报》 "） 所载列《企业管治报告》（H 股）或《公司治理》（A 股）章节一并阅读。 报告范围 本报告的时间范围涵盖 2023 年 1 月 1 日至 12 月 31 日，部分内容超出 此范围。我们厘定报告范围为公司所有主营业务，即家庭美食保鲜烹饪解 决方案 （制冷产业、厨电产业） 、家庭衣物洗护方案、空气能源解决方案、 全屋用水解决方案，与《2023 年报》及过往 ESG 报告基本保持一致。 我们会定期审阅报告范围，以确保涵盖公司业务组合的重大影响。 报告编制依据 本报告以香港联合交易所有限公司（以下简称"香港联交所"）《上市规则》 附录 C2《环境、社会及管治报告指引》（以下简称《ESG 报告指引》） 为主要编制依据，并参考全球报告倡议组织（GRI）《GRI 可持续发展报 告标准》（GRI 标准）、国际可持续准则 ...

第二条 董事会审计委员会是董事会按照股东大会决议设立的专门工作机构， 主要负责公司内、外部审计的沟通、监督和核查工作。 第三条 公司为审计委员会提供必要的工作条件，公司董事会秘书承担审计 委员会的工作联络、会议组织、材料准备和档案管理等日常工作。审计委员会履 行职责时，上市公司管理层及相关部门须给予配合。 第二章 人员组成 海尔智家股份有限公司 董事会审计委员会实施细则 （2024 年修订） 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对 经理层的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《香港 联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"）、《上市公 司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《海 尔智家股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司 特设立董事会审计委员会，并制定本实施细则。 第四条 审计委员会委员由三至五名董事组成，应当为不在公司担任高级管 理人员的董事，独立董事应占多数，委员中至少有一名独立董事为专业会计人士 或具备《香港上市规则》中要求的适当的专业资格，或会计或相关财务 ...