Summary of Key Points from the Conference Call on the White Goods Industry Industry Overview - The white goods industry is currently experiencing low valuations, with leading companies like Midea, Gree, and Haier trading below the 1/3 percentile of their historical valuation since 2010, contrasting with the rising valuations of the CSI 300 index [1][3] - Future growth in the white goods sector is expected to be driven primarily by overseas markets, particularly in emerging regions such as Asia, Africa, and Latin America, where Chinese appliance companies are likely to expand their market share through channel development and brand optimization [1][5] Valuation and Market Sentiment - Current valuations of leading white goods companies are at historically low levels, with Midea's price-to-earnings (P/E) ratio dropping from 15.3 to around 13, Gree from 8.4 to 7.6, and Haier from 14.2 to approximately 12 [3][4] - Despite concerns about short-term market conditions, historical trends indicate that the white goods sector has potential for price recovery, especially in the context of new public fund regulations and increased institutional investment [1][7] Financial Health and Shareholder Returns - Leading white goods companies have a high proportion of cash assets, approximately 35% of total assets, which provides them with the capacity and motivation to increase cash dividends and dividend yields [6][10] - The decline in government bond yields is expected to support a temporary recovery in the valuations of the white goods sector, making investments in this sector more attractive compared to government bonds [11] Growth Opportunities - The expansion of production capacity in Thailand is seen as beneficial for global stability in the white goods market, with long-term growth trends remaining reliable despite cyclical fluctuations in profitability [9] - The white goods sector is expected to benefit from a gradual recovery in U.S. real estate demand starting in 2026, which could positively impact companies like Haier [18] Regulatory and Market Dynamics - New public fund regulations are likely to enhance the preference for competitive assets in the white goods sector, as they emphasize long-term performance metrics [14] - Insurance capital is expected to increasingly invest in the A-share market, with the white goods sector being attractive due to its high dividend yields [15] Dividend Performance - The dividend yields of leading white goods companies, such as Gree (6.8% to 7%) and Midea (4.8% to 5%), are significantly higher than those of the banking and non-banking sectors, indicating a favorable investment environment [16] Price Competition and Profitability - Concerns regarding price competition in the air conditioning segment have been found to be overstated, as price reductions were limited to specific online SKUs and have since stabilized [17] Conclusion - Despite market concerns about the white goods industry's performance, it remains a relatively stable sector with potential for recovery and growth, particularly in light of favorable valuation conditions and emerging market opportunities [18]

Group 1 - The core viewpoint is that the home appliance industry is exhibiting strong growth resilience driven by multiple factors, with leading companies like Haier Smart Home being favored by brokerage institutions due to their performance certainty and growth potential [1][3] - The domestic digital transformation is a key driver for Haier Smart Home's stable growth, supported by data showing it achieved the top market share both online and offline in the first seven months of 2025, with significant growth in high-end brands like Casarte [2] - Global high-end brand creation is contributing to growth across various regions, with Haier leading in sales of multi-door refrigerators in Europe and achieving high pricing power in the U.S. market, indicating strong performance in Southeast Asia and Japan as well [2] Group 2 - For home appliance companies to maintain a sustained "buy" rating, they must demonstrate the ability to navigate through cycles, maintaining profitability in complex market environments while also advancing in smart and high-end sectors, which Haier Smart Home is successfully achieving [3]

智通财经APP讯，海尔智家(06690)公布，2025年8月11日耗资401.99万元回购16万股A股股份。 ...

海尔智家（600690）(06690)公布，2025年8月11日耗资401.99万元回购16万股A股股份。 ...

格隆汇8月11日丨海尔智家(06690.HK)公告，8月11日耗资402万元回购16万股A股。 ...

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8月11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 ...

Core Viewpoint - The collaboration between Haier Group and Changan Automobile marks a significant shift in the integration of the consumer electronics and automotive industries, focusing on strategic cooperation in areas such as new energy, supply chain, and health [3][5]. Group 1: Strategic Collaboration - Haier and Changan signed a strategic cooperation agreement to leverage their industrial strengths for comprehensive collaboration in multiple cutting-edge fields [3][4]. - The partnership aims to build a "car-home ecosystem," explore digital transformation solutions, share global industrial networks, and co-create new brand marketing models [5][6]. Group 2: Market Context and Drivers - The global home appliance market is nearing saturation, prompting Haier to seek new growth avenues beyond traditional boundaries [6]. - The demand for smart vehicles as "mobile living spaces" that seamlessly connect with home environments is becoming a necessity for consumers [6][7]. Group 3: Technological Integration and Ecosystem Development - Haier is focusing on creating a unified platform for car-home connectivity, which includes developing in-car appliances and establishing a cold chain ecosystem [5][7]. - The company has invested over 15 billion yuan to build its car-home ecosystem, collaborating with leading automotive firms to enhance digital transformation across the industry [7][8]. Group 4: Competitive Advantages - Haier's advantages in building the car-home ecosystem include platform development, global R&D layout, and ecosystem integration capabilities [6][8]. - The company aims to transition from selling products to offering integrated scenarios, enhancing user experience through data-driven interactions [6][9]. Group 5: Future Outlook - The ultimate goal of the car-home ecosystem is to achieve differentiated service offerings based on unified technical standards, avoiding fragmentation in user experience [8][9]. - Haier's strategy positions it as a key player in the car-home integration space, with potential to become a leading global brand in seamless "human-car-home" experiences [9].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][4]. Core Viewpoints - Retail demand in July for home appliances remains strong despite the seasonal downturn, with air conditioning retail sales growing over 30% [1][18]. - The decline in home appliance exports has narrowed to 3% in July, with expectations for a return to stable growth as tariff policies ease [2][29]. - The U.S. housing market shows resilience, with expectations for recovery following anticipated interest rate cuts by the Federal Reserve in 2024, which could positively impact home appliance demand [3][34]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12][13]. 2. Retail and Export Performance - July retail performance shows strong growth in air conditioners (+39.4% online, +36.5% offline), washing machines (+21.6% online, +15.7% offline), and significant growth in small kitchen appliances like rice cookers (+17.6% online, +12.0% offline) [1][18]. - Home appliance exports in July reached 59.55 billion yuan, a 3% year-on-year decline, with a slight increase in export prices [2][29]. 3. Market Data Tracking - The home appliance sector achieved a relative return of +1.14% this week, outperforming the broader market [42]. - Raw material prices for copper and aluminum increased by 1.1% and 2.5% respectively, while cold-rolled steel prices rose by 0.8% [45][56]. - Shipping indices for routes to the U.S. and Europe showed a decline, indicating potential cost pressures in logistics [57]. 4. Company Earnings Forecasts - Earnings per share (EPS) estimates for key companies include Midea Group at 5.62 yuan for 2025, Gree Electric at 6.34 yuan, and Haier Smart Home at 2.26 yuan [5][67].

Market Overview - The white goods sector increased by 0.1% on August 11, with Shenzhen Kangjia A leading the gains [1] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index closed at 11291.43, up 1.46% [1] Stock Performance - Shenzhen Kangjia A saw a significant rise of 9.94%, closing at 5.42, with a trading volume of 2.4188 million shares and a transaction value of 1.284 billion [1] - Other notable performers included Aucma (+1.41%), Whirlpool (+0.70%), and Changhong Meiling (+0.69%) [1] - Conversely, Haier Smart Home and Gree Electric experienced slight declines of 0.04% and 0.44%, respectively [1] Capital Flow - The white goods sector experienced a net inflow of 503 million from institutional investors, while retail investors saw a net outflow of 346 million [1] - Detailed capital flow data indicates that Shenzhen Kangjia A had a net inflow of 421.14 million from institutional investors, while retail investors had a net outflow of 217 million [2] - Midea Group also attracted a net inflow of 89.62 million from institutional investors, despite a net outflow of 133 million from retail investors [2]

Group 1 - A total of 99 stocks in the Shanghai and Shenzhen markets have received net buying from main funds for 5 consecutive days or more as of August 8 [1] - The stocks with the longest consecutive net buying days are Laofengxiang, Beijiajie, Qingsong Jianhua, and Hu塑股份, each with 13 consecutive trading days of net buying [1] - Other notable stocks with significant net buying days include Tengda Construction, Juxing Agriculture, Shouyao Holdings, Haiyou New Materials, Haier Smart Home, ST Qibu, Bangji Technology, and Weichuang Electric, with 11, 11, 10, 9, 9, 9, 8, and 8 trading days of net buying respectively [1]