Group 1 - The company has approved a profit distribution plan for 2024, proposing a cash dividend of RMB 9.6504 per 10 shares, with a net profit distribution ratio of 48.01% [1][3] - The total amount for profit distribution remains unchanged at RMB 8,996,688,692.76 (including tax), despite changes in the number of shares due to share buybacks and employee stock plans [1][3] - The company will not issue bonus shares or convert reserves into share capital for this fiscal year, indicating a differentiated dividend approach [1][3] Group 2 - The company plans to repurchase A-shares using its own or self-raised funds, with a maximum repurchase price of RMB 40 per share and a total repurchase amount between RMB 1 billion and RMB 2 billion, to be completed within 12 months [2] - As of now, the company has repurchased a total of 31,830,800 shares under this plan [2] - The total number of A-shares is expected to be 6,254,501,095 by the end of the profit distribution implementation date, with 60,269,270 shares held in the repurchase account [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][14]. Core Views - The home appliance industry is experiencing robust growth in domestic sales, driven by government subsidies and strong demand for air conditioners and robotic vacuum cleaners, with retail sales growth exceeding 15% in Q2 2025 [2][18]. - Domestic sales of major home appliances showed solid growth in May 2025, while exports faced some pressure, particularly in categories like air conditioners and refrigerators [3][35]. - The U.S. home appliance retail market remains stable despite tariff impacts, with a slight increase in inventory levels [4][41]. Summary by Sections 1. Market Performance - In the first half of 2025, domestic sales of air conditioners, range hoods, gas stoves, and robotic vacuum cleaners saw significant growth, with online and offline retail sales of air conditioners increasing by 23.0% and 15.3% year-on-year, respectively [2][18]. - The overall retail demand for home appliances is strong, with various categories showing positive growth trends [2][18]. 2. Domestic and Export Sales - In May 2025, domestic sales of home appliances such as air conditioners, refrigerators, and washing machines increased by 13.4%, 13.7%, and 15.2% year-on-year, respectively, while exports faced challenges with declines in several categories [3][35]. - The report anticipates that the export of home appliances will continue to face short-term declines, but the long-term growth potential remains strong due to competitive advantages in technology and supply chains [3][35]. 3. U.S. Market Insights - The U.S. home appliance retail sector showed a year-on-year decline of 1.2% in May 2025, with cumulative declines of 1.9% for the year [4][41]. - Inventory levels in U.S. electronic and appliance stores have slightly increased, but the inventory-to-sales ratio remains low, indicating a stable market environment [4][41]. 4. Key Company Recommendations - The report recommends several companies for investment, including Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in the kitchen appliances sector [5][6][14].

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 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。 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7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 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召 ...

一、经股东大会审议通过的 2024 年度利润分配方案 因公司 2025 年 A 股员工持股计划非交易过户及 A 股股份回购事宜的进度更 新，使公司回购股份数量及实际可参与分配的股份总数发生变化，具体情况如下： 股票代码：600690 证券简称：海尔智家 编号：临 2025-048 海尔智家股份有限公司 关于 2024 年度利润分配方案调整每股分配比例的 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。 2025 年 A 股员工持股计划建仓完成：2025 年 6 月 20 日，公司收到中国证 券登记结算有限责任公司发送的《证券过户登记确认书》，"海尔智家股份有限 公司回购专用证券账户"所持有的公司股票已于 2025 年 6 月 19 日非交易过户至 "海尔智家股份有限公司－2025 年度 A 股核心员工持股计划"专户，过户价格 为 24.03 元/股，过户股份共计 31,481,400 股，2025 年 A 股员工持股计划建仓完 2025 年 5 月 28 日，海尔智家股份有限公司（以下简称"公司"）召开 2024 年年度股 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for air conditioning solutions in universities due to high temperatures, with Huazhong University of Science and Technology enhancing its campus facilities by adding 2,300 sets of Haier air conditioners after a previous installation of 6,000 sets in 2023 [1][3] - The new air conditioning units will primarily serve student dormitories, addressing the complex installation environment and high noise requirements by utilizing customized solutions such as 6-meter long copper pipes and vibration-damping pads for outdoor units [1][3] - Haier's strong market performance is evidenced by a market share of 27.2% during the week of June 23-29, 2023, ranking second in the industry and demonstrating robust growth momentum among leading brands [3] Group 2 - The decision to continue partnering with Haier is based on the reliable quality of its products and comprehensive after-sales service demonstrated during the 2023 collaboration [3] - The ongoing collaboration for campus engineering projects reflects the expanding competitive advantage of leading brands in the large project market [3]

智通财经7月7日电，香港交易所信息显示，贝莱德在海尔智家的持股比例于07月01日从6.93%升至 7.48%。 ...

中信建投研报指出，2025年炎夏侵袭全球，空调需求景气向好。今年夏季极端高温天气频发。根据历史数据 回溯，气温变化与空调销量显著正相关。受"热穹顶"效应和全球变暖趋势影响，北半球出现极端高温天气， 按历史经验有望大幅拉动空调内、外销量提升。同时，新一轮的限额式国补资金将陆续到位，有望接力刺激 国内需求释放，三季度夏季空调需求整体向好。 空调是白色家电行业重要组成部分。 从市场份额看，2023年空调线上市场形成"两超一强"格局：美的、格力零售额占比均达28.1%，海尔以 11.6%位列第三;线下市场则呈现"美格争霸"态势，美的以34.6%的占比微弱领先格力的32.4%，海尔14.4%的 份额稳居第三。 （图片来源：摄图网） 近期，我国东北地区及内蒙古出现罕见持续高温天气，部分地区最高气温超过35℃，甚至达到37℃以上。内 蒙古根河市6月27日气温飙升至33.4℃，其下属乡镇最高达36.5℃，呼伦贝尔市多地气温持续在35℃以上。东 北多所高校学生纷纷在社交媒体吐槽"热到怀疑人生"，极端天气不仅改变了人们对东北"避暑胜地"的固有认 知，更直接引爆了空调市场的消费热潮。 7月7日，小米集团副总裁、中国区总裁王晓雁微博 ...

Group 1 - The global market for magnetic levitation air conditioning is experiencing a "one strong, many strong" pattern, with a sales growth of 18.0% for magnetic levitation centrifugal units, significantly outpacing the 7.5% growth of large chillers [1] - Chinese brands now hold nearly 50% of the global market share, breaking the foreign monopoly, with Haier leading at 23.6% market share, surpassing the combined share of the second (11.1%) and third (10.9%) ranked companies [1] - In the domestic market, Haier's share exceeds 50% in 2024, equivalent to the total of all other brands combined [1] Group 2 - The core appeal of magnetic levitation air conditioning lies in its revolutionary energy-saving potential, with applications that can save over 50% in electricity compared to traditional air conditioning [3] - The integration of AI systems allows for automatic adjustments based on real-time temperature and load, reducing maintenance costs by 40% and enabling "unmanned operation" [3] - Despite the promising outlook, challenges such as increased price competition and varying quality due to over 50 new brands entering the market are present, indicating a transition from "wild growth" to "regulated competition" [3] - A national standard for oil-free suspended centrifugal chillers, led by Haier, was published in March and will be implemented on October 1, involving 21 participating enterprises [3] - Over the next five years, magnetic levitation air conditioning is expected to deeply integrate with AI and renewable energy technologies, expanding its application scenarios, especially in the context of global warming and energy-saving initiatives [3] - Brand competition is anticipated to intensify, with a focus on technological and standard leadership as key to maintaining market position [3]

金十图示：2025年07月07日（周一）富时中国A50指数成分股今日收盘行情一览：银行股多数飘红，酿酒、保险、半导体板块走 势分化 +0.09(+1.60%) +0.09(+1.01%) +0.06(+1.37%) 保险 中国太保 中国平安 0.000 中国人保 08 3860.75亿市值 3629.75亿市值 10276.04亿市值 8.81亿成交额 18.14亿成交额 5.90亿成交额 37.73 8.73 56.43 +0.59(+1.59%) -0.14(-0.25%) +0.07(+0.81%) 酸酒行业 贵州茅台 XD山西分 五粮液 17721.18亿市值 2104.32亿市值 4654.44亿市值 33.71亿成交额 10.30亿成交额 7.66亿成交额 119.91 1410.70 172.49 -11.52(-0.81%) +0.39(+0.23%) -0.48(-0.40%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2400.63亿市值 2264.86亿市值 3161.80亿市值 12.51亿成交额 18.10亿成交额 9.82亿成交额 332.68 541.38 136.03 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic sales growth of traditional household refrigeration equipment is expected to shift from high - speed to a relatively moderate range, and attention should be paid to factors such as policy impact, raw material costs, and market competition [4][49]. - The overseas expansion potential of domestic household refrigeration equipment enterprises is promising, and emerging markets have broad development prospects [49]. - In the field of dedicated refrigeration equipment, with the development of downstream industries such as data centers, there is a higher demand for the efficiency of refrigeration equipment, and enterprises need to provide comprehensive solutions [41][49]. - Suggest paying attention to industry leaders in the household refrigeration equipment field and domestic companies with rich reserves in data - center refrigeration solutions in the dedicated refrigeration equipment field [49]. 3. Summary According to Relevant Catalogs 3.1 Traditional Household Refrigeration Equipment - **Air Conditioner**: In 2025, the domestic sales of air conditioners maintained a strong trend in the first half of the year, with accelerated shipment growth in the second quarter due to a low base last year and promotional activities. The "trade - in" policy was optimized, with an increased subsidy limit. However, considering the "low - before - high" shipment pattern in 2024, the marginal pulling effect of the "trade - in" policy on short - term shipments may slow down. Attention should be paid to raw material cost changes, and online channels may intensify price competition in segmented markets [4][5]. - **Refrigerator and Freezer**: After relatively rapid growth in 2023 - 2024, the production growth rate of refrigerators and freezers slowed down in 2025. In May 2025, refrigerator production increased by 2.0% year - on - year, with domestic sales increasing by 13.7% and exports decreasing by 6.4%. Freezer production increased by 7.5% year - on - year, with domestic sales and exports increasing by 2.5% and 3.1% respectively. North American exports declined significantly, while African exports grew rapidly. Future production schedules are expected to be adjusted according to market demand and policy changes [23]. 3.2 Comprehensive Leaders and Dedicated Refrigeration Equipment - **Samsung Electronics**: In May 2025, Samsung Electronics acquired the German heating, ventilation, and air - conditioning solutions provider FläktGroup for 1.5 billion euros to strengthen its investment in the HVACR field and enter the data - center refrigeration market [29]. - **Daikin**: In 2023, Daikin acquired the American custom air - handling equipment manufacturer Alliance Air Products to meet the growing demand for data - center cooling solutions. In the fiscal year 2024, Daikin achieved both revenue and profit growth and expects stable profit growth in the fiscal year 2025 [34]. - **Trane Technologies**: The organic revenue of Trane Technologies has been growing for multiple quarters. In the first quarter of the fiscal year 2025, the company's overall organic revenue increased by 11% year - on - year, and the adjusted earnings per share increased by 26% year - on - year. Its commercial HVAC orders in the Americas reached a record high [35]. - **Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. By 2025, new and renovated large - scale and super - large - scale data centers are required to reduce their power usage effectiveness (PUE). Efficient refrigeration solutions have become an important R & D direction for relevant enterprises. Different cooling technologies have their own characteristics, and appropriate solutions should be selected according to specific scenarios [41][43]. 3.3 Summary and Investment Suggestions - **Summary**: The traditional household refrigeration equipment industry is facing challenges such as policy changes, cost fluctuations, and market competition, while the dedicated refrigeration equipment industry has opportunities due to the development of downstream industries [49]. - **Investment Suggestions**: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group, Gree Electric Appliances, and Haier Smart Home, as well as upstream component companies. In the dedicated refrigeration equipment field, focus on domestic companies with rich reserves in data - center refrigeration solutions, such as Invicom and Shenling Environment [49].