Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [1][4] Core Views - The company reported a revenue of 79.12 billion RMB in Q1 2025, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 5.49 billion RMB, up 15.1% year-on-year [4] - The company has launched a share repurchase plan worth 1-2 billion RMB to reward shareholders. The performance remains stable, and profit forecasts for 2025-2027 are maintained at 21.09 billion, 23.68 billion, and 25.95 billion RMB respectively, with corresponding EPS of 2.25, 2.52, and 2.77 RMB [4] - The overseas revenue grew by 12.6% year-on-year in Q1 2025, with significant growth in North America and emerging markets [4] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.4%, and the net profit margin was 7.1%, reflecting a slight improvement [4] - The company’s operating cash flow for Q1 2025 was 22.28 billion RMB, an increase of 32.5% year-on-year [4] Revenue Breakdown - Domestic revenue increased by 7.8% year-on-year, with the Casarte brand seeing over 20% growth. The home air conditioning sector's retail sales grew over 100% [4] - In North America, high-end brand revenue saw double-digit growth, while HVAC business revenue increased by triple digits. In Europe, market share for refrigerators and washing machines improved in Italy, France, the UK, and Spain [4] Future Projections - Revenue projections for 2025-2027 are set at 306.43 billion, 325.02 billion, and 342.12 billion RMB, with expected growth rates of 7.2%, 6.1%, and 5.3% respectively [6] - The company anticipates a steady increase in net profit margins, with projections of 7.2%, 7.6%, and 7.9% for the years 2025 to 2027 [6]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：KAIZEN投资之道 （ 3 ） 市场表现 ： 格力电器在空调领域的市场份额较高 ， 品牌影响力大 ， 具有较强的竞争 优势 。 不过 ， 其业务相对单一 ， 对空调业务的依赖度较高 ， 一定程度上影响了公司的抗风 险能力 。 2025年一季度 ， 家电三巨头 （ 美的集团 、 格力电器 、 海尔智家 ） 在全球贸易波动与消费分 化的背景下 ， 呈现出差异化的增长路径 。 美的凭借多元化业务和全球化布局实现高速增长 ， 格力依托政策红利与成本优化稳中求进 ， 海尔则通过高端化与智能生态持续突破 。 以下是一季 度业绩报告的详细分析以及后市投资价值的对比 ： 三 、 海尔智家 一 、 美的集团 （ 1 ） 营收与利润 ： 2025 年一季度营业收入为 1284亿元 ， 同比增长 20.61% ； 归母净利 润为 124.22 亿元 ， 同比增长 38.02% ； 扣非归母净利润为 127.50 亿元 ， 同比增长 38.03% 。 （ 2 ） 业务分析 ： 各项业务稳步推进 ， 在机器人与自动化业务领域 ， 2024 年 ...

Group 1 - Haier Smart Home (600690.SH) reported its Q1 2025 results, with 358 institutional investors disclosing holdings of A-shares, totaling 3.953 billion shares, which represents 42.13% of the total share capital [1] - The top ten institutional investors include Haier Kaos Co., Ltd., Haier Group, and others, holding a combined 38.52% of shares, with a decrease of 1.09 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 123 funds increased their holdings, with a holding increase ratio of 0.43%, including funds like E Fund Consumer Industry Stock and E Fund SSE 50 Enhanced A [2] - Conversely, 82 funds reduced their holdings, with a decrease ratio of 0.36%, including funds like Xingquan Helun Mixed A and Huatai-PB SSE 300 ETF [2] - A total of 73 new public funds were disclosed this period, while 887 funds were not disclosed compared to the previous quarter [2]

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4月30日 FF305 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting strong growth in revenue and net profit over the next few years [104]. Core Views - The company is expected to benefit from global expansion and digital transformation within its supply chain, particularly enhancing its competitiveness in the air conditioning sector [104]. - Revenue for 2025-2027 is forecasted to grow at rates of 7.6%, 6.4%, and 6.1% respectively, with net profit growth rates of 13.2%, 12.9%, and 10.0% [104]. Financial Performance Summary - In 2024, the company achieved a revenue of 286 billion yuan, a year-on-year increase of 4.3%, with a net profit of 18.741 billion yuan, reflecting a growth of 12.9% [9][15]. - The gross margin for 2024 was reported at 27.8%, with a net profit margin of 6.8% and a return on equity (ROE) of 17.4% [15]. - The company’s earnings per share (EPS) for 2024 was 2.00 yuan, with projections of 2.26 yuan for 2025, 2.55 yuan for 2026, and 2.81 yuan for 2027 [105]. Business Segmentation - The company’s revenue breakdown for 2024 includes air conditioning (49.056 billion yuan), refrigerators (83.241 billion yuan), washing machines (63.028 billion yuan), kitchen appliances (41.111 billion yuan), and water appliances (15.751 billion yuan) [10][11]. - The air conditioning segment showed a significant growth rate of 7.4%, while kitchen appliances experienced a slight decline of 1.1% [9][10]. Market Trends - The home air conditioning market is expected to remain robust, with domestic sales projected to grow due to government subsidy policies [28]. - The company’s international sales reached 1,429 billion yuan in 2024, marking a year-on-year increase of 5.3% [13]. Future Outlook - The company is projected to achieve revenues of 307.846 billion yuan in 2025, 327.512 billion yuan in 2026, and 347.385 billion yuan in 2027, with corresponding net profits of 21.208 billion yuan, 23.944 billion yuan, and 26.329 billion yuan [105].

Investment Rating - The investment rating for the company is "Buy" [7][4] Core Views - The company reported a revenue of 79.118 billion RMB in Q1 2025, representing a year-on-year increase of 10.1%, and a net profit of 5.487 billion RMB, up 15.09% year-on-year, which aligns with expectations [1] - The growth is attributed to the effective utilization of the old-for-new policy in the domestic market, product innovation, and channel expansion in overseas markets, as well as deepening digital reforms that enhance operational efficiency [1][2] - The company is expected to continue consolidating its competitive advantages and steadily advance its strategic development [1] Summary by Sections Revenue and Profit Growth - In Q1 2025, the domestic market revenue grew by 7.8%, with the Casarte brand exceeding 20% growth. The introduction of the POP digital inventory model significantly boosted retail sales [2] - Overseas revenue increased by 12.6%, with notable growth in North America and emerging markets, where sales in South Asia, Southeast Asia, and the Middle East and Africa grew by over 30%, 20%, and 50% respectively [2] Cost Management and Profitability - The company's gross margin was 25.4%, a slight increase of 0.1 percentage points year-on-year, driven by digital transformation across procurement, R&D, and manufacturing [3] - The expense ratio decreased by 4.2 percentage points year-on-year, with sales, management, and R&D expense ratios at 9.6%, 3.1%, and 4.2% respectively [3] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 21.115 billion RMB, 23.258 billion RMB, and 25.351 billion RMB, respectively, with corresponding EPS of 2.25, 2.48, and 2.70 RMB [4][6] - The target price for A-shares is set at 33.75 RMB, while the target price for H-shares is 31.31 HKD, reflecting a premium based on historical averages [4][8]

Investment Rating - The investment rating for Haier Smart Home (600690) is "Accumulate" [1] Core Views - The company reported a revenue of 285.98 billion RMB in 2024, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 18.74 billion RMB, up 12.92% year-on-year [2] - In Q1 2025, the company achieved a revenue of 79.12 billion RMB, representing a year-on-year growth of 10.06%, and a net profit of 5.49 billion RMB, up 15.09% year-on-year [2] - The domestic market is benefiting from digital transformation, while overseas markets continue to show strong growth [3][4] Summary by Sections Revenue and Profit Growth - In 2024, the revenue breakdown by product shows air conditioning revenue at 49.06 billion RMB (+7.44%), refrigerator revenue at 83.24 billion RMB (+1.96%), kitchen appliances at 41.11 billion RMB (-1.15%), water appliances at 15.75 billion RMB (+4.93%), and washing machines at 63.03 billion RMB (+2.87%) [3] - Domestic revenue was 141.68 billion RMB (+3.12%), while overseas revenue reached 142.90 billion RMB (+5.32%) [3] Q1 2025 Performance - In Q1 2025, the company’s revenue in the Chinese market grew by 7.8%, with the Casarte brand growing over 20% [4] - Overseas revenue increased by 12.6%, with significant growth in North America and emerging markets [4] Profitability and Cost Management - The gross margin for 2024 was 27.8%, with domestic gross margin at 29.79% and overseas at 25.40% [5] - The net profit margin for Q1 2025 was 7.13%, reflecting improvements in cost management and operational efficiency [5] Financial Forecast - The company’s revenue is projected to reach 303.75 billion RMB in 2025, 321.84 billion RMB in 2026, and 340.16 billion RMB in 2027 [6] - The net profit forecast for 2025 is 21.57 billion RMB, with EPS expected to be 2.30 RMB [7]

导 语：海尔智家Q1业绩的超预期表现，既是其全球化战略与用户思维的阶段性成果，也为家电行业的战局'升维'拉开序幕。 作为一个以自有品牌出海的中国家电品牌，海尔智家能让世界各地的用户都有满意的使用体验，难度不可谓不大。 比如在节能环保最严苛的欧洲，用户对于家电的选择会以环保节能为主。基于这样的用户需求，海尔智家推出的X11洗衣机，比欧洲A级能耗节能 60%。 在东南亚地区，用户的需求又有了明显的差异。由于当地气候炎热，空调几乎一年四季不停，因此节能省电成为用户的一大需求。海尔智家推出的 UV COOL VOICE系列空调，可以通过AI节能功能，实现电量可视化，为当地用户提供节能省电的解决方案。 而在中东非地区，气候炎热干燥，尤其是夏季，温度常常突破40度以上，甚至在一些极端情况下，温度可以达到50度。而大多数空调在高温下无法 正常运转，海尔智家推出的uvc变频空调就解决了这一难题。 全球用户的细分需求也正在被海尔智家挖掘。在沙特，用户戴头巾、着长袍的穿衣传统下，海尔智家研发出了具有大袍子洗程序的超大筒径洗衣 机；在泰国，"会洗澡"的空调解决了当地人的空调清洗难题等等。 4月29日，海尔智家发布了2025一季报。 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by digital transformation and market expansion strategies [4][5][7]. Financial Performance - In Q1 2025, the company achieved revenue of 79.118 billion yuan, a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 5.487 billion yuan, up 15.09% [4]. - The gross profit margin for Q1 2025 was 25.4%, an increase of 0.1 percentage points compared to the same period in 2024 [9]. Market Performance Domestic Market - Revenue in the Chinese market grew by 7.8% year-on-year, with the Casarte brand experiencing over 20% growth [5]. - The company implemented digital inventory and marketing transformations to enhance retail efficiency and customer engagement [6]. Overseas Market - Overall revenue from overseas markets increased by 12.6% year-on-year, with significant growth in North America and emerging markets [7][8]. - In North America, high-end brand revenue saw double-digit growth, while in emerging markets like South Asia and Southeast Asia, revenue growth exceeded 30% and 20%, respectively [8]. Cost and Expense Management - The sales expense ratio for Q1 2025 was 9.6%, optimized by 0.1 percentage points compared to the previous year [10]. - The management expense ratio was 3.1%, also improved by 0.1 percentage points, reflecting enhanced operational efficiency through digital tools [10]. Cash Flow and Capital Expenditure - The net cash flow from operating activities in Q1 2025 was 2.285 billion yuan, an increase of 300 million yuan year-on-year [14]. - Capital expenditures for Q1 2025 totaled 1.961 billion yuan, with investments in domestic and overseas facilities and digital infrastructure [15]. Debt and Financial Health - The company's debt-to-asset ratio at the end of Q1 2025 was 57.4%, a decrease of 1.8 percentage points from the end of 2024, indicating improved financial health [16].

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 注销 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的 法律意见书 二〇二五年四月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan ...