Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved operating revenue of 234.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.98%, and a net profit attributable to shareholders of 17.84 billion yuan, up 13.56% year-on-year [6] - Domestic sales revenue in Q3 2025 increased by 10.8% year-on-year, with strong performance in refrigerators, washing machines, and water-connected products, while air conditioning and kitchen appliances showed better growth than the industry [7] - The company is actively promoting digital transformation, with a gross margin of 27.21% and a net margin of 7.62% in the first three quarters of 2025, reflecting continuous optimization of expense ratios [8] - Cash flow has been consistently increasing, with Q3 2025 cash flow reaching 580 million yuan, indicating strong cash generation capability [9] - The company is expected to enhance its global competitiveness through core module manufacturing capability improvements and overseas acquisitions, with projected net profits of 21.3 billion yuan, 23.9 billion yuan, and 26.4 billion yuan for 2025-2027 [11] Financial Performance Summary - For 2025, the company is projected to achieve operating revenue of 310.58 billion yuan, with a growth rate of 8.6% [10] - The net profit for 2025 is estimated at 21.35 billion yuan, reflecting a net profit growth rate of 13.9% [10] - The earnings per share (EPS) is expected to be 2.28 yuan in 2025, with a price-to-earnings (PE) ratio of 11.3x [10]

Core Viewpoint - The home appliance industry is facing significant challenges, but Haier Smart Home has reported strong financial performance, with notable growth in its air conditioning segment, indicating a successful strategy amidst intense competition [1][2]. Financial Performance - In the first three quarters of 2025, Haier Smart Home achieved revenue of 234.05 billion yuan, a year-on-year increase of 10% [1]. - The net profit attributable to shareholders reached 17.37 billion yuan, marking a 14.7% year-on-year growth and setting a historical record [1]. - The air conditioning business saw a remarkable 31% year-on-year increase in sales volume from January to September, with net income for the first three quarters surpassing the total for the entire year of 2024 [1]. Market Position - Haier's air conditioning products are leading in multiple channels, with the "Net Energy Saving" series selling over 1.37 million units online [1]. - The "Comfort Wind" series achieved top sales within half an hour of its launch during the Double Eleven shopping festival [1]. - In the offline market, Haier's air conditioning products frequently ranked second in market share during the cooling season, reinforcing its competitive position [1]. Competitive Advantages - Haier's sustained growth is attributed to three core advantages: technology leadership, digital empowerment, and a shift from single product sales to comprehensive smart air solutions [2][3]. - Technological innovations, such as the UWB human radar in the new Comfort Wind air conditioner, enhance product differentiation and meet modern consumer needs [2]. - The digital transformation has improved operational efficiency across the entire value chain, enabling precise consumer insights and integrated service delivery [2]. Strategic Transformation - Haier has successfully transitioned from selling individual products to offering "whole-home smart air solutions," integrating air conditioning, fresh air systems, air purification devices, and smart control platforms [3]. - This transformation not only increases product value but also opens new growth avenues, allowing Haier to maintain its leadership in the competitive home appliance market [3]. - The ongoing development of smart home ecosystems is expected to further bolster Haier's strong market momentum [3].

Core Insights - The 2025 Double 11 shopping festival showcases a significant shift towards AI technology products, with consumer acceptance rapidly increasing, transforming smart technology from a niche to a mainstream necessity, thus driving overall consumption growth [1] - The home appliance industry reflects this trend, with Haier's new products dominating the market, indicating strong consumer recognition of smart technology as a necessity [1] Group 1: AI Empowerment and Consumer Needs - Haier's new products address real consumer needs through practical AI applications rather than relying on conceptual marketing, aligning with the trend of "technological practicality" during this year's Double 11 [3] - The Haier Comfort Wind Pro air conditioner features AI human sensing technology that adjusts airflow based on human position, effectively addressing the discomfort of cold drafts for families [3] - The Haier Yunxi 4.0 Pro washing and drying set offers AI-driven solutions for pet owners, efficiently separating pet hair during washing and drying, thus meeting the core needs of pet-owning households [3] Group 2: Health and Practicality in Home Appliances - In the bathroom and water purification sectors, Haier's products like the magnesium-free electric water heater and the sweet fresh water purifier cater to health-conscious consumers by reducing scale and enhancing water quality [6] - The introduction of innovative sales strategies, such as live-streaming with direct consumer engagement, helps reduce decision-making costs and build trust among consumers [6] Group 3: Future Trends and Industry Direction - The "smart popularization" trend observed in the 2025 Double 11 is a direct response to the upgrade in consumer demand for practical smart solutions, setting a clear direction for the development of the home appliance industry [7] - As smart technology continues to integrate into daily consumption scenarios, products that meet mainstream needs are expected to drive consumption and foster industry innovation [7]

近日，由日本电机工业会(JEMA)主办的"2025年度(第74届)电机工业技术功绩者表彰"结果揭晓，海尔日 本研发中心凭借在技术创新与产品实力上的突出表现，一举斩获1项优良奖及2项鼓励奖。这一荣誉不仅 是对海尔日本研发团队的高度肯定，更印证了其技术成果在推动行业可持续(SDGs)发展中的重要价 值。 "电机工业技术功绩者表彰"设立于1952年，历经74届发展，已成为日本电机、家电、能源及相关机电产 业领域极具权威性的技术奖项。该奖项由汇聚日本顶尖家电企业的JEMA组织评审，评选流程严谨规 范，需经会员企业推荐、JEMA技术评审委员会多轮审查，从技术创新性、社会影响力及量产实用性等 核心维度进行综合考量。因其评选标准严苛，获奖成果往往被视为当年电机产业的技术风向标与行业标 杆，具备极高的行业认可度。 在本次表彰中，优良奖授予了海尔日本研发中心开发"搭载LED保鲜技术冰箱"的团队。该技术应用于 AQUA高端冰箱TX、TZ等系列中，它能帮助蔬菜和水果长期保存，为减少食物浪费作出贡献。此外， TZ和TX系列除了此次获奖的技术外，还采用了智能恒温技术和超薄型设计，能够精确控制温度，减少 能源浪费，同时提升空间利用率等， ...

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

证券代码：600690 证券简称：海尔智家 公告编号：临2025-067 海尔智家股份有限公司 每股分配比例 A股每股现金红利0.2692元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/6 | － | 2025/11/7 | 2025/11/7 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经海尔智家股份有限公司（简称"公司"、"本公司"）2025年10月16日 的2025年第一次临时股东会审议通过。 二、 分配方案 2025年半年度A股权益分派实施公告 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： 放于回购专用证券账户中的股份不参与本次利润分配。 3. 差异化分红送转方案： （1）本次差异化分红方案 根据公司2025年第一次临时股东会审议通过的《海尔智家股份有限公司2025半年度利润 分配预案》，除回购账户内已回购股份外，公司拟向股东每10股 ...

海尔智家股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 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： | 回购方案首次披露日 | 2025/3/28，由董事会提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 3 月 28 3 | 日~2026 | 年 | 月 | 27 日 | | 预计回购金额 | 100,000万元~200,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 40,482,500股 | | | | | | 累计已回购股数占总股本比例 | 0.431% | | | | | | 累计已回购金额 | 1,016,824,165.24元 | | | | | | 实际回购价格区间 | 23.60元/股~26.64元/股 | | | ...

Company Overview - Haier Smart Home (SH 600690) announced on October 31 that it did not implement A-share buybacks in October 2025. From the start date of the buyback on April 7, 2025, to the end of October 2025, the company repurchased approximately 40.48 million shares, accounting for 0.431% of the total share capital, with a total expenditure of about 1.017 billion yuan [1]. Financial Performance - For the first half of 2025, Haier Smart Home's revenue composition was as follows: refrigerators accounted for 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen and bathroom appliances 13.1%, channel comprehensive services and others 11.97%, and water appliances 6.11% [1]. Market Capitalization - As of the report date, Haier Smart Home's market capitalization was 251.5 billion yuan [2].

Core Viewpoint - Haier Smart Home has demonstrated resilience in overseas markets despite ongoing global uncertainties, as evidenced by its third-quarter report for 2025, which shows significant revenue and profit growth [1] Financial Performance - For the first three quarters of 2025, Haier Smart Home reported revenue of 234.05 billion yuan and a net profit attributable to shareholders of 17.37 billion yuan, representing year-on-year growth of 10% and 14.7% respectively [1] - Overseas market revenue grew by 10.5% year-on-year, outperforming the industry average [1] Market Performance - North America showed stable operations, while market share in Europe expanded steadily [1] - Southeast Asia experienced growth exceeding 15%, South Asia over 25%, and the Middle East and Africa over 60% [1] Localization Strategy - Haier Smart Home has implemented a differentiated product strategy tailored to local market demands, enhancing its high-end product line in North America through GE Appliances [1] - In Europe, the company introduced energy-efficient products that exceed local energy standards, addressing regional energy cost concerns [1] Service Localization - The company has advanced its "four networks integration" strategy (logistics, information, service, and marketing networks) to improve local market responsiveness and service efficiency [2] - In Europe, Haier Smart Home optimized its logistics network, resulting in increased retail market share for refrigerators and washing machines in key markets [2] Supply Chain Localization - Haier Smart Home has adopted a diversified global supply chain strategy, enhancing local supply chain management [2] - The company increased production capacity in North America and launched a new air conditioning manufacturing base in Thailand, which is set to produce 6 million units annually [2] Industry Trends - The home appliance industry is shifting from a "contract manufacturing + shipping" model to a "local supply + long-term operation" model [2] - The adaptability of companies, organizational capabilities, and long-term strategic abilities will become critical evaluation metrics in the new phase of the industry [2]

Core Insights - The smart home industry is transitioning from single-device intelligence to comprehensive home intelligence, with user experience becoming a key measure of brand value [1] - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, a 10% year-on-year increase, and a net profit of 17.37 billion yuan, up 14.7%, marking a historical high [1] - The "Three Wings Bird" platform has over 13 million monthly active users, more than 6,600 ecological resources, and connects over 52 million smart devices [1] Online Strategy - The industry is moving from "device networking" to "scene linkage," with users seeking systems that proactively understand their intentions and provide seamless experiences [2] - The "Three Wings Bird" platform integrates AI into products and scenarios, allowing devices to better understand user needs, such as recommending pizza recipes based on voice commands in the kitchen [2] - A new all-in-one smart home package starting at 3,999 yuan has been launched, lowering the budget barrier for users and simplifying operations through natural voice commands [2] Offline Strategy - User decision-making heavily relies on actual experience, prompting "Three Wings Bird" to enhance offline presence with experiential centers like the recently opened Beijing Boloni Experience Center [3] - The center showcases ten scenarios, providing immersive experiences that convert technological advantages into trustworthy consumer decision-making [3] - A customized platform has been launched to streamline the design process into five self-service steps, allowing users to co-create solutions, with AI generating integrated design plans in three minutes [3] - The platform connects to over 6,600 ecological resources, ensuring that design solutions can be accurately implemented, addressing the industry's "what you see is not what you get" pain point [3]