Group 1 - The company Haier Smart Home (06690.HK) announced a share buyback on September 29, spending 7.84 million yuan to repurchase 310,000 A-shares [1]

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9月29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 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 ...

其次是零距离的用户交互。在线上，海尔东南亚邀请用户共创内容、分享经验，受到热烈好评;在线 下，发起烹饪挑战、亲子互动等活动，让用户在全家趣味互动体验中感受品牌温度。 最后是更贴心的服务权益保障。上半年，海尔智家在东南亚复制国内"五个一"标准，推出5S服务模式， 解决了用户买完担心服务跟不上的痛点，用户满意度达到99%。同时通过全流程数字化升级，让用户 在"售前、售中、售后"都有最好的体验，实现全流程在线化、可视化无忧下单。整个"九九大卖"期间， 电商客服应答率100%，咨询量超百万次。 参考中国市场趋势，东南亚有望在全球电商格局中占据更重要的地位。电商崛起只是助推器，海尔智家 围绕用户构建的差异化竞争优势才是加油箱。同比3倍速的增长不是终点，而是海尔智家参与全球电 商、引领行业发展的新起点。 在互联网普及与年轻消费群体的驱动下，东南亚电商市场正迎来快速增长期。位居白电销量第一后，海 尔东南亚敏锐把握市场趋势，发力电商，加码线上渠道建设与数字化运营，不仅实现整体业务的爆发式 增长，冰箱品类更在上半年取得东南亚线上第一的成绩。 近日，海尔东南亚传来捷报：在"九九大卖"超级购物节中，海尔电商创下销售额环比增长97% ...

Core Viewpoint - Haier Smart Home's stock experienced a slight decline of 0.66% on September 29, with a trading volume of 1.2 billion yuan and a market capitalization of 239.733 billion yuan [1]. Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2]. - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest brand in major home appliances for six consecutive years [2]. Shareholder Structure - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [3]. - Haier Wireless, a subsidiary focused on wireless charging, has participated in setting national industry standards for electromagnetic compatibility and radiation, and has invested in Intel's wireless charging technology team [3]. Business Operations - Haier Smart Home's main business involves the research, production, and sales of home appliances, including refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3]. - The revenue composition includes: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, equipment and channel services 11.97%, water appliances 6.11%, and others 0.48% [7]. Financial Performance - For the first half of 2025, Haier Smart Home achieved a revenue of 156.494 billion yuan, representing a year-on-year growth of 15.39%, and a net profit attributable to shareholders of 12.033 billion yuan, up 15.48% year-on-year [7]. - The company has distributed a total of 46.155 billion yuan in dividends since its A-share listing, with 21.766 billion yuan distributed in the last three years [8]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 450 million shares, a decrease of 131 million shares from the previous period [9]. - Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF are also among the top ten circulating shareholders, with respective holdings of 73.637 million shares and 66.918 million shares [9].

Core Viewpoint - The three-tub washing machine is an innovative high-end product in the global home appliance sector, designed for high-income households and tech-savvy consumers seeking efficiency and space optimization. It allows simultaneous washing of different types of clothing, significantly enhancing convenience and saving time [2][10]. Market Overview - The global market for three-tub washing machines is in its emerging stage, with a projected market size of $126 million in 2024, expected to grow to $209 million by 2031, reflecting a compound annual growth rate (CAGR) of 7.4% from 2025 to 2031 [2][10]. Industry Development Trends - **Continuous Technological Innovation**: The technology of three-tub washing machines is evolving, with features like independent operation of each tub, specialized water intake, drainage systems, and washing programs. High-end models also include drying functions, improving washing efficiency and reducing noise [7]. - **User-Centric Design Philosophy**: There is a growing demand for health-conscious washing solutions that prevent cross-contamination. The three-tub washing machine meets this need by allowing for categorized washing based on fabric type and dirt level [7]. - **Intensifying Market Competition**: The market is becoming increasingly competitive, with brands like Haier, Little Swan, and Hisense entering the fray, leading to heightened competition in technology, pricing, and marketing strategies [7]. Development Opportunities - **Growing Demand for Healthy Washing**: As consumer awareness of hygiene increases, the ability of three-tub washing machines to isolate different types of clothing presents a significant market opportunity [8]. - **Addressing Space Constraints in Small Homes**: The compact design of three-tub washing machines offers a solution for small households, combining washing and drying functions in a space-efficient manner [8]. - **Expansion into Commercial Applications**: Beyond residential use, there is potential for three-tub washing machines in commercial settings such as hotels and laundromats, further expanding market opportunities [8]. Challenges in the Industry - **High Production Costs**: The complexity of manufacturing three-tub washing machines results in higher production costs compared to single-tub models, which may limit market penetration, especially among price-sensitive consumers [8]. - **Intense Market Competition**: The market is characterized by fierce competition, with many products lacking genuine innovation beyond the additional tub feature, necessitating continuous improvement in service quality and product offerings [8]. - **Technological Limitations**: Current models face challenges related to noise reduction, vibration control, and space utilization, indicating a need for further technological advancements [8]. Future Outlook - The future development of three-tub washing machines is expected to be influenced by advancements in compact design, inverter and direct-drive motor technologies, AI-based washing cycle optimization, and eco-friendly water and energy-saving systems. The demand for smart, time-saving appliances in urban areas is likely to drive growth beyond the luxury market segment [10].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumer sector experienced a decline across all segments, with notable drops in sectors such as home appliances, beauty care, food and beverage, textile and apparel, retail, and social services, with weekly declines of -0.66%, -2.25%, -2.49%, -2.59%, -4.32%, and -5.92% respectively [2] - The upcoming Mid-Autumn Festival and National Day holidays are expected to boost tourism, with significant increases in orders for cross-province travel, car rentals, and self-driving tours, with Ctrip reporting a 45% year-on-year increase in cross-province orders for the National Day period [2][14] - The home appliance export sector continues to face challenges, with a 3.6% year-on-year decline in the number of units exported in August 2025, although the decline rate has narrowed [2] Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive decline, with specific sectors like food and beverage and home appliances showing significant fluctuations in stock performance [2][12][13] Industry News and Key Company Announcements - The report highlights the launch of a global cruise service ecosystem by Zhongxin Tourism, which has seen a 130% increase in cruise orders this year [14] - The Ministry of Commerce and other departments issued guidelines to promote digital consumption, focusing on enhancing supply and fostering digital consumption enterprises [15] - Haier's air conditioning production base in Thailand has commenced operations, with an annual capacity of 6 million units [14] - Ctrip reported a 125% increase in orders from South Korean tourists visiting China in the first half of 2025 [14]

转自：北京日报客户端 庞加莱猜想与遁世的天才 宇宙有没有尽头？宇宙到底是什么样的形状？人类长年不断追问的谜题，其重大线索却隐藏在困扰了数 学界整整一个世纪的难题——庞加莱猜想中。破解这道世纪难题的是俄罗斯数学家佩雷尔曼，他因此获 得了数学界至高无上的荣誉——菲尔兹奖，但他拒绝了菲尔兹奖以及100万美元的奖金，并从公众视野 中彻底消失，引发了无数猜测。 诺奖大师的分子奇妙之旅 《令人着迷的化学：生活中的分子》 本·费林加 阿努克·吕贝 著 湖南科学技术出版社 在该书中，诺贝尔化学奖得主本·费林加将带领读者踏上一次穿越分子世界的奇妙旅程。书中以日常现 象为切入点，用生动有趣的语言揭开化学的神秘面纱。 《庞加莱猜想：追寻宇宙的形状》 春日真人 著 武晓宇 译 新星出版社 魔咒般的"庞加莱猜想"曾吸引了无数天才为之倾尽一生，解决这一难题的格里戈里·佩雷尔曼为何放弃 荣誉、销声匿迹？该书用纪录片特有的叙事方式，生动呈现了破解"庞加莱猜想"的百年历程，描绘了数 学这个看似难以接近却充满魅力的奇妙世界，以及数学家们的奇特人生。 《海尔质量管理之道：从零距离到零边界》 刘卓慧 编著 机械工业出版社 从质量管理角度看，2025 ...

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Date**: September 26, 2025 Key Points Industry Performance - **Domestic Market Growth**: Haier Smart Home reported a strong performance in the domestic market with an overall revenue growth of 10% in the first half of 2025. The Casarte brand grew by 21% and the RED brand by 17% due to inventory management and digital marketing transformations [2][3][4] - **International Market Challenges**: Despite facing high inflation and interest rates in the U.S. market, Haier achieved a 2% revenue growth, outperforming peers who experienced a decline of 2% [2][3] - **Emerging Markets Growth**: Revenue from emerging markets such as South Asia, Southeast Asia, and the Middle East and Africa grew by 33%, 18%, and over 60%, respectively, with revenue share increasing by more than 5 percentage points year-on-year [2][3] Financial Performance - **Profit Growth**: The company reported a profit growth of nearly 16% in the first half of 2025, with the second quarter exceeding expectations [3] - **Sales Performance**: The air conditioning business showed exceptional performance with retail sales increasing over 40% year-on-year in the first half, and approximately 20% in August [2][3][7] Brand and Product Strategy - **Casarte Brand Recovery**: The Casarte brand returned to a healthy growth trajectory, with online sales increasing by about 40% in the first half of 2025, raising its online sales share by approximately 5 percentage points [2][9] - **Product Innovation**: New product launches, such as a 20 kg heat pump washer-dryer, have significantly driven market demand [9] European Market Focus - **Revenue Target**: Haier aims to increase its white goods revenue in Europe to €3 billion, targeting a median profit margin [4][12] - **Market Share Improvement**: The company has increased its market share in Europe by 0.8 percentage points, with a focus on improving operational efficiency through local team integration [11][12] Future Outlook - **2025 Revenue and Profit Goals**: Haier aims for mid-to-high single-digit revenue growth and double-digit profit growth in 2025, supported by enhanced competitiveness and shareholder value initiatives [4][16] - **Market Conditions**: Anticipated U.S. dollar interest rate cuts are expected to stimulate real estate demand, positively impacting industry demand [17] Inventory and Supply Chain Management - **Inventory Levels**: The company reported a reduction in domestic inventory by over ¥3 billion in the first half of the year, maintaining a balanced inventory level [8] - **Localization Strategy**: Haier is focusing on local production in emerging markets, with significant local sourcing in its Mexico factory [14][15] Additional Insights - **Impact of Currency Reserves**: Foreign exchange reserves have a limited impact on operations as funds are primarily held locally [13] - **Pricing Strategy**: Price increases of approximately 2% were implemented in the first half of the year, with potential for further increases in the second half [13] This summary encapsulates the key insights and data from the Haier Smart Home conference call, highlighting the company's performance, strategic initiatives, and future outlook in the context of the current market environment.

此外，海尔智家的《面向智慧家庭领域的Uhome大模型》入选了数字技术服务能力案例。针对智慧家庭 场景中，设备联动僵化、服务体验被动、难以真正理解用户个性化意图的痛点，海尔智家研发了智慧家 庭垂域模型——Uhome大模型，该模型作为家庭的"智慧大脑"，通过自然语言交互与情景感知，实现 从"被动控制"到"主动服务"的跃升，为用户提供更自然、更贴心、更安全的个性化智慧生活体验。该模 型已通过中国信通院可信AI大模型标准验证，获评最高等级双4+级。 近日，以"AI赋能 消费焕新"为主题的第十五届中国轻工业信息化大会在北京召开，大会正式发布 《2025年度轻工业数字化转型"领航者"案例名单》，为轻工行业企业深入推进新型工业化建设提供路径 参考。其中，海尔3项数字化实践案例成功上榜。 三大案例探路轻工业高质量发展 本次"领航者"案例的评选，就是要遴选一批创新性强、渗透性好、覆盖度高的典型案例，助力更多轻工 企业深入推进数字化转型。 海尔此次入选的3个案例，覆盖智慧家庭、智能制造、数字经济等核心领域，分别为《智能履约： AI+供应链全链路优化》《天智工业大模型数智领航实践》《面向智慧家庭领域的Uhome大模型》，展 现了其 ...

转自：中国证券报·中证网 业内分析指出，卡萨帝此次用户共创C生活场景的落地，标志着高端家电行业正式进入"场景价值竞 争"新阶段。从最初打破外资品牌垄断、开创高端家电新品类，到主导行业标准制定，再到如今构建"用 户-品牌-场景"共创生态，卡萨帝的发展路径夯实了其自身"高端第一"的地位，也推动中国高端家电 从"产品出口"向"生活方式输出"升级。 不同于传统家电发布会聚焦产品参数，卡萨帝此次将"用户"推至核心C位。活动现场，5位用户代表 以"C生活主理人"身份，与品牌共同发布6大C生活场景，直观呈现高端家电如何融入日常、解决差异化 需求。 据了解，作为海尔智家高端品牌，卡萨帝自创立以来便以"推动中国高端家电破局"为使命，目前已连续 9年稳居高端家电市场市占率第一，为超2000万用户提供高端生活解决方案。此次用户共创模式进一步 强化了其与消费者的深度链接。 截至目前，卡萨帝已参与制定国际标准82项、国家标准402项、行业标准200项，斩获4项中国专利金 奖，成为高端家电行业技术创新与标准制定的"双引领者"。 中证报中证网讯（记者 张鹏飞）9月27日，海尔智家旗下高端品牌卡萨帝以"智由AI起，艺从东方来"为 主题，在北 ...