Core Insights - The report by Huazheng Index highlights the top 20 A-share listed companies in terms of ESG performance for 2025, covering 11 industries including industrial, public utilities, consumer discretionary, and finance [1] Group 1: ESG Performance Rankings - In the consumer discretionary sector, Haier Smart Home (600690) is the only company listed among the top 20 for ESG performance [1] - The top 20 companies have a minimum Huazheng ESG rating of AA, with Haier Smart Home being the highest-rated in the home appliance industry [4] Group 2: Haier Smart Home's ESG Scores - Haier Smart Home achieved an E score of 84.19, ranking 2nd out of 148 in its industry for environmental performance [4] - The S score for Haier Smart Home is 88.52, also ranking 2nd out of 148 for social performance [4] - The G score is 85.79, placing Haier Smart Home at 20th out of 148 for governance performance [4] Group 3: Industry Representation - Other companies in the top 20 include SAIC Motor (600104), Seres (601127) from the automotive sector, Bull Group (603195) from electrical machinery, and Fuyao Glass (600660) and Triangle Tire (601163) from automotive parts manufacturing [6] - The increasing participation in ESG initiatives among companies is expected to enhance the sustainable competitiveness of Chinese enterprises [6]

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

Core Viewpoint - The air conditioning market in China is experiencing a significant surge in sales due to extreme heat, with various companies reporting record sales and installation numbers. However, there are concerns about potential demand exhaustion and price competition in the future [1][5][6]. Group 1: Domestic Market Dynamics - The air conditioning sales have seen a dramatic increase, with some brands reporting sales volumes doubling compared to previous years due to high temperatures [2][3]. - Companies like Hisense and Midea are operating at full production capacity, with Midea achieving a record installation rate of 245,000 units in a single day [4][1]. - The introduction of government subsidies has further stimulated demand, with companies like Sichuan Changhong reporting a 20.9% increase in offline sales from January to June [5][6]. Group 2: Price Competition and Market Challenges - There is a notable decline in prices, with online air conditioning prices dropping by 9.12% year-on-year, leading to increased competition and uncertainty in the market [6][7]. - Companies are facing challenges with inventory management due to fluctuating prices, which has resulted in a shortage of stock to meet the sudden surge in demand [7][6]. - Analysts warn that the current high growth rates may not be sustainable without continued government support and that the market may revert to more stable growth patterns [5][6]. Group 3: International Market Opportunities - The European market is witnessing a shift in consumer behavior towards air conditioning, driven by extreme heat, with Chinese brands like Midea and Gree reporting significant sales increases [8][9]. - Midea's air conditioning sales in Europe grew by 35% in the first half of the year, with some products selling out due to high demand [8][9]. - The potential for future exports remains strong, with projections indicating that the number of air conditioning units in the EU could more than double by 2050, presenting a significant opportunity for Chinese manufacturers [9][10].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home [2] Core Viewpoints - Haier Smart Home is positioned as a leading player in the home appliance sector, focusing on "accelerated transformation and efficiency improvement" and "globalization with meticulous cultivation" as its growth strategies [2] - The company adopts a localized research, production, and sales model, differentiating itself from traditional "China manufacturing + overseas distribution" approaches, which enhances its global market expansion [2][63] - The South Asian market is identified as a high-potential area, with projected revenue growth of 21.05% in 2024, particularly driven by strong performance in India [2] Company Analysis - Haier has established a comprehensive global research, production, and sales network, with over 1.6 billion units of production capacity and 163 manufacturing centers worldwide, including 61 overseas [2][75] - The company has a multi-brand strategy, leveraging brands like AQUA, GEA, and Fisher & Paykel to penetrate various international markets [63] - The report highlights the company's strong performance in the high-end market, with the Casarte brand leading in premium segments, achieving significant revenue growth [19][15] Financial Analysis - In 2024, Haier's total revenue reached 2859.81 billion yuan, marking a year-on-year increase of 4.29%, with Q1 2025 revenue at 791.18 billion yuan, up 10.06% [23][24] - The company's net profit attributable to shareholders for 2024 was 187.41 billion yuan, reflecting a growth of 12.92% [34] - The report indicates a continuous improvement in profit margins, with a net profit margin of 7.13% and a gross profit margin of 25.40% in Q1 2025 [34][33] Market Analysis - The global home appliance market is projected to grow steadily, with emerging markets like South Asia and Southeast Asia becoming key growth drivers [47][53] - In 2024, Haier's overseas revenue accounted for 49.97% of total revenue, with significant contributions from North America and Europe [29] - The report notes that the company is well-positioned to navigate external economic fluctuations due to its robust global operations and localized production capabilities [2][43]

天眼查资料显示，青岛海尔智能技术研发有限公司，成立于2014年，位于青岛市，是一家以从事研究和 试验发展为主的企业。企业注册资本13000万人民币。通过天眼查大数据分析，青岛海尔智能技术研发 有限公司共对外投资了9家企业，参与招投标项目7次，财产线索方面有商标信息22条，专利信息5000 条，此外企业还拥有行政许可4个。 金融界2025年7月8日消息，国家知识产权局信息显示，青岛海尔智能技术研发有限公司、青岛海尔电冰 箱有限公司、海尔智家股份有限公司取得一项名为"冰箱的门体转动轴心的位置确定方法及冰箱"的专 利，授权公告号CN116182482B，申请日期为2021年11月。 青岛海尔电冰箱有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本21171.126379万人民币。通过天眼查大数据分析，青岛海尔电冰箱有限公司共对外投 资了2家企业，参与招投标项目586次，财产线索方面有商标信息159条，专利信息5000条，此外企业还 拥有行政许可10个。 海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本943 ...

Industry Performance - The FTSE China A50 Index components showed a mixed performance with the liquor and oil sectors rising, while the banking and automotive sectors experienced varied movements [1][6]. - The liquor industry saw significant market capitalizations with Kweichow Moutai at 1,780.28 billion, Wuliangye at 213.86 billion, and Shanxi Xinghuacun Fen Wine at 468.01 billion [3]. - The oil sector also performed well, with China Petroleum at 1,572.15 billion and China National Offshore Oil at 237.46 billion [3]. Company Highlights - China Pacific Insurance reported a market capitalization of 1,200 billion with a trading volume of 5.62 million [3]. - North Huachuang in the semiconductor sector had a market cap of 239.77 billion, while Cambrian Technology reached 226.87 billion [3]. - Gree Electric Appliances and Haier Smart Home in the home appliance sector had market caps of 262.43 billion and 236.16 billion respectively [4]. Trading Volumes - The trading volume for Kweichow Moutai was 15.53 million, while Wuliangye had 6.50 million [3]. - In the semiconductor sector, North Huachuang had a trading volume of 7.22 million, and Cambrian Technology had 11.30 million [3]. - The trading volume for Gree Electric Appliances was 7.15 million, and Haier Smart Home was 3.24 million [4].

Group 1 - The company has approved a profit distribution plan for 2024, proposing a cash dividend of RMB 9.6504 per 10 shares, with a net profit distribution ratio of 48.01% [1][3] - The total amount for profit distribution remains unchanged at RMB 8,996,688,692.76 (including tax), despite changes in the number of shares due to share buybacks and employee stock plans [1][3] - The company will not issue bonus shares or convert reserves into share capital for this fiscal year, indicating a differentiated dividend approach [1][3] Group 2 - The company plans to repurchase A-shares using its own or self-raised funds, with a maximum repurchase price of RMB 40 per share and a total repurchase amount between RMB 1 billion and RMB 2 billion, to be completed within 12 months [2] - As of now, the company has repurchased a total of 31,830,800 shares under this plan [2] - The total number of A-shares is expected to be 6,254,501,095 by the end of the profit distribution implementation date, with 60,269,270 shares held in the repurchase account [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][14]. Core Views - The home appliance industry is experiencing robust growth in domestic sales, driven by government subsidies and strong demand for air conditioners and robotic vacuum cleaners, with retail sales growth exceeding 15% in Q2 2025 [2][18]. - Domestic sales of major home appliances showed solid growth in May 2025, while exports faced some pressure, particularly in categories like air conditioners and refrigerators [3][35]. - The U.S. home appliance retail market remains stable despite tariff impacts, with a slight increase in inventory levels [4][41]. Summary by Sections 1. Market Performance - In the first half of 2025, domestic sales of air conditioners, range hoods, gas stoves, and robotic vacuum cleaners saw significant growth, with online and offline retail sales of air conditioners increasing by 23.0% and 15.3% year-on-year, respectively [2][18]. - The overall retail demand for home appliances is strong, with various categories showing positive growth trends [2][18]. 2. Domestic and Export Sales - In May 2025, domestic sales of home appliances such as air conditioners, refrigerators, and washing machines increased by 13.4%, 13.7%, and 15.2% year-on-year, respectively, while exports faced challenges with declines in several categories [3][35]. - The report anticipates that the export of home appliances will continue to face short-term declines, but the long-term growth potential remains strong due to competitive advantages in technology and supply chains [3][35]. 3. U.S. Market Insights - The U.S. home appliance retail sector showed a year-on-year decline of 1.2% in May 2025, with cumulative declines of 1.9% for the year [4][41]. - Inventory levels in U.S. electronic and appliance stores have slightly increased, but the inventory-to-sales ratio remains low, indicating a stable market environment [4][41]. 4. Key Company Recommendations - The report recommends several companies for investment, including Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in the kitchen appliances sector [5][6][14].

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 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。 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 2025年7月7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 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召 ...

一、经股东大会审议通过的 2024 年度利润分配方案 因公司 2025 年 A 股员工持股计划非交易过户及 A 股股份回购事宜的进度更 新，使公司回购股份数量及实际可参与分配的股份总数发生变化，具体情况如下： 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 海尔智家股份有限公司 关于 2024 年度利润分配方案调整每股分配比例的 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。 2025 年 A 股员工持股计划建仓完成：2025 年 6 月 20 日，公司收到中国证 券登记结算有限责任公司发送的《证券过户登记确认书》，"海尔智家股份有限 公司回购专用证券账户"所持有的公司股票已于 2025 年 6 月 19 日非交易过户至 "海尔智家股份有限公司－2025 年度 A 股核心员工持股计划"专户，过户价格 为 24.03 元/股，过户股份共计 31,481,400 股，2025 年 A 股员工持股计划建仓完 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召开 2024 年年度股 ...