Group 1 - The core viewpoint of the article highlights that the National Development and Reform Commission has allocated a third batch of national subsidy funds amounting to 69 billion yuan, which is expected to positively impact the air conditioning business of Haier, particularly in northern regions and the European and American markets [1] Group 2 - The report indicates that the recent high-temperature weather in various domestic and international locations is likely to boost the demand for air conditioning products, thereby enhancing Haier's revenue and profit from its air conditioning segment [1]

Core Insights - The 2025 Fortune Global 500 list highlights the competitive landscape of the global home appliance industry, with a record 130 Chinese companies making the list, reflecting their revenue growth and strong profitability [1][5] - Haier Smart Home, which has been on the list for eight consecutive years, improved its ranking to 390th, up 17 places from the previous year, showcasing its global growth momentum [1][5] Group 1: Brand and Market Positioning - Haier Smart Home has established a global brand matrix that supports its market leadership by meeting diverse consumer needs across different regions [3] - In the domestic high-end market, Haier's premium brand Casarte holds a 70% market share, with a revenue increase of over 20% in the first quarter [3] - The company has achieved significant growth in both mature and emerging markets, with revenue increases of over 30% in South Asia, over 20% in Southeast Asia, and 50% in the Middle East and Africa in the first quarter of 2025 [3] Group 2: Innovation and Product Development - Haier Smart Home focuses on personalized innovation to meet diverse consumer demands, launching products like the Leader washing machine and the energy-efficient X11 washing machine tailored for different markets [6][4] - The company has integrated global resources to drive technological innovation and product iteration, positioning itself as a leader in smart home technology [6][7] Group 3: Supply Chain and Localization - Haier Smart Home has built a comprehensive global supply chain with 35 industrial parks and 163 manufacturing centers, allowing for rapid response to consumer needs and high-quality product output [8] - The company emphasizes localized production as a key strategy for market penetration, achieving over 80% local manufacturing in North America, which supports higher brand premiums and mitigates external risks [10] - In Southeast Asia, Haier has established 11 factories to localize production, leading to significant growth in core appliance categories despite overall market declines [10]

Summary of Conference Call Records Industry Overview - The records focus on the impact of tariffs on the **cleaning appliances** and **small home appliances** industries, particularly in relation to the U.S.-China trade tensions and the subsequent shifts in production capacity to Southeast Asia [1][2][4][30]. Key Points and Arguments Tariff Impact on Exports - Following the U.S. tariffs on vacuum cleaners, China's export share to the U.S. dropped from **40% to 25%**, with Vietnam becoming a significant alternative source, accounting for approximately **30%** of imports [1][3]. - The cleaning appliance sector experienced a slowdown in shipments in Q2 2025 due to increased tariffs, but companies began to ramp up production in Southeast Asia to mitigate costs [1][5]. Company Strategies - Companies like **Dechang**, **Lec** and **Fujia** have shifted production to Southeast Asia to meet U.S. demand, with Lec already covering its export needs through overseas capacity [4][29]. - Brands such as **Ecovacs** and **Roborock** have also moved some production to Southeast Asia to benefit from lower tariffs, reducing cost pressures [6][7]. Small Appliance Sector Dynamics - The small appliance sector is slower in capacity transfer compared to cleaning appliances, with coffee machines moving to Indonesia and Thailand, while air fryers are being produced in Mexico and Southeast Asia [9][10]. - Leading companies like **Xingbao** have leveraged their Southeast Asian production advantages to secure more orders, while those lacking overseas capacity face order losses [10][11]. Black Appliance Industry Resilience - The black appliance sector, represented by companies like **Hisense** and **TCL**, has shown resilience against tariffs due to global production strategies and technological upgrades [12][16]. - The U.S. market remains crucial, accounting for **17%** of global demand, and despite tariffs causing a **10%-15%** increase in retail prices, demand remains stable due to the essential nature of these products [12][13]. Future Trends - The tariff situation has catalyzed a shift towards diversified and decentralized production strategies in the home appliance industry, with companies increasingly establishing overseas capacities [30][32]. - Component suppliers are also adapting by following major clients abroad, enhancing their market presence and product offerings in new regions [32][33]. Additional Important Insights - The cleaning appliance industry is expected to recover from Q2 2025 impacts as production ramps up in Southeast Asia [8]. - The overall export scale of Chinese white goods remains robust despite a decline in the U.S. import share, driven by overseas capacity and growing demand in non-U.S. markets [26][28]. - The ongoing trade tensions have prompted a strategic shift among second-tier appliance manufacturers, who are capitalizing on favorable conditions in Southeast Asia to enhance their international revenue [33].

证券代码：600690 证券简称：海尔智家 编号：临2025-050 海尔智家股份有限公司 核心员工持股计划权益归属的公告 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。 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）于近期办理了公 司2023年A股/H股核心员工持股计划、2024年A股/H股核心员工持股计划（合称 "核心员工持股计划"）权益归属相关事宜，具体如下： 一、核心员工持股计划情况介绍 （一）2023年A股/H股核心员工持股计划 公司于2023年4月27日召开第十一届董事会第五次会议和第十一届监事会第 五次会议，于2023年6月26日召开2022年年度股东大会，审议通过了《海尔智家股 份有限公司2023年度A股核心员工持股计划（草案）及摘要》（以下简称"2023年 A股核心员工持股计划"）、 《海尔智家股份有限公司2023年度H股核心员工持股计 划（草案）及摘要》（以下简称"2023年H股核心员工持股计划"）等相关议案， 同意实施公司2023年A股核心员工持股计划和2023年H股核心员工持股计划。2023 年 ...

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28日 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 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 证券代码：600690 证券简称：海尔智家 编号：临2025-050 海尔智家股份有限公司 核心员工持股计划权益归属的公告 本公司董事会及全体董 ...

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7月28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 ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY [2][8]. Core Views - The recent allocation of 69 billion CNY in national subsidies is expected to positively impact Haier's air conditioning business, particularly in northern China and the European and American markets, leading to improved revenue and profit [2][8]. - The company is anticipated to benefit from high temperatures in major cities, which have reached an average maximum of 31.1°C, the highest in five years, driving demand for air conditioning [8]. - The report highlights that Haier's air conditioning sales in the northeast region have seen a significant increase, with retail sales growth exceeding 300% in early July due to the heat [8]. - The U.S. real estate market is expected to improve, which may positively influence demand for home appliances, as there is a strong correlation between real estate and appliance sales [8]. - The report emphasizes that Haier's management has shown confidence in the company's future by increasing their shareholdings, indicating a positive outlook for the second half of the year [8]. Financial Summary - Total revenue is projected to grow from 285,981 million CNY in 2024 to 354,115 million CNY in 2027, with year-on-year growth rates of 9.4%, 8.4%, 7.2%, and 6.5% respectively [4]. - Net profit attributable to shareholders is expected to increase from 18,741 million CNY in 2024 to 26,426 million CNY in 2027, with growth rates of 12.9%, 13.0%, 12.2%, and 11.3% [4]. - Earnings per share (EPS) are forecasted to rise from 2.00 CNY in 2024 to 2.82 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 13 to 9 [4][8].

证券代码：600690 证券简称：海尔智家 编号：临2025-050 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。 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）于近期办理了公 司2023年A股/H股核心员工持股计划、2024年A股/H股核心员工持股计划（合称 "核心员工持股计划"）权益归属相关事宜，具体如下： 一、核心员工持股计划情况介绍 （一）2023年A股/H股核心员工持股计划 1、履行的批准及审议程序 公司于2023年4月27日召开第十一届董事会第五次会议和第十一届监事会第 五次会议，于2023年6月26日召开2022年年度股东大会，审议通过了《海尔智家股 份有限公司2023年度A股核心员工持股计划（草案）及摘要》（以下简称"2023年 A股核心员工持股计划"）、《海尔智家股份有限公司2023年度H股核心员工持股计 划（草案）及摘要》（以下简称"2023年H股核心员工持股计划"）等相关议案， 同意实施公司2023年A股核心员工持股计划和2023年H股核心员工持股计划。2023 年A股核心员工持股计划参与员工不 ...

Summary of Conference Call on National Subsidy Policy and Home Appliance Industry Industry Overview - The conference call discusses the home appliance industry in China, particularly focusing on the impact of the national subsidy policy (国补政策) on sales and market dynamics [1][2][19]. Key Points and Arguments National Subsidy Policy Impact - The national subsidy policy has significantly stimulated the home appliance sector, with a cumulative year-on-year growth rate of 31% in retail sales for the first half of 2025, contributing approximately 1,400 billion yuan to overall retail growth [1][20]. - The total subsidy amount for 2025 is expected to reach 3,000 billion yuan, effectively meeting market demand [1][21]. - The policy emphasizes energy efficiency standards, benefiting leading companies with high-efficiency products and robust offline channel layouts [1][3][19]. Market Performance - Air conditioning sales have shown remarkable growth, with online sales growth nearing 30% [1][22]. - Emerging categories like robotic vacuum cleaners and water purifiers are experiencing strong growth, with year-on-year increases exceeding 40% [1][25]. - Traditional appliances like range hoods and gas stoves maintain double-digit growth, while integrated stoves have seen a decline of 20-30% [22]. Company Performance - Midea and Haier have significantly increased their market shares in the air conditioning segment, with Midea's retail growth exceeding 40% and Haier achieving over 100% growth [3][23]. - Xiaomi continues to perform strongly in the refrigerator and washing machine sectors, aiming for a top-three position in the industry [3][24]. - Companies with high energy efficiency products and well-established offline channels are the primary beneficiaries of the subsidy policy [23]. Historical Context and Lessons Learned - The previous subsidy policies (2008-2012) had a notable impact on rural household penetration rates, but demand exhaustion and corporate financing issues led to increased profit volatility [1][11]. - The current policy is designed to avoid the pitfalls of the past by focusing on energy efficiency and supporting small retailers [19][25]. Future Outlook - There is a high probability that the subsidy policy will continue into 2026, with new energy efficiency upgrades and subsidies for refrigerators expected to drive product structure improvements [26]. - Leading companies are anticipated to maintain strong performance, with expected profit growth in double digits and dividend yields exceeding 4% [27]. Other Important Insights - The subsidy policy is seen as a crucial economic support measure, especially in light of ongoing macroeconomic pressures [25]. - The competitive landscape is expected to shift post-policy withdrawal, with leading companies likely to enhance their market share and profitability as smaller players exit the market [18]. This summary encapsulates the key insights from the conference call regarding the national subsidy policy's impact on the home appliance industry, highlighting market dynamics, company performances, and future expectations.

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In Q2 2025, A - shares and Hong Kong stocks showed different performances, with the overall market - value style in A - shares being dominant, and the bond market slightly recovered in June after fluctuations from April to May. REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market [4]. - Most fund managers expect the economy to continue a weak recovery in Q3 2025, with monetary policy remaining loose but limited room for interest - rate decline. Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. 3. Summary by Directory 3.1 固收型公募基金2025Q2季报数据解读 Performance - In Q2 2025, in the context of weak economic recovery, gradually restored equity sentiment, and intensified long - short game and fluctuations in the bond market, REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market. Pure - bond fund net values generally recovered [4]. - The top - performing funds in terms of Q2 2025 compounded unit net - value growth rate (%) were REITs funds (8.07%), convertible bond funds (3.49%), and QDII bond - type funds (1.38) [5]. Scale - By the end of Q2 2025, passive index - type bond funds received significant capital inflows and had the fastest scale growth [8]. Leverage - As of June 30, 2025, compared with March 31, 2025, the overall fund leverage showed an upward trend [11]. Duration - As of June 30, 2025, compared with March 31, 2025, the fitted durations of pure - bond funds all showed an upward trend [14]. Weighted Position Changes of Fixed - Income + Funds - By the end of Q2 2025, the convertible - bond positions of different types of fixed - income + funds were basically the same as in the previous quarter, while the stock positions all showed a downward trend [17]. - The top five industries for stock increase were non - bank finance, banking, communications, electronics, and medicine; the top five industries for stock reduction were food and beverage, automobiles, coal, basic chemicals, and home appliances [28]. Individual Stock Positions of Fixed - Income + Funds - The top ten stocks with the highest market value of holdings in Q2 2025 were Zijin Mining, Tencent Holdings, Yangtze Power, Contemporary Amperex Technology, China Merchants Bank, Midea Group, Kweichow Moutai, Alibaba - W, SF Holdings, and Haier Smart Home [30]. - The top ten stocks with the largest increase in market value of holdings in Q2 2025 were New H3C Technologies, Inphi Corporation, AVIC Shenyang Aircraft, Bank of Hangzhou, China Minsheng Bank, Yunnan Aluminum Co., Ltd., Zhaojin Mining Industry, China Merchants Bank, Zhongjin Gold, and SF Holdings [32]. - The top ten stocks with the largest decrease in market value of holdings in Q2 2025 were Wuliangye, Midea Group, Kweichow Moutai, Wanhua Chemical, Zijin Mining, Honglu Steel Structure, Hunan Gold, BYD, Shunxin Agriculture, and Luzhou Laojiao [34]. 3.2 固收型重点基金2025Q2后市展望观点汇总 Key Short - Term Bond Fund Managers' Views - Most short - term bond fund managers expect the bond market to continue the volatile market with high winning probability but low odds, and the bond - market trend is mainly determined by the liability side and policy orientation [39]. - Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. Key Medium - and Long - Term Bond Fund Managers' Views - Most medium - and long - term bond fund managers expect the bond market to continue the volatile pattern, with loose monetary policy continuing to support the bond market, while domestic demand is weak and the real - estate market is weakening marginally [41]. - Some managers suggest actively participating in interest - rate bond band trading, while others believe that the space for credit - spread compression is limited. Most still focus on medium - high - grade credit bonds [41]. Equity - Linked Fixed - Income Fund Managers' Views - For stock assets, most managers are relatively optimistic about the medium - term market outlook. Low - equity - position fixed - income + fund managers are relatively conservative, while some medium - and high - equity - position managers will increase the exploration and allocation in industries with relatively guaranteed short - and medium - term supply - demand environments and reasonable valuations [42]. - For convertible - bond assets, the supply - demand balance in the convertible - bond market remains tight, with overall high valuations and potential increased volatility, but there are still structural opportunities. Some managers will maintain a neutral - to - low position and shift to equity - oriented and balanced varieties [42]. - For pure - bond assets, managers generally maintain a neutral view, expecting the central - bank policy to remain consistent, the capital market to remain loose, and limited upward space for interest rates [42]. Key High - Position Convertible - Bond Enhanced Fund Managers' Views - Managers will maintain a relatively positive position, seize structural opportunities, and pay attention to the layout opportunities in technology self - controllability and the allocation opportunities after the sentiment of new consumption and innovative drugs cools down [45]. - They believe that the convertible - bond market has a relatively high valuation, with short - term cost - effectiveness and fault - tolerance rate reduced, but there are still structural opportunities, especially in equity - oriented convertible bonds [45]. QDII Bond - Fund Managers' Views - The global market in Q2 2025 was still dominated by policy. The impact of Trump's tariff policy continued to push up inflation expectations, and there were differences in the market's pricing of the Fed's interest - rate cut [46]. - In the future, although the probability of a US recession is relatively low, attention should be paid to the recurrence of tariff policies, and the US bond market may fluctuate bidirectionally in the short term [46][47]. REITs Fund Managers' Views - In Q2 2025, the performance of different types of REITs varied. The performance of rental - protection REITs was stable, the industrial - park REITs were under pressure, the consumer - infrastructure REITs performed steadily, the transportation REITs showed growth driven by traffic flow, the warehousing - logistics REITs were under pressure in terms of revenue, and the energy and environmental - protection REITs showed different performances [50][51][52].