Summary of Key Points from the Conference Call Industry Overview - The focus is on the home appliance industry, specifically the performance of major appliance segments including white goods, black goods, kitchen appliances, and small appliances [1][2][5]. Core Insights - **Fund Holdings in Home Appliances**: In Q4 2025, the proportion of actively managed equity funds holding home appliances increased, but it remains at a historically low level [1][3]. - **White Goods Performance**: The proportion of funds invested in white goods has seen a recovery, with a notable increase in the number of funds holding these stocks [5]. The market anticipates a continuation of national subsidies in 2026, which is expected to support domestic demand [5]. - **Black Goods Stability**: The proportion of funds in black goods remained stable, attributed to significant pressure on domestic sales due to the depletion of demand from previous subsidies [6][7]. - **Diverse Segment Performance**: Kitchen appliances, small appliances, and lighting segments are experiencing varied levels of attention, with some remaining underweight due to weak demand in the real estate sector [8]. Financial Metrics - **Fund Holdings Data**: - In Q4 2025, the proportion of actively managed equity funds in home appliances was 2.05%, up by 0.11 percentage points from the previous quarter [5]. - The allocation to white goods was 1.58%, an increase of 0.23 percentage points, with a significant rise in the number of funds holding these stocks [5]. - The underweight status for kitchen appliances, small appliances, and lighting was noted, with respective allocations of 0.03%, 0.03%, and 0.02% [8]. Future Outlook - **Market Expectations**: The outlook for leading home appliance companies is positive, with expectations of steady growth in performance [2][5]. - **Investment Recommendations**: - Focus on leading white goods companies that are expected to benefit from continued national subsidies in 2026 [8]. - Consider companies with manufacturing and brand advantages in overseas markets, such as Midea Group, Haier Smart Home, and TCL Electronics [8]. - Opportunities in MiniLED technology and commercial cold chain sectors are highlighted, with specific companies like Hisense and TCL leading in these areas [8][9]. Risks and Considerations - Potential risks include geopolitical trade risks, intensified industry competition, significant fluctuations in raw material prices, and the possibility of market demand recovery falling short of expectations [11].

Core Insights - Kaos IoT Technology Co., Ltd. (Kaos) is set to become the 9th listed company under Haier Group, having submitted its IPO application to the Hong Kong Stock Exchange on January 30, 2024, after previously pursuing an A-share listing [2][3] - The company, established in 2017 and incubated by Haier, aims to expand Haier's capital landscape, which already includes eight listed companies [2][3] - Kaos is recognized as the leading provider in China's industrial data intelligence solutions market, with over half of its revenue currently derived from Haier Group [3][10] Company Overview - Kaos was founded in April 2017 in Qingdao, initially named Haier Industrial Holdings Co., Ltd., focusing on digital transformation services for industries through advanced technologies like AI and IoT [4] - The company is led by Chen Lucheng, a long-time Haier employee with extensive experience in various senior positions within the group [4] - Kaos has developed the COSMOPlat industrial internet platform, integrating industrial software, operating systems, and IoT solutions [4] Financial Performance - Kaos has completed five rounds of financing from 2020 to 2022, raising a total of 2.555 billion yuan, with approximately 81% of the funds utilized for capital expenditures, R&D, and business expansion [5][14] - As of 2022, the post-investment valuation of Kaos reached 16.405 billion yuan [6] - The company reported revenues of 4.994 billion yuan in 2023, with projections of 5.070 billion yuan in 2024 and 4.420 billion yuan in the first three quarters of 2025 [10][11] Revenue Composition - The revenue from data intelligence solutions is expected to grow from 9.13 billion yuan in 2023 to 12.80 billion yuan in 2025, while IoT solutions are projected to decline from 40.80 billion yuan to 31.40 billion yuan during the same period [12] - A significant portion of Kaos's revenue is derived from related party transactions, with over 80% of sales attributed to its top five customers, primarily Haier Group [13] Strategic Focus - The IPO proceeds will be used to enhance core platform capabilities, market expansion, and potential acquisitions, as well as to supplement operational funds [14] - Kaos is also exploring opportunities in overseas markets, with revenue from non-mainland China customers accounting for approximately 12.5% to 14% of total revenue in recent years [13]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

海尔智家（600690）(06690)发布公告，2026年1月当月，公司通过集中竞价交易方式已累计回购A股(下 同)股份475万股，占公司总股本的比例为0.051%，购买的最高价为26.29元/股、最低价为25.08元/股，支 付的金额为1.22亿元(不含手续费等，下同);本次回购实施起始日(2025年4月7日)至2026年1月底，公司已 累计回购股份4757.57万股，占公司总股本的比例为0.507%，购买的最高价为27.54元/股、最低价为 23.60元/股，支付的金额为12.01亿元。 ...

智通财经APP讯，海尔智家(06690)发布公告，2026年1月当月，公司通过集中竞价交易方式已累计回购 A股(下同)股份475万股，占公司总股本的比例为0.051%，购买的最高价为26.29元/股、最低价为25.08 元/股，支付的金额为1.22亿元(不含手续费等，下同);本次回购实施起始日(2025年4月7日)至2026年1月 底，公司已累计回购股份4757.57万股，占公司总股本的比例为0.507%，购买的最高价为27.54元/股、最 低价为23.60元/股，支付的金额为12.01亿元。 ...

海尔智家（600690）(06690)发布公告，关于回购境外上市外资股(D股)股份进展，自2026年1月21日至 2026年1月31日，公司已累计回购D股股份42.2万股，占公司总股本的比例为0.0045%，购买的最高价为 2.1025欧元/股、最低价为2.07欧元/股，支付的金额(含手续费)为88.41万欧元，该等回购股份将全部注 销。 ...

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: 2026年1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: 2026年2月2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 | | | 6,253,028,411 | RMB | | 1 RMB | | 6,253,028,411 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,253,028,411 | RMB | | 1 RMB | | 6,253,028 ...

智通财经APP讯，海尔智家(06690)发布公告，关于回购境外上市外资股(D股)股份进展，自2026年1月21 日至2026年1月31日，公司已累计回购D股股份42.2万股，占公司总股本的比例为0.0045%，购买的最高 价为2.1025欧元/股、最低价为2.07欧元/股，支付的金额(含手续费)为88.41万欧元，该等回购股份将全部 注销。 ...

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。 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 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 2026年2月2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 证券代码：600690 证券简称：海尔智家 公告编号：临 2026-003 海尔智家股份有限公司 | 回购方案首次披露日 | 2025/3/28， ...

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。 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 中國青島 2026年2月2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。 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 证券代码：600690 证券简称：海尔智家 公告编号：临2026-004 * 僅供識別 海尔智家股份有限公司 关于回购境外上市外资股（D股）股份的进展公告 本公 ...