Core Insights - Haier Smart Building won the First Prize for Scientific and Technological Progress at the 2024 Beijing Science and Technology Awards, being the only equipment company among the eight awardees to achieve technology implementation [1] Group 1: Technological Breakthroughs - Haier Smart Building made significant advancements in low-grade heat source heat pumps, particularly with the introduction of the megawatt-level multi-condition magnetic levitation heat pump unit, addressing industry pain points and differentiating itself from competitors [3][7] - The COP (Coefficient of Performance) of the heat pump unit reached 5.1, representing a 20% efficiency improvement over traditional large heat pumps, thus meeting user demands for heating stability and energy savings in harsh and variable conditions [7] Group 2: Innovation and Recognition - Haier has received the National Science and Technology Progress Award three times, with notable projects including the variable frequency multi-unit technology in 1998 and the research on building thermal environment theory in 2021 [8][10] - The company has established an open innovation ecosystem, linking over 250,000 global technology experts and more than 1 million top resources, which facilitates rapid responses to user needs [10] Group 3: Market Performance - Haier's magnetic levitation central air conditioning has maintained the global number one position for seven consecutive years, while its multi-connected units and air source heat pumps have also led the Chinese market for five years [10] - Despite a double-digit decline in the industry, Haier Smart Building achieved double-digit growth, contributing new value to the HVAC market [10]

Core Insights - The strategic partnership between Haier Robotics and INDEMIND aims to promote the application of embodied robots in home scenarios, leveraging both companies' strengths in technology and market presence [3][6][10] Group 1: Company Overview - Haier has evolved into a leading provider of quality life solutions over the past 40 years, focusing on user-centric innovation [5] - Haier Robotics is positioned as the third growth curve for Haier Smart Home, integrating AI technology with home scenarios to create a product matrix that includes cleaning robots, household robots, and exoskeleton robots [5][8] Group 2: Technological Collaboration - INDEMIND specializes in AGI technology for robotics, with a focus on spatial intelligence and physical AI models, including the ROBOMIND model, which enables real-time 3D spatial perception and interaction [5][6] - The collaboration will leverage INDEMIND's advanced technology and Haier's extensive data and supply chain capabilities to develop and implement home service robots [6][8] Group 3: Future Developments - Both companies plan to introduce innovative products at the upcoming AWE (China Household Appliances and Consumer Electronics Expo), aiming to enhance user experience in smart home environments [8][10] - The partnership is expected to lead to the development of diverse smart home products that cater to various consumer needs, driving the evolution of the industry ecosystem [10]

证券研究报告 |报告要点 基数及经营节奏影响下，空调 10 月内外销压力如期释放，国内龙头终端表现好于出货，产业 健康运行，价格体系稳定为主，经营面α及积极变化值得关注；出口关税压力减轻，美国开启 降息，有望带动外需，龙头 OBM 势能强劲，海外转产持续推进，修复阶段或好于线性预期。 |分析师及联系人 行业研究|行业点评研究|家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月19日 证券研究报告 请务必阅读报告末页的重要声明 1 / 6 孙珊 管泉森 蔡奕娴 SAC：S0590523110003 SAC：S0590523100007 行业研究|行业点评研究 glzqdatemark2 2025年11月19日 家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -10% 3% 17% 30% 2024/11 2025/3 2025/7 2025/11 家用电器 沪深300 相关报告 1、《家用电器：从双十一看家电：韧性收官， 关注结构红利》2025 ...

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

"奥克斯将以此次挑战为契机，持续深耕核心技术研发，为空调产业绿色低碳发展与国家双碳目标 落地提供可复制的实践样本。"该负责人表示。 在智能关爱领域，奥克斯开辟智能语音空调新赛道。其奥知音、沁音系列产品支持普通话与多地方 言交互，离线状态下也可轻松控制，有效解决了老年人操控空调的难题。该负责人说："我们希望通过 技术创新，让空调从'冰冷机器'转变为有温度的'情感交互伙伴'，让智能科技真正惠及每一位用户。" 在服务创新方面，奥克斯创立"小奥直卖"DTC模式，搭建起工厂到用户的直供通路，并推出"60天 无理由退货"与"10年免费包修"服务。 近日，奥克斯空调在火星1号基地发起智能省电科技吉尼斯世界纪录挑战赛。 "这场融合航天探索精神的赛事，不仅是企业坚持'品质与创新'31年科技创新实力的集中展现，更 是将科技向善理念与智能有爱关怀推向产业前沿的重要实践。依托全球7大生产基地、3大研发中心，我 们已构建起全产业链一体化创新体系，为技术突破奠定了坚实基础。"奥克斯空调相关负责人表示。 ...

Core Insights - The report highlights the increasing penetration of mobile shopping, reaching 87.5% in October 2025, a 0.6 percentage point increase from the previous year [15] - The "Double Eleven" shopping festival continues to be a significant marketing event, with a shift from "traffic-driven" to "value-driven" strategies in e-commerce [19][12] Industry Insights - The logistics sector saw a year-on-year increase of 8% in collection volume and 6.6% in delivery volume during the "Double Eleven" period [4] - Major e-commerce platforms like Taobao, Tmall, JD, and Pinduoduo experienced user growth on "Double Eleven," with active users reaching 508 million, 414 million, and 227 million respectively, marking increases of 4.2%, 2.5%, and 9.8% [32] - The user base is expanding, particularly among male, middle-aged, and lower-tier market consumers, with notable growth in users aged 41 and above on Taobao [4][6] Platform Strategies - E-commerce platforms are simplifying promotional rules to enhance user experience and are increasingly utilizing AI technologies to improve transaction efficiency [37][39] - Marketing strategies are shifting towards integrated approaches, focusing on user retention and engagement through various channels, including short videos and search engines [44][48] - The competition among platforms is intensifying, with overlapping user bases exceeding 50 million, a 19.9% increase year-on-year [6] Brand Marketing - Brands are adjusting their marketing strategies to focus on conversion, with significant differences in marketing rhythms across industries [65] - The beauty and personal care sector relies heavily on hard advertising, while the food and beverage sector emphasizes broad exposure strategies [72][79] - The home appliance industry is increasingly investing in hard advertising to drive direct conversions, with top brands like Midea and Haier leading in advertising exposure [87]

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Year**: 2025 Key Points Industry Performance - Haier Smart Home achieved a revenue growth of **10%** in 2025, while the overall industry experienced a decline of **3%** [2][3] - The company maintained stable profit margins despite industry challenges [2][3] Product Innovation - Unique products such as the "Lazy Machine" and the three-layer Pro washing machine were launched, with the Lazy Machine selling **200,000 units** from April to September [2][3] - The introduction of innovative products contributed significantly to market performance [3] Digital Marketing Transformation - A3 user assets increased by **17%** year-on-year to **35 million** [2][5] - Online brand search share rose by **44%**, and marketing ROI improved by **13%** [2][5] - These efforts enhanced brand visibility, user traffic, and product sales [5] Inventory Management - The speed inventory model was accelerated, achieving an **86%** online rate for county specialty stores [2][6] - Direct orders to users increased from **26%** to **74%**, improving operational efficiency and reducing inventory turnover days by **30 days** [2][6] - Inventory in China decreased by **4.3 billion yuan** [2][6] Multi-Brand Strategy - The multi-brand strategy showed results, with the Casarte brand growing by approximately **18%** from January to September, and online sales share increasing by **5 percentage points** [2][7] - The air conditioning business saw revenue growth of over **30%** in the third quarter despite intense competition [2][7] Overseas Market Performance - North America outperformed the industry average, with a **20%** increase in new industries [4][8] - European market quality improved, with order shares in key countries (UK, France, Germany, Italy) rising by **1-2 percentage points** [4][9] - Emerging markets showed significant growth, with South Asia, Southeast Asia, and the Middle East growing by **25%**, **15%**, and **60%** respectively [9] Dividend Policy - The dividend payout ratio reached **48%**, with a mid-term dividend of **2.5 billion yuan** planned for the future [4][10] Channel and Sales Structure Adjustments - Increased investment in online channels, with Casarte's online share rising from **10%** to **40%** [4][11] - New media marketing strategies were implemented to enhance brand penetration and product information delivery [11] Future Outlook - The company aims for double-digit profit growth in 2026, with expectations of improved performance in the European market [25][26] - Focus on maintaining revenue and profit growth, with overseas growth potentially outpacing domestic performance [25][26] Challenges and Strategies - The company is adapting to reduced subsidies and market fluctuations, maintaining a focus on product quality and operational efficiency [23][24] - Plans to enhance profitability through improved production efficiency and new product investments in the U.S. market [19][20] Competitive Landscape - Haier Smart Home is learning from competitors like Xiaomi in user engagement and online marketing while focusing on product innovation [22] - The company is committed to improving customer experience and product quality to sustain growth [22] This summary encapsulates the key insights from Haier Smart Home's conference call, highlighting the company's performance, strategies, and future outlook in a challenging market environment.

Core Viewpoint - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation, extreme high temperatures, and consumer subsidy policies, leading to increased market demand. The shift in consumer preferences is moving from basic temperature control to "comfort + health + high-end" features, with comfort and health-oriented air conditioners emerging as new growth points in the industry [1]. Group 1: Environmental Factors - The dual drivers of policy and technological innovation are reshaping the air conditioning market, promoting energy-efficient products and supporting the green transformation of the industry [2]. - National subsidy policies have reduced consumer purchase costs, while extreme high temperatures have directly stimulated market demand, enhancing air conditioning sales and positively impacting the related supply chain [3]. Group 2: Market Dynamics - The air conditioning market is entering a mature phase with stable growth, where online sales account for 60% of the market, and traditional e-commerce remains the core traffic entry point [5]. - The online price landscape shows a K-shaped differentiation, with both low-priced (below 1599) and high-priced (3000+) 1.5P wall-mounted units seeing increased market share [5]. Group 3: Consumer Demand - Social media discussions reflect the upgraded demand for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health being the top ten topics in 2025 [9]. - The evolution of air conditioning is shifting from a "single temperature regulator" to a "quality lifestyle hub" that integrates comfort, health, and aesthetics [11]. - The demand for high-end air conditioning is evolving towards a comprehensive experience that combines "extreme comfort + health purification + aesthetic integration + smart connectivity" [13]. Group 4: Opportunities - The transition from "selling products" to "selling lifestyles" is emerging, focusing on specific living scenarios, spatial functions, and emotional needs of users [15]. - The air conditioning market is seeing new segmentation, with specific user groups such as families with newborns or elderly members, and pet owners driving demand for features like air purification and no direct airflow [38][40]. Group 5: Purchasing Behavior - The main consumer groups for air conditioning are shifting, with post-00s and post-90s families becoming the primary buyers, particularly in first-tier cities where comfort is a significant concern [19]. - The motivation for purchasing air conditioning is evolving from basic needs to a desire for higher quality, better experiences, and compatibility with home environments [21]. - Consumers are increasingly rational and mature in their purchasing decisions, focusing on performance, quality, and comprehensive experience rather than just price sensitivity [28]. Group 6: Product Features and Feedback - High satisfaction rates (99%) are reported for features like "no wind feeling," "soft wind," and "quiet operation," indicating a strong consumer preference for comfort and health functionalities [56]. - The integration of health features, such as air purification and self-cleaning technologies, is becoming a key selling point for high-end air conditioning products [55]. Group 7: Industry Collaboration - Major e-commerce platforms like JD.com are collaborating with leading air conditioning brands to promote comfort and health technologies, achieving significant sales success [59].

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][11]