Core Viewpoint - The air conditioning market in Northern China is experiencing significant growth, driven by rising temperatures and increased demand, with Haier solidifying its market position in the region [2][4][5]. Group 1: Market Performance - From July 7 to July 13, air conditioning sales in Northeast China surged, with sales revenue in Liaoning, Jilin, and Heilongjiang provinces increasing by 10, 25, and 6 times year-on-year respectively [2]. - In the first half of 2025, Haier's air conditioning products (including brands like Leader and Casarte) achieved a 16% market share in offline retail, ranking third overall, with market shares in Northeast, North China, and Northwest regions at 37%, 24%, and 21% respectively [3]. Group 2: Environmental Factors - The ownership of air conditioners per hundred households in Heilongjiang, Jilin, Liaoning, and Hebei is 24, 34, 80, and 160 units, showing increases of 75%, 86%, 64%, and 27% since 2018. In contrast, Guangdong, Chongqing, and Zhejiang have ownership rates of 232, 257, and 239 units, with growth rates of 15%, 23%, and 8% respectively [4]. - The summer of 2025 has seen unprecedented high temperatures in Northeast China, which, combined with global warming trends, is expected to lead to more frequent high-temperature events in the North, thereby accelerating the demand for air conditioning [4]. Group 3: Company Strategy - Haier's air conditioning division has strengthened its market position in Northern China, with a year-on-year increase in offline retail market share of 1.6% in Northeast and 2.7% in North China, while Midea's market share decreased by 6.0% and 3.8% respectively [5]. - Haier is focusing on high-efficiency, AI-controlled products and has adopted interactive live-streaming for marketing, directly engaging with end-users [7]. - The company is optimizing its supply chain with a new compressor factory in Zhengzhou, designed for an annual capacity of 15 million units, with the first phase expected to produce 3 million units by April 2024 [7].

Core Viewpoint - The article discusses the increasing presence and competitiveness of Chinese home appliance companies in the European market, highlighting their strategies and growth in sales, while also noting the response from South Korean companies like LG Electronics to this challenge [1][2][3]. Group 1: Market Dynamics - Chinese home appliance exports to Europe reached $15.57 billion from January to May 2025, marking a 12.3% year-on-year increase, with air conditioning exports growing approximately 20% due to rising temperatures in Europe [4][9]. - Haier's market share in the UK has reached 9%, positioning it among the top three brands, alongside Beko and Bosch [9]. - Midea's air conditioning sales in Europe increased by 35% in the first half of 2025, with a notable 68% growth in France [4][9]. Group 2: Competitive Strategies - LG Electronics plans to launch co-developed washing machines and refrigerators priced around $500 in Europe, moving from OEM to Joint Development Manufacturing (JDM) to enhance market share [2][4]. - LG Electronics has partnered with Chinese companies like Skyworth and Aucma to develop products, aiming to expand this model to other appliances like air conditioners [5][6]. - The article notes that LG Electronics is under pressure as its profits and appliance revenues have fallen below those of Midea, which reported a record revenue of 407.1 billion RMB in 2024 [7][8]. Group 3: Future Outlook - Chinese appliance companies are not only expanding in the low-cost segment but are also moving towards the mid-to-high-end market, creating a multi-tier brand matrix [8][10]. - The article predicts that the market share of Chinese companies in Europe will continue to rise as they focus on localizing production and enhancing brand value [10].

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].

Group 1 - The Yunnan provincial party and government delegation visited Shandong from July 16 to 18 to strengthen cooperation and exchange [2] - Shandong aims to become an important economic growth pole in northern China, focusing on green, low-carbon, and high-quality development [2] - Yunnan is implementing Xi Jinping's important speech on its development and seeks to learn from Shandong's successful economic and social development measures [3] Group 2 - The two provinces plan to enhance collaboration in areas such as industrial transfer, green electricity combined with advanced manufacturing, modern agriculture, cultural tourism, and technological innovation [3] - During the visit, the delegation inspected key sites including Qingdao Port, Teruid Electric, Haier Group, and Shandong University [3]

市场调研公司欧睿国际最近的报告显示，中国在东南亚电器消费市场的份额从2015年的3.6%上升到 2024年的8.6%，其中一些产品崛起尤为强劲。欧睿国际高级全球洞察经理蒂姆·蔡说："中国的创新竞争 很激烈。在中国市场存活下来的强势企业一旦进入海外市场，就能凭借经验形成主导优势。" 海尔、美的等中国家电巨头通过收购和建立本地生产基地，逐步扩大全球版图。一些知名度较低的品牌 也凭借在国内积累的经验，借助高效、低成本的物流和强大线上销售渠道，不断提升（在东南亚的）市 场份额。 日本"日经亚洲评论"7月16日文章，原题：中国消费品牌在东南亚市场崛起，挑战老牌巨头 中国消费品 牌正通过收购竞争对手和利用线上销售渠道，加速在东南亚的扩张，深入进军曾由日韩和欧洲企业主导 的家电和化妆品市场。与汽车和智能手机领域的中国企业一样，海尔等大品牌以及一些不太知名的中国 品牌在该地区迅速扩张。 随着美国不断提高关税，中国消费品涌入东南亚的趋势可能加速。（作者铃木航等，刘长煌译） 中国企业的崛起挤压了曾在东南亚主导相关领域的日韩制造商的空间，如松下、LG电子等品牌。在空 调领域，2015年至2024年，日企的市场份额下降7个百分点，中 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年7月18日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 关于海尔智家股份有限公司 差异化分红事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 海爾智家股份有限公司 董事長 李華剛 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 中國青島 2025年7月18日 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 2024年年度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： 每股分配比例 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董 ...

Core Viewpoint - Chinese home appliance companies are increasingly gaining market share in Europe, prompting Korean companies to adopt new strategies to compete effectively [4][5][10]. Group 1: Market Dynamics - Haier, Midea, and other Chinese companies are expanding their presence in the European market, with Haier's market share in the UK reaching 9% [10]. - Midea's MBT Climate has established a new R&D center in Italy, investing €12 million to focus on environmentally friendly technologies [5][11]. - Chinese air conditioning exports to Europe reached $1.557 billion in the first five months of 2025, marking a 12.3% year-on-year increase [6][10]. Group 2: Competitive Strategies - LG Electronics plans to launch jointly developed washing machines and refrigerators priced around $500 in Europe, moving from OEM to JDM collaboration with Chinese firms [6][7]. - LG's strategy aims to capture the mid-to-low price market segment, which has been increasingly dominated by Chinese brands [9]. - Chinese companies are not only competing on price but are also moving towards the mid-to-high-end market, creating a diverse brand matrix [10][11]. Group 3: Financial Performance - Midea reported a record revenue of 407.1 billion RMB in 2024, with a significant portion coming from its home appliance segment [8]. - LG Electronics' revenue for 2024 was $62.893 billion, with a notable decline in profit margins compared to Chinese competitors [8][9]. - Haier and Hisense also reported record performances, indicating a strong competitive position against LG and other traditional players [8][10].

Core Viewpoint - The article discusses the competitive landscape of the robotic vacuum cleaner market in Russia, highlighting the rapid rise of Chinese brands following the exit of Western brands due to the Russia-Ukraine conflict, and the challenges these brands face as the market matures and competition intensifies [2][8]. Group 1: Market Dynamics - The exit of Western brands has created a significant market vacuum in Russia, which Chinese sellers have quickly filled, with local stores now featuring 90% Chinese-made products [2][8]. - The profit margins in the robotic vacuum market have drastically decreased from 60% to around 20% due to increased competition and the end of the "pure dividend era" [2][9]. - Major players like Xiaomi, Roborock, and Midea have emerged, with Xiaomi leading the market with over 30% share, while other brands like Dreame and Ecovacs struggle to maintain their positions [22]. Group 2: Entry Strategies - Companies entering the Russian market must act quickly, as delays can exponentially increase competition and difficulty [4][10]. - A successful entry strategy involves understanding local market dynamics, leveraging existing supply chains, and adapting products to meet local consumer preferences [10][11]. - The current market is still in a phase where competitive products can succeed without significant upfront investment in marketing or promotions [11]. Group 3: Product Localization - Russian consumers have shown a preference for high-quality, aesthetically pleasing products, indicating a need for localized design and marketing strategies [19]. - There is a significant opportunity for small household appliances in the Russian market, as evidenced by successful local brands that have gained traction [23]. - Products that do not consider local consumer habits, such as size and functionality differences, may struggle to succeed [17]. Group 4: Regulatory and Operational Challenges - The Russian market is characterized by complex regulations and a rapidly changing policy environment, which requires companies to stay informed and adaptable [39]. - Companies must navigate various tax regimes and compliance requirements, with a focus on establishing local entities to optimize tax benefits [31][34]. - The choice of service providers is critical, as companies must evaluate the reliability and reputation of logistics and financial service providers to avoid costly pitfalls [35][37].

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： ? 每股分配比例 A 股每股现金红利0.96504元 ? 相关日期 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 | 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 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | | ? 差异化分红送转： 是 ? 公司 D 股、H 股股东权益派发事宜参见本公司于境外信息披露平台、德国联邦公报以及 公司网站向 D 股股东、H 股股东另行发出的有关权益派发相关的公告 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 5 月 28 日 的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 ...