FF305 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： 2025年12月29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 | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 佔有關事件前的現有已發 | 每股發行/出售價 (註4) | 已發行股份總數 ...

Core Viewpoint - The opening of the second phase of the Haier Kangyang Ganzhou Science and Technology Park marks a significant achievement in the collaboration between local government and leading enterprises to promote high-quality development in the health industry, establishing a benchmark for urban renewal projects in Ganzhou [1][2]. Group 1: Project Overview - The Haier Kangyang Ganzhou Science and Technology Park is a key project aimed at transforming the local economy by integrating industry and urban development, with a focus on the health sector [1][2]. - The second phase of the park covers approximately 23,000 square meters and includes advanced medical equipment testing laboratories, smart manufacturing applications, and aims for an annual production capacity of 6 million units [7]. Group 2: Business Growth and Performance - Since its establishment in Ganzhou in 2021, Haier Kangyang has achieved rapid growth, with sales exceeding 700 million yuan and the completion of the second phase expansion [2][3]. - The first phase of production generated revenue of 80 million yuan in its initial year, expanding its product line to over 20 categories, including oxygen generation and health monitoring devices [3]. Group 3: Technological Innovation - Haier Kangyang focuses on smart manufacturing and has been recognized as a high-tech enterprise in Jiangxi Province, showcasing its commitment to technological advancement and industry integration [3]. - The company has developed a comprehensive product matrix covering over 100 types of home health products, particularly excelling in the field of respiratory health with its innovative oxygen machines [8][9]. Group 4: Strategic Vision - The company aims to address the challenges of an aging population through technological innovation, with plans to leverage the Kaos industrial internet platform for product manufacturing and ecosystem development [9]. - Haier Kangyang is committed to deepening government-enterprise collaboration and optimizing the health industry ecosystem, contributing to the implementation of the Healthy China strategy [9].

Core Viewpoint - The article highlights Haier's successful growth in the Thai market despite a challenging international trade environment, emphasizing the importance of brand recognition, local adaptation, and innovative product offerings [1][11]. Group 1: Market Performance - Haier's overseas market revenue grew by 10.5% in the first three quarters of 2025, with Southeast Asia seeing over 15% growth [1]. - In the Thai white goods market, while the overall market declined by 4.9%, Haier's white goods sales increased by 29%, making it the leading brand in Thailand [1][5]. Group 2: Strategic Development - Haier entered the Thai market in 2002, initially facing challenges due to low brand awareness and product mismatch with local needs. The turning point came in 2007 with the acquisition of Sanyo's white goods division, allowing for a localized strategy [5]. - The company has adopted a "three-in-one" localization strategy involving research, manufacturing, and marketing, which has proven successful in establishing its market position [5][12]. Group 3: Future Opportunities - There remains significant potential in the Thai market, particularly through deeper understanding of user needs and enhancing operational efficiency. Haier aims to improve its market share in retail stores and expand its service network [6][12]. - The company plans to continue focusing on high-end product lines while also penetrating lower-tier markets, ensuring comprehensive coverage across Thailand [8]. Group 4: Brand Perception - Consumer perceptions of Chinese brands are shifting from "value for money" to recognizing the technological advancements and differentiated product offerings, with Haier's brand awareness now on par with Korean brands [9]. - Haier's ability to quickly adapt and introduce new technologies gives it a competitive edge over traditional brands with longer product iteration cycles [9]. Group 5: Supply Chain and Local Adaptation - Haier's strategic investments in local manufacturing, such as the new air conditioning factory in Chonburi, enhance its supply chain resilience and ability to meet local demand [11]. - The company emphasizes the importance of being "In Thailand, For Thailand," which is crucial for establishing a strong foothold in the local market [12].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The continuation of national subsidies is expected to stimulate consumption potential on both supply and demand sides, with stable white goods production planned for Q1 2026 [2][3] - The "Two New" policy is optimized and extended, which is anticipated to activate greater consumption potential in the home appliance sector [6] Summary by Relevant Sections Domestic Sales Outlook - The effect of national subsidies is expected to improve domestic sales conditions in Q1 2026 after the arrival of subsidy funds, despite a marginal slowdown in the subsidy effect [3][6] - January 2026 white goods production data shows a total of 34.53 million units, a 6% increase year-on-year, with variations in production across different product categories [6] Investment Recommendations and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and mature overseas production layouts, which are seen as stable choices for investment [3] - Key stocks to consider include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [3] - The long-term focus on overseas expansion is highlighted, with expectations for a valuation switch in 2026, particularly for Stone Technology (688169, not rated) [3] - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology (603031, not rated), are also recommended [3]

Core Viewpoint - The article highlights Haier's successful growth in the Thai market despite a challenging international trade environment, emphasizing the company's strategic focus on localization and user-centric product development [2][10]. Group 1: Company Performance - Haier's overseas market revenue grew by 10.5% in the first three quarters of 2025, with Southeast Asia seeing over 15% growth [3]. - In the Thai white goods market, Haier achieved a 29% growth while the overall market declined by 4.9%, making it the leading brand in Thailand [3]. - The company has established a significant market presence in Thailand over 23 years, overcoming initial brand recognition challenges [6]. Group 2: Strategic Development - Haier's strategic evolution in Thailand can be divided into three phases: exploration (2002-2007), localization (2007-2020), and brand premiumization (2020 onwards) [7]. - The acquisition of Sanyo's white goods division in 2007 marked a turning point, allowing Haier to implement a localized strategy in R&D, manufacturing, and marketing [7]. Group 3: Market Potential - The Thai market is viewed as a strategic hub for Haier due to its large domestic demand and favorable geographic location [5]. - There remains significant potential for growth in understanding user needs and improving market share in retail outlets [9]. Group 4: Competitive Landscape - Despite intense competition from Japanese, Korean, and other Chinese brands, Haier maintains a focus on user-centric strategies and product differentiation [10]. - The company aims to expand its market presence beyond major cities like Bangkok, targeting rural areas with a comprehensive distribution strategy [11]. Group 5: Brand Perception - Consumer perceptions of Chinese brands are shifting from "value for money" to recognizing the technological advancements and differentiated product offerings [12]. - Haier's high-end products, such as the L+ series washing machine priced at 90,000 Thai Baht, demonstrate the brand's ability to compete at premium price points [11]. Group 6: Future Outlook - Haier plans to enhance its brand recognition and user engagement through deeper interactions and a focus on high-end product development [14]. - The company emphasizes the importance of a localized supply chain to adapt to external market changes and support both local and export demands [13].

Market Overview - The white goods sector experienced a decline of 0.48% on December 29, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - TCL Smart Home (002668) closed at 10.76, up 0.47% with a trading volume of 112,500 shares and a transaction value of 122 million yuan [1] - Gree Electric Appliances (000651) closed at 40.72, down 0.10% with a trading volume of 392,700 shares and a transaction value of 1.606 billion yuan [1] - Midea Group (000333) closed at 78.41, down 0.58% with a trading volume of 257,000 shares and a transaction value of 2.026 billion yuan [1] - Haier Smart Home (600690) closed at 26.58, down 0.60% with a trading volume of 274,400 shares and a transaction value of 734 million yuan [1] - Aucma (600336) closed at 8.71, down 2.90% with a trading volume of 282,200 shares and a transaction value of 248 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 60.7462 million yuan from institutional investors, while retail investors experienced a net outflow of 625.939 million yuan [1] - Gree Electric Appliances had a net inflow of 160 million yuan from institutional investors, but a net outflow of 58.1725 million yuan from retail investors [2] - Midea Group had a net inflow of 41.9801 million yuan from institutional investors, with a net outflow of 52.5536 million yuan from retail investors [2] - Haier Smart Home experienced a net outflow of 81.9545 million yuan from institutional investors, while retail investors had a net inflow of 9.8857 million yuan [2]

Core Viewpoint - Haier Smart Home was awarded the "2025 Most Globally Influential Enterprise Award" at the "2025 Securities Market Annual Conference" for its contributions to the stable operation and high-quality development of the capital market [2] Group 1: Company Achievements - Haier Smart Home has established a "three-in-one" operational system covering localized research, manufacturing, and marketing, with operations in over 100 countries and regions, 24 industrial parks, 5 R&D centers, and 66 trading companies [2] - The company has maintained its position as the world's largest home appliance brand in retail volume for 16 consecutive years, with its refrigerator and washing machine brands ranking first globally for 17 and 16 years respectively [2] - In 2024, Haier Smart Home's revenue in the Indian market surpassed $1 billion for the first time, marking a year-on-year growth of over 30% [3] Group 2: Technological Innovation - Haier Smart Home holds 23,334 patents in the smart home sector, ranking first in the industry, and has invested over 10 billion yuan in R&D in 2024, focusing on cutting-edge areas such as home service robots and low-power chips [4] - The company has received national recognition for several core technologies, including full-space preservation technology and bottom-placed constant temperature refrigeration technology, which have significantly improved user experience and energy efficiency [4] Group 3: Brand Development - Haier Smart Home has developed a global brand matrix covering various market segments, including Haier, Casarte, Leader, GE Appliances, Candy, Fisher&Paykel, and AQUA, with Casarte maintaining industry leadership for nine consecutive years [4] - In 2024, Casarte's retail revenue grew by 12% year-on-year, while Leader brand's retail revenue increased by 26%, indicating a continuous optimization of brand structure [4] Group 4: Digital Transformation and Sustainability - The company has implemented a digital transformation strategy centered around the "Three Wings Bird" platform, providing over 600 million smart living services monthly to 540,000 families in China [5] - Haier Smart Home emphasizes green and low-carbon practices, with over 90% of its products achieving first-level energy efficiency, contributing to global energy conservation and sustainable development [5] Group 5: Future Outlook - The company aims to embrace AI technology and deepen its focus on the smart living sector, aspiring to become a world-class smart living ecosystem enterprise with exceptional efficiency and experience [5]

Core Insights - The home appliance offline market is experiencing a decline in 2025, but Haier's specialty stores have shown remarkable performance, with overall retail scale increasing and over 80% of county customers achieving unified warehouse ToC [1][4] - Haier's Vice President announced the "9+5 model" for 2026, focusing on market changes and deepening model transformation for specialty store channels [1] Group 1: 9 Major Plans - The "9 major plans" address issues such as low foot traffic, conversion difficulties, product mismatch, complex policies, and high costs, providing targeted solutions [3] - A dual-line integration plan will be implemented to merge online platforms with offline stores, creating a new OTO model to efficiently convert foot traffic into orders [3] Group 2: Product Innovation and Iteration - Haier will promote product co-creation and iteration, with the Haier Mairang series contributing to a 7% growth in 2025, and plans to expand the product portfolio based on user feedback for 2026 [3] Group 3: Store Expansion and Experience Enhancement - Haier plans to build 3,200 new county stores and upgrade 6,100 existing ones in 2026, enhancing the in-store experience to allow users to interact with products [3] Group 4: Logistics and Cost Management - The company aims for 100% unified warehouse ToC, with significant cost savings reported by partners, such as a 30,000 reduction in costs and a 20% increase in annual sales after implementing the unified warehouse model [4] Group 5: Comprehensive Support for Dealers - Haier has outlined support in five areas, focusing on real pain points for dealers and aligning with market trends to empower stores comprehensively [5] Group 6: Brand and Cultural Center - Since its inception in 1996, Haier's specialty stores have evolved into brand, cultural, service, and experience centers, accelerating the ToC transformation to create lifelong user value with partners [7]

Core Insights - The "2025 High-Quality Development Conference for Listed Companies" emphasizes resilience and growth through cycles, gathering leaders from regulatory bodies, industry associations, and financial institutions to discuss strategies for enhancing the quality of capital market development [1] Group 1: Conference Overview - The conference is organized by Financial界 and focuses on the role of listed companies as a backbone of the Chinese economy, highlighting their development quality's impact on modernization efforts [1] - Financial界's CFO, Zhu Ying, expressed the organization's commitment to facilitating collaboration between enterprises and financial institutions to support resilient development [1] Group 2: Key Discussion Themes - The "Tech New Wave" roundtable, hosted by Ming Pinglei from CITIC Securities, featured discussions on the impact of artificial intelligence on production and life, as well as insights into semiconductor advancements [2] - The "New Consumption Momentum" roundtable, led by Cui Li from Huatai United Securities, focused on new trends in the consumer market, opportunities in lower-tier markets, and strategies for companies to achieve high-quality growth [2] - The "New Era of Medicine" roundtable, moderated by Zhou Ting from Financial界, brought together leaders from the pharmaceutical industry to discuss innovation, industry upgrades, and opportunities for capital empowerment [3] Group 3: Awards Announcement - The results of the 2025 14th Financial界 "Golden Intelligence Award" annual selection were officially announced during the event [4]

Core Viewpoint - Chinese home appliance companies are increasingly establishing production bases in Thailand, positioning it as a strategic hub for their international expansion, with significant growth in overseas revenue reported by major players like Midea and Haier [1][2][3]. Group 1: Market Expansion and Strategy - Midea's overseas revenue has significantly increased, with OBM revenue accounting for over 45% of its TO C business in 2025 [1]. - Haier's overseas market revenue reached 79.08 billion yuan in the first half of 2025, growing by 11.7% [1]. - Midea has established its largest overseas manufacturing base in Thailand and aims to make it its "second home market" after China [3][4]. Group 2: Reasons for Choosing Thailand - Thailand offers advantages in political stability, supply chain infrastructure, and population demographics, making it an attractive location for Chinese home appliance companies [4]. - The eastern economic corridor of Thailand, particularly in Chonburi and Rayong, is a strategic focus for many Chinese brands due to its proximity to major ports [4]. Group 3: Consumer Trends and Brand Positioning - The Thai home appliance market is experiencing a consumption upgrade, with consumers increasingly willing to invest in higher-end products [5][6]. - Chinese brands are gaining market share in Thailand, with Haier leading in air conditioning and Midea dominating in refrigerators and microwaves [6][7]. Group 4: Product Development and Innovation - Chinese home appliance companies are noted for their rapid product iteration and responsiveness to market demands, which contrasts with the slower innovation cycles of traditional Japanese and Korean brands [7]. - High-end product development is becoming a trend, with companies recognizing the need to move beyond low-cost competition to capture higher profit margins [8]. Group 5: Challenges and Opportunities - Despite significant market presence, Chinese brands still face challenges in brand recognition and consumer perception in Thailand [10][11]. - After-sales service is critical for success, with companies investing heavily in service networks to enhance customer satisfaction [11]. Group 6: Globalization and Regionalization - The concept of regionalization is emerging as a strategy to mitigate risks associated with global trade, allowing companies to leverage local production capabilities to support global operations [12]. - The home appliance industry is transitioning towards a comprehensive ecosystem approach, integrating R&D, supply chain, sales, and after-sales services in overseas markets [12].