Core Viewpoint - Haier Smart Home (06690) has signed a strategic cooperation agreement with Sanhua Intelligent Control to enhance collaboration in R&D, laboratory construction, and emerging fields, aiming to improve supply chain efficiency and accelerate innovation outcomes [1] Group 1: Strategic Cooperation - The cooperation will focus on joint laboratories in areas such as refrigeration, heat pumps, and thermal management for new energy vehicles, sharing testing resources and data to shorten product development cycles [1] - Both companies will collaborate in emerging fields like smart home technology and energy storage temperature control, promoting the localization rate of core components [1] Group 2: Financial Performance - For Q3 2025, the company reported revenue of 77.56 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 5.34 billion yuan, up 12.7% year-on-year [1] - In the first three quarters, the company achieved revenue of 234.05 billion yuan, a year-on-year growth of 10%, and a net profit of 17.37 billion yuan, reflecting a 14.7% year-on-year increase [1] - The first three quarters' revenue and net profit reached historical highs, indicating a solid global leadership position in home appliances and a strong commitment to digital reform and high-end brand strategy [1]

Core Viewpoint - Haier Smart Home reported a strong performance in Q3 with revenue of 77.56 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 5.34 billion yuan, up 12.7% year-on-year. The company achieved a record high in both revenue and net profit for the first three quarters, indicating a solid position in the global home appliance market and a positive outlook for future profitability [1] Financial Performance - Q3 revenue reached 77.56 billion yuan, reflecting a 9.5% year-on-year growth [1] - Q3 net profit attributable to shareholders was 5.34 billion yuan, marking a 12.7% year-on-year increase [1] - For the first three quarters, total revenue was 234.05 billion yuan, up 10% year-on-year [1] - Net profit for the first three quarters was 17.37 billion yuan, representing a 14.7% year-on-year growth [1] Future Outlook - The company’s revenue and net profit for the first three quarters set historical records, reinforcing its leading position in the home appliance sector [1] - The firm is expected to continue benefiting from deepening digital reforms domestically and a strong push for high-end brand strategies overseas [1] - Profitability is anticipated to further improve, with net profit forecasts for 2025 to 2027 raised by 2.17%, 2.33%, and 3.36% respectively [1] Valuation Adjustments - The target price for Haier Smart Home's A-shares has been increased from 33.75 yuan to 35.56 yuan, while the H-shares target price has been adjusted from 31.95 HKD to 33.09 HKD [1] - The company is assigned a target price-to-earnings ratio of 14 times based on a 2.26-year outlook [1]

格隆汇11月4日｜海尔智家(600690)与三花智控(002050)11月3日签订战略合作协议。据海尔智家介绍， 双方将在协同研发并联、实验室共建、新兴领域布局等多个方面深化合作。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [6][18]. Core Views - The company reported a revenue of 2340.5 billion yuan for the first three quarters of 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% [1]. - The air conditioning segment showed strong performance, with domestic sales growing by 9.5% in the first three quarters and 10.8% in Q3, while the home air conditioning revenue surged by 30% year-on-year in Q3 [2]. - The company maintains operational resilience through a multi-brand strategy and digital transformation, with significant growth in brands like Casarte and Leader, which saw revenue increases of 18% and 25% respectively in the first three quarters [2]. - The gross margin for Q3 2025 was reported at 27.9%, with net profit margin at 6.9%, indicating ongoing profitability improvements [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 775.6 billion yuan, a 9.5% increase year-on-year, and a net profit of 53.4 billion yuan, up 12.7% [1]. - The company expects net profits for 2025 to reach 213 billion yuan, with projected growth rates of 12.82% for 2023 and 13.51% for 2025 [4][3]. Market Analysis - Domestic revenue growth was driven by strong performance in air conditioning and kitchen appliances, while overseas markets also showed resilience with a 10.5% increase in revenue for the first three quarters [2]. - Emerging markets such as the Middle East and Southeast Asia reported significant growth rates of 60% and 15% respectively [2]. Profitability and Efficiency - The company has focused on cost efficiency, achieving a slight improvement in both sales and management expense ratios, contributing to a net profit margin of 6.9% [3]. - The operating cash flow for Q3 2025 increased by 5.81% year-on-year, indicating strong cash generation capabilities [3].

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10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11月3日 I. 法定/註冊股本變動 | 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 | | | | 本月底結存 | | | 6,254,501,095 | RMB | | 1 RMB | | 6,254,5 ...

Investment Rating - The investment rating for Haier Smart Home is "Outperform the Market" [5] Core Views - The company has shown a good growth trend with steady improvement in profitability, achieving a revenue of 234.05 billion (+10.0%) and a net profit of 17.37 billion (+14.7%) for the first three quarters of 2025 [1] - Domestic sales have demonstrated resilience, with a 9.5% year-on-year increase in revenue for the first three quarters, despite a 3.1% decline in the overall home appliance retail market [1][2] - The company continues to optimize costs and improve profitability, with a gross margin of 27.9% in Q3, reflecting a 0.1 percentage point increase year-on-year [2] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 77.56 billion (+9.5%) and a net profit of 5.34 billion (+12.7%) [1] - The operating cash flow for the first three quarters was 17.49 billion, a 26.1% increase year-on-year [2] Domestic Market - The company achieved a 10.8% year-on-year revenue growth in Q3 within China, leveraging innovative products and multi-brand marketing strategies [1] - Air conditioning revenue grew over 30% in Q3, with the Casarte brand increasing by 18% and the Leader brand by 25% [1] International Market - Overseas revenue grew by 10.5% year-on-year for the first three quarters, with significant growth in emerging markets such as South Asia (+25%) and Southeast Asia (+15%) [2] - The North American market showed steady growth despite tariff disruptions, and European HVAC revenue increased by over 30% in Q3 [2] Profitability and Cost Management - The company’s Q3 net profit margin improved by 0.2 percentage points to 6.9%, indicating effective cost management and operational efficiency [2] - The company has maintained a stable expense ratio, with sales, management, and R&D expenses decreasing slightly [2] Earnings Forecast - The profit forecast for 2025-2027 has been raised, with expected net profits of 21.3 billion, 23.7 billion, and 26.3 billion respectively, reflecting a year-on-year growth of 14%, 11%, and 11% [3][4]

大华继显发布研报称，海尔智家(06690)第三季业绩符合预期，营收同比增加10%至775.6亿元人民币， 净利53.4亿元人民币，同比增13%。内地营收同比增11%，其中空调业务表现亮眼，同比增逾30%，主 要受惠于产品创新与直销转型策略。海外营收年增8%，营业利润率略有提升。展望2025年第四季，报 告指，尽管面临高基数效应挑战，管理层预期营收将维持中单位数增长，净利润增长率预计将超越营收 增速。维持"买入"评级，目标价由39.1港元上调至39.4港元。 ...

Core Viewpoint - Haier Smart Home (600690)(06690) reported third-quarter results that met expectations, with revenue increasing by 10% year-on-year to RMB 77.56 billion and net profit rising by 13% to RMB 5.34 billion [1] Revenue Performance - Domestic revenue grew by 11% year-on-year, with the air conditioning segment performing particularly well, showing over 30% growth, driven by product innovation and direct sales transformation [1] - Overseas revenue increased by 8%, with a slight improvement in operating profit margin [1] Future Outlook - For the fourth quarter of 2025, despite facing challenges from high base effects, management expects revenue to maintain mid-single-digit growth, with net profit growth anticipated to exceed revenue growth [1] - The target price has been raised from HKD 39.1 to HKD 39.4, maintaining a "Buy" rating [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company reported a net profit increase of 15% year-over-year for Q3 2025, with domestic business growth performing well despite industry challenges [5][8]. - The company's revenue for Q3 2025 reached RMB 775.6 billion, reflecting a 9.5% year-over-year growth, while the net profit for the same period was RMB 53.4 billion, up 12.7% year-over-year [8]. - The report highlights the company's strong performance in the domestic market, with a 10.8% increase in revenue compared to the industry average decline of 3.2% [8]. Financial Performance Summary - The company achieved a total revenue of RMB 2,340.5 billion for the first three quarters of 2025, with a year-over-year growth of 10% [8]. - The projected net profits for 2025, 2026, and 2027 are RMB 21.66 billion, RMB 23.72 billion, and RMB 26.29 billion, respectively, with year-over-year growth rates of 15.56%, 9.54%, and 10.81% [7][8]. - Earnings per share (EPS) are expected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the years 2025, 2026, and 2027, respectively [7][8]. Market Position and Strategy - The company is actively expanding its overseas business, with a year-over-year revenue growth of 8.3% in Q3 2025, despite a challenging environment in North America [8]. - The report notes that the company's high-end brand, Casarte, saw an 18% revenue increase, while its budget-friendly brand, Leader, experienced a 25% revenue growth [8]. - The company is focusing on digital transformation and cost optimization, leading to a slight decrease in management and research expenses [8].

转自：智通财经 此次荣获ESG"致远奖"，主要得益于海尔智家在绿色发展方面的持续探索。依托6-Green战略，海尔智 家构建起产品全生命周期绿色管理体系。以海尔莱西再循环互联工厂为例，依托行业首个"回收-拆解- 再生-再利用"全链路闭环体系，其废旧家电的精细化拆解比行业增值30%，产出的循环新材料纯度高达 99.9%，目前该工厂已获得绿色工厂认证。10月初，海尔再循环德国K展全球首发家电循环闭环体系， 率先实现了从家电到汽车再到家居、日化等领域的高质循环应用，为全球家电行业树立了可借鉴的实践 样板。 事实上，不止是绿色发展领域，目前海尔智家已将ESG理念全面融入全球全产业链布局。其在环境、社 会及治理三大维度的综合表现已达到全球同行业领先水平，并持续获得国内外资本市场对其长期投资价 值的广泛认可。在社会价值方面，海尔连续9年入选福布斯全球最佳雇主。在公司治理方面，海尔智家 构建起员工与用户价值共享的生态网络。2024年，海尔智家实现100%的工会覆盖率和集体合同签订 率。 除了此次入选"致远奖"外，海尔智家的ESG实践已获得华证指数、中诚信等海内外机构的认可。在国际 ESG评级中，海尔智家在MSCI、路孚特的 ...