智通财经APP讯，海尔智家(06690)发布公告，于2025年12月26日斥资193.6万元回购7.22万股A股。 ...

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26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 ...

Core Viewpoint - The air conditioning after-sales market is a lucrative but often overlooked sector, with high service costs and a lack of regulation, leading to consumer dissatisfaction and potential investment opportunities for companies willing to innovate in service quality [2][11][24] Group 1: Consumer Sentiment - Consumers are increasingly frustrated with high after-sales service costs, feeling that they often pay more for repairs than for new units, leading to a perception that "repairing is more expensive than buying" [5][7][10] - The high costs associated with air conditioning maintenance, such as filter replacements and cleaning, have sparked discussions among users, indicating a widespread concern about pricing transparency and service quality [4][11] Group 2: Market Dynamics - The air conditioning market is currently experiencing a price war, with many brands offering units at significantly lower prices, while after-sales service remains a high-margin area that lacks oversight [2][21] - Major brands like Gree and Midea are enhancing their after-sales service networks to address consumer pain points, with Gree boasting over 15,000 authorized service points and Midea expanding its service offerings [18][21] Group 3: Service Quality and Competition - The after-sales service landscape is characterized by a mix of brand-owned teams, large retailers, and third-party service providers, leading to inconsistencies in service quality and pricing [16][24] - Companies are recognizing the importance of after-sales service as a competitive differentiator, with some brands implementing policies like "365 days only replace, not repair" to improve customer satisfaction [18][21] Group 4: Regulatory and Industry Trends - There is a growing need for standardized regulations in the after-sales service market to protect consumers and ensure fair pricing practices [24] - The air conditioning industry is expected to continue facing pressure from both price competition and the need for improved service quality, making it essential for companies to adapt and innovate [21][24]

Core Viewpoint - The article highlights the high costs associated with air conditioning maintenance and repair services, emphasizing the lack of transparency and regulation in the after-sales market, which has become a lucrative but problematic area for consumers and companies alike [4][16][37]. Group 1: Consumer Sentiment and Market Dynamics - Consumers are increasingly frustrated with high maintenance costs, as illustrated by a recent complaint from a prominent figure regarding a quote of approximately 15,000 yuan for seasonal cleaning of central air conditioning units [4][6]. - The air conditioning market is experiencing a price war at the front end, while the after-sales service sector remains largely unregulated, presenting a new battleground for major appliance companies [6][25]. - Many consumers feel that the cost of repairs often exceeds the price of new units, leading to a perception that "repairing is more expensive than buying" [12][15]. Group 2: Pricing and Service Quality - The article details the breakdown of costs for air conditioning maintenance, revealing that filter replacement can account for 70% of the total service fee, with installation fees also contributing significantly [8][11]. - Comparatively, other brands like Midea and Gree offer cleaning services at much lower rates, typically ranging from 100 to 300 yuan, indicating that the high costs associated with brands like Daikin may not be standard across the industry [9][10]. - The rising costs of maintenance are attributed to increased prices for parts and labor, as well as the complexity of repairs for older units, which often require more extensive work [12][15]. Group 3: After-Sales Market Issues - The after-sales market is plagued by issues such as price opacity, unnecessary repairs, and misleading practices by service providers, which have left consumers feeling vulnerable [17][19]. - There are significant discrepancies in pricing between official service providers and third-party platforms, with the latter often charging 3-4 times more for similar services [19][20]. - The article notes that many third-party service providers may misrepresent themselves as official brand representatives, leading to consumer confusion and potential overcharging [20][21]. Group 4: Industry Response and Future Outlook - Major appliance brands are increasingly recognizing the importance of after-sales service as a competitive differentiator, with companies like Gree and Midea expanding their service networks and improving service quality [28][29]. - The article mentions that consumer complaints regarding after-sales service have risen significantly, indicating a growing need for brands to enhance their service offerings [27]. - As the price war in the air conditioning market reaches its limits, companies are shifting focus towards improving service quality and customer experience as a means of differentiation [33][37].

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey" and gathered hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th Financial界 "Golden Wisdom Award" results were announced, with Liu Xiaomei from Haier Smart Home receiving the title of "Investor Trustworthy Secretary of the Board" [1] - The "Golden Wisdom Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their main business, continue innovation, and fulfill social responsibilities [1] Group 1: Award and Evaluation Criteria - The award focuses on core governance participants of listed companies who possess professional qualities and a sense of responsibility, with evaluation standards including "Integrity, Professional Empowerment, Value Transmission, and Compliance Safeguarding" [3] - The award aims to enhance the standardized governance level of listed companies and ensure effective communication between enterprises and the capital market, thereby boosting investor confidence [3] Group 2: Liu Xiaomei's Contributions - Liu Xiaomei has actively promoted the improvement of corporate governance structures and mechanisms, assisting various committees within the board to operate efficiently [4] - In terms of information disclosure, she has adhered to principles of truthfulness, accuracy, completeness, timeliness, and fairness, achieving zero errors in information disclosure throughout the year [4] - Liu has driven key tasks in capital operations, including the completion of share repurchase and cancellation in 2021, and has facilitated significant acquisition projects to accelerate Haier Smart Home's global strategy [4] Group 3: ESG Practices - Liu has contributed to the implementation of the "6-Green" strategy, integrating low-carbon energy-saving practices into the product lifecycle and promoting participation in public welfare areas such as youth education and rural revitalization [4] - Haier Smart Home has ranked first in the industry on the "Fortune" China ESG Influence List for four consecutive years and received an AA rating from MSCI, enhancing the company's brand reputation and social impact [4] Group 4: Future Directions - Haier Smart Home plans to further deepen communication with the capital market and improve corporate governance to achieve higher quality development and create greater value for investors [5]

Investment Rating - The report maintains a "Buy" rating for the home appliance industry, expecting a price increase exceeding 15% over the next 3-6 months compared to the market [42]. Core Insights - The report highlights a rebound in air conditioner production in January 2026 due to a shift in production schedules, although end-user demand is expected to remain weak. Home air conditioner domestic production reached 7.86 million units, up 8.9% year-on-year, while export production was 10.65 million units, up 1.2% year-on-year [13][14]. - Refrigerator production showed a decline in both domestic and export markets, with domestic production at 3.52 million units, down 6.9% year-on-year, and export production at 4.4 million units, down 3.4% year-on-year. The market is experiencing regional differentiation, with emerging markets being the main growth points [16]. - Washing machine production also faced challenges, with domestic production at 3.65 million units, down 4.1% year-on-year, and export production at 4.45 million units, down 0.7% year-on-year. The "trade-in" policy's effectiveness is diminishing, and companies need to innovate to find breakthroughs [17]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.95%, while the home appliance index rose by 0.54%. Notable stock performances included Feike Electric (+24.57%), Jinhai High-Tech (+22.57%), and Tianyin Electromechanical (+17.91%) [20]. - The report tracks raw material prices, noting a 2.62% increase in copper prices and a 1.16% increase in aluminum prices, while cold-rolled steel and plastic prices saw slight declines [24]. - The exchange rate for USD to RMB was reported at 7.04, with a slight decrease of 0.02% week-on-week, and container shipping rates showed a small increase of 1.95% [27]. Real Estate Data - Real estate data for November 2025 indicates a significant decline in new construction, with a year-on-year decrease of 20% in new starts, 10% in construction, and 20.2% in completions. Sales also fell by 8.9% year-on-year, indicating ongoing pressure on the home appliance sector's long-term demand [31][32]. Investment Recommendations - The report suggests that leading brands are likely to achieve stable growth due to their integrated advantages and strong pricing power. The external market is expected to benefit from a potential recovery in the U.S. housing market and gradual improvement in European consumption. Emerging markets are anticipated to maintain strong demand due to demographic advantages [40]. Recommended companies include Hisense, Midea Group, Haier, and TCL Electronics [40].

Core Insights - The "2025 China Outbound Brand Top 100 Index Report" was released, with Haier ranking in the top three for its global brand building and localized operations [1][3] - The report evaluates companies based on four core dimensions: outbound performance, brand building, brand contribution, and sustainable development [3] Group 1: Brand Performance - The selected companies for the top 100 have overseas revenues exceeding 5 billion yuan, with an average overseas revenue of 110 billion yuan [3] - Haier has established a global brand matrix including Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, AQUA, and Candy, becoming a world-renowned brand [3] Group 2: Localization and Innovation - Haier has implemented a "three-in-one" strategy for global localization in R&D, manufacturing, and marketing, with 10 R&D centers, 35 industrial parks, and 163 manufacturing centers worldwide [3] - The company has launched localized innovative products, such as the X11 washing machine in Europe, which exceeds energy efficiency standards by 70%, and a high-end refrigerator in the UK that meets local storage needs [4] Group 3: Global Market Presence - Haier serves over 1 billion households across more than 200 countries, achieving high-quality growth, with GE Appliances being the largest home appliance company in North America [5] - The company has a 60% growth rate in the Middle East and Africa and has maintained the top market share in Pakistan for 10 consecutive years [5] Group 4: Marketing and Brand Connection - Haier is exploring innovative marketing models by connecting emotionally with global users, partnering with top sports clubs and events to strengthen brand loyalty [5] - The company collaborates with major sports events to share the belief of "walking with champions," enhancing brand trust [5] Group 5: Technological Innovation and Ecosystem - The report indicates that the top 100 outbound brands are distributed across 40 cities in 19 regions, with total revenue reaching 45.69 trillion yuan [6] - Haier is focusing on technological innovation to meet user demands in the AI era, showcasing various AI products at international exhibitions [6] Group 6: Health and Digital Economy - Haier has transitioned from a "product supplier" to a "solution co-builder" in the health sector, collaborating with over 1,000 global partners [7] - The company is promoting China's industrial internet solutions through its digital economy initiatives, linking over 900,000 enterprises globally [7] Group 7: Future Outlook - Haier's strong brand ecosystem is a solid foundation for long-term development, with a focus on smart living, health, and digital economy sectors [7] - The company aims to achieve "high-quality outbound" by integrating technology, brand, and ecosystem, enhancing its role in the global value chain [7]

Core Viewpoint - The report highlights a projected decline in the production of household refrigerators in China for the year 2025, indicating a potential shift in market dynamics within the industry [1]. Industry Overview - According to data from the National Bureau of Statistics, the production of household refrigerators in China is expected to reach 8.79 million units in October 2025, representing a year-on-year decrease of 6% [1]. - From January to October 2025, the cumulative production of household refrigerators is projected to be 89.96 million units, showing a slight increase of 0.9% compared to the previous year [1]. Market Research Insights - The report titled "2025-2031 China Smart Refrigerator Industry Market Panorama Research and Development Trend Judgment Report" by Zhiyan Consulting provides an in-depth analysis of the smart refrigerator market in China [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports, business plans, feasibility studies, and customized services [1].

Core Viewpoint - The article highlights Haier's successful growth in the Thai market despite a challenging international trade environment, emphasizing the importance of understanding local consumer needs and maintaining a strong brand presence [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 experiencing 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][10]. - The company has established a significant market presence in Thailand over 23 years, overcoming initial challenges related to brand recognition and product-market fit [6][7]. Group 2: Strategic Importance of Thailand - Thailand is viewed as a strategic market for Haier due to its large domestic demand and favorable geographic location, serving as a "bridgehead" for the company's global operations [5]. - The company has implemented a localized strategy since acquiring Sanyo's white goods business in 2007, focusing on local R&D, manufacturing, and marketing [7][14]. Group 3: Market Opportunities - There remains substantial potential in the Thai market, particularly in understanding user needs and enhancing product offerings [8][10]. - Haier aims to increase its market share in retail outlets, where it currently does not hold the top position in every store [9]. - The company is also focused on improving operational efficiency and expanding its service network to capture more market opportunities [10]. Group 4: Product Strategy and Brand Perception - Haier's strategy includes launching high-end products tailored to specific consumer needs, such as the AI Voice air conditioner that addresses local climate challenges [8][11]. - The perception of Chinese brands is shifting, with Haier's brand recognition and user conversion rates now comparable to Korean brands, indicating a move away from the "cheap and cheerful" stereotype [11][12]. - The company emphasizes rapid product iteration and technological advancement, allowing it to respond quickly to market demands compared to traditional brands [12]. Group 5: Future Challenges and Goals - To become a top international brand, Haier recognizes the need for deep user engagement and brand loyalty [14]. - The company aims to strengthen its brand positioning and develop mid-to-high-end products as part of its long-term strategy [14]. - Haier's commitment to a "In Thailand, For Thailand" approach underscores its focus on local market integration and sustainability [14].

Core Insights - The "2025 Financial Annual Conference" held in Beijing focused on high-quality development of listed companies, emphasizing resilience and growth through cycles [1] - The "Golden Intelligence Award" recognized over 140 companies, including Haier Smart Home and others, as exemplars of high-quality development from more than 8,000 candidates [1] Company Insights - Haier Smart Home's Vice President, Sun Danfeng, discussed the transformation of the home appliance industry in the AI era, aiming to automate household tasks and enhance user experience [3] - The company plans a three-step strategy for AI integration: achieving basic smart operations, launching the "AI Eye" technology for proactive household management by early 2025, and exploring robotic solutions for cleaning tasks [3][4] - The focus on user-centric design will shift from traditional hardware to scenario-based exploration, creating products that adapt to household needs and integrating new roles like "AI trainers" [4] Industry Trends - The AI era is expected to reshape R&D and production models in the home appliance sector, emphasizing software-defined products and data-driven processes for rapid iteration and user service [4] - The core goal of high-quality development in the industry is to enhance the quality of life for users through continuous innovation in smart appliances [4] - Companies like Haier Smart Home are leveraging technological innovation and scenario-based approaches to drive industry upgrades and lifestyle transformations [4]