证券代码：600690 证券简称：海尔智家 公告编号：临 2025-034 海尔智家股份有限公司 关于 2021 年 A 股股票期权激励计划、2022 年 A 股股 票期权激励计划部分股票期权注销完成的公告 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。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述已登记 股票期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 合计 3,491.4862 万份股票期权注销事宜已于 2025 年 5 月 8 日办理完毕。本次股票 期权注销不会影响公司股本结构。 特此公告。 海尔智家股份有限公司董事会 2025 年 5 月 9 日 - 1 - 2025 年 4 月 29 日，海尔智家股份有限公司（以下简称"公司"）召开了第十 一届董事会第十四次会议及第十一届监事会第十四次会议，审议通过了《海尔智 家股份有限公司关于注销 2021 年 A 股股票期权激励计划部分股票期权的议案》《海 尔智家股份有限公司关于注销 2022 年 A 股股票期权激励计划部分股票期权的议 案》 ...

作者：Colin 翻看2024年白色家电上市公司的财报就会发现，行业正迎来深刻的"折叠时代"，以美的集团（000333.SZ）、海尔智家（600690.SH）、海信家电 （000921.SZ）为首的千亿级巨头，凭借全球化布局与高端化战略，鲸吞95%行业利润，而中小品牌在成本挤压与技术代差中艰难求生，二线阵营的惠而浦 （600983.SH）断臂求生砍营销换利润，澳柯玛（600336.SH）深陷滞销与现金流危机，长虹、美菱等企业增收不增利，沦为产业链配角…… 政策红利与消费升级看似带来机遇，但智能化、场景化生态的竞争门槛，让缺乏技术纵深的中小玩家被迫直面"生死抉择"，这场"智造"与"制造"的维度之 战，终将把幸存者名单浓缩至"马太效应"的终极赢家。 千亿俱乐部筑起"护城河" 美的、海尔、海信的"降维绞杀" 当行业还在为均价下滑焦虑时，美的集团、海尔智家、海信家电组成的"白电三巨头"正上演着"逆周期狂飙"。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(千元) | 407.149.600 | 372,0 ...

Core Viewpoint - The true value of washing machines lies not in a single "cleaning ratio" but in their ability to effectively clean a wide variety of stains encountered in daily life [1][5]. Group 1: Industry Insights - Traditional washing machines often fall short in addressing the diverse and complex stains that consumers encounter, such as wine spills, makeup smudges, and ink marks from children [1]. - Haier has taken a significant step by categorizing 210 types of common stains into 9 major categories and developing tailored washing solutions for each [1][3]. - The company collaborated with five authoritative institutions to create a "White Paper on Washing Machine Stain Cleaning Technology," proposing a layered cleaning system to guide industry technological upgrades [1]. Group 2: Technological Advancements - Utilizing original AI direct drive technology, Haier's washing machines effectively cleaned 210 real-life stains, introducing a layered cleaning system [3]. - For simple stains like beer and oyster sauce, a 15-minute quick wash mode enhances cleaning efficiency by 30% through continuous drum rotation [3]. - For stubborn stains such as strawberry and chocolate, a 39-minute intelligent wash mode uses a high-speed pre-mixing flywheel to dissolve detergent into a concentrated solution, applying high-pressure jets to penetrate fibers and break down stains [3]. Group 3: Consumer Trends - As cleaning capability becomes a result of hardware, algorithms, and standards working in harmony, the industry can better meet core consumer needs [5]. - Future consumers may shift their focus from the obsession with "cleaning ratio" to a more practical metric of "how many types of stains can be cleaned" [5].

Core Viewpoint - ABB announced the spin-off of its robotics business, which generates annual revenue of $2.3 billion and an operating profit margin of 12.1% [1] Group 1: ABB's Robotics Business - The robotics division includes products such as multi-joint robotic arms, collaborative robots, and intelligent control systems, widely used in automotive manufacturing, electronics assembly, and logistics sorting [1] - The global installed base of ABB's robotics products exceeds 500,000 units, known for high precision, strong stability, and modular design [1] Group 2: Potential Acquirers - Midea Group successfully acquired KUKA Robotics in 2016, and similar companies like Haier and TCL have the potential motivation and capability to acquire ABB's robotics business [3] - Haier has accelerated its industrial automation layout through acquisitions, including a 26.83% stake in the domestic leader Xinjida, with a transaction amount exceeding 3 billion yuan [4] - TCL has invested in smart robotics technology companies through its industrial investment fund, indicating a focus on the upstream of the industry chain [5] Group 3: Strategic Analysis - Haier's experience in vertical integration and capital operations positions it favorably for acquiring ABB's robotics business, leveraging its COSMOPlat industrial internet platform for deep collaboration [4] - TCL lacks an existing robotics business framework, which may require more reliance on external integration capabilities if it pursues the acquisition [7] - Both Haier and TCL are large revenue-generating companies with strong financial capabilities, but Haier has more extensive experience in upstream and downstream cooperation [8] Group 4: Lessons from Midea's Acquisition - Midea's acquisition of KUKA for 29.2 billion yuan in 2016 illustrates that the value of acquiring an industrial robotics giant lies in long-term strategic benefits rather than immediate financial returns [9] - Haier could adopt Midea's model of "technology digestion + scenario expansion" if it acquires ABB's robotics business, while TCL needs to focus more on ecological collaboration [9] Group 5: External Challenges - China's push for high-end manufacturing positions industrial internet platforms and robotics technology as core focuses, with both Haier and TCL being "national team" members likely to receive policy support [10] - The potential acquisition by either company will need to navigate multi-national antitrust reviews, as seen in Midea's lengthy acquisition process of KUKA [10] Group 6: ABB's Business Independence - Post-spin-off, ABB's robotics division may prefer to maintain technological independence, which could affect integration success if the acquirer cannot provide sufficient collaborative space [11] - Haier's integration experience with Xinjida gives it an advantage, while TCL must demonstrate its cross-industry empowerment capabilities [11] Group 7: Competitive Advantage - Haier is seen as having a more significant advantage in the competition for acquiring ABB's robotics business due to its established framework and management team's familiarity with ABB's technology [12] - TCL may need to quickly address its shortcomings in the robotics industry or form a consortium with other capital to compete effectively [12]

近日，董明珠的年薪引发行业关注。 格力电器在最新发布的2024年财报中全面披露了高管薪酬与公司业绩数据。其中，董事长兼总裁董明珠的薪酬情况格外引人关注。 据智通财经报道，数据显示董明珠去年从格力电器获得的税前报酬总额为1437.2万元，较2023年的1213.8万元上涨了18%。董明珠此前曾公开表示："不要 只想看工资的人，这种思维阻碍了我们的成长和进步。" 据智通财经报道，2024年格力电器全年实现营业总收入1900.38亿元，同比下降7.31%，但归属股东的净利润为321.85亿元，同比增长10.91%。在公司最新 披露的派息方案中，拟向全体股东每10股派发现金红利20元（含税），总派息金额高达111.7亿元。董明珠因持股超过1亿股，预计可获得约2亿元的现金 分红。 该公司2024年共有17位董事与高级管理人员，总计获得税前报酬4505.18万元。在核心管理层中，董明珠的薪酬远高于其他高管，位列第一；董事、党委 书记张伟以862.32万元的税前薪酬紧随其后。 从近三年数据来看，2022年董事和高级管理人员薪酬总额为3015.82万元，2023年为3253.80万元，2024年提升至4354.31万元，呈现 ...

随着A股年报季收官，山东资本市场交出了一份亮眼的年度答卷。截至5月6日，山东现有309家上市公 司中，除玉龙股份（601028）已于4月25日向上交所提交终止上市申请；ST新潮（600777）因特殊原因 未能如期披露年报，监管部门已启动相关问询程序外，已有307家公司亮出2024年"成绩单"。 从核心数据看，2024年鲁股展现出强劲发展韧性：营业总收入超2.95万亿元，在复杂经济环境中保持稳 健盈利水平。特别值得称道的是，山东上市公司盈利面持续扩大，244家企业实现正向利润，占比接近 八成；140家净利润过亿。 结构性亮点尤为突出：千亿营收阵营扩容至7家，新增浪潮信息（000977）、歌尔股份（002241）两家 科技企业；百亿利润队伍再添一员，新旧动能转换显效；区域经济呈现多点开花态势，济南、枣庄、潍 坊、济宁四市各添上市新军。 千亿营收军团再扩容：七巨头领跑山东经济 2024年，山东千亿营收阵营实现历史性突破，7家龙头企业合计贡献1.39万亿元营收，占鲁股总营收的 47.2%。除海尔智家（600690）（2859.81 亿元）、潍柴动力（000338）（2156.91 亿元）、万华化学 （600309）（ ...

事件：2025 年4 月29 日，海尔智家发布2025 年一季报。25Q1 公司营收/归母净利润/扣非归母净利润分 别为791/55/54 亿元，同比分别为+10/+15/+16%，超市场预期。 25Q1 内外销齐头并进，新兴市场保持快速增长。25Q1 国内/海外收入同比分别为+8/+13%，国内卡萨帝 得益于国补政策、新品推出等增长超20%，POP 渠道得益于数字库存模式上线运行零售额增长超 100%；海外分区域来看，北美整体预计持平，高端品牌收入双位数增长，南亚、东南亚、中东非收入 同比分别为增长30%+、20%+、50%+，新兴市场保持快速增长态势。 25Q1 盈利能力稳定，期间费用率优化。 1）毛利率：25Q1 为25.4%，同比+0.1pts，国内、海外毛利率均提升，国内得益于持续推进采购、研发 及制造端数字化变革、构建数字化产销协同体系、搭建成本核算模型提升成本竞争力，海外得益于高端 品牌战略见成效、通过搭建采购数字化平台提升成本竞争力、通过全球供应链协同提升产能利用率。 2）费用端：25Q1 销售/管理/研发/财务费用率分别为9.6/3.1/4.2/-0.3%，同比分别-0.1/-0.1/-0. ...

港股开盘，恒指开跌0.45%，科指开跌0.28%；万洲国际(00288.HK)开涨超2%，理想汽车(02015.HK)、 海尔智家(06690.HK)开涨超1%，百度(09888.HK)跌超3%，安踏体育(02020.HK)跌近2.5%。 ...

东吴证券党委副书记、总裁薛臻在致辞中表示，东吴证券始终以"坚持根据地、融入长三角、服务中小微"为战略导向，围绕金融"五篇大文章"，打造特色化、差异 化、专业化综合金融服务体系，凝心聚力服务实体经济、长三角区域发展、居民财富管理。在研究业务领域，东吴证券持续夯实专业能力，扩大上市公司、机构客 户覆盖，市场影响力进一步提升，行业排名实现突破。东吴证券凭借宏观研究的优势，助力"科特估"体系建立，引导市场共识，为建设中国特色估值体系、促进资 本市场内在稳定作出贡献。 资本圈大事件，百余家最佳上市公司聚齐，市值近10万亿，这场投资峰会圆满落幕。 5月7日，"东吴证券2025经济与投资峰会暨新财富杂志最佳上市公司评选、最佳港股公司评选颁奖典礼"在上海盛大开启。来自全国的优秀上市公司代表与投资机 构、研究机构代表共500位资本圈顶流齐聚，围绕宏观经济形势、科技创新、新质生产力、ESG可持续发展等市场关注议题进行深入交流，并见证新财富杂志"最佳 上市公司"、"最佳港股公司"颁奖的荣耀时刻。 比亚迪（002594/01211.HK）、中芯国际（688981/00981.HK）、携程集团-S（09961.HK）、泡泡玛特（099 ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][7]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue reaching 79.12 billion CNY, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 5.49 billion CNY, up 15.1% year-on-year [7]. - The report highlights strong growth in both domestic and overseas markets, with domestic revenue growing by 7.8% and overseas revenue by 12.6% [7]. - The company is expected to benefit from a favorable domestic demand environment and ongoing digital transformation initiatives, which are anticipated to enhance operational efficiency and profitability [7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 285.98 billion CNY, increasing to 309.93 billion CNY in 2025, with a compound annual growth rate (CAGR) of 9.4% [3][8]. - **Net Profit Forecasts**: Expected net profit attributable to shareholders is 18.74 billion CNY for 2024, rising to 21.17 billion CNY in 2025, reflecting a year-on-year growth rate of 12.9% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 2.00 CNY in 2024, increasing to 2.26 CNY in 2025, and further to 2.53 CNY in 2026 [3][8]. Market Position and Strategy - The report notes that Haier's traditional stronghold in the refrigerator and washing machine segments is expected to maintain stable growth, outperforming the industry average [7]. - The company is also focusing on high-growth segments such as air conditioning, which is projected to achieve double-digit growth due to government subsidies [7]. - The introduction of an employee stock ownership plan aims to align the interests of management and key employees with those of shareholders, enhancing long-term value creation [7].