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 持續關連交易 重續持續關連交易框架協議 持續關連交易 茲提述本公司日期為2022年4月28日的公告、日期為2022年6月7日的通函及日期 為2022年6月28日的投票結果公告，內容有關（其中包括）本公司與海爾集團訂立 的產品及物料採購框架協議、服務採購框架協議、產品及物料銷售框架協議以及 服務提供框架協議，並就該等協議設定自2023年1月1日起至2025年12月31日止期 間的年度上限。 鑒於該等協議及其建議年度上限將於2025年12月31日到期，而本公司將於2025年 12月31日後繼續進行該等交易，因此本公司與海爾集團於2025年3月27日就該等 協議訂立了新持續關連交易框架協議，在本公司與海爾集團內部有權決策機構審 議通過的前提下，新持續關連交易框架協議有效 ...

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，概不對因本通告全部或任何 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。 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） Haier Smart Home Co., Ltd.* 股份代號：6690 2024年年度股東大會通告 茲通告海爾智家股份有限公司（「公司」、「本公司」）謹定於2025年5月28日（星期三） 14：00假座中國青島市嶗山區海爾科創生態園人單合一研究中心舉行2024年年度股 東大會（「年度股東大會」），以供本公司股東審議及酌情批准下列決議案（特別決議 案以# 標記）： – 1 – 1. 審議及批准2024年度財務決算報告 2. 審議及批准2024年度董事會工作報告 3. 審議及批准2024年度監事會工作報告 4. 審議及批准2024年年度報告及年度報告摘要 5. 審議及批准2024年度內部控制審計報告 6. 審議及批准2024年度利潤分配預案 7. 審議及批准關於續聘中國會計準則審計機構的議案 8. 審議及批准關於續聘國際會計準則審計機構的 ...

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 第十一屆董事會第十三次會議決議公告 海爾智家股份有限公司（以下簡稱「公司」）第十一屆董事會第十三次會議於2025年3 月27日上午在海爾科創生態園生態品牌中心大樓中118會議室召開，應到董事9人， 實到董事9人，其中董事李錦芬、李世鵬以通訊方式參會，出席人數符合法律法規 和《公司章程》的規定。本次會議通知於2025年3月12日以電子郵件形式發出，公司 監事和高級管理人員列席了會議，會議的通知和召開符合《公司法》和《海爾智家股 份有限公司章程》（以下簡稱「《公司章程》」）的規定，會議由董事長李華剛主持。經 與會董事認真審議，通過了以下議案： 一、《海爾智家股份有限公司2024年度財務決算報告》（表決結果：同意9票、反對0 票、棄權0票） 內容詳見與本公告同日刊登在上 ...

EF001 免責聲明 | 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 | | | --- | --- | | 公告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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 海爾智家股份有限公司 | | 股份代號 | 06690 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之期末股息 | | 公告日期 | 2025年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 10 股 9.65 RMB | | 股東批准日期 | 2025年5月28日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公 ...

Financial Performance - Haier Smart Home reported a revenue of RMB 285,971 million for the year ended December 31, 2024, representing a 4.3% increase from RMB 274,198 million in 2023[2]. - The gross profit for the same period was RMB 77,843 million, up 5.7% from RMB 73,641 million in the previous year[2]. - Adjusted operating profit increased by 14.9% to RMB 20,437 million compared to RMB 17,793 million in 2023[2]. - Net profit attributable to shareholders rose by 12.9% to RMB 18,741 million from RMB 16,597 million in 2023[2]. - Basic earnings per share increased by 12.8% to RMB 2.02, compared to RMB 1.79 in the previous year[2]. - The company proposed a dividend of RMB 9.65 per 10 shares, up from RMB 8.04 in 2023[2]. - Total revenue for the year ended December 31, 2024, reached RMB 372,070 million, an increase from RMB 356,766 million in the previous year, representing a growth of approximately 4.3%[27][28]. - The pre-tax profit for the year ended December 31, 2024, was RMB 22,733 million, compared to RMB 20,211 million in the previous year, reflecting an increase of approximately 12.5%[27][28]. - The total assets as of December 31, 2024, amounted to RMB 290,114 million, an increase from RMB 261,068 million, showing a growth of around 11.1%[29][30]. - The total liabilities as of December 31, 2024, were RMB 171,725 million, compared to RMB 153,538 million in the previous year, representing an increase of approximately 11.8%[29][30]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings in the smart home sector[12]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[27]. - The company is actively addressing risks related to tariffs and trade measures that could impact supply chain costs and market demand[174]. - The company is enhancing supply chain resilience and efficiency by optimizing network layout and establishing a diversified supplier system[173]. - The company is focusing on high-end brand development in overseas markets, tailoring strategies to meet diverse consumer needs[170]. - The company is expanding into emerging industries such as smart elderly care and household service robots, aligning with trends in aging and low-carbon economies[171]. Product Development and Innovation - Research and development expenses increased to RMB 10,740 million, compared to RMB 10,380 million in 2023, indicating a focus on innovation[39]. - The company aims for over 50% of its new products to be launched by 2025, enhancing its product iteration speed[53]. - The company launched innovative products in 2024, including a refrigerator with a 98% nutrient retention rate and a washing machine with a global leading design, enhancing its competitive edge in the market[161]. - The company utilizes a global collaborative platform for product development, significantly enhancing product quality and development precision through shared resources and expertise[157]. - The company has implemented a unified model for training young engineers, fostering talent development and improving product innovation capabilities[158]. Acquisitions and Partnerships - A voting rights entrustment agreement was established, allowing the company to control 100% of the voting rights of Youjin, which holds 55% of the shares, effective from December 20, 2024[18]. - The company completed the acquisition of Kwikot, a leading water heater manufacturer in South Africa, to accelerate its global expansion in the water industry[54]. - The acquisition of Carrier's commercial refrigeration business will expand the company's presence in retail and cold storage refrigeration, creating new growth points[55]. - The company expanded its market presence through strategic acquisitions, including the commercial refrigeration business of Carrier and the South African water heater leader Kwikot[180]. Financial Position and Assets - Total assets increased to RMB 160,427 million in 2024 from RMB 151,762 million in 2023, reflecting a growth in both current and non-current assets[6][7]. - The company's net asset value increased to RMB 118,389 million in 2024, up from RMB 107,530 million in the previous year[9]. - The company's overseas assets amounted to RMB 139,690 million, representing 48.2% of total assets as of December 31, 2024[179]. Operational Efficiency - The company reported a cash and cash equivalents balance of RMB 54,981 million as of December 31, 2024, compared to RMB 56,683 million in the previous year[29][30]. - The net cash flow from operating activities in 2024 was RMB 26.543 billion, which is 1.4 times the net profit[49]. - The company is managing inventory levels to avoid excess or shortages, which could impact sales opportunities[176]. - The company is focusing on capital expenditure risk management by optimizing capacity layout and improving utilization efficiency in response to macroeconomic changes[176]. Sustainability and ESG Efforts - The company is committed to sustainable development and has received an AA rating from MSCI for its ESG efforts, leading the domestic home appliance industry[150]. - The company has implemented a global ESG governance framework, enhancing its organizational structure to support sustainable development initiatives[167]. Market Share and Competitive Position - The company has maintained its position as the global leader in large home appliance retail volume for 16 consecutive years[141]. - The company holds the leading market share in major home appliance categories in China, with the Casarte brand capturing 49% in high-end refrigerators, 34% in air conditioners, and 88% in washing machines priced above 15,000 yuan[151]. - The company achieved a global market share of 25.9% in Asia, 24.5% in North America, 15.9% in Australia and New Zealand, and 8% in Western Europe for major home appliances[148].

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]

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 ...