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].

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 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 股票简称：海尔智家 股票代码：600690 编号：临 2025-032 海尔智家股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会活动的公告 本公司董事会及全体董事保证本公 ...

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5月6日 股票简称：海尔智家 股票代码：600690 编号：临 2025-033 海尔智家股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 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： 回购方案的实施情况：2025 年 4 月当月，公司通过集中竞价交易方式已累计回 购 A ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][7]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue reaching 79.12 billion CNY, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 5.49 billion CNY, up 15.1% year-on-year [7]. - The report highlights strong growth in both domestic and overseas markets, with domestic revenue growing by 7.8% and overseas revenue by 12.6% [7]. - The company is expected to benefit from a favorable domestic demand environment and ongoing digital transformation initiatives, which are anticipated to enhance operational efficiency and profitability [7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 285.98 billion CNY, increasing to 309.93 billion CNY in 2025, with a compound annual growth rate (CAGR) of 9.4% [3][8]. - **Net Profit Forecasts**: Expected net profit attributable to shareholders is 18.74 billion CNY for 2024, rising to 21.17 billion CNY in 2025, reflecting a year-on-year growth rate of 12.9% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 2.00 CNY in 2024, increasing to 2.26 CNY in 2025, and further to 2.53 CNY in 2026 [3][8]. Market Position and Strategy - The report notes that Haier's traditional stronghold in the refrigerator and washing machine segments is expected to maintain stable growth, outperforming the industry average [7]. - The company is also focusing on high-growth segments such as air conditioning, which is projected to achieve double-digit growth due to government subsidies [7]. - The introduction of an employee stock ownership plan aims to align the interests of management and key employees with those of shareholders, enhancing long-term value creation [7].

Market Overview - The FTSE China A50 index components showed mixed performance with insurance and liquor sectors rising, while banking and semiconductor sectors had varied results, and the power sector weakened [1][4]. Insurance Sector - China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of CNY 293.04 billion, CNY 931.09 billion, and CNY 319.74 billion respectively, with trading volumes of CNY 557 million, CNY 1.019 billion, and CNY 389 million [3]. - China Pacific Insurance rose by 2.04%, Ping An by 0.83%, and China Life by 2.41% [3]. Liquor Industry - Kweichow Moutai, Wuliangye, and Shanxi Xinghuacun Fenjiu had market capitalizations of CNY 1,950.62 billion, CNY 249.58 billion, and CNY 502.40 billion respectively, with trading volumes of CNY 1.656 billion, CNY 506 million, and CNY 1.114 billion [3]. - Kweichow Moutai increased by 0.37%, Wuliangye by 0.24%, and Shanxi Xinghuacun by 0.57% [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of CNY 243.10 billion, CNY 292.64 billion, and CNY 346.81 billion respectively, with trading volumes of CNY 979 million, CNY 2.570 billion, and CNY 1.077 billion [3]. - Northern Huachuang rose by 0.92%, while Cambricon Technologies fell by 0.37% and Haiguang Information increased by 0.41% [3]. Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 196.10 billion, CNY 284.33 billion, and CNY 1,095.37 billion respectively, with trading volumes of CNY 3.165 billion, CNY 192 million, and CNY 285 million [3]. - BYD increased by 2.08%, Great Wall Motors by 1.46%, while Beijing-Shanghai High-Speed Railway decreased by 0.34% [3]. Power Sector - China Yangtze Power, China Nuclear Power, and China Power had market capitalizations of CNY 713.74 billion, CNY 191.08 billion, and CNY 332.60 billion respectively, with trading volumes of CNY 1.589 billion, CNY 405 million, and CNY 4.380 billion [4]. - China Nuclear Power rose by 2.43%, while China Yangtze Power fell by 1.12% [4]. Other Sectors - Various sectors including food and beverage, electronics, and pharmaceuticals showed diverse performances with notable market capitalizations and trading volumes [4][5].

Core Insights - Haier Smart Home has successfully redefined global home appliance standards through innovative product designs that resonate with consumer needs [1][3][5] Financial Performance - In Q1 2025, Haier Smart Home reported a revenue of 79.12 billion yuan, representing a 10% year-on-year growth [1] - The net profit attributable to shareholders reached 5.49 billion yuan, up 15% year-on-year, while the net profit excluding non-recurring items was 5.364 billion yuan, reflecting a 15.61% increase [1] Consumer-Centric Innovation - The company has engaged deeply with consumers, turning feedback into successful products like the "lazy three-tub washing machine," which sold over 20,000 units within 16 hours of launch [3][6] - The "Milan Wave" refrigerator's design and name were chosen through user voting, leading to over 400,000 units sold within two quarters [8] Technological Advancements - Haier's high-end brand Casarte introduced the world's first AI-powered home appliances that can recognize fabric types and adjust cooking modes based on family size, enhancing user convenience [3][6] Global Market Strategy - Haier Smart Home's overseas revenue grew by 13% in Q1, with significant growth in North America (over 10%) and emerging markets like South Asia (over 30%) and the Middle East (50%) [10] - The company is expanding its global supply chain, with new AI-enabled factories set to enhance production capabilities [10] User Engagement and Customization - By utilizing AI and digital technologies, Haier has transformed users from passive consumers to active co-creators, fostering emotional connections with products [6][8] - The company tailors its offerings to meet regional needs, such as energy-efficient appliances for Europe and UV sterilization features for Southeast Asia [10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, with a projected P/E ratio of 11/10/9X for the upcoming years [9]. Core Views - The company's Q1 performance slightly exceeded expectations, driven by domestic subsidies and resilient contributions from emerging markets, alongside the effectiveness of digital transformation in cost reduction and efficiency improvement [6][8]. - Revenue for Q1 reached 79.118 billion yuan, representing a year-on-year increase of 10.06%, while net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year [8]. Revenue Analysis - Domestic sales supported by national subsidies and flexible contributions from emerging markets, with Q1 domestic and foreign sales growing by 7.8% and 12.6% year-on-year, respectively [8]. - Emerging markets showed significant growth, with North America, Europe, Middle East & Africa, South Asia, Southeast Asia experiencing year-on-year growth rates of approximately 0%, +30%, +50%, +30%, and +20%, respectively [8]. - The Casarte brand continued to perform well, with a year-on-year growth of over 20% in Q1 [8]. Profitability - The gross margin for Q1 was 25.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 6.93%, up 0.3 percentage points year-on-year [8]. - Cost reduction and efficiency improvements were attributed to supply chain optimization and digital transformation, leading to better gross and expense ratios [8]. Financial Forecast - The report maintains previous profit forecasts, projecting revenues of 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [8]. - Net profit attributable to the parent company is expected to reach 21.254 billion yuan, 23.346 billion yuan, and 24.804 billion yuan for the same years, reflecting year-on-year growth rates of 13.4%, 9.8%, and 6.2% [8]. Shareholding Plan - The company announced a shareholding plan for 2025, targeting a scale of 757 million yuan, aimed at certain directors, senior management, and core technical personnel, with performance targets set for ROE exceeding 17.7% for 2025-2026 [8].