海尔智家 20250731 摘要 海尔智家受益于国补政策，上半年空调线上增长 30%，线下增长 59%，洗衣机线上增长 10%，线下增长 24%，冰箱线下增长 15%，显 示出政策刺激下的增长潜力。 海尔通过供应链优化，如郑州产业园与海立合资压缩机工厂投产，重庆 电脑板工厂自制，降低非标成本，提升了在价格战中的盈利能力。 卡萨帝品牌在经历库存调整后重回增长通道，去年第四季度增速 30%， 今年上半年增速 20%，表明高端品牌市场恢复势头良好。 海尔调整渠道结构，提升线上用户触达，高管开设抖音账号，建设城市 体验中心，挖掘线上线下渠道潜力，实现渠道均衡发展。 海尔在海外市场通过关税壁垒和本土制造优势，在美国市场份额扩张， 欧洲市场进行组织架构调整，新兴市场增速显著，全球市场表现提升。 海尔推出 AI 套系化产品，如 AI 之眼和 AI 鉴赏家套系，提升产品结构， 卡萨帝星月空调复购率超过 30%，加快中国区卡萨帝增速，提高利润率。 海尔完成港股员工持股计划股份回购，持续进行 A 股回购和股权激励， 预计将带来显著投资回报，下半年有望取得超额收益。 Q&A 今年上半年家电行业的整体表现如何？海尔智家的表现如何？ ...

Summary of Haier's Conference Call Company Overview - The conference call discusses Haier, a company focused on home appliances and consumer electronics, particularly its performance in overseas markets and the impact of digital transformation on profitability [1][2]. Key Points and Arguments - **Profit Margin Improvement**: Haier's profit margins have been impacted by high costs associated with its sales model and overseas expansion. However, improvements in management and scale are expected to optimize these factors over time [2]. - **Revenue Growth and Profitability**: Since 2019, Haier has seen continuous improvement in profitability, with gross profit and expenses each contributing 50% to the growth. Digital reforms and marketing optimization have played a significant role, particularly with the high-end brand Casarte, which has seen retail growth exceeding 20% this year [3]. - **Long-term Margin Projections**: Projections indicate that Haier's long-term gross margin could rise to between 29.97% and 32.3%, with expense ratios improving to between 17.34% and 20.07%. Net profit margins are expected to reach between 10.85% and 14.08% [4]. - **Earnings Elasticity**: If revenue growth continues, Haier's earnings elasticity is estimated to release between 56% and 106%. The actual performance may be influenced by investment and management pace, but the overall potential for elasticity is significant [5]. - **Mid-term Investment Value**: Haier presents substantial investment value in the mid-term. The Casarte brand has a leading advantage in the domestic market, while overseas operations are improving through organizational reforms and capacity optimization. The company is also enhancing operational efficiency through digital reforms. With government support and market penetration trends, Haier's growth trajectory looks promising, and its dividend yield is approximately 4.5% [6]. Additional Important Insights - **Cost Structure**: Haier's unique sales model results in higher internalized channel costs, contributing to lower profit margins compared to peers. The air conditioning segment is still in an expansion phase, indicating potential for margin improvement [2]. - **Market Conditions**: The external demand environment will further strengthen Haier's profitability and operational rhythm if conditions remain favorable [5]. This summary encapsulates the key insights from Haier's conference call, highlighting the company's strategies, financial projections, and investment potential.

FF305 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) FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 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8月4日 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 | | | | | | | | ...

Core Viewpoint - Haier Air Conditioning is launching a "Healthy Breathing" initiative in Xi'an, addressing local climate challenges with AI technology tailored solutions [1][5][9] Group 1: Event Overview - The event took place on August 1, featuring Haier's AI technology to provide customized air solutions for the unique climate issues in Shaanxi province [1][5] - Key participants included executives from Haier and JD Wuxing Electric, emphasizing collaboration for better consumer experiences [3][5] Group 2: Climate Challenges and Solutions - Haier's solutions target three specific climate issues: smog in Guanzhong, dryness from sandstorms in northern Shaanxi, and humidity in southern Shaanxi [1][9] - The air conditioning products include features like ion washing and self-cleaning to combat PM2.5 and other pollutants, ensuring respiratory health [9] - AI technology enables real-time environmental monitoring and automatic adjustment of air conditioning settings based on regional and household needs [9] Group 3: Consumer Experience - The event included interactive experience zones where attendees could feel the immediate comfort provided by Haier's air conditioning systems, highlighting their efficiency and low noise levels [11] - The initiative will continue until August 20, with ongoing activities to promote the benefits of Haier's air solutions across the region [13] Group 4: Future Plans - Haier aims to expand its "One City, One Climate" initiative, integrating local cultural characteristics into its air solutions for broader consumer reach [13]

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7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8月4日 I. 法定/註冊股本變動 備註： 因本公司是於中華人民共和國註冊成立，「法定股本」之概念不適用。於本部分所填寫的資料即本公司的已發行股本。 | 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 | | | ...

Investment Insights - The report highlights that the subsidy for replacing old appliances is continuing as expected, which supports domestic demand in the white goods sector [6] - Leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to show strong performance due to their robust overseas production capacity and market expansion strategies [6] - The two-wheeler sector is anticipated to benefit from accelerated national subsidies, with leading companies like Yadea Holdings expected to outperform the industry [6] - The black goods segment is seeing improvements in profitability driven by the old-for-new policy and structural upgrades, with a recommendation for Hisense Visual and a watch on TCL Electronics [6] Market Review - In July, the home appliance index showed a slight increase of 0.92%, but underperformed compared to the broader market indices, indicating a challenging environment for the sector [13] - The report notes that the home appliance sector's performance has been affected by fluctuating subsidy policies and tariff expectations, leading to a mixed market sentiment [12][13] - The overall market sentiment improved in July due to expectations of fiscal easing and a focus on "anti-involution" policies, which positively impacted the sector's absolute returns [13] Key Data Tracking - The report tracks significant price movements in raw materials, noting that copper and aluminum prices increased by 3% and 8% year-on-year, respectively, while cold-rolled steel prices decreased by 6% [20] - Retail sales of air conditioners showed strong growth in June, with online and offline sales increasing by 28% and 40% year-on-year, respectively, indicating a robust demand environment [27] - The report also highlights that the average selling prices of air conditioners have seen a slight decline, suggesting a competitive pricing environment [27][30]

金融界消息 截至2025年8月1日收盘，海尔智家（600690）报收于24.9元，上涨0.24%，换手率0.39%， 成交量24.38万手，成交金额6.08亿元。 资金流向方面，今日主力资金净流入1795.52万元，占比成交额2.95%。其中，超大单净流入1419.39万 元、占成交额2.34%，大单净流入376.14万元、占成交额0.62%，中单净流出流出1172.96万元、占成交 额1.93%，小单净流出622.56万元、占成交额1.02%。 来源：金融界 海尔智家最新一期业绩显示，截至2025一季报，公司营业总收入791.18亿元、同比增长10.06%，归属净 利润54.87亿元，同比增长15.09%，扣非净利润53.64亿元，同比增长15.61%，流动比率1.073、速动比率 0.762、资产负债率57.37%。 天眼查商业履历信息显示，海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本943811.4893万人民币，实缴资本943696.4893万人民币。公 司法定代表人为李华刚。 通过天眼查大数据分析，海尔智家股份有限公司共对外投资了58 ...

FF305 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8月1日 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 | 已發行股份（不包括庫存股 ...

Core Insights - Haier Smart Home is leveraging technological and industrial innovation to enhance its production capabilities amidst the global trend of smart and green appliances [1] - The company emphasizes user-centric development to strengthen its core competitiveness [1] User Insights and Innovation - The Chinese consumer market is undergoing significant changes, with a long-term trend of consumption upgrading and a current focus on rationality, where users are more cautious about product quality, price, and service experience [3] - Sales of products like the "Lazy Multi-Tub Washing Machine," "Mai Lang Refrigerator," and "Mai Lang Small Blue Bottle Water Heater" are increasing, reflecting the intertwining of consumption upgrading and rationality [3] - Haier Smart Home has increased R&D investments to cater to the specific needs of different demographics, including young people, the elderly, and women [3] - The company has embraced digital transformation across its supply chain, manufacturing, and marketing, significantly improving operational efficiency and market responsiveness [3] - Innovative marketing strategies, including live streaming, have helped the executive team connect more closely with users [4] Global Localization and Competitiveness - Haier Smart Home has developed a unique global user insight by serving over 1 billion users, successfully transitioning from exporting products to localized operations and becoming a preferred brand in local markets [5] - The "three-in-one" deep localization strategy is crucial for global success, with R&D, manufacturing, and marketing rooted in local markets [5] - The "Ren Dan He Yi" model enhances local team motivation by linking employee compensation to the value created for users [5] - Global resources and local innovations support precise market adaptations, exemplified by products tailored to regional needs, such as the Profile series washing machine in North America [5] ESG and Sustainable Development - Haier Smart Home integrates ESG principles into its overseas operations, creating job opportunities and economic value for local communities, which builds long-term brand trust [6] AI Empowerment and Smart Home Ecosystem - Artificial intelligence is seen as a key driver for future development, enhancing supply chain optimization, precise marketing, and smart manufacturing [7] - AI technologies are also pivotal in product innovation and creating smart home scenarios, addressing real user pain points [7] - The company is developing the "Home GPT" model for proactive smart home services, enhancing user comfort and experience [7] Competitive Advantages and Future Outlook - Haier Smart Home's nearly 40 years of experience in the appliance industry provides deep insights into user needs, supporting its comprehensive hardware development capabilities [9] - The company aims to strengthen its integrated capabilities in hardware, software, and scenarios while maintaining innovation vitality [9] - Haier Smart Home is committed to driving the entire industry chain's growth, likening its goal to building a "tropical rainforest" ecosystem through collaboration with suppliers, government, and users [9] - The company expresses confidence in the future of manufacturing in Qingdao, advocating for the development of strategic emerging industries and new service consumption scenarios [9]

在全球家电产业智能化、绿色化浪潮奔涌之际，海尔智家（600690）作为行业龙头如何以科技创新和产 业创新融合发展锻造新质生产力？其全球化布局与智能生态战略又将如何深化？公司董秘刘晓梅近日接 受中国证券报记者专访，解码了海尔智家以用户需求为核心锻造核心竞争力的实践路径。 ● 本报记者张鹏飞 她以市场数据为证：海尔智家旗下的"懒人多筒洗衣机""麦浪冰箱""麦浪小蓝瓶热水器"等产品品类销量 持续增长，这正是消费升级与理性化交织演进下的生动注脚。 "在竞争白热化的国内市场，植根于海尔基因的，始终是'以用户为中心'。"在刘晓梅看来，研发的精准 化至关重要。多年来，海尔智家持续加大研发投入，针对年轻人、银发族、女性用户等不同群体的细分 需求进行产品创新。 "例如，捕捉年轻用户对智能与'懒人友好'的诉求，同时响应'银发经济'崛起下60后用户对智能化场景解 决方案的更高期待，我们推出的相关产品深受市场追捧。"刘晓梅告诉记者。 在运营数字化方面，海尔智家全面推进数字化转型，贯通供应链、制造和营销环节，显著提升了运营效 率与市场响应速度，"数字化转型助力我们的销售费用率实现连续三年优化。" 值得一提的是，公司大胆变革营销方式，创 ...