Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is experiencing a notable performance, particularly in the white goods segment, despite a decline in government subsidies affecting valuations [2][11] - The central government announced a new subsidy plan of approximately 130 billion, boosting market confidence [2] Core Insights and Arguments - **White Goods Performance**: The white goods segment showed strong sales demand in Q2, with leading companies like Midea and Haier experiencing significant growth in installation cards [1][2] - **Subsidy Impact**: The reduction in government subsidies has had a limited impact on performance, primarily affecting sentiment rather than actual results [3][11] - **Market Dynamics**: The shift in market style has led to a transition of funds from small-cap to large-cap stocks, contributing to the recent performance of the home appliance sector [2] - **Sales Trends**: Sales of small appliances have improved since Q4 of the previous year, with notable revenue growth for leading companies like Bear and Supor during the 618 shopping festival [1][4] Segment Performance - **Major Appliances**: The white goods segment is expected to maintain strong competitiveness, with leading companies achieving double-digit profit growth in Q2 [5] - **Black Goods**: The upgrade in product structure, particularly in high-end Mini LED TVs, has led to a significant increase in average prices for leading brands [3][4] - **Small Appliances**: The competitive landscape for small appliances has improved, with profit margins showing significant recovery [1][4][9] Valuation and Dividend Insights - **Valuation Metrics**: - Gree: Valuation around 7x, dividend yield approximately 7% [6] - Midea: Valuation around 12x, dividend yield including buybacks about 6% [6] - Haier: Valuation around 10x, dividend yield between 4-5% [6] - **Market Performance**: These valuation levels are expected to support market performance for these companies [6] Future Outlook - **Market Expectations**: The probability of continued government subsidies next year is high, although the marginal effect may weaken [5] - **Export Dynamics**: Leading white goods companies derive over half of their business from overseas markets, which may offset domestic fluctuations due to subsidy reductions [7][11] - **Investment Recommendations**: Companies with solid performance and elasticity, such as Hisense, Bear, and TCL, are recommended for investment [12] Additional Insights - **Competitive Landscape**: Stone Technology has emerged as a leading brand in the vacuum cleaner market, with expectations for profitability to improve in Q3 despite short-term pressures [10] - **Sector Resilience**: The home appliance sector is expected to maintain positive growth in annual or quarterly profits, even with potential short-term declines in retail sales [7]

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 股票简称：海尔智家 股票代码：600690 公告编号：临2025-047 海尔智家股份有限公司 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 2025年7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 1 月，即自 2025 年 7 月 3 日至 20 ...

Core Viewpoint - The extreme heat in Europe has significantly boosted air conditioning sales, with major Chinese companies like Gree, TCL, and Haier experiencing substantial growth in the region due to increased demand driven by high temperatures [1][3][4]. Group 1: Market Demand and Sales Growth - European countries, particularly Spain, France, Italy, and Germany, have reported temperatures exceeding 40°C, leading to a noticeable decrease in air conditioning inventory [1]. - Haier's air conditioning sales in Europe have seen a year-on-year increase of approximately 30% in 2023, with strong performance in Italy and Spain [3]. - From January to May 2025, China's total air conditioning exports reached 49.25 million units, marking an 11.3% year-on-year growth [3]. Group 2: Strategic Responses and Opportunities - Gree Electric plans to consider localized production and operations in Europe to enhance its brand influence in response to changing trade policies [2]. - The demand for air conditioning varies across different regions in Europe, with Southern and Eastern Europe showing strong demand for split air conditioning units due to their hot climate [3]. - The shift towards environmentally friendly refrigerants in Europe has created opportunities for Chinese companies, as older air conditioning units need to be replaced [3]. Group 3: Competitive Landscape and Future Outlook - The European market has high energy efficiency requirements, necessitating that leading Chinese companies like Midea and Haier transition from price competition to value competition [4][5]. - The potential for Chinese air conditioning exports remains significant, with China accounting for nearly 80% of global air conditioning production capacity [3].

Core Viewpoint - The CS Internet of Things Index (CS IoT, 930712) experienced a decline of 1.66%, closing at 2889.9 points, with a trading volume of 43.852 billion yuan, indicating a volatile market environment for IoT-related stocks [1] Group 1: Index Performance - The CS IoT Index has increased by 5.70% over the past month, decreased by 1.97% over the last three months, and has seen a slight increase of 0.23% year-to-date [1] - The index was established on June 29, 2012, with a base point of 1000.0 [1] Group 2: Index Composition - The top ten weighted stocks in the CS IoT Index are: Luxshare Precision (8.64%), Zhongji Xuchuang (6.2%), Huichuan Technology (6.1%), OmniVision Technologies (5.33%), ZTE Corporation (5.18%), Midea Group (4.98%), Haier Smart Home (4.82%), Hikvision (4.78%), iFlytek (4.77%), and Zhaoyi Innovation (4.03%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (69.63%) and the Shanghai Stock Exchange (30.37%) [1] Group 3: Sector Allocation - The sector allocation of the CS IoT Index includes: Information Technology (63.41%), Communication Services (17.77%), Consumer Discretionary (9.80%), and Industrials (9.02%) [1] Group 4: Index Adjustment and Tracking Funds - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the CS IoT Index include: E Fund CS IoT Theme Connection A, E Fund CS IoT Theme Connection C, Huaxia CS IoT Theme Connection A, Huaxia CS IoT Theme Connection C, and several ETFs [2]

Group 1 - BlackRock's stake in Haier Smart Home increased from 6.99% to 7.18% as of June 26 [1]

股票简称：海尔智家 股票代码：600690 公告编号：临2025-047 海尔智家股份有限公司 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。 公司将按照相关法律法规的规定及时履行后续的信息披露义务。敬请广大投资 者注意投资风险。 特此公告。 海尔智家股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开公司 2024 年年度股东大会，审议通过了《海尔智家股份有限公司 2025 年度 A 股核心员工持 股计划（草案）及摘要》（以下简称"2025 年度 A 股核心员工持股计划"）、《海尔 智家股份有限公司 2025 年度 H 股核心员工持股计划（草案）及摘要》（以下简称 "2025 年度 H 股核心员工持股计划"）等相关议案，同意实施公司 2025 年度 A 股 核心员工持股计划和 2025 年度 H 股核心员工持股计划，具体内容详见公司分别于 2025 年 4 月 30 日、2025 年 5 月 29 日在上海证券交易所网站（www.sse.com.cn） 披露的员工持股计划方案及股东会决议公告等相关内容。 根 ...

Market Overview - The FTSE China A50 Index components showed mixed performance with sectors like home appliances, liquor, and non-ferrous metals rising, while sectors such as securities, consumer electronics, and logistics declined [1]. Sector Performance Home Appliances - Gree Electric Appliances had a market capitalization of 259.96 billion, with a trading volume of 25.10 billion and an increase of 0.96 (+2.11%) [3]. - Haier Smart Home reported a market cap of 240.01 billion, with a trading volume of 19.79 billion and an increase of 0.82 (+3.31%) [3]. Liquor Industry - Kweichow Moutai had a market capitalization of 1,770.74 billion, with a trading volume of 36.89 billion and an increase of 4.50 (+0.32%) [3]. - Wuliangye Yibin reported a market cap of 214.25 billion, with a trading volume of 11.55 billion and an increase of 1.20 (+0.69%) [3]. Non-Ferrous Metals - The sector showed positive performance, contributing to the overall rise in the index [1]. Securities - CITIC Securities had a market capitalization of 404.30 billion, with a trading volume of 10.59 billion and a decrease of 0.11 (-0.40%) [4]. - Guotai Junan Securities reported a market cap of 338.49 billion, with a trading volume of 15.74 billion and a decrease of 0.07 (-0.36%) [4]. Consumer Electronics - Industrial Fulian had a market cap of 420.21 billion, with a trading volume of 24.20 billion and a decrease of 0.24 (-1.12%) [4]. - Luxshare Precision reported a market cap of 245.97 billion, with a trading volume of 17.15 billion and a decrease of 0.79 (-2.28%) [4]. Logistics - SF Holding had a market capitalization of 272.79 billion, with a trading volume of 17.11 billion and a decrease of 1.51 (-0.67%) [4]. Energy Sector - China Shenhua Energy had a market cap of 190.41 billion, with a trading volume of 8.45 billion and an increase of 0.60 (+1.47%) [3]. - China Petroleum & Chemical Corporation reported a market cap of 1,573.98 billion, with a trading volume of 6.26 billion and a decrease of 0.04 (-0.46%) [3].

Group 1 - The core viewpoint of the article highlights the emergence of 10 unicorn companies from Shandong province, with a focus on new industries such as semiconductors, software services, industrial internet, and renewable energy [3][4] - Qingdao has the highest number of unicorns in Shandong, with 6 companies listed, including GoerTek Microelectronics, which has a valuation of 20.5 billion yuan, ranking 395th globally [4] - Other notable companies from Qingdao include Nengchain Group with a valuation of 18.5 billion yuan, and Kaos, Teld, and others, showcasing a diverse range of sectors [4] Group 2 - The Hurun Research Institute identified a total of 1,523 unicorn companies globally, an increase of 70 companies (approximately 5%) from the previous year, with China ranking second with 343 companies [5] - The report indicates that 77% of unicorns are focused on software and services, particularly in fintech, software services, and AI, while 23% are in physical products, mainly in semiconductors, renewable energy, and health technology [5] - SpaceX is noted as the highest-valued unicorn globally, with a valuation increase of 1.2 trillion yuan, reaching 2.6 trillion yuan, while OpenAI has the fastest growth rate for the second consecutive year [5] Group 3 - The 2025 "China's 500 Most Valuable Brands" report lists 22 brands from Qingdao, with 5 entering the top 100, including Haier, Qingdao Beer, and Hisense [6] - Haier leads with a brand value of 573.517 billion yuan, ranking 3rd overall, while Qingdao Beer maintains its position as the top beer brand in China with a value of 280.355 billion yuan [6] - Other brands like Kaos and Double Star Tire also feature prominently, indicating strong brand presence and value in the Qingdao region [6]

Group 1 - The core viewpoint is that Haier refrigerators are successfully penetrating the international market, particularly in Spain, achieving significant sales growth and market share [1][2] - In May, Haier's refrigerator sales share reached 13.3%, making it the top player in the refrigerator industry, with notable performance in both high-end and mainstream markets [1] - Haier's multi-door refrigerators excel in the high-end segment, capturing 35% market share with a premium positioning index (PI) of 146, driven by innovative features such as advanced preservation technology [1] Group 2 - The success of Haier refrigerators in Spain exemplifies the company's globalization strategy, focusing on local R&D, manufacturing, and service to enhance market integration [2] - Haier aims to continue deepening its presence in the Spanish market by offering higher quality products and services to solidify and expand its leading position [2]

Core Viewpoint - Haier Philippines launched a new Mini LED TV series in collaboration with local retailer Abenson, showcasing advanced display technology and enhanced audio features [1]. Group 1: Product Features - The new Mini LED TV series utilizes micron-level Mini LED backlight technology, with evenly distributed light beads on the back panel, allowing for more local dimming zones, which improves brightness and contrast [3]. - The TVs support HDR10 and Dolby Vision, resulting in finer picture quality [3]. Group 2: Audio Experience - Haier partnered with audio brand KEF to equip the TVs with Dolby Atmos and dbx-TV technology, providing a more immersive surround sound experience [4].