| | | 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（不包括庫存股份）數 目 | | 佔有關事件前 ...

Group 1: Haier Group - Haier Group views the policy of Hainan's full island closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvement through policy dividends [2][4] - The company aims to leverage its market hub position to optimize its global layout and provide new momentum for industrial upgrades [2][4] - Haier has maintained its goal of creating a "world brand" for Chinese products, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [4][5] - The company has established ten major R&D centers globally and has launched over 200 original products, positioning itself as a leader in international standard formulation [5][6] Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a springboard for expanding into international markets and building a global innovation hub for the low-altitude economy [7][9] - The company plans to integrate duty-free consumption scenarios in the free trade port to create immersive cultural tourism IPs [7][9] - Qianji Technology emphasizes the need for a cross-cultural approach, combining technology and creativity to resonate with diverse audiences [9][10] Group 3: Huya - Huya identifies Hainan's full closure as a valuable policy window that aligns with its data-driven and content-exporting strategy [12][14] - The company anticipates enhanced efficiency in cross-border live streaming and esports data synchronization, facilitating smoother content distribution to global audiences [12][14] - Huya has established a comprehensive service system that supports game publishers in overseas markets, enhancing user engagement and operational efficiency [14][15] - The company advocates for deep localization and building an ecosystem of interconnected services to ensure sustainable growth in international markets [15][16]

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects, despite significant benefits from the "old-for-new" policy in 2025. Leading companies are anticipated to outperform the industry due to their channel and brand advantages. Long-term growth in overseas sales is also expected to remain stable, supported by an increase in global market share [1][2]. Summary by Sections 2025 Review - The home appliance sector has shown a cumulative increase of 8.1% year-to-date as of November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 index by 10.4 percentage points [2]. - The performance of various segments includes: home appliance components (+64.7%), black appliances (+12.6%), lighting equipment (+11.9%), small appliances (+9.5%), kitchen appliances (-0.7%), and white appliances (-1.1%) [2]. - Retail sales of home appliances from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, although growth slowed in September and October due to high base effects. Exports in the same period decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily due to the impact of the US-China trade war, but the decline was manageable, indicating resilience and global competitiveness [2]. 2026 Outlook - Domestic demand is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages. For external sales, companies have adapted to trade policy fluctuations since 2018-2019, and long-term growth in overseas sales is anticipated [3]. - Profitability is expected to remain stable, with manageable cost pressures as copper prices have risen, shipping costs have returned to normal levels, and the exchange rate has shown slight appreciation [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016. The proportion of public funds heavily invested in the home appliance sector decreased to 2.5%, down 1.8 percentage points from the previous quarter, marking a continuous decline over three quarters [3]. 2026 Sub-industry Outlook - White Appliances: Expected to face a slowdown in growth due to high base effects from national subsidies, but overseas sales are projected to remain resilient, benefiting from emerging market demand [4]. - Small Appliances: Continued policy support is expected to improve average prices in kitchen small appliances, with significant growth potential in the overseas market for robotic vacuum cleaners [4]. - Black Appliances: Product structure upgrades are anticipated to enhance average prices and profitability, with continued growth in overseas market share [5]. - Two-Wheelers: The implementation of new regulations in 2026 is expected to sustain industry growth, with leading companies likely to increase their market share as smaller competitors exit the market, and significant opportunities in overseas markets [5].

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages [1][3]. 2025 Review - The overall performance of the home appliance sector has lagged behind, with the Shenyin Wanguo Home Appliance Index showing a cumulative increase of 8.1% from January 1 to November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 Index by 10.4 percentage points [2]. - The home appliance retail sales from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, but growth rates slowed in September and October due to high base effects [2]. - Home appliance export values from January to October 2025 decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily impacted by the US-China trade war, yet the decline was manageable, reflecting resilience and global competitiveness [2]. 2026 Outlook - On the demand side, the home appliance industry is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are anticipated to leverage their channel and brand advantages to outperform the market [3]. - The profitability outlook remains stable, with only copper prices rising recently, while shipping costs have returned to normal levels and exchange rates have shown slight appreciation, keeping overall cost pressures manageable [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016 [3]. 2026 Sub-industry Outlook - In the white goods sector, growth may slow due to high base effects from national subsidies, but exports are expected to remain resilient, supported by emerging markets, leading to stable growth for leading companies [4]. - The small appliance segment is likely to see continued improvement in average prices due to ongoing policy support, with the vacuum cleaner industry expected to gain market share overseas, indicating significant long-term growth potential [4]. - In the black goods sector, product structure upgrades are anticipated to drive price increases and improve profitability, with overseas market share expected to continue rising [5]. - The two-wheeler industry is projected to maintain growth in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to increase their market share, particularly in overseas markets [5].

这些贴合本土需求的智慧家电与场景，是海尔智家全面家电网器化战略的深度落地成果。进入中东非以 来，海尔智家洞察用户需求，在研发层面，通过AI科技，将家电升级为可连接、可交互、可协同的网 器，精准匹配用户需求;制造层面，去年投产的埃及生态园，不仅实现核心产品本地生产、缩短交付周 期，更能敏捷响应区域差异化需求，支持场景方案的快速迭代与普及。 从精准适配的智能单品，到互联协同的场景，海尔智家以"全面网器化"战略推动智慧生活在中东扎实落 地，并获得市场认可。数据显示，截至今年10月，海尔智家在中东非市场同比增长超60%。 展会现场，海尔智家以一系列深度本土化的智慧家电响应用户需求。比如展会中展示的空调不仅能在 68℃极端高温下稳定运行，更搭载AI智能控温系统，在保证强冷效果的同时实现节能降耗。搭载AI材 质识别技术的洗衣机，能自动判断棉、麻、丝绸等不同面料并匹配最优洗涤程序，从根源解决衣物护理 难题。搭载防电墙与金刚三层胆专利技术，有效应对当地水质偏硬、电压不稳等问题，同时融入AI智 能预约功能，满足用户随时用水需求。 除了单品智慧家电的优势，海尔智家还通过场景展示，直观呈现智慧家电之间的协同能力。在智慧洗护 场景中 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示： ● 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）本次注销部分回购股份1,472,684股，占注销 前总股本的0.016%。本次部分回购股份注销完成后，公司总股本将由9,380,463,334股变更为 9,378,990,650股。 ● 本次回购股份注销事宜将于2025年12月5日办理完成，本次回购股份注销手续符合法律法规相关要 求。 一、回购股份的基本情况 海尔智家股份有限公司（简称"公司"）于2022年3月30日召开第十届董事会第二十七次会议，审议通过 了《海尔智家股份有限公司关于回购部分A股社会公众股份方案的议案》（简称"2022年度回购计 划"），同意公司使用自有资金以集中竞价交易方式回购部分A股社会公众股股份，用于实施公司员工 持股计划或股权激励。公司于2022年4月13日披露了《海尔智家股份有限公司关于回购部分A股社会公 众股份方案报告书》。 自2022年4月13日首次回购股份至2023年1月31日，公司通过2022年度回购计划专用证券账户在二级市场 以集中竞价交易方式累计回购股票59,768,139股，约占当时公司总股本的0. ...

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。 特别提示： ● 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）本次注销部分回购股份1,472,684股，占注销 前总股本的0.016%。本次部分回购股份注销完成后，公司总股本将由9,380,463,334股变更为 9,378,990,650股。 ● 本次回购股份注销事宜将于2025年12月5日办理完成，本次回购股份注销手续符合法律法规相关要 求。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600690 证券简称：海尔智家 公告编号：临2025-071 海尔智家股份有限公司 关于部分回购股份注销完成暨股份变动的公告 本次部分回购股份注销事宜将于2025年12月5日办理完成，本次部分回购股份注销手续符合法律法规相 关要求。 三、本次部分回购股份注销后公司股本变动情况 一、回购股份的基本情况 海尔智家股份有限公司（简称"公司"）于2022年3月30日召开第十届董事会第二十七次会议，审议通过 了《海尔智家股份有限公司关于回购部分A股社会公众股份方案的议案》（简称 ...

Core Insights - In 2025, brands are shifting from traditional marketing strategies to more innovative and engaging approaches that resonate with consumers' emotions and preferences [1][2] - Successful marketing now involves creating participatory events and leveraging user-generated content to enhance brand visibility and connection [1] Group 1: Case Studies of Innovative Marketing - **Mixue Ice City**: The brand's IPO was marked by a lively event featuring various IPs, breaking the traditional solemnity of such occasions and enhancing brand relatability among younger consumers [1][2] - **Haier**: The brand effectively utilized the "listening to advice" strategy by having its CEO return to social media, which resonated with users and boosted product sales [3][5] - **Yike Spring**: The brand creatively linked its marketing to a popular drama, using a pun on its spokesperson's name to enhance product appeal and engagement [4][7] Group 2: Sports and Event Marketing - **Yili**: The brand transformed traditional sports marketing by integrating long-term engagement strategies with current events, creating a relatable brand image [10][11] - **Sanjiao Weitai**: The brand capitalized on a trending drama to create a humorous and engaging marketing campaign that resonated with viewers, enhancing brand affinity [11][13] - **Gaotu Education**: The collaboration with a celebrity for an English course showcased a new model of education marketing that combines entertainment with learning [16][15] Group 3: User-Centric Marketing - **Xiangpiaopiao**: The brand's partnership with a popular figure demonstrated the effectiveness of user-driven marketing, enhancing consumer connection and brand perception [16][18] - **Zhuanzhuan**: The brand's strategic business shift was cleverly marketed, turning a potential negative into a viral advertising opportunity [18][20] - **Luckin Coffee**: The brand's dramatic marketing campaign involving a partnership and subsequent "divorce" with another brand created significant buzz and consumer engagement [22][23] Group 4: Competitive Landscape in Delivery Services - **JD.com, Meituan, Ele.me**: The competition in the food delivery market intensified with aggressive pricing strategies and targeted marketing campaigns, each brand leveraging unique selling propositions to attract consumers [25][23] - **Market Dynamics**: The shift towards local and immediate retail services reflects changing consumer behaviors, with brands adapting to meet the demand for convenience [25]

Group 1 - LG Chem announced a strategic partnership with Haier Smart Home to establish a joint laboratory focusing on new product development, materials, and processes to address specific technical challenges in the appliance sector [2][3] - The collaboration aims to enhance technological cooperation and innovation practices, aligning with the global trend towards high-end, intelligent, and personalized home appliance products [3] - LG Chem has an ABS production capacity of 2.3 million tons, leading the international market share, and is set to achieve approximately 48.9 trillion Korean won in global sales in 2024 [3] Group 2 - Haier Smart Home, a subsidiary of Haier Group, focuses on the "smart home" sector and aims to become a world-class leader in smart home ecosystems, having ranked first in global retail volume of large home appliances for 16 consecutive years [3] - Haier has established 12 lighthouse factories, creating the largest and most diverse cluster of such factories in the industry [3] Group 3 - The article mentions an upcoming conference on polymer recycling, featuring various forums and discussions on advanced recycling technologies and sustainable practices in the industry [4][5][6][7][8][9][10] - The conference will include presentations from experts on topics such as chemical recycling, waste plastic upcycling, and sustainable materials development [6][7][9]

南海的风总带着温柔的韧劲，裹着潮汐的脉动掠过博鳌的椰林，玉带滩的浪涛一次次拍向礁石，把生机 悄悄种进这座海滨小镇的每一个角落。12月4日，2025企业家博鳌论坛主论坛开幕，那些激荡在会场里 的思想，像沙滩上的贝壳，被参会者小心翼翼地拾起，成了往后回味的珍贵念想。 1 周云杰： 把"链接"写进企业的未来里 海尔集团董事局主席周云杰一开口，就把大家拉进了"智能时代"的思考里："现在的链接早不是工具 了，是企业的存在方式。哪怕链接得不完美，也比关起门来搞孤立强。"他说这话时，眼里藏着对企业 发展的通透。 工业时代，谁手里有资源，谁就有话语权。可到了智能时代，周云杰发现，"能链接全球，才能掌握主 导权"。海尔的"智慧生活平台"就是最好的例子——以前家里的冰箱、洗衣机各管各的，现在通过平台 连起来，能根据人的习惯搭出贴心的生活场景；就连三滚筒洗衣机，也是让消费者一起参与设计， 把"买东西的人"变成了"一起造东西的人"；还有"人单合一"模式，打破了公司里一层管一层的规矩，让 每个员工都能自己找创新的方向，像小树苗一样自由生长。 聊到"十五五"的新机遇，周云杰说："别总追着风口跑，不确定性里藏着真机会。"海尔没跟风凑热闹， ...