Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points Business Growth and Strategy - Haier Smart Home is laying the foundation for business growth by implementing digital reforms and adjusting overseas strategies for 2026 [2] - The air conditioning industry has seen effective changes in products, channels, and cost management, while the HVAC sector is accelerating its integration [2][3] - Despite uncertainties in demand and costs, the company remains confident about future performance [2] Competitive Positioning - To enhance efficiency and user experience amidst fierce market competition, Haier is adopting measures such as digital inventory transformation and order forecasting systems [2][3] - The Leader brand air conditioners and refrigerators have shown significant growth, indicating the company's proactive stance in competition [2][6] Product and Supply Chain Management - The company aims to increase the self-manufacturing ratio of air conditioners, with compressor production capacity reaching 6 million units, to mitigate raw material cost fluctuations [2][7] - The internal target for air conditioning business is to maintain double-digit growth by 2027 through disruptive products and direct-to-consumer models [2][10] Profitability and Financial Goals - Domestic household air conditioning profit margins are approximately 3-4%, while overall air conditioning business margins are around 5.2%, with a future target of over 7% [2][11] - The net profit growth target for 2026 is expected to outpace revenue growth, with emerging market profit margins not lower than those in Europe and the U.S. [22] Market Dynamics and Forecasts - The home appliance market remains highly competitive, with brands like Xiaomi showing growth, while Haier's Leader brand air conditioners grew over 50% and refrigerators over 90% in Q3 [6] - The company anticipates a stable demand outlook for the U.S. home appliance market in 2026, with a trend of low initial demand followed by recovery [24] Emerging Markets Performance - Haier's products, including refrigerators, washing machines, and air conditioners, are performing strongly in emerging markets, particularly in Southeast Asia, South Asia, and the Middle East [20][21] - The company is focusing on enhancing its business scale in the Middle East and Africa, where it currently has a weaker presence [20] Capital Expenditure and Future Plans - The capital expenditure plan for 2027 includes an increase of 1 billion RMB to enhance supply chain resilience and diversification, focusing on overseas factory construction and potential acquisitions [27] - The company plans to increase its dividend payout ratio to at least 50% in 2026 [26] Conclusion - Haier Smart Home is optimistic about future growth, driven by internal reforms and strategic adjustments in response to market challenges faced from 2022 to 2024 [28] - The company is committed to improving operational efficiency and maintaining a competitive edge in the home appliance industry [28]

海尔智家(06690.HK)1月8日耗资247.6万元回购9.5万股A股 海尔智家(06690.HK)1月7日耗资262.4万元回 购10万股A股 相关事件 格隆汇1月8日丨海尔智家(06690.HK)发布公告，2026年1月8日耗资人民币247.6万元回购9.5万股A股， 回购价格每股26.03-26.11元。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2026年1月8日斥资247.57万元回购9.5万股A股。 ...

Group 1 - The company Haier Smart Home (600690)(06690) announced a share buyback plan, intending to repurchase 95,000 A-shares at a cost of 2.4757 million yuan [1]

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： 2026年1月8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（不包括庫存股份）數 目 ...

Core Insights - Haier wine cabinet brand ranks first in global retail volume for the 16th consecutive time, with a projected global market share of 21.9% by 2025, being the only brand among the top five with positive growth [1][3] Group 1: Market Position - Haier wine cabinet maintains its leadership in the industry, supported by the implementation of Haier's smart home strategy globally [3] - The brand's retail volume growth is attributed to its innovative solutions tailored to user needs, such as large-capacity, smart, and convenient wine storage options [3] Group 2: User Experience and Technology - The wine cabinet allows users to remotely control temperature and humidity via a mobile app, enhancing user experience and management of wine collections [3] - Haier's original temperature and humidity technology, certified by Germany's VDE, maintains temperature within ±0.3℃ and humidity between 50%-70%, ensuring the quality and flavor of the wine [3] Group 3: Future Growth - Haier wine cabinet aims to continue exploring global user demands to unlock greater growth potential [3]

Core Insights - Haier's refrigerator brand maintains the top position in global retail volume with a market share of 20.4% in 2025, marking its 15th consecutive year at the forefront of the industry [1] - This achievement reflects Haier's strong technological foundation and market recognition in the global refrigeration sector, as well as the foresight of its smart home strategy [1] Group 1 - Haier continues to enhance user experience by focusing on user scenarios, integrating AI and innovative refrigeration technologies [4] - The company offers a comprehensive product range including horizontal cabinets, vertical cabinets, ice bars, and wine cabinets, creating a one-stop solution for home cold chain preservation [4] - Haier's innovations in home cold chain scenarios cater to various storage needs, such as moisture preservation for fruits and vegetables, deep freezing for seafood, and optimal conditions for wine and rare items [4] Group 2 - The innovative practices of Haier align with the global rollout of its smart home strategy, aiming to provide higher value in fresh storage experiences for users worldwide [4]

Market Overview - The white goods sector experienced a decline of 0.33% on January 8, with Hisense Appliances leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Aokema (600336) saw a closing price of 8.35, with an increase of 2.71% and a trading volume of 237,100 shares, totaling a transaction value of 196 million yuan [1] - Snow Qi Electric (001387) closed at 14.16, up 1.72%, with a trading volume of 44,400 shares [1] - Whirlpool (600983) closed at 10.25, up 1.08%, with a trading volume of 135,700 shares, totaling 139 million yuan [1] - Gree Electric (000651) remained unchanged at 40.44, with a trading volume of 270,900 shares, totaling 1.094 billion yuan [1] - Hisense Appliances (000921) closed at 24.68, down 0.72%, with a trading volume of 89,600 shares, totaling 221 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 297 million yuan from institutional investors, while retail investors experienced a net outflow of 4.7875 million yuan [1] - Midea Group (000333) had a net inflow of 3.27 billion yuan from institutional investors, but a net outflow of 2.40 billion yuan from speculative funds [2] - Haier Smart Home (600690) recorded a net inflow of 3.55 million yuan from retail investors, despite a net outflow of 30.6562 million yuan from speculative funds [2] - Hisense Appliances (000921) experienced a net outflow of 215,580 yuan from institutional investors [2]

Group 1: Industry Overview - The home appliance and light industry in 2026 should focus on four investment themes: domestic demand supported by old-for-new policies, supply-side improvements in the power bank industry, and the rise of niche consumer products in service consumption [1] - The white goods sector is expected to benefit from the old-for-new policy, with a significant increase in consumer spending projected [44] - The overall performance of the light industry outperformed the CSI 300 index, with a cumulative increase of 24.68% from January to December 2025 [12][15] Group 2: Key Companies - Midea Group is developing a second growth curve through its B-end business, particularly in data center liquid cooling, which shows significant potential [2] - Haier Smart Home is enhancing its operational system through a data-driven approach, improving competitiveness across product, cost, and supply chain [2] - TCL Electronics and other companies in the black goods sector have shown strong performance, benefiting from the old-for-new subsidy policy [21] Group 3: Market Trends - The power bank industry is expected to see improved market conditions due to new regulations, which will raise industry standards and potentially eliminate many low-quality brands [2] - The "Guzi economy" is tapping into emotional consumption needs, with domestic IP supply increasing and consumer spending on IP expected to grow significantly [3] - The folding bicycle market is transitioning from niche to mainstream, with significant growth potential driven by urban mobility needs [3] Group 4: Export and New Markets - The export chain is gradually recovering from tariff disruptions, with a focus on companies that have strong overseas production capabilities to mitigate tariff risks [3] - New product categories, such as pool cleaning robots, have substantial growth potential, with Chinese companies expected to increase their market share [3] - Emerging markets in Africa and Latin America present new opportunities for multinational hygiene product companies [3]

Core Insights - The core leap in AI by 2025 is the evolution from static tools to dynamic life forms, driven by data-driven cognitive compounding, enabling AI to self-organize, self-learn, and self-evolve [1][7] - The future of AI products should focus on being "life partners" that can sense needs and provide proactive services, rather than merely stacking functions [5][9] - Companies and individuals must evolve alongside AI, as the ability to collaborate with intelligent agents will directly determine their development space [6][9] Group 1: Key Technological Breakthroughs - The key technological breakthrough for AI in 2025 is not just an increase in computing power but achieving a self-evolving capability through data-driven cognitive compounding [3][8] - Haier's interconnected factory exemplifies this evolution, allowing for high direct shipping rates and transforming manufacturing systems into responsive ecosystems [3][8] Group 2: Notable AI Products - AI products in 2025 will showcase significant innovation, such as AI smart glasses, but still face challenges like connectivity issues and battery life, indicating room for improvement [5][9] - Haier's AI-enabled products, like ovens that recognize ingredients and washing machines that predict dye risks, represent a shift from passive to proactive household appliances [5][9] Group 3: Future Trends - The exponential application of intelligent agents (AI Agents) will be a crucial trend in 2026, with Haier establishing a comprehensive framework for cross-scenario and cross-device collaboration [6][9] - The ultimate value of AI is seen as "human-machine symbiosis," where every household has a self-evolving smart partner and every factory possesses an autonomous decision-making brain [6][9]