| 回购方案首次披露日 | 2025/3/28，由董事会提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 3 月 3 | 28 | 日~2026 | 年 | 月 | 27 | 日 | | 预计回购金额 | 100,000万元~200,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 35,946,200股 | | | | | | | | 累计已回购股数占总股本比例 | 0.383% | | | | | | | | 累计已回购金额 | 898,991,390.24元 | | | | | | | | 实际回购价格区间 | 23.60元/股~26.30元/股 | | | | | | | 一、回购股份的基本情况 海尔智家股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第十一届 董事会第 ...

8月28日晚，海尔智家（600690）发布2025半年报。数据显示，其海外市场收入同比增长了11.66%。其 中，新兴市场增速更为显著：在南亚、东南亚、中东非分别同比增长32.47%、18.29%、65.42%。 在8月29日下午海尔智家举行的2025年中报交流会上，有投资者问及海尔在海外的人才储备有怎么样的 考虑和考量，如何通过人才活水激发市场增长动能?海尔智家管理层做了回答。 海尔智家认为，做好海外市场的核心还是人。为了实现海外业务的持续增长，实现全面引领，海尔智家 今年启动了海外"千人人才计划"，首批280名人才已于6月30日派驻海外。据悉，"千人人才计划"从三个 方面为海外配备人才。 一是将国内经验丰富、久经市场考验的成熟人才派驻海外。这部分人在中国历经连锁时代、专卖店体 系、电商运营以及四网合一统仓统配等零距离模式多重考验，有丰富的实战经验。 三是坚持开放引进行业优秀人才。尤其是新市场开拓、新平台研发、AI及数字化新技术等，打造行业 新高地，夯实竞争壁垒。 未来，海尔智家在海外市场继续坚持人的价值最大化，激发每个人的创造力，让每个人创造价值与分享 价值合一，不断提升组织效能，更能服务好每一个当地的用 ...

Core Insights - The Chinese home appliance market is experiencing a significant recovery in the first half of 2025, driven by national subsidy policies and consumption upgrades, with retail sales increasing by 9.2% year-on-year [1] - Haier Smart Home reported record-high revenue of 156.49 billion yuan, a 10.2% increase, and a net profit of 12.03 billion yuan, up 15.6% year-on-year, showcasing its ability to achieve growth amid industry pressures [1] Group 1: Technological Leadership - Haier Smart Home's "disruptive leadership" spans the entire value chain from user insights to technology development, product implementation, and standard setting [2] - The company has pioneered original technologies, such as magnetic control fresh-keeping technology in refrigerators, enhancing its market share by 2.3 percentage points [2] - AI energy-saving technology in air conditioners has led to a daily power consumption as low as 2 kWh, with sales of the energy-saving series exceeding 1.1 million units [2] Group 2: Patent and Design Leadership - Haier Smart Home maintains a leading position in global smart home invention patents, focusing on user pain points, such as odor prevention in washing machines through "wind navigation" technology [3] - The company has won multiple international design awards, including six Red Dot Design Awards, and leads in the number of international and national standards established [3] Group 3: Innovation Drivers - The innovation system of Haier Smart Home is user-driven, globalized, and continuously funded, starting from deep user insights [4] - The global "10+N" R&D system integrates 24,000 R&D personnel and over 250,000 external experts, creating a responsive innovation network [5] - The company has invested over 100 billion yuan in R&D, with significant funding allocated to core technology breakthroughs, resulting in growth in challenging markets [6]

Core Insights - Haier Smart Home reported a 0.1 percentage point optimization in sales management expense ratio and a 0.4 percentage point increase in net profit margin for the first half of 2025 [1][2] Digital Transformation - The company has established two major platforms to enhance its digital transformation in the domestic market [1][2] - A comprehensive TOC platform that connects multiple business scenarios, improving user experience and customer efficiency. As of July 2025, 60% of products are delivered directly to users through the company's warehouses. The goal is to achieve full inventory digitization by the end of the year, which will reduce SKU and inventory numbers while improving operational quality and lowering marketing costs [1][2] - A user lifecycle closed-loop platform that provides lifelong service experiences for users. This platform encompasses three loops: business loop, service loop, and user lifecycle loop, ensuring continuous service for customers who purchase or experience Haier's products [1][2] Future Development - The company aims to accelerate model transformation and implement cost reduction and efficiency improvement across all processes [3]

Core Viewpoint - The A-share market has seen a record high in mid-term cash dividends, with 810 companies planning to distribute a total of 642.81 billion yuan, marking a year-on-year increase of 9.56% in dividend amount and 15.06% in the number of companies participating, both reaching historical highs [1][2]. Group 1: Dividend Distribution - 810 companies have announced mid-term cash dividend plans for 2025, with a total proposed payout of 642.81 billion yuan [1]. - Over 300 companies are planning to issue mid-term cash dividends for the first time [7]. - Among companies with dividends exceeding 1 billion yuan, "state-owned enterprises" account for about 30% [1][3]. Group 2: Major Contributors - China Mobile leads with a proposed cash dividend of 54.08 billion yuan, distributing 2.5025 yuan per share [3]. - Other major telecom operators, China Telecom and China Unicom, plan to distribute 16.58 billion yuan and 3.477 billion yuan, respectively [3]. - The "three oil giants" (China National Petroleum, Sinopec, and CNOOC) collectively plan to distribute over 80 billion yuan in mid-term dividends [3][4]. Group 3: Performance and Support - A significant number of companies have shown robust performance, with 522 out of 810 companies reporting a year-on-year increase in net profit [5]. - Companies like Muyuan Foods and WuXi AppTec have demonstrated exceptional profit growth, with Muyuan's net profit increasing nearly 12 times [6]. - Haier Smart Home reported a revenue increase of 10.22% and a net profit increase of 15.59%, leading to a proposed dividend of 2.69 yuan per share [6]. Group 4: Market Implications - The trend of increasing cash dividends is seen as a sign of market maturity, enhancing long-term returns and improving market ecology [8]. - The rise in dividend payouts is expected to stabilize market expectations and attract more investors [8].

Core Viewpoint - The home appliance industry in China demonstrates strong resilience and vitality amid a complex global economic environment, with the performance of the three major players serving as a key indicator of industry development [1] Group 1: Financial Performance - Midea Group achieved revenue of 252.3 billion yuan and a net profit of 26 billion yuan in the first half of the year, representing year-on-year growth of 15.7% and 25% respectively [1] - Haier Smart Home reported revenue of 156.49 billion yuan and a net profit of 12.03 billion yuan, with year-on-year growth of 10.22% and 15.59%, both reaching historical highs [1] - Gree Electric's revenue decreased by 2.46% to 97.33 billion yuan, but net profit increased by 1.95% to 14.41 billion yuan [1] Group 2: Business Diversification - Midea Group's smart home business revenue grew by 13.31% to 167.2 billion yuan, accounting for 66.58% of total revenue; its new energy and industrial technology businesses generated 64.5 billion yuan, up nearly 21%, making up 25.7% of total revenue [2] - Gree Electric's diversified business expansion led to industrial products and green energy revenue of 9.59 billion yuan and smart equipment revenue of 314 million yuan, with year-on-year growth of 17.13% and 20.9%, respectively, accounting for about 10.17% of total revenue [2] - Haier Smart Home's equipment and channel service revenue reached 18.72 billion yuan, growing nearly 35% and representing about 12% of total revenue [3] Group 3: International Expansion - Midea Group's overseas revenue was 107.19 billion yuan, Haier Smart Home's overseas revenue was 79.08 billion yuan, and Gree Electric's overseas revenue was 16.34 billion yuan, with year-on-year growth of 17.70%, 11.70%, and 10.19% respectively [3] Group 4: R&D Investment - Midea Group invested 8.76 billion yuan in R&D, an increase of 14.41% year-on-year; Haier Smart Home's R&D investment was 5.79 billion yuan, up 11.73%; Gree Electric's R&D investment reached 3.89 billion yuan, growing by 7.05% [3] Group 5: Strategic Focus - The home appliance giants are initiating a "value war" centered on technological innovation, scenario experience, and global layout, expanding their scale advantages while solidifying profit foundations and advancing channel transformation [4]

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home (formerly Qingdao Haier) - **Industry**: Home Appliances - **Market Position**: One of the largest home appliance manufacturers globally, with a focus on smart home solutions and a diverse brand portfolio including Haier, Casarte, Leader, GEA, Candy, Fisher & Paykel, and AQUA [11][22]. Key Financial Highlights - **1H25 Performance**: - Revenue: 156 billion RMB, up 10% YoY - Net Profit: 12 billion RMB, up 16% YoY - 2Q25 Revenue and Net Profit growth: 10% and 16% YoY, respectively, with profits exceeding expectations due to better overseas operating margins [1][2]. - **Domestic and International Growth**: - Domestic revenue growth driven by high-end brand Casarte (over 20% YoY) and budget brand Leader (over 15% YoY) due to demand stability from trade-in subsidies and retail reforms initiated since 3Q24. - Internationally, GEA's revenue grew 2% YoY, outperforming the industry, with other markets achieving double-digit growth [2]. - **Operational Efficiency**: - Gross margin improved by 0.1 percentage points, and SG&A expenses decreased by 0.1 percentage points, attributed to digitalization and retail transformation efforts. - Operating profit margins improved across all regions, particularly in Europe (from losses to near breakeven) and the U.S. (despite tariff pressures) [2]. - **Dividend Announcement**: - The company declared its first-ever interim dividend of 2.5 billion RMB, equating to 0.269 RMB per share, which is part of a commitment to distribute at least 50% of annual profits as dividends [2]. Future Outlook - **Guidance**: The company previously guided for revenue growth in the low to high single digits. A detailed financial report will be presented in a conference call scheduled for August 29 [3]. Valuation and Investment Rating - **Target Price**: Maintained at 30.00 RMB, with a buy rating based on a DCF valuation implying a 13x PE for 2026E and a projected CAGR of 5% for EPS from 2025 to 2027, alongside a dividend yield of 5% [4][10]. Market Data - **Current Stock Price**: 25.78 RMB as of August 27, 2025 - **Market Capitalization**: 242 billion RMB (approximately 33.8 billion USD) - **52-week Price Range**: 33.12 - 23.58 RMB [5]. Important Metrics - **Projected Earnings**: - 2025E EPS: 2.21 RMB - 2026E EPS: 2.34 RMB - 2027E EPS: 2.45 RMB [7]. Risks and Challenges - Potential risks include weakening demand for refrigerators, slow adoption of smart appliances, and sustained high raw material costs [12]. Analyst Insights - The company received a score of 3 for industry structure outlook, indicating stability, and a score of 4 for regulatory environment improvement, suggesting favorable conditions ahead [14]. This summary encapsulates the key points from the conference call, highlighting Haier Smart Home's financial performance, operational strategies, future outlook, and market positioning.

Group 1 - The core viewpoint of the report is a "buy" rating for Haier Smart Home (600690.SH) based on expected growth in both domestic and international sales [1] - The report highlights a projected double-digit growth in overseas sales by the first half of 2025, driven by the brands Casarte and Leader in the domestic market [1] - It anticipates an improvement in profitability by the second quarter of 2025, attributed to the efficiency gains from digital transformation [1] Group 2 - The report mentions potential risks including macroeconomic uncertainties, intensified industry competition, fluctuations in raw material prices, exchange rate volatility, and operational risks in overseas markets [1]

Group 1 - The home appliance sector underperformed the CSI 300 index this week, with the Shenwan household appliance index declining by 0.9% while the CSI 300 index rose by 2.7% [1] - Key companies such as Guangfeng Technology and Ecovacs led the gains with a rise of 6.5%, while companies like Beike and Gree Electric faced declines of 6.2% and 5.6% respectively [1] - The production data for major white goods in September 2025 shows a total output of 27.07 million units, a decrease of 7.2% compared to the same period last year [1] Group 2 - In September 2025, the production of household air conditioners was 10.75 million units, down 12.0% year-on-year; refrigerators produced were 8.21 million units, down 6.3%; and washing machines saw production of 8.11 million units, down 1.1% [1] - Haier Smart Home announced its first mid-term dividend, proposing a cash dividend of RMB 2.69 per 10 shares, totaling over RMB 2.5 billion [1] Group 3 - In July 2025, the online sales volume of hair dryers decreased by 6.44% to 932,200 units, while sales revenue increased by 11.46% to RMB 209 million, with an average price rise of 19.16% to RMB 223.9 per unit [2][3] - The online sales volume of electric shavers increased by 21.32% to 927,700 units, with sales revenue rising by 23.61% to RMB 164 million, and an average price increase of 1.90% to RMB 177.0 per unit [2][3] Group 4 - The investment focus includes the white goods sector, which is characterized by low valuations, high dividends, and stable growth, with expectations for a boost from trade-in policies and rising copper prices [4] - Recommendations include leading companies such as Hisense, Midea, Haier, and Gree, as well as companies like Ousheng Electric and Dechang Co., which are expected to benefit from large customer orders and improved profitability [4] - The demand for core components in the white goods sector is expected to exceed expectations, with recommendations for companies like Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control, which are positioned to benefit from the industry's growth [4]

Core Viewpoint - The company Haier Smart Home has demonstrated resilience in the face of increasing uncertainties such as tariffs, achieving record-breaking revenue and net profit in the first half of 2025, with revenue reaching 156.49 billion yuan and net profit at 12.03 billion yuan, reflecting year-on-year growth of 10.2% and 15.6% respectively [1] Group 1: Global Market Performance - Haier Smart Home's overseas revenue reached 79.08 billion yuan in the first half of 2025, marking an 11.66% year-on-year increase despite a challenging global market [2] - In North America, while the overall large appliance shipment volume declined by 0.8%, Haier's high-end brand revenue experienced double-digit growth [2] - The European market saw a revenue increase of 24.07% year-on-year, while emerging markets such as South Asia, Southeast Asia, and the Middle East reported significant growth rates of 32.47%, 18.29%, and 65.42% respectively [2] Group 2: Product Differentiation and Market Adaptation - Haier Smart Home has successfully tailored its products to meet the specific needs of different markets, such as introducing smart ice-making refrigerators in Southeast Asia and R32 single cold inverter air conditioners in Egypt, which contributed to a market share increase to 16% in Egypt [4] - The company's ability to understand and respond quickly to diverse regional consumer demands has enabled it to achieve growth even amidst trade protectionism and weak demand in the industry [4] Group 3: Localization and Supply Chain Resilience - Haier Smart Home has established localized production bases in various regions over the past 30 years, enhancing its supply chain resilience and production capacity [5] - The company has implemented a dual-track supply chain system that combines localization and regionalization, improving product delivery efficiency and cost advantages [5] - The Thailand plant is set to supply 30% of its production to the local market while exporting the remainder to ASEAN and European markets, and the Egypt factory will serve both local and regional markets [5] Group 4: Digital Transformation and Operational Efficiency - Haier Smart Home has adopted a digital retail transformation strategy to enhance operational efficiency across its overseas markets, with a 15.4% increase in customer self-ordering through the HeS digital platform [7] - The overall operational efficiency has improved by 30%, and the average output per store has increased by 20% compared to the previous year [7] - The company's performance reflects its ability to dynamically coordinate across global markets, leveraging supply chain capabilities to mitigate market fluctuations and achieve complementary growth [7]