Core Viewpoint - The company reported a revenue of 77.6 billion yuan in Q3 2025, a year-on-year increase of 10%, with a net profit attributable to shareholders of 5.3 billion yuan, up 13% year-on-year, and a net profit excluding non-recurring items of 5.2 billion yuan, up 15% year-on-year [1] Group 1: Overseas Market Performance - Revenue from overseas markets continued to grow, with a year-on-year increase of 8.25% in Q3 2025 and a cumulative growth of 10.5% in the first three quarters [1] - In North America, despite a weak real estate market and cautious consumer trends, the company maintained operational resilience through product structure upgrades and expansion in air and water businesses [1] - In Europe, the quality of white goods business in Western and Eastern Europe improved, with market share steadily expanding, particularly in the UK, Italy, France, and Spain [1] - Emerging markets saw significant revenue growth in the first three quarters, with South Asia, Southeast Asia, and the Middle East and Africa growing by 25%, 15%, and 60% respectively [1] Group 2: Domestic Market Resilience - The domestic market showed significant resilience, outperforming the industry, with the Chinese home appliance industry retail sales down 3% year-on-year in Q3 2025, while the company’s domestic revenue increased by 11% [2] - The air conditioning sector saw a notable increase, with home air conditioning revenue up over 30% year-on-year in Q3 2025, while other sectors like refrigerators and washing machines achieved stable growth [2] - The growth resilience is attributed to the continuous development of popular products, competitive suite products, and deepening digital inventory and marketing optimization [2] Group 3: Financial Performance - The gross profit margin for the first three quarters of 2025 was 27.2%, up 0.1 percentage points year-on-year, with a focus on extreme cost control in the domestic market and a commitment to a high-end brand strategy in overseas markets [2] - The sales expense ratio was 10.6%, optimized by 0.1 percentage points year-on-year, with digital transformation efforts in the domestic market and global resource integration in overseas markets [2] - The net operating cash flow for the first three quarters was 17.5 billion yuan, a year-on-year increase of 21%, indicating robust growth [2] Group 4: Profit Forecast and Valuation - The company is positioned as a leading global home appliance brand, with expectations for steady increases in market share both domestically and internationally [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 24.3 billion, and 27.3 billion yuan respectively, with corresponding PE ratios of 12, 10, and 9 times [3] - The target price is maintained at 35.54 yuan, with a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, with a target price of 35.54 CNY, compared to the current price of 26.81 CNY [4][6]. Core Insights - Haier Smart Home demonstrated strong operational resilience, with Q3 2025 revenue reaching 77.6 billion CNY, a year-on-year increase of 10%, and net profit attributable to shareholders of 5.3 billion CNY, up 13% year-on-year [1][2]. - The company continues to see growth in overseas markets, with Q3 2025 overseas revenue increasing by 8.25% year-on-year, and a cumulative growth of 10.5% for the first three quarters [2]. - In the domestic market, Haier outperformed the industry, achieving a 11% year-on-year increase in domestic revenue in Q3 2025, while the overall home appliance industry saw a decline of 3% [3]. Summary by Sections Financial Performance - Q3 2025 revenue was 776 billion CNY, with a year-on-year growth of 10% - Net profit attributable to shareholders was 53 billion CNY, up 13% year-on-year - Non-net profit was 52 billion CNY, reflecting a 15% increase year-on-year [1]. Overseas Market Growth - Q3 2025 overseas revenue grew by 8.25% year-on-year, with a cumulative growth of 10.5% for the first three quarters - North America showed resilience despite a weak real estate market, with product upgrades and cost optimization strategies - In Europe, market share in major countries like the UK, Italy, France, and Spain increased in key product categories [2]. Domestic Market Resilience - The domestic market saw a 11% year-on-year revenue increase in Q3 2025, contrasting with a 3% decline in the overall home appliance industry - Key product categories such as air conditioning saw over 30% growth, while high-end brands like Casarte and Leader grew by 18% and 25% respectively [3]. Profitability and Cash Flow - Gross margin for the first three quarters of 2025 was 27.2%, a slight increase of 0.1 percentage points year-on-year - Operating cash flow for the first three quarters was 17.5 billion CNY, reflecting a 21% year-on-year increase [3]. Earnings Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2025-2027 to be 21.5 billion CNY, 24.3 billion CNY, and 27.3 billion CNY respectively - The corresponding price-to-earnings ratios are projected to be 12, 10, and 9 times for the respective years [4].

Core Viewpoint - Haier Smart Home (06690) has signed a strategic cooperation agreement with Sanhua Intelligent Control to enhance collaboration in R&D, laboratory construction, and emerging field layouts, aiming to improve supply chain efficiency and accelerate innovation results [1] Financial Performance - In Q3, Haier Smart Home reported revenue of 77.56 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 5.34 billion yuan, up 12.7% year-on-year [1] - For the first three quarters, the company achieved revenue of 234.05 billion yuan, reflecting a year-on-year growth of 10%, with a net profit attributable to shareholders of 17.37 billion yuan [1] Earnings Forecast - Huatai Securities has raised the forecast for Haier Smart Home's net profit attributable to shareholders for 2025 to 2027 by 2.17%, 2.33%, and 3.36%, adjusting the figures from 21.13 billion, 23.27 billion, and 25.37 billion yuan to 21.58 billion, 23.81 billion, and 26.22 billion yuan respectively [1] - Corresponding earnings per share are projected to be 2.3 yuan [1]

Group 1 - Haier Smart Home (06690.HK) saw an increase of nearly 3%, with a current rise of 2.39%, trading at HKD 25.66 [2] - The trading volume reached HKD 154 million [2]

Group 1 - Haier Smart Home (600690) shares increased by nearly 3%, currently up 2.39% at HKD 25.66, with a trading volume of HKD 154 million [1] - On November 4, Haier Smart Home signed a strategic cooperation agreement with Sanhua Intelligent Control (002050) in Qingdao, focusing on collaborative R&D, laboratory construction, and emerging field layouts to enhance supply chain efficiency and accelerate innovation [1] - The partnership will establish joint laboratories focusing on refrigeration, heat pumps, and thermal management for new energy vehicles, sharing testing resources and data to shorten product development cycles [1] Group 2 - Haier Smart Home reported Q3 2025 earnings, with revenue of CNY 77.56 billion, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of CNY 5.34 billion, up 12.7% year-on-year [1] - For the first three quarters, the company achieved revenue of CNY 234.05 billion, a year-on-year growth of 10%, and a net profit of CNY 17.37 billion, reflecting a 14.7% year-on-year increase [1] - The first three quarters marked record highs for both revenue and net profit, with a strong outlook for the company's position as a global leader in home appliances and ongoing advancements in digital reform domestically and high-end brand strategies internationally [1]

Core Viewpoint - Haier Smart Home (06690) has signed a strategic cooperation agreement with Sanhua Intelligent Control to enhance collaboration in R&D, laboratory construction, and emerging fields, aiming to improve supply chain efficiency and accelerate innovation outcomes [1] Group 1: Strategic Cooperation - The cooperation will focus on joint laboratories in areas such as refrigeration, heat pumps, and thermal management for new energy vehicles, sharing testing resources and data to shorten product development cycles [1] - Both companies will collaborate in emerging fields like smart home technology and energy storage temperature control, promoting the localization rate of core components [1] Group 2: Financial Performance - For Q3 2025, the company reported revenue of 77.56 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 5.34 billion yuan, up 12.7% year-on-year [1] - In the first three quarters, the company achieved revenue of 234.05 billion yuan, a year-on-year growth of 10%, and a net profit of 17.37 billion yuan, reflecting a 14.7% year-on-year increase [1] - The first three quarters' revenue and net profit reached historical highs, indicating a solid global leadership position in home appliances and a strong commitment to digital reform and high-end brand strategy [1]

Core Viewpoint - Haier Smart Home reported a strong performance in Q3 with revenue of 77.56 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 5.34 billion yuan, up 12.7% year-on-year. The company achieved a record high in both revenue and net profit for the first three quarters, indicating a solid position in the global home appliance market and a positive outlook for future profitability [1] Financial Performance - Q3 revenue reached 77.56 billion yuan, reflecting a 9.5% year-on-year growth [1] - Q3 net profit attributable to shareholders was 5.34 billion yuan, marking a 12.7% year-on-year increase [1] - For the first three quarters, total revenue was 234.05 billion yuan, up 10% year-on-year [1] - Net profit for the first three quarters was 17.37 billion yuan, representing a 14.7% year-on-year growth [1] Future Outlook - The company’s revenue and net profit for the first three quarters set historical records, reinforcing its leading position in the home appliance sector [1] - The firm is expected to continue benefiting from deepening digital reforms domestically and a strong push for high-end brand strategies overseas [1] - Profitability is anticipated to further improve, with net profit forecasts for 2025 to 2027 raised by 2.17%, 2.33%, and 3.36% respectively [1] Valuation Adjustments - The target price for Haier Smart Home's A-shares has been increased from 33.75 yuan to 35.56 yuan, while the H-shares target price has been adjusted from 31.95 HKD to 33.09 HKD [1] - The company is assigned a target price-to-earnings ratio of 14 times based on a 2.26-year outlook [1]

格隆汇11月4日｜海尔智家(600690)与三花智控(002050)11月3日签订战略合作协议。据海尔智家介绍， 双方将在协同研发并联、实验室共建、新兴领域布局等多个方面深化合作。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [6][18]. Core Views - The company reported a revenue of 2340.5 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 173.7 billion yuan, up 14.7% [1]. - The air conditioning segment showed strong performance, with domestic sales growing by 9.5% in the first three quarters and 10.8% in Q3, while the home air conditioning revenue surged by 30% year-on-year in Q3 [2]. - The company maintains operational resilience through a multi-brand strategy and digital transformation, with significant growth in brands like Casarte and Leader, which saw revenue increases of 18% and 25% respectively in the first three quarters [2]. - The gross margin for Q3 2025 was reported at 27.9%, with net profit margin at 6.9%, indicating ongoing profitability improvements [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 775.6 billion yuan, a 9.5% increase year-on-year, and a net profit of 53.4 billion yuan, up 12.7% [1]. - The company expects net profits for 2025 to reach 213 billion yuan, with projected growth rates of 12.82% for 2023 and 13.51% for 2025 [4][3]. Market Analysis - Domestic revenue growth was driven by strong performance in air conditioning and kitchen appliances, while overseas markets also showed resilience with a 10.5% increase in revenue for the first three quarters [2]. - Emerging markets such as the Middle East and Southeast Asia reported significant growth rates of 60% and 15% respectively [2]. Profitability and Efficiency - The company has focused on cost efficiency, achieving a slight improvement in both sales and management expense ratios, contributing to a net profit margin of 6.9% [3]. - The operating cash flow for Q3 2025 increased by 5.81% year-on-year, indicating strong cash generation capabilities [3].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海爾智家股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600690 | 說明 | | 普通股- A股面值每股人民幣1元 (於上海證券交易所上市) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,254,501,095 | RMB | | 1 RMB | | 6,254,501,095 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,254,501,095 | RMB | | 1 RMB | | 6,254,5 ...