证券代码：600690 证券简称：海尔智家 编号：临 2025-002 海尔智家股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 海尔智家股份有限公司（简称"公司"）于 2024 年 3 月 27 日召开了第十一届董 事会第九次会议、于 2024 年 6 月 20 日召开了 2023 年年度股东大会，均审议通过了 《海尔智家股份有限公司关于 2024 年度公司及子公司预计担保额的议案》，即公司 可以在子公司向金融机构申请综合授信等事项时对其提供担保，且董事会授权总裁办 公会等决定公司前述每一笔担保的具体事宜，并根据公司实际经营需要，具体调整公 司对各级子公司及子公司之间的担保额度以及代表董事会签署有关法律文件（以下简 称"2024 年度担保授权"）。独立董事对 2024 年度担保授权事项发表了独立意见。 详见公司于 2024 年 3 月 27 日在上海证券交易所网站披露的《海尔智家股份有限公司 - 1 - - 2 - 币种：人民币 序 号 公司名 称 ...

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Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: White Goods and Home Appliances Key Points and Arguments Market Impact and Performance - The 2024 national subsidy policy significantly boosted the market, with the overall retail sales in the second quarter reaching approximately 240 billion yuan, a year-on-year decline of 9%. However, the third quarter showed improvement, and the company achieved double-digit revenue growth in the fourth quarter, driven by government subsidies and proactive transformation measures [3][4][12]. - The Casarte brand experienced a remarkable shipment growth of over 30% in the fourth quarter of 2024, indicating an improvement in market structure and increased demand for high-end brands [4][12]. Sales Growth and Future Projections - In January 2025, domestic shipments approached double-digit growth, with the Casarte brand growing approximately 20%. The overseas business also showed median growth in the fourth quarter of 2024, with expectations of maintaining double-digit growth in the first quarter of 2025 [4][5]. - The company aims for overall revenue growth to remain above the median and profits to maintain double-digit growth in 2025, with contributions from CCR and other companies expected to add 6 to 7 billion yuan in revenue [4][12]. Strategic Adjustments - Since the third quarter of 2024, the company has adjusted its operational model, optimizing digital inventory, content marketing, and cost management to enhance user conversion efficiency and optimize dealer structure [6][12]. - Haier's operations in the U.S. leverage the GE Appliances (GEA) system, providing a competitive advantage. The focus for 2025 is to strengthen product leadership to achieve local development goals [9][12]. Overseas Market Performance - The company performed well in the U.S. and European markets in 2024, with significant growth in emerging markets such as Southeast Asia, the Middle East, and India, achieving growth rates of 16-21%, 40%, and over 30%, respectively [7][12]. - The Mexican production capacity accounts for 20-30%, allowing the company to effectively address tariff issues through localization [13][12]. Industry Outlook - The white goods industry has stable long-term demand, with essential products like refrigerators, washing machines, and air conditioners remaining necessary. Despite not being a hot topic currently, the demand side is very stable [8][12]. - The company plans to continue its transformation to enhance competitiveness and achieve steady, high-quality growth [8][12]. Brand Development and Consumer Engagement - The Casarte brand aims to maintain a growth target of 10-15% in 2025, focusing on online channel investments to cater to younger consumers and enhance conversion rates through offline experience stores [15][16]. - The company recognizes the importance of KOLs and social media in influencing young consumers' purchasing decisions and plans to enhance its marketing strategies accordingly [26][12]. Supply Chain and Efficiency Improvements - Haier has implemented strategies to optimize supply chain and logistics, reducing costs and improving efficiency through cloud storage systems and data-driven services [22][12]. - The company has also focused on enhancing local production capabilities to better respond to tariff fluctuations and market changes [14][12]. Investment Opportunities - Current stock price adjustments present a good opportunity for investors, as Haier's brand and product strength in the domestic and international markets position it favorably in the white goods sector [33][12]. Additional Important Insights - The integration of AI technology is expected to enhance operational efficiency and product quality, with a target net profit margin increase from 6.4% to at least 8% [20][12]. - The company has made significant improvements in its air conditioning business, focusing on cost reduction and quality stability through unified platforms and rapid product iterations [29][12]. This summary encapsulates the key insights from the Haier Smart Home conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances, specifically focusing on air conditioning and washing machines Key Points and Arguments Industry Growth Projections - Haier Smart Home anticipates a small single-digit growth in the Chinese air conditioning industry by 2025, slightly outperforming the washing machine sector, which is expected to experience negative growth [2][3] - The overall demand for air conditioning is expected to improve starting February, following a weak January due to strong December sales [3] Performance and Strategy - The premium brand Casarte achieved a 30% growth in Q4 2024 and a 22% growth in January 2025, with an expected annual growth rate of 10%-15% [4] - Marketing strategies will focus on expanding the high-end user base, launching luxury products priced at 100,000 RMB, and increasing online sales channels to 15%-20% [4][6] - Haier Smart Home plans to enhance its presence in Southeast Asia, aiming to grow the market size from 6 billion RMB to 40 billion RMB or more [4][12] Operational Efficiency - The company is implementing digital inventory management to improve operational efficiency, reduce logistics costs, and enhance product flow speed [9][12] - Measures to boost profitability include optimizing logistics costs, controlling technical costs, and improving production efficiency [12] Market Performance - In 2024, Haier Smart Home increased its market share in the U.S. by over 1 percentage point despite an overall industry decline, with expectations for a slightly better industry situation in 2025 [10] - The European market saw organizational transformation and supply chain adjustments, with expectations for improved performance in 2025 [11] Challenges and Responses - The U.S. tariffs on steel and aluminum have a minimal impact on Haier Smart Home's operations, as the company primarily sources from stable suppliers [14] - The company is strategically adjusting its global supply chain to enhance competitiveness and resilience against market challenges [6] Future Outlook - The company aims for mid-to-high-speed revenue growth while maintaining steady double-digit profit growth despite potential challenges from tariffs and increased R&D investments [12] Additional Important Insights - The focus on digital marketing and content creation on platforms like Douyin and Xiaohongshu is part of a broader strategy to enhance brand visibility and consumer engagement [4][8] - The integration of various brands under Haier's umbrella aims to optimize user acquisition and operational efficiency through a collaborative approach [7][12]

Investment Rating - The investment rating for Haier Smart Home is "Buy" [26] Core Views - The company is benefiting from domestic sales recovery driven by national subsidies, with a significant improvement in high-end brand demand, particularly for the Casarte brand. The global brand business shows resilience, and the company is expected to continue optimizing efficiency and profitability [3][26]. Summary by Sections Domestic Sales - In the short term, the company is benefiting from national subsidies, leading to a recovery in domestic sales, particularly in the refrigerator and washing machine categories. Online and offline sales for refrigerators are expected to grow significantly, with online sales increasing by 10% and offline sales by 66% in Q4 2024. The Casarte brand is seeing a notable recovery, with online sales for refrigerators increasing by 59% and washing machines by 42% [10][11]. - In the long term, the air conditioning business is expected to grow, supported by digital transformation initiatives and the integration of logistics services through the acquisition of a supply chain service provider. A new air conditioning production project is being established to enhance production capacity [12]. International Sales - In the short term, the company maintains a leading position in major markets due to its global layout and localized supply chain advantages. The North American market is expected to see improved demand due to anticipated interest rate cuts and real estate recovery. The company is also expanding its presence in emerging markets [23]. - In the long term, the company is diversifying its product offerings through acquisitions, such as the purchase of Electrolux's South African water heater business, which is expected to broaden growth opportunities [23]. Earnings Forecast and Rating - The earnings per share (EPS) for 2024-2026 are adjusted to 2.03, 2.32, and 2.61 yuan, respectively. The corresponding dynamic price-to-earnings ratios are 13.5x, 11.9x, and 10.5x. The company is positioned as a leader in the home appliance export market, with domestic sales growth driven by national policies and a resilient international brand business [26].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home with a target price of Rmb 38.50, corresponding to a 16.5x PE for 2025E [5][6]. Core Insights - Haier Smart Home has shown strong sales momentum continuing into 2025, with management guiding for revenue growth in the mid to high single digits, supported by domestic subsidies and product upgrades [2]. - The company expects a continued increase in operating profit margins, with a projected decrease in SG&A expenses by 50 basis points in 2025 [2]. - Domestic sales are anticipated to grow in double digits, particularly for the Casarte brand, benefiting from higher-than-expected subsidies [2]. - The company is addressing competitive threats from Xiaomi by launching more competitive SKUs and enhancing retail efficiency while maintaining its premium strategy [4]. - Concerns regarding U.S. tariffs have led management to evaluate shifting production from China to Vietnam and Thailand, which may require additional capital expenditure [3]. Summary by Sections Financial Performance - Revenue is projected to grow from Rmb 261.428 billion in 2023 to Rmb 351.350 billion by 2028, reflecting a steady increase [8]. - EBITDA is expected to rise from Rmb 18.669 billion in 2023 to Rmb 33.968 billion by 2028, indicating improved profitability [8]. - Net profit is forecasted to increase from Rmb 16.597 billion in 2023 to Rmb 29.709 billion by 2028 [8]. Market Position - Haier Smart Home is recognized as one of the largest home appliance manufacturers globally, with a diverse product range including refrigerators, washing machines, and air conditioners [11]. - The company aims to become a leading provider of smart home solutions, leveraging its R&D capabilities and a network connecting suppliers and users [11]. Valuation Metrics - The report uses a DCF valuation method with a WACC of 11.4%, projecting a 13% CAGR in earnings from 2024 to 2026 [5]. - The current market price of Rmb 26.87 suggests a potential upside of 43.3% to the target price [10].

Investment Rating - Maintains a "Buy" rating for Haier Smart Home (600690) [5][6] Core Views - US interest rate cuts are expected to drive a recovery in the housing market, which will boost home appliance consumption Historically, during periods of declining US Treasury yields, home appliance retail sales growth has ranged between 0% and 5%, with occasional spikes above 10% due to base effects [1] - North American home appliance consumption is closely tied to the real estate cycle, with a lag of about one quarter between home sales and appliance purchases Approximately 15% and 25% of US home appliance consumption comes from new and existing homes, respectively [1] - GEA's local production capacity in North America mitigates tariff risks GEA operates 9 manufacturing plants, 2 R&D centers, 4 dispatch centers, 4 parts distribution centers, and 157 local distribution centers in the US, ensuring minimal exposure to tariff impacts [1] - The replacement of old appliances is driving premium consumption, benefiting Haier's high-end brand Casarte The average prices of air conditioners, refrigerators, and washing machines have increased by 6 5%, 9 1%, and 11 8% respectively since the launch of the replacement program [14] - Casarte's sales have surged, with refrigerators and washing machines seeing year-on-year retail sales growth of 41% and 78% respectively in November [14] Financial Forecasts - Revenue is projected to grow from CNY 270 2 billion in 2024 to CNY 304 0 billion in 2026, with annual growth rates of 3%, 6%, and 6% respectively [5] - Net profit attributable to shareholders is expected to increase from CNY 19 1 billion in 2024 to CNY 25 0 billion in 2026, with annual growth rates of 15%, 14%, and 14% respectively [5] - The PE ratio for 2024 and 2025 is estimated at 14x and 12x respectively [5] - EPS is forecasted to rise from CNY 1 77 in 2024 to CNY 2 66 in 2026 [18] Industry and Market Trends - The home appliance sector typically outperforms during the valuation rotation period from December to January [5] - Haier Smart Home's current PE-TTM valuation percentile for 2024 is 44%, lower than peers such as Midea Group (91%), Gree Electric (73%), and Hisense Home Appliances (52%), indicating potential for outperformance in the valuation rotation cycle [17] Operational Highlights - Haier's local production capacity in North America through GEA provides a competitive edge against tariff risks [1] - The replacement of old appliances is driving a shift towards higher price segments, with refrigerators priced above CNY 8,000 and washing machines above CNY 6,000 seeing increased market share [14] - The Chinese government's continued support for domestic demand, including the extension of home appliance replacement subsidies into 2025, is expected to sustain growth for premium brands like Casarte [14]

Group 1 - The article reports that Haier Smart Home has experienced a total of 4 block trades in the last 3 months, with a cumulative transaction amount of 136 million yuan [2] - On December 24, a block trade occurred for Haier Smart Home, involving a transaction volume of 200,000 shares and a transaction amount of 5.83 million yuan, with a transaction price of 29.15 yuan per share [2]

Investment Rating - The report assigns a "Buy" rating to Haier Smart Home (600690.SH/6690.HK) with a target price of 35/34 RMB/HKD [10] Core Viewpoints - The company is expected to benefit from favorable national subsidies, particularly in 2025, which will likely drive domestic appliance sales growth [10] - The company's global expansion strategy, including acquisitions and multi-brand, cross-regional operations, has positioned it as a leader in various international markets [10] - The continuation and potential expansion of appliance replacement subsidies, coupled with the company's proactive overseas market development, are expected to support steady growth in earnings [10] Summary by Section Financial Performance - **Revenue**: Expected to grow from 243,514 million RMB in 2024 to 319,982 million RMB in 2026, with a CAGR of approximately 8.4% [4] - **Operating Costs**: Projected to increase from 167,223 million RMB in 2024 to 217,078 million RMB in 2026, reflecting a CAGR of about 7.8% [4] - **Net Profit**: Anticipated to rise from 19,459 million RMB in 2024 to 25,330 million RMB in 2026, with a CAGR of 11.3% [4][11] - **EPS**: Expected to grow from 2.07 RMB in 2024 to 2.70 RMB in 2026, with a CAGR of 11.3% [11] - **P/E Ratio**: The A-share P/E ratio is forecasted to decline from 13.74 in 2024 to 10.56 in 2026, while the H-share P/E ratio is expected to decrease from 12.09 to 9.29 over the same period [11] Product Mix and Market Position - **Product Mix**: The company's product portfolio includes refrigerators (31.3%), washing machines (20.3%), and air conditioners (16.4%) [10] - **Market Share**: In 2023, the company ranked first in Asia with a 26% market share, second in the Americas with 15.8%, and first in Australia and New Zealand with 14.6% [10] - **Revenue Growth**: Overseas market revenue grew by 3.7% in 2023, with significant growth in South Asia (+9.9%), Southeast Asia (+12.4%), and Central Africa (+26.8%) [10] Policy and Market Dynamics - **Domestic Market**: The domestic appliance market has seen strong growth, with air conditioner sales increasing by 24% and 29% in October and November 2024, respectively, driven by replacement subsidies and e-commerce promotions [10] - **Policy Support**: The national government has indicated that the 2025 special long-term国债 funds will be significantly increased, potentially expanding the scope of supported products and markets [10] - **Local Initiatives**: The Hubei Provincial Department of Commerce has issued guidelines for the 2025 consumer replacement program, signaling continued policy support at the local level [10] Cash Flow and Liquidity - **Operating Cash Flow**: Expected to increase from 25,297 million RMB in 2024 to 30,396 million RMB in 2026 [13] - **Investing Cash Flow**: Projected to remain negative, with outflows decreasing from -9,574 million RMB in 2024 to -11,078 million RMB in 2026 [13] - **Financing Cash Flow**: Expected to remain negative, with outflows increasing from -9,730 million RMB in 2024 to -12,665 million RMB in 2026 [13] - **Cash Equivalents**: Forecasted to grow from 60,480 million RMB in 2024 to 73,181 million RMB in 2026 [15] Balance Sheet - **Total Assets**: Expected to increase from 270,027 million RMB in 2024 to 306,858 million RMB in 2026 [15] - **Total Liabilities**: Projected to rise from 155,492 million RMB in 2024 to 174,113 million RMB in 2026 [15] - **Shareholder Equity**: Anticipated to grow from 111,946 million RMB in 2024 to 129,202 million RMB in 2026 [15]

北京市中伦律师事务所 关于海尔智家股份有限公司 2024 年第一次临时股东大会的 法律意见书 二〇二四年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于海尔智家股份有限公司 2024 年第一次临时股东大会的 法律意见书 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"公司"）的委托，指派律师现场参加公司 2024 年第一次临时股东大会 （以下简称"本次股东大会"），对本次股东大会召开的有关事宜，根据《中华人 民共 ...