Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the white goods sector as undervalued with high dividend yields and stable growth potential [4][5]. Core Insights - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, with a projected domestic production increase of 8% in the upcoming months. The report recommends stocks like Hisense Home Appliances, Midea, Haier, and Gree [5]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are highlighted for their stable profit growth driven by large customer orders and recovering overseas demand [5]. 3. **Core Components**: The report emphasizes the unexpected demand for core components in the white goods sector, recommending companies such as Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control for their competitive advantages and growth prospects [5]. Summary by Sections A. Clean Appliances Data - In June 2025, online sales of sweeping machines reached 352,300 units, up 34.11% year-on-year, with sales revenue of 576 million yuan, an increase of 44.07%. The average price rose by 7.43% to 1,634.50 yuan per unit [4][31]. - For washing machines, sales were 257,400 units, up 32.43% year-on-year, with revenue of 411 million yuan, a 20.31% increase. The average price decreased by 9.15% to 1,598.10 yuan per unit [4][31]. B. Personal Care Data - In June 2025, hair dryer sales fell by 28.23% to 918,300 units, but revenue increased by 1.57% to 30.5 million yuan, with an average price rise of 41.52% to 332.0 yuan per unit [5][39]. - Electric shaver sales decreased by 1.81% to 1,140,900 units, while revenue grew by 5.76% to 25 million yuan, with an average price increase of 7.68% to 218.7 yuan per unit [5][39]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.3% decline in the home appliance index while the CSI 300 rose by 0.8% [6][7]. - The announcement of a 50% tariff on copper imports by the U.S. is expected to impact the industry, as copper is a key material for many appliances [6][13]. D. Material Prices - As of July 11, 2025, copper prices were 78,730 yuan per ton, down 1.19% year-on-year, while aluminum prices rose by 3.25% to 20,785 yuan per ton [16][20].

Core Points - Haier Smart Home (600690) closed at 25.35 yuan on July 11, 2025, down 1.93% from the previous week's closing price of 25.85 yuan [1] - The company's market capitalization is currently 237.857 billion yuan, ranking 3rd in the white goods sector and 47th among 5149 A-shares [1] Company Announcements - Haier Smart Home announced an adjustment to its profit distribution plan for 2024, proposing a cash dividend of 9.6504 yuan per 10 shares (including tax) [1] - The total dividend amount is approximately 8.997 billion yuan (including tax), which accounts for 48.01% of the net profit attributable to shareholders [1] - The company has completed the transfer of 31,481,400 shares to the 2025 A-share employee stock ownership plan, reducing the number of repurchased shares from 59,919,870 to 28,438,470 [1] - A total of 31,830,800 shares have been repurchased, with 60,269,270 shares held in the repurchase account [1] - The actual number of A-shares participating in the distribution is expected to be 6,194,231,825 shares, after excluding the shares in the repurchase account [1]

Core Viewpoint - The Shandong Provincial Government has launched an action plan to accelerate the development of the robotics industry, aiming for the manufacturing scale to exceed 50 billion yuan by 2027 [2][3]. Group 1: Action Plan Overview - The "Shandong Province Robotics Industry High-Quality Development Action Plan (2025-2027)" includes 18 measures to support the robotics industry comprehensively [2][4]. - The plan aims to cultivate more than three leading robotics manufacturing enterprises with an output value exceeding 2 billion yuan each [3]. Group 2: Key Tasks - The action plan outlines five major tasks: promoting key technology innovation, accelerating the cultivation of industry entities, facilitating industrial agglomeration, expanding application scenarios, and enhancing support for essential elements [3][4]. - Specific initiatives include the establishment of innovation centers across four fields: industrial robots, service robots, special robots, and humanoid robots [3]. Group 3: Regional Development Focus - The plan includes tailored development tasks for each city, such as creating a leading testing and verification platform for robots in Jinan and advancing humanoid robot development [4]. - The strategy emphasizes the cultivation of innovative small and medium-sized enterprises and "little giant" companies to strengthen the industry ecosystem [4]. Group 4: Application and Impact - The robotics industry in Shandong is increasingly integrated into various sectors, with notable advancements in efficiency and precision across multiple applications, such as medical robotics and industrial automation [5][6]. - The government is promoting the adoption of innovative robotic products and software to reduce risks for enterprises, with several products already gaining market recognition [5].

Summary of Key Points from the Conference Call on the Home Appliance Industry Industry Overview - The home appliance sector is influenced by both U.S. tariff policies and domestic subsidy policies, with a positive impact from the easing of tariffs in May 2025 and a subsequent pullback due to the suspension of subsidies in some regions in June 2025 [1][4] - The sector's various subfields, including white goods, kitchen appliances, black goods, lighting equipment, and components, are generally undervalued, with public fund holdings in the home appliance sector at 6.28%, a slight increase of 0.14 percentage points [1][5][6] Core Insights and Arguments - Domestic demand has been significantly stimulated by subsidy policies, particularly for high-priced small appliances, with notable growth in categories such as photography equipment, which saw a year-on-year increase of 38.8% in April 2025 [1][7] - The two-wheeler market has also benefited from subsidy policies, with over 600,000 new vehicles sold by May 20, 2025, generating sales of 17.8 billion yuan [1][8] - The air conditioning market has experienced a notable decline in average prices, with a controlled year-on-year decrease, indicating rational demand [1][9][10] Subsector Performance - In the first half of 2025, the home appliance sector performed well overall, with positive returns in all subfields except for black goods. The home appliance index rose by 1.2 percentage points, outperforming the CSI 300 index [2] - The air conditioning market is undergoing structural adjustments, with an increase in the proportion of low-priced models and more promotional activities [3][12] - The refrigerator, washing machine, and television markets are trending towards high-end specifications, with increased demand for multi-door refrigerators and large-capacity washing machines [3][14] Export and International Market Dynamics - The U.S. tariffs on Chinese home appliances remain high, with most categories exceeding 40%, leading to a decline in exports to the U.S. [15][21] - The overseas market significantly contributes to China's home appliance exports, with air conditioning exports nearing 60% and refrigerators over 40% [17] - The sales scale in overseas markets is approximately 50% of that in China, with potential for higher domestic growth driven by international demand [18] Future Outlook - The home appliance sector may face risks of a downturn in the second half of 2025, but strong domestic demand supported by subsidies is expected to provide resilience [19][22] - Companies like Gree and Midea are recommended for investment due to their stable dividend yields and potential for recovery in the face of tariff impacts [21][22]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home [12] Core Viewpoints - Profit margin improvement is a continuous evolution direction for Haier, with a steady upward trend in profit margins observed in recent years. The report aims to systematically assess the potential and space for Haier's long-term profit margin enhancement by addressing three core questions: what factors have historically led to Haier's relatively low profit margins, what driving forces exist for profit improvement during the transformation process, and how much room for profit margin enhancement is there in the future [4][20] Summary by Relevant Sections Current Profit Margin Structure - Haier's overall gross margin has shown a year-on-year improvement since 2020, with a projected gross margin of 27.8% in 2024. The gross margins for various business segments in 2024 are expected to be 30.8% for refrigerators, 31.4% for washing machines, 23.9% for air conditioners, 29.3% for kitchen appliances, 41.6% for water appliances, and 8.6% for channel services, all reflecting year-on-year increases [23][25] Factors Leading to Low Profit Margins - The company's long-standing profit structure features "high gross margin + high expense ratio + low net profit margin." This is primarily due to differences in sales models compared to competitors, with air conditioning business still in the optimization phase and a significant investment in overseas acquisitions since 2015 impacting overall profitability [7][49][71] Drivers of Profit Margin Optimization - Since 2019, Haier's profitability has entered a phase of continuous improvement, with gross and expense sides contributing approximately 50% each to the incremental growth. The company is leveraging AI tools for digital transformation, which has already shown significant efficiency improvements. The domestic high-end brand Casarte has established a leading position, while overseas operations are undergoing organizational changes and production facility optimizations [8][10] Future Profit Margin Elasticity - Through digital transformation, product premiumization, and supply chain optimization, Haier aims to enhance profitability. Projections for 2024 suggest a long-term steady-state gross margin could rise to between 29.97% and 32.30%, with the expense ratio potentially optimizing to between 17.34% and 20.07%, leading to a net profit margin increase to between 10.85% and 14.08%, corresponding to an additional performance release of 56%-106% [9][10] Investment Recommendations - The report suggests seizing opportunities with this quality growth leader, as Haier's profitability has gradually improved since 2019. The domestic high-end market position of Casarte is expected to drive product structure optimization, while overseas business restructuring and efficiency improvements are anticipated to support continued growth. The company is expected to achieve net profits of 21.034 billion, 23.807 billion, and 26.207 billion yuan in 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.4, 10.1, and 9.2 [10][18]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home [2] Core Viewpoints - Haier Smart Home is positioned as a leading player in the home appliance sector, focusing on "accelerated transformation and efficiency improvement" and "globalization with meticulous cultivation" as its growth strategies [2] - The company adopts a localized research, production, and sales model, differentiating itself from traditional "China manufacturing + overseas distribution" approaches, which enhances its global market expansion [2][63] - The South Asian market is identified as a high-potential area, with projected revenue growth of 21.05% in 2024, particularly driven by strong performance in India [2] Company Analysis - Haier has established a comprehensive global research, production, and sales network, with over 1.6 billion units of production capacity and 163 manufacturing centers worldwide, including 61 overseas [2][75] - The company has a multi-brand strategy, leveraging brands like AQUA, GEA, and Fisher & Paykel to penetrate various international markets [63] - The report highlights the company's strong performance in the high-end market, with the Casarte brand leading in premium segments, achieving significant revenue growth [19][15] Financial Analysis - In 2024, Haier's total revenue reached 2859.81 billion yuan, marking a year-on-year increase of 4.29%, with Q1 2025 revenue at 791.18 billion yuan, up 10.06% [23][24] - The company's net profit attributable to shareholders for 2024 was 187.41 billion yuan, reflecting a growth of 12.92% [34] - The report indicates a continuous improvement in profit margins, with a net profit margin of 7.13% and a gross profit margin of 25.40% in Q1 2025 [34][33] Market Analysis - The global home appliance market is projected to grow steadily, with emerging markets like South Asia and Southeast Asia becoming key growth drivers [47][53] - In 2024, Haier's overseas revenue accounted for 49.97% of total revenue, with significant contributions from North America and Europe [29] - The report notes that the company is well-positioned to navigate external economic fluctuations due to its robust global operations and localized production capabilities [2][43]

Group 1 - The company has approved a profit distribution plan for 2024, proposing a cash dividend of RMB 9.6504 per 10 shares, with a net profit distribution ratio of 48.01% [1][3] - The total amount for profit distribution remains unchanged at RMB 8,996,688,692.76 (including tax), despite changes in the number of shares due to share buybacks and employee stock plans [1][3] - The company will not issue bonus shares or convert reserves into share capital for this fiscal year, indicating a differentiated dividend approach [1][3] Group 2 - The company plans to repurchase A-shares using its own or self-raised funds, with a maximum repurchase price of RMB 40 per share and a total repurchase amount between RMB 1 billion and RMB 2 billion, to be completed within 12 months [2] - As of now, the company has repurchased a total of 31,830,800 shares under this plan [2] - The total number of A-shares is expected to be 6,254,501,095 by the end of the profit distribution implementation date, with 60,269,270 shares held in the repurchase account [2]

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 海外監管公告 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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年7月7日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召 ...

一、经股东大会审议通过的 2024 年度利润分配方案 因公司 2025 年 A 股员工持股计划非交易过户及 A 股股份回购事宜的进度更 新，使公司回购股份数量及实际可参与分配的股份总数发生变化，具体情况如下： 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 海尔智家股份有限公司 关于 2024 年度利润分配方案调整每股分配比例的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 A 股员工持股计划建仓完成：2025 年 6 月 20 日，公司收到中国证 券登记结算有限责任公司发送的《证券过户登记确认书》，"海尔智家股份有限 公司回购专用证券账户"所持有的公司股票已于 2025 年 6 月 19 日非交易过户至 "海尔智家股份有限公司－2025 年度 A 股核心员工持股计划"专户，过户价格 为 24.03 元/股，过户股份共计 31,481,400 股，2025 年 A 股员工持股计划建仓完 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召开 2024 年年度股 ...

智通财经7月7日电，香港交易所信息显示，贝莱德在海尔智家的持股比例于07月01日从6.93%升至 7.48%。 ...