Group 1 - The Anhui Province Huai Bei Market Supervision Administration has released the results of the quality supervision and random inspection of electric bicycles and household gas stoves for 2025 [2] - The inspection results include various brands and models of electric bicycles, with some passing and others failing due to issues such as battery tampering prevention and size limits [3][4] - A total of 30 household gas stoves were inspected, all of which passed the quality checks, indicating a strong compliance in this category [4] Group 2 - Specific brands of electric bicycles that failed the inspection include New Day and Aima, with failures primarily related to battery tampering prevention [3] - The inspection covered multiple retailers in Huai Bei, including both physical stores and e-commerce platforms, highlighting the diverse sales channels for these products [3] - The results suggest a need for improved quality control measures among manufacturers of electric bicycles, as several models did not meet safety standards [3]

Core Viewpoint - Haier Smart Home (600690) acknowledges that its stock price fluctuations in the secondary market are influenced by multiple complex factors, including macroeconomic environment, industry cycles, market sentiment, and capital preferences [1] Group 1 - The company's operations are stable, reflecting the effectiveness of its strategy and the resilience of its core business [1] - The company places a high emphasis on investment returns and has established a diversified return mechanism, including cash dividends and share buybacks [1] - The management team will continue to be diligent and responsible, focusing on core business operations and enhancing operational quality and core competitiveness [1] Group 2 - The company is committed to delivering steady performance growth and long-term development prospects to reward the trust of its investors [1]

Core Viewpoint - The U.S. International Trade Commission (ITC) has initiated a Section 337 investigation into specific microwave-hood combinations following a complaint from U.S. companies regarding violations of U.S. trade laws [1] Group 1: Investigation Details - The investigation was prompted by a complaint filed on November 18, 2025, by U.S. companies alleging that the products in question violate Section 337 of U.S. trade law [1] - The ITC will determine the end date of the investigation within 45 days of the case being filed [3] - Unless vetoed by the U.S. Trade Representative for policy reasons, any relief order issued by the ITC in Section 337 cases will take effect on the date of issuance and will have finality 60 days after that date [3] Group 2: Defendants - The defendants in this case include major companies such as Samsung Electronics, LG Electronics, Midea Group, Haier Group, and several others from the U.S. and Canada [2]

Core Viewpoint - Haier Central Air Conditioning has launched the industry's first 4Hz ultra-low frequency stable operation technology, marking a significant step in its commitment to the "dual carbon" strategy and the promise of "good air" for users [1] Group 1: Technological Innovation - The 4Hz technology represents a substantial advancement from the previous 6Hz technology, allowing for a minimum operating power of 124W, nearly halving the energy consumption compared to standard 6Hz models [4] - This innovation addresses challenges in control algorithms, system stability, and noise vibration, enhancing the overall user experience by reducing temperature fluctuations and energy loss [3][4] - The development involved 118 engineers over a span of more than 720 days, emphasizing the complexity and significance of this technological leap [4] Group 2: User Experience - The implementation of 4Hz technology leads to three key improvements for users: significantly reduced electricity consumption in low-load scenarios, quieter operation akin to a baby's breathing, and stable temperature control without the discomfort of temperature fluctuations [6] - The products featuring this technology are produced in a leading "lighthouse factory," ensuring top quality and consistency through digitalization [4] Group 3: Strategic Alignment - The launch of the 4Hz technology aligns with the broader industry trend towards greener and healthier living standards, reflecting a shift from merely providing heating and cooling to offering comprehensive air solutions [3][7] - Haier Central Air Conditioning's commitment to technological originality and the core responsibility of providing "good air" is evident in its strategic approach, which integrates user comfort and energy efficiency [7]

Core Insights - Haier has been listed in the "World's 500 Most Valuable Brands" for 22 consecutive years, ranking 33rd globally and maintaining its position among the top three Chinese brands, reflecting its growing global competitiveness [1] - The brand's continuous innovation is driven by the evolving user demands in the AI era, shifting from product functionality to experiential sovereignty and emotional value [2][3] - Haier's global branding strategy has led to significant market share in various regions, including being the top large home appliance brand for 16 years and achieving leading positions in multiple countries [4][5] Brand Performance - The "World's 500 Most Valuable Brands" list evaluates brands based on market share, brand loyalty, and global leadership, with Haier's consistent ranking indicating its strong global influence [1] - Haier's sales of the Mai Lang refrigerator exceeded 700,000 units within nine months of launch, showcasing its successful user co-creation and iterative product development [2] AI Strategy - Haier has positioned 2025 as its "AI Application Year," aiming for comprehensive integration of AI across all processes to enhance user experience [3] - The company utilizes AI technology to capture user needs and transform them into innovative products and services, demonstrating its commitment to continuous improvement [2][3] Global Branding and Market Expansion - Haier has maintained a global branding strategy for over 40 years, being one of the first Chinese companies to export under its own brand [4] - The company has established a high-end brand matrix, achieving significant growth in various international markets, including Europe, Australia, Japan, Southeast Asia, and Pakistan [4][5] Emotional Connection and Sports Marketing - Haier emphasizes the importance of emotional connections in globalization, partnering with renowned sports clubs and events to enhance brand recognition and acceptance [5] - The collaboration with sports entities aims to deepen emotional links with users, transitioning from mere recognition to genuine brand acceptance [5] Ecosystem Development - Haier is transitioning from a traditional appliance manufacturer to an ecosystem enterprise, focusing on smart living, health, and digital economy sectors [6] - The company is expanding its ecosystem through strategic investments and partnerships, enhancing its industrial internet capabilities and creating a comprehensive ecosystem [6][7]

Core Viewpoint - The home appliance industry is witnessing a rare trend of collaboration among major air conditioning companies to promote a self-regulatory convention regarding the use of aluminum in air conditioning systems, while Gree, a leading player, has not joined this initiative [2][4][14]. Industry Collaboration - Major brands such as Midea, Haier, and others have announced a self-regulatory convention to prohibit malicious attacks and promote the characteristics of aluminum heat exchanger air conditioners [2]. - Gree, traditionally a leader in the industry, has publicly stated it does not have plans to adopt aluminum in place of copper, citing concerns over aluminum's technical capabilities [2][11]. Market Reactions - Gree's stock price has risen despite the industry's shift towards aluminum, while the stocks of companies that joined the convention have shown volatility, indicating challenges in the widespread adoption of aluminum [5]. - The rising copper prices have led to increased costs for air conditioning manufacturers, prompting discussions about the potential benefits of switching to aluminum [6][10]. Cost Analysis - The cost of copper is significantly higher than aluminum, with copper prices reaching approximately 93,500 yuan per ton compared to aluminum at around 21,862.5 yuan per ton [7]. - The use of copper in air conditioning units accounts for about 26% to 33% of the total cost, with high-end models using up to 40% [9]. - If aluminum were to replace copper, Midea could save approximately 23.2 billion yuan, Gree 17.3 billion yuan, and Haier 12.4 billion yuan in costs [10]. Technical Considerations - Gree has expressed concerns about aluminum's durability and reliability, stating that aluminum components may have a shorter lifespan compared to copper, which could conflict with their commitment to a ten-year warranty [11][12]. - The industry consensus suggests that while aluminum can be used in non-pressurized components, it is not suitable for critical parts of the cooling system due to issues like corrosion and welding difficulties [11][12]. Consumer Perception - A significant portion of consumers (68%) prioritize whether an air conditioner is made of copper when making purchasing decisions, indicating that Gree's commitment to copper may enhance its brand perception [15]. - The push for aluminum in the industry is partly driven by government strategies to promote resource efficiency, but consumer trust in aluminum's performance remains a concern [14][16].

二、股份变动情况 前述已回购H股注销完成后，公司的股份变动情况如下： 证券代码：600690 证券简称：海尔智家 公告编号：临2025-072 海尔智家股份有限公司关于境外上市外资股（H股）股份变动情况的公告 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。 重要内容提示： ● 回购H股股份的进展情况：自2025年10月10日至2025年12月16日，公司已累计回购H股股份1,361,000 股，占公司总股本的比例为0.015%，购买的最高价为27.30港元/股、最低价为26.58港元/股，支付的金 额（含手续费）为36,838,932.70港元，该等回购股份已全部注销。 一、回购H股股份的进展情况 2025年5月28日，公司2024年年度股东大会、2025年第一次A股类别股东大会、2025年第一次D股类别股 东大会、2025年第一次H股类别股东大会审议通过了《海尔智家关于提请股东大会给予董事会一般性授 权以决定回购不超过公司已发行H股股份总数10%股份的议案》。 自2025年10月10日至2025年12月16日，公司已累计回购 ...

Core Viewpoint - Haier Smart Home (600690) is actively exploring various cooperation opportunities to enhance its core competitiveness, aligning with its strategic development needs [1] Summary by Categories - **Company Strategy** - The company emphasizes its commitment to exploring partnerships that can improve its core competitiveness [1] - There are currently no undisclosed matters that require legal disclosure [1] - **Disclosure Compliance** - The company assures that it will fulfill its information disclosure obligations in accordance with legal regulations if any matters meet the disclosure standards [1]

证券日报网讯 12月17日，海尔智家在互动平台回答投资者提问时表示，公司股价在二级市场的短期波 动受到宏观经济、行业周期、市场情绪及资金偏好等多重复杂因素的综合影响。公司始终致力于夯实基 本面与长期竞争力。公司经营稳健表明公司战略路径的有效性与经营的韧性。公司财务状况健康，现金 流充沛，为长远发展与回报股东奠定了坚实基础。公司一贯重视并积极通过现金分红等方式与投资者共 享发展成果。未来具体分红方案，公司将综合考虑公司发展阶段、盈利状况、战略资金需求及长远可持 续发展等因素，严格遵循公司章程及相关规定来审慎制定，以平衡当期回报与长期价值创造。如有相关 计划，公司将依法及时履行信息披露义务。 （文章来源：证券日报） ...

Core Viewpoint - Haier Smart Home (600690) emphasizes that its stock price is influenced by various factors including macroeconomic environment, industry trends, and market sentiment, while maintaining stable operations and orderly strategic advancement [1] Group 1: Company Performance - The company has been focusing on shareholder returns through cash dividends and share buybacks, sharing development achievements with investors [1] - As of November 30, 2025, the company has repurchased a total of 40,902,500 shares, representing 0.436% of the total share capital [1] Group 2: Share Buyback and Capital Reduction - At the temporary shareholders' meeting in October, the company approved the cancellation of all 1,472,684 shares from the 2022 share buyback plan, which will lead to a corresponding reduction in registered capital [1] - This cancellation process is scheduled to be completed by December 5, 2025 [1] Group 3: Future Outlook - The company aims to continue high-quality development and optimize operational performance to create long-term value for investors [1]