Summary of Conference Call on Home Appliance Industry Industry Overview - The home appliance sector is experiencing a rebound in consumer demand, supported by recent government policies aimed at boosting consumption [2][3] - The white goods segment faced a temporary setback in January and February due to seasonal factors and a pause in national subsidies, leading to subdued sales data [2][3] Key Insights and Arguments - **Market Transition**: The market style has shifted from defensive and value-oriented to growth and technology-focused, with a notable increase in sales starting in March [2][3] - **Sales Seasonality**: March marks the beginning of the sales peak for core categories like air conditioners, driven by promotional activities [2][3] - **Long-term Growth Drivers**: Product structure upgrades, category expansion, and international market penetration are expected to provide long-term growth opportunities for the home appliance industry [2][3] - **Valuation and Dividend Yield**: Leading companies in the sector are currently valued below the median, offering a high margin of safety and stable dividend yields [2][3] Potential Catalysts - **Foreign Investment**: The return of foreign capital and improvements in the real estate market are seen as potential catalysts for valuation and performance recovery in the home appliance sector [4] - **Real Estate Market**: A rebound in second-hand and new housing sales could positively impact competitive companies in the white and black goods segments [4] Recommended Companies - **White Goods**: - Focus on brands like Hisense, Changhong Meiling, and TCL for their elasticity [7] - Among leading brands, Gree Electric is recommended for its low risk and high air conditioning exposure, while Haier and Midea are noted for their efficiency improvements and stable performance [7] - **Black Goods**: - Hisense Visual and Kaide Quartz are recommended due to their structural upgrade benefits [7] - Attention is also drawn to smaller appliance companies like Feike and Xiaoxiong, which are at historical low valuations but have strong fundamentals [5] Profitability and Market Trends - The profitability of the home appliance industry is improving, with reduced competition among e-commerce platforms leading to lower online traffic costs [6] - Companies like Boss Electric are expected to see significant revenue growth due to national subsidy policies, with projections of over 20% revenue growth in Q4 2024 [6] Segment Performance - **Smart Vacuum Cleaners**: Expected to perform exceptionally well in 2025, driven by both fundamental business growth and speculative interest in robotics [8] - **Projectors**: The leading company, XGIMI Technology, is anticipated to benefit from consumer recovery, showcasing significant growth potential despite high current valuations [9] Investment Outlook - The current market environment is viewed positively for the home appliance sector, with strong company fundamentals and a relatively low entry point for investments [10] - Even with potential short-term corrections, leading companies are expected to maintain growth potential in the medium to long term [10]

资料来源: FactSet Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 20.0 23.5 27.0 30.5 34.0 海尔智家-A 上证指数 2025 年 3 月 12 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 海尔智家-A (600690 CH, 买入, 目标价: RMB34.50) | 目标价: RMB34.50 | 当前股价: RMB27.15 | | --- | --- | | 股价上行/下行空间 | +27% | | 52 周最高/最低价 (RMB) | 35.37/23.10 | | 市值 (US$mn) | 66,866 | | 当前发行数量(百万股) | 9,383 | | 三个月平均日交易額 | 162 | | (US$mn) | | | 流通盘占比 (%) | 100 | | 主要股东 (%) | | | 香港中央结算有限公司 | 25 | | 海尔卡奥斯 | 13 | | 海尔集团 | 11 | | 按 2025 年 3 月 11 日收市数据 | | | 资料来源: FactSet | | 主要调整 | | 现值 | 原值 | 变动 | ...

3月8日早上，话题#你一票我一票我们周总也出道#冲上热搜第一。 周总是谁？原来在2 0 2 5年全国两会期间一场企业家同台意外让海尔集团董事局主席周云杰火 了。 3月5日，在十四届全国人大三次会议首场"代表通道"集中采访活动上，全国人大代表雷军、 周云杰同时亮相，接受采访。在现场直播画面中，雷军与粉丝热情互动，而在他身后的周云 杰也意外入画。 因 二 人 站 在 一 起 的 " 反 差 萌 " 画 面，吸 引 了 网 友 注 意 力，并 制 作 出 不 少 趣 味 表 情 包，" 站 在 雷 军 背 后 的 周 云 杰 " 也 成 为 热 点 话 题 。 海尔空调旗舰店净省电直播间 你一票 我一票 我们周总也出道 47分钟前 · 山东 回复 二 〇 113 〇 展开6条回复 ▽ 海尔饮水旗舰店 海尔老总:我话都准备好了你们就给 雷总打招呼是吧 ~ 昨天21:18 ·湖南 回复 ○ 1702 ♡ 展开26条回复 v 海尔空调旗舰店 周总:我的心比空调还凉 42分钟前 · 广东 回复 C 768 展开29条回复▽ T 下好吗? 我呢? ed 手遊 B u u 图源：网络表情包 随 后 ， 海 尔 的 蓝 V 账 ...

"海米兄弟"火上热搜。 日前，全国人大代表雷军和周云杰同框亮相"代表通道"，因二人站在一起的"反差萌"画面，吸引了网友注 意力，并制作出不少趣味表情包，"海尔老总和雷军"词条很快冲上热搜，网友调侃小米雷总和海尔周总站 在一起就是新的CP"海米兄弟"。 （图片来自海尔官方微博） 对于此事，身为海尔集团董事局主席、首席执行官的周云杰发布朋友圈回应：把我也逗笑了。 "好久没发朋友圈了，今天一定要发一条，原因是因为我和雷军代表一起走两会代表通道，引发了网友的 广泛关注，我的表情包也成了网络热梗。"周云杰表示，"很多朋友私信给我，有的是祝贺我被雷总带火， 有的是同情我无辜躺枪被调侃，还有的朋友劝我赶紧开号。" 周云杰表示："网友从不同的角度关注海尔和我本人，对此表示感谢；对网友的各种调侃，我欣然接受。 很多网友的评论，很有想象力，我也被逗笑了，我已经让品牌部的同事从中发掘有才情的网友，欢迎他们 成为海尔的代言人。" 周云杰还提到了网友关注的"新媒体开号"一事，他表示："为了更好地跟网友零距离互动，去年底我就与 品牌部讨论过，规划在3月底4月初启动开号。之所以不能如大家所愿顺势开号，是因为两会期间我的主要 精力还是专注于 ...

证券代码：600690 证券简称：海尔智家 编号：临 2025-003 海尔智家股份有限公司 关于 2025 年度第一期绿色两新中期票据发行结果的 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。 海尔智家股份有限公司（以下称"公司"）2023 年年度股东大会审议通过 了《海尔智家股份有限公司关于提请股东大会给予董事会一般性授权以决定发 行境内外债务融资工具的议案》，同意公司注册发行不超过人民币 100 亿元或等 值外币的债务融资工具及上述发行方案，并一般及无条件地授权董事会并由董 事会或由董事会转授权董事长及其授权人士根据公司不时的需要以及市场条件 全权决定及办理境内外融资工具发行的全部事宜，以及由董事会进一步授权董 事长及其授权人士根据公司需要以及其它市场条件等具体执行债务融资工具发 行事宜。2024 年 10 月 25 日，公司收到中国银行间市场交易商协会的《接受注 册通知书》（中市协注[2024]MTN1019 号）。 | | 中国工商银行股份有限公司、中国建设银行股份有限公司、上海浦东 | | --- | --- ...

证券代码：600690 证券简称：海尔智家 编号：临 2025-002 海尔智家股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 海尔智家股份有限公司（简称"公司"）于 2024 年 3 月 27 日召开了第十一届董 事会第九次会议、于 2024 年 6 月 20 日召开了 2023 年年度股东大会，均审议通过了 《海尔智家股份有限公司关于 2024 年度公司及子公司预计担保额的议案》，即公司 可以在子公司向金融机构申请综合授信等事项时对其提供担保，且董事会授权总裁办 公会等决定公司前述每一笔担保的具体事宜，并根据公司实际经营需要，具体调整公 司对各级子公司及子公司之间的担保额度以及代表董事会签署有关法律文件（以下简 称"2024 年度担保授权"）。独立董事对 2024 年度担保授权事项发表了独立意见。 详见公司于 2024 年 3 月 27 日在上海证券交易所网站披露的《海尔智家股份有限公司 - 1 - - 2 - 币种：人民币 序 号 公司名 称 ...

Group 1 - Qingdao Lechuang Wujie Intelligent Technology Co., Ltd. has been established with a registered capital of 500 million yuan [1] - The legal representative of the company is Guan Jiangyong [1] - The business scope includes industrial internet data services, manufacturing of intelligent vehicle-mounted equipment, and sales of intelligent robots [1] Group 2 - The company is indirectly wholly owned by Haier Smart Home [1]

星标 ★ IPO日报 精彩文章第一时间推送 近期，上海新时达电气股份有限公司（下称"新时达"、"上市公司"）发布公告称，通过签署相关协议转让、表决权委托及一致行动安排协议，青岛 海尔卡奥斯工业智能有限公司（下称"海尔卡奥斯"）将取得上市公司10.00%的股份，以及19.24%股份所对应的表决权，合计控制上市公司 29.24%股份所对应的表决权。 同时，海尔卡奥斯以7.99元/股的包揽定增1.53亿股（占上市公司总股本的16.83%），耗资12.19亿元。 这意味着，完成定增后，海尔卡奥斯耗资25.19亿元，最终持股比例达26.83%，总控制权超40%，海尔集团将成为新时达实际控制人。 根据上市公司2024年半年报，新时达电梯控制器业务出货量全球第二，SCARA机器人出货量处于国产第二、全球第四，是国产头部机器人厂商中最早拥 有全自主可控控制技术的企业。 截至2023年，新时达获得国家授权专利840项，其中发明专利343项，软件著作权277项。研发投入方面，2019年至2023年，公司研发投入均超过2亿元。 尽管身处蓝海赛道，但糟糕的财务状况要求新时达向外部寻求输血机会。 此次出手收购国内工业机器人龙头企业，海 ...

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: White Goods and Home Appliances Key Points and Arguments Market Impact and Performance - The 2024 national subsidy policy significantly boosted the market, with the overall retail sales in the second quarter reaching approximately 240 billion yuan, a year-on-year decline of 9%. However, the third quarter showed improvement, and the company achieved double-digit revenue growth in the fourth quarter, driven by government subsidies and proactive transformation measures [3][4][12]. - The Casarte brand experienced a remarkable shipment growth of over 30% in the fourth quarter of 2024, indicating an improvement in market structure and increased demand for high-end brands [4][12]. Sales Growth and Future Projections - In January 2025, domestic shipments approached double-digit growth, with the Casarte brand growing approximately 20%. The overseas business also showed median growth in the fourth quarter of 2024, with expectations of maintaining double-digit growth in the first quarter of 2025 [4][5]. - The company aims for overall revenue growth to remain above the median and profits to maintain double-digit growth in 2025, with contributions from CCR and other companies expected to add 6 to 7 billion yuan in revenue [4][12]. Strategic Adjustments - Since the third quarter of 2024, the company has adjusted its operational model, optimizing digital inventory, content marketing, and cost management to enhance user conversion efficiency and optimize dealer structure [6][12]. - Haier's operations in the U.S. leverage the GE Appliances (GEA) system, providing a competitive advantage. The focus for 2025 is to strengthen product leadership to achieve local development goals [9][12]. Overseas Market Performance - The company performed well in the U.S. and European markets in 2024, with significant growth in emerging markets such as Southeast Asia, the Middle East, and India, achieving growth rates of 16-21%, 40%, and over 30%, respectively [7][12]. - The Mexican production capacity accounts for 20-30%, allowing the company to effectively address tariff issues through localization [13][12]. Industry Outlook - The white goods industry has stable long-term demand, with essential products like refrigerators, washing machines, and air conditioners remaining necessary. Despite not being a hot topic currently, the demand side is very stable [8][12]. - The company plans to continue its transformation to enhance competitiveness and achieve steady, high-quality growth [8][12]. Brand Development and Consumer Engagement - The Casarte brand aims to maintain a growth target of 10-15% in 2025, focusing on online channel investments to cater to younger consumers and enhance conversion rates through offline experience stores [15][16]. - The company recognizes the importance of KOLs and social media in influencing young consumers' purchasing decisions and plans to enhance its marketing strategies accordingly [26][12]. Supply Chain and Efficiency Improvements - Haier has implemented strategies to optimize supply chain and logistics, reducing costs and improving efficiency through cloud storage systems and data-driven services [22][12]. - The company has also focused on enhancing local production capabilities to better respond to tariff fluctuations and market changes [14][12]. Investment Opportunities - Current stock price adjustments present a good opportunity for investors, as Haier's brand and product strength in the domestic and international markets position it favorably in the white goods sector [33][12]. Additional Important Insights - The integration of AI technology is expected to enhance operational efficiency and product quality, with a target net profit margin increase from 6.4% to at least 8% [20][12]. - The company has made significant improvements in its air conditioning business, focusing on cost reduction and quality stability through unified platforms and rapid product iterations [29][12]. This summary encapsulates the key insights from the Haier Smart Home conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances, specifically focusing on air conditioning and washing machines Key Points and Arguments Industry Growth Projections - Haier Smart Home anticipates a small single-digit growth in the Chinese air conditioning industry by 2025, slightly outperforming the washing machine sector, which is expected to experience negative growth [2][3] - The overall demand for air conditioning is expected to improve starting February, following a weak January due to strong December sales [3] Performance and Strategy - The premium brand Casarte achieved a 30% growth in Q4 2024 and a 22% growth in January 2025, with an expected annual growth rate of 10%-15% [4] - Marketing strategies will focus on expanding the high-end user base, launching luxury products priced at 100,000 RMB, and increasing online sales channels to 15%-20% [4][6] - Haier Smart Home plans to enhance its presence in Southeast Asia, aiming to grow the market size from 6 billion RMB to 40 billion RMB or more [4][12] Operational Efficiency - The company is implementing digital inventory management to improve operational efficiency, reduce logistics costs, and enhance product flow speed [9][12] - Measures to boost profitability include optimizing logistics costs, controlling technical costs, and improving production efficiency [12] Market Performance - In 2024, Haier Smart Home increased its market share in the U.S. by over 1 percentage point despite an overall industry decline, with expectations for a slightly better industry situation in 2025 [10] - The European market saw organizational transformation and supply chain adjustments, with expectations for improved performance in 2025 [11] Challenges and Responses - The U.S. tariffs on steel and aluminum have a minimal impact on Haier Smart Home's operations, as the company primarily sources from stable suppliers [14] - The company is strategically adjusting its global supply chain to enhance competitiveness and resilience against market challenges [6] Future Outlook - The company aims for mid-to-high-speed revenue growth while maintaining steady double-digit profit growth despite potential challenges from tariffs and increased R&D investments [12] Additional Important Insights - The focus on digital marketing and content creation on platforms like Douyin and Xiaohongshu is part of a broader strategy to enhance brand visibility and consumer engagement [4][8] - The integration of various brands under Haier's umbrella aims to optimize user acquisition and operational efficiency through a collaborative approach [7][12]