Core Viewpoint - Haier Smart Home has demonstrated resilience in overseas markets despite ongoing global uncertainties, as evidenced by its third-quarter report for 2025, which shows significant revenue and profit growth [1] Financial Performance - For the first three quarters of 2025, Haier Smart Home reported revenue of 234.05 billion yuan and a net profit attributable to shareholders of 17.37 billion yuan, representing year-on-year growth of 10% and 14.7% respectively [1] - Overseas market revenue grew by 10.5% year-on-year, outperforming the industry average [1] Market Performance - North America showed stable operations, while market share in Europe expanded steadily [1] - Southeast Asia experienced growth exceeding 15%, South Asia over 25%, and the Middle East and Africa over 60% [1] Localization Strategy - Haier Smart Home has implemented a differentiated product strategy tailored to local market demands, enhancing its high-end product line in North America through GE Appliances [1] - In Europe, the company introduced energy-efficient products that exceed local energy standards, addressing regional energy cost concerns [1] Service Localization - The company has advanced its "four networks integration" strategy (logistics, information, service, and marketing networks) to improve local market responsiveness and service efficiency [2] - In Europe, Haier Smart Home optimized its logistics network, resulting in increased retail market share for refrigerators and washing machines in key markets [2] Supply Chain Localization - Haier Smart Home has adopted a diversified global supply chain strategy, enhancing local supply chain management [2] - The company increased production capacity in North America and launched a new air conditioning manufacturing base in Thailand, which is set to produce 6 million units annually [2] Industry Trends - The home appliance industry is shifting from a "contract manufacturing + shipping" model to a "local supply + long-term operation" model [2] - The adaptability of companies, organizational capabilities, and long-term strategic abilities will become critical evaluation metrics in the new phase of the industry [2]

Core Insights - The smart home industry is transitioning from single-device intelligence to comprehensive home intelligence, with user experience becoming a key measure of brand value [1] - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, a 10% year-on-year increase, and a net profit of 17.37 billion yuan, up 14.7%, marking a historical high [1] - The "Three Wings Bird" platform has over 13 million monthly active users, more than 6,600 ecological resources, and connects over 52 million smart devices [1] Online Strategy - The industry is moving from "device networking" to "scene linkage," with users seeking systems that proactively understand their intentions and provide seamless experiences [2] - The "Three Wings Bird" platform integrates AI into products and scenarios, allowing devices to better understand user needs, such as recommending pizza recipes based on voice commands in the kitchen [2] - A new all-in-one smart home package starting at 3,999 yuan has been launched, lowering the budget barrier for users and simplifying operations through natural voice commands [2] Offline Strategy - User decision-making heavily relies on actual experience, prompting "Three Wings Bird" to enhance offline presence with experiential centers like the recently opened Beijing Boloni Experience Center [3] - The center showcases ten scenarios, providing immersive experiences that convert technological advantages into trustworthy consumer decision-making [3] - A customized platform has been launched to streamline the design process into five self-service steps, allowing users to co-create solutions, with AI generating integrated design plans in three minutes [3] - The platform connects to over 6,600 ecological resources, ensuring that design solutions can be accurately implemented, addressing the industry's "what you see is not what you get" pain point [3]

北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 10 月 1 北京市中伦律师事务所 专项法律意见 关会计、审计、验资等专业事项和报告发表意见。本法律意见中对有关审计报告、 验资报告中某些数据和结论的引述，并不意味着本所对这些数据、结论的真实性 和准确性做出任何明示或默示的保证。对于该等数据、报告的内容，本所以及本 所律师并不具备核查和做出评价的适当资格。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 致：海尔智家股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受海尔智家股份有限公司（以 下简称"海尔智家"或"公司"）的委托，根据《中华人民共和国公司法》（以 下简称《公司法》） ...

Core Viewpoint - Haier Smart Home (600690.SH) announced a share buyback plan, indicating a commitment to enhancing shareholder value through capital return strategies [1] Summary by Categories Share Buyback Details - The buyback period is from April 7, 2025, to the end of October 2025 [1] - A total of 40.4825 million shares have been repurchased, representing 0.431% of the company's total share capital [1] - The highest purchase price was 26.64 CNY per share, while the lowest was 23.60 CNY per share [1] - The total amount spent on the buyback reached 1.017 billion CNY [1]

海尔智家公告称，公司于2025年3月28日开启回购计划，实施期限至2026年3月27日，预计回购1亿-2亿 元用于员工持股计划或股权激励。截至2025年10月底，公司累计回购股份4048.25万股，占总股本的 0.431%，累计已回购金额1.02亿元，实际回购价格区间为23.60-26.64元/股。 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" [6] Core Views - The company reported a revenue of 2340.5 billion yuan for Q1-Q3 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% year-on-year [1][6] - In Q3 2025, the revenue was 775.6 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 53.4 billion yuan, reflecting a 12.7% increase year-on-year [1][6] - Domestic sales showed strong resilience with a Q3 year-on-year growth of 10.8%, particularly in the Casarte and Leader brands, which grew by 18% and 25% respectively [1] - The company is experiencing significant improvements in profitability, with a Q3 gross margin increase of 0.1 percentage points, benefiting from ongoing AI digital transformation [2] Summary by Sections Financial Performance - For Q1-Q3 2025, domestic sales increased by 10.8%, with air conditioning sales growing by 31% and market share for refrigerators and washing machines increasing by 3.1 and 1.4 percentage points respectively [1] - International sales also grew, with emerging markets showing high growth rates: South Asia +25%, Southeast Asia +15%, and Middle East & Africa +60% [1] - The company expects net profits for 2025-2027 to be 212.2 billion, 239.2 billion, and 267.8 billion yuan respectively, with year-on-year growth rates of 13.2%, 12.7%, and 11.9% [3] Valuation and Estimates - The projected P/E ratios for 2025-2027 are 11.4, 10.1, and 9.0 respectively, indicating that the current valuation is at a historically low level [3] - The company is expected to benefit from potential dividend increases and improvements in overseas demand, which are seen as catalysts for upward price elasticity [3] Operational Efficiency - The company has been optimizing its sales and management expenses, achieving a net profit margin of 6.9% in Q3, an increase of 0.2 percentage points year-on-year [2] - The direct-to-consumer order ratio has significantly improved, enhancing user engagement and conversion rates, which is beneficial for long-term market share growth [2]

Core Viewpoint - Haier Smart Home (600690)(06690) reported a strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, leading to a stock price increase of over 3% [1] Financial Performance - The company achieved operating revenue of 234.05 billion yuan, representing a year-on-year increase of 9.98% [1] - Net profit attributable to shareholders reached 17.37 billion yuan, up 14.68% year-on-year [1] - In Q3 alone, revenue was 77.56 billion yuan, reflecting a 9.51% year-on-year growth, while net profit for the quarter was 5.34 billion yuan, increasing by 12.69% [1] Regional Performance - Revenue in the Chinese market grew by 9.5% in the first three quarters, with a 10.8% increase in Q3 [1] - The home air conditioning sector saw over 30% revenue growth in Q3 [1] Brand Performance - The multi-brand strategy continues to deepen, with high-end brand Casarte growing by 18% and Leader brand revenue increasing by 25% in the first three quarters [1] International Market - In Q3, overseas revenue grew by 8.25%, with a cumulative increase of 10.5% for the first three quarters [1] - Emerging markets showed strong performance, with South Asia revenue increasing by over 25%, Southeast Asia by over 15%, and the Middle East and Africa by over 60% in the first three quarters [1]

Core Viewpoint - Haier Smart Home (06690) reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, leading to a stock price increase of over 3% [1] Financial Performance - The company achieved operating revenue of 234.05 billion yuan, representing a year-on-year increase of 9.98% [1] - Net profit attributable to shareholders reached 17.37 billion yuan, up 14.68% year-on-year [1] - In Q3 alone, revenue was 77.56 billion yuan, reflecting a 9.51% year-on-year growth, while net profit was 5.34 billion yuan, increasing by 12.69% [1] Regional Performance - Revenue in the Chinese market grew by 9.5% in the first three quarters, with a 10.8% increase in Q3 [1] - The home air conditioning sector saw over 30% revenue growth in Q3 [1] - High-end brands such as Casarte and Leader experienced revenue growth of 18% and 25%, respectively, in the first three quarters [1] International Market - In Q3, overseas revenue grew by 8.25%, with a cumulative increase of 10.5% for the first three quarters [1] - Emerging markets showed strong performance, with South Asia revenue increasing by over 25%, Southeast Asia by over 15%, and the Middle East and Africa by over 60% in the first three quarters [1]

Core Insights - The performance of leading home appliance companies Haier Smart Home and Gree Electric Appliances showed significant divergence in the first three quarters of the year, with Haier experiencing growth while Gree faced a decline [2][5] Haier Smart Home - Haier achieved a net profit of 17.373 billion yuan, a year-on-year increase of 14.68%, with total revenue reaching 234.054 billion yuan, up 9.98% [3][5] - In Q3, Haier's revenue was 77.56 billion yuan, reflecting a 9.51% increase, and net profit was 5.34 billion yuan, up 12.69% [3] - The company saw a 10.8% revenue growth in the Chinese market in Q3, with significant increases in air conditioning and kitchen appliances, particularly a more than 30% rise in home air conditioning revenue [4] - Haier's digital transformation has improved operational efficiency, with 86% of county specialty stores online and 74% of orders delivered directly to users [4] - Internationally, Haier's overseas revenue grew by 8.25% in Q3 and 10.5% year-to-date, with strong performance in North America and Europe [4] Gree Electric Appliances - Gree reported a net profit of 21.461 billion yuan, a decrease of 2.27%, with total revenue of 137.18 billion yuan, down 6.5% [5] - In Q3, Gree's revenue fell to 39.855 billion yuan, a 15.09% decline, and net profit decreased by 9.92% to 7.049 billion yuan [5] - Despite the decline, Gree's net profit margin improved by 0.69 percentage points to 15.59% [5] - The company is focusing on new retail channel transformations and reducing channel layers to enhance profitability [5] - Gree is also expanding its global market presence, with a new phase of brand self-operation in Southeast Asia and initiatives in smart equipment [5]

Core Viewpoint - The global home appliance industry is facing significant challenges due to intensified competition domestically and increasing external uncertainties, yet Haier Smart Home has reported better-than-expected financial results for the first three quarters of 2025, achieving a revenue of 234.05 billion yuan, a year-on-year increase of 10% [1][3]. Group 1: Business Performance - Haier Smart Home's revenue for the first three quarters of 2025 reached 234.05 billion yuan, reflecting a 10% year-on-year growth [1]. - The company has demonstrated strong operational resilience, attributed to three major transformations: enhancing product competitiveness, advancing AI and digital transformation, and optimizing operational efficiency [3][5]. Group 2: Product Strategy - The company has focused on creating popular products and suite offerings, achieving the top market share in China through multi-brand collaboration to meet diverse consumer needs [3]. - The "Lazy Washing" series has sold over 200,000 units, ranking first in the three-tub washing machine category, while the "Haier Mairang" refrigerator has also seen significant sales growth [5]. Group 3: Digital Transformation - Haier Smart Home has continued to push its digital transformation strategy, optimizing its cost structure by 0.2 percentage points in the first three quarters of 2025 [5][7]. - The company has implemented a digital inventory model, enhancing operational efficiency across the entire process, with direct delivery orders to users increasing to 74% by the end of September [5]. Group 4: International Expansion - Despite challenges such as high inflation and weak demand in developed countries, Haier Smart Home's overseas revenue grew by 10.5%, with notable growth in South Asia (over 25%) and Southeast Asia (over 15%) [7]. - The company has focused on localization in its global operations, launching energy-efficient products that exceed local standards and enhancing service responsiveness through a comprehensive network [7].