Core Insights - The domestic home appliance market is facing growth pressure due to increased outdoor activities and high base comparisons from the previous year, with expectations that fourth-quarter promotions will primarily rely on manufacturer subsidies [1][3][6] Group 1: Market Performance - Many home appliance retailers reported a year-on-year decline in revenue during the recent National Day and Mid-Autumn Festival holidays, attributed to last year's high base and increased outdoor activities [3][4] - Some retailers, particularly in lower-tier markets, experienced slight growth, but overall sales were down, with one retailer in the northwest reporting a nearly 30% decrease in revenue compared to last year [4] - In contrast, certain brands like Haier reported a 15.4% increase in sales during the holiday period, driven by successful promotional activities and a focus on high-demand products [4][5] Group 2: Consumer Behavior and Trends - The trend towards quality, health, intelligence, and scenario-based consumption is evident, with younger and older consumer segments driving sales growth in physical stores [5] - The introduction of new smartphone models has also boosted sales in the mobile category, despite a decline in traditional home appliance sales [5] Group 3: Policy and Subsidy Impact - The fourth batch of "national subsidies" amounting to 69 billion yuan was announced, but its impact has yet to be fully realized in the market, contributing to a double-digit year-on-year decline in overall home appliance consumption [5][6] - The market is transitioning towards a more market-driven and innovation-driven model, moving away from price wars to value wars, as companies adapt to changing consumer demands [7]

Group 1 - The company Haier Smart Home (600690.SH) has announced a share buyback program, which will be implemented until October 9, 2025 [1] - As of the reporting date, the company has repurchased a total of 2.45 million H-shares, representing 0.026% of the total share capital [1] - The highest purchase price for the shares was HKD 27.00 per share, while the lowest was HKD 24.76 per share, with a total expenditure (including fees) of HKD 63.0835 million [1]

Core Viewpoint - Haier Smart Home (600690)(06690) announced the cancellation of 2.45 million repurchased shares on October 9, 2025 [1] Company Summary - The company is actively managing its share repurchase program by canceling a significant number of shares, which may impact its share structure and market perception [1]

Group 1 - Haier Smart Home (06690.HK) announced the cancellation of 2.45 million shares repurchased during the period from September 19 to September 26, 2025 [1]

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06690 | 說明 | 普通股- H股面值每股人民幣1元 (於香港聯交所上市) | | | | | 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 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年9月30日 | 2,857,398,266 | | 0 | | 2,857,398,266 | | 1). 購回股份 (股份購回並註銷) | | | -2,450,000 0.0857 % | HKD | 25.66 | | | 註銷於2025年9月19-26日期間所回購的股 ...

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：本次回购实施起始日至 2025 年 10 月 9 日， 公司已累计回购 H 股股份 2,450,000 股，占公司总股本的比例为 0.026%，购买的最高价为 27.00 港元/股、最低价为 24.76 港元/股，支 付的金额（含手续费）为 63,083,481.52 港元，该等回购股份已全部注 销。 证券代码：600690 证券简称：海尔智家 公告编号：临2025-063 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》。 本次回购实施起始日至 2025 年 10 月 9 日，公司 ...

Market Overview - The white goods sector increased by 0.44% on October 9, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.42, up 2.85% with a trading volume of 572,500 shares and a turnover of 311 million yuan [1] - Gree Electric (000651) closed at 40.38, up 1.66%, with a trading volume of 638,100 shares and a turnover of 2.543 billion yuan [1] - Other notable stocks include: - Aucma (600336) at 6.96, up 1.16% - Haier Smart Home (600690) at 25.44, up 0.43% - Midea Group (000333) at 72.63, down 0.04% [1] Capital Flow - The white goods sector experienced a net outflow of 427 million yuan from institutional investors and 165 million yuan from speculative funds, while retail investors saw a net inflow of 592 million yuan [1] - Detailed capital flow for key stocks includes: - Gree Electric: net outflow of 59.31 million yuan from institutional investors [2] - Hisense Home Appliances (000921): net inflow of 17.31 million yuan from institutional investors [2] - Aucma: net inflow of 16.23 million yuan from institutional investors [2] - Midea Group: significant net outflow of 443 million yuan from institutional investors [2]

Core Viewpoint - Haier Smart Home announced the repurchase of H shares, totaling 2.45 million shares, which represents 0.026% of the company's total share capital, with a total payment amount of HKD 63.08 million [1] Summary by Sections - **Share Repurchase Details** - The repurchase period is from the start of the implementation until October 9, 2025 [1] - The highest repurchase price was HKD 27 per share, while the lowest was HKD 24.76 per share [1] - All repurchased shares have been canceled [1] - **Impact on Shareholding Structure** - The proportion of domestic listed shares (A shares) increased from 66.66% to 66.68% [1] - The proportion of overseas listed foreign shares (D shares) remained at 2.89% [1] - The proportion of overseas listed foreign shares (H shares) decreased from 30.45% to 30.44% [1] - The total number of shares decreased from 9.383 billion shares to 9.38 billion shares [1]

Core Insights - Chinese home appliance giants are increasing investments in Thailand to navigate complex trade environments and enhance global supply chains [1][2][4] Group 1: Company Investments - Haier's smart air conditioning factory in Thailand commenced operations on September 23, 2023, covering an area of approximately 324,000 square meters with an annual production capacity of 6 million units [1][2] - Hisense's HHA smart manufacturing industrial park in Thailand is set to become the largest overseas industrial park for the company, with an initial investment of 4.7 billion Thai Baht (over 1 billion RMB) [1][3] - Midea Group is deepening its supply chain layout in Thailand, having invested significantly since 2016 and currently operating eight factories with over 10,000 employees [6] Group 2: Market Dynamics - Thailand is the second-largest air conditioning manufacturing base globally, benefiting from favorable trade agreements and a strong relationship with China [2][4] - The Thai market provides access to nearly 700 million people in Southeast Asia, facilitating rapid responses to regional demands [2] - The production capacity in Thailand is projected to reach 8.655 million units by mid-2025, with Haier's new factory adding 6 million units to meet both Southeast Asian and global demands [3] Group 3: Industry Trends - The trend towards "green" and "smart" manufacturing is evident, with companies adopting eco-friendly refrigerants and advanced technologies like AI and automation to enhance efficiency and reduce carbon emissions [3][4] - The need to improve the local supply chain in Thailand is critical to mitigate foreign tariff barriers and reduce production costs [4][5] - Midea's procurement event aimed to integrate local suppliers into the global supply chain, highlighting the importance of local component sourcing [5][6]

Core Insights - The home appliance repair industry is becoming an essential service area due to the increasing demand for maintenance and reliability of various appliances, driven by rising consumer expectations and income levels [1][12] - The market size of China's home appliance repair industry is projected to grow from 235.1 billion yuan in 2016 to 399 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.8% [1][12] - The industry is expected to benefit from advancements in smart home technology and the Internet of Things (IoT), creating more opportunities for growth [1][12] Industry Overview - Home appliance repair involves the detection, adjustment, repair, and component replacement of household appliances, aiming to restore functionality and extend lifespan [3][11] - The industry is categorized into large appliance repair (e.g., refrigerators, air conditioners) and small appliance repair (e.g., vacuum cleaners, coffee machines) [3] Market Dynamics - The home appliance repair industry has evolved through three stages: the initial phase in the 1980s, the standardization and professionalization phase in the 1990s to early 2000s, and the platform integration phase from the 21st century onwards [7][11] - The increasing production of home appliances, such as refrigerators and washing machines, is driving the demand for repair services, with significant growth in production volumes projected from 2017 to 2024 [10] Industry Structure - The market comprises various players, including brand after-sales service providers, chain repair platforms, independent repair shops, and community service points [12] - Major companies like Midea, Haier, Gree, and Xiaomi have established comprehensive after-sales service systems, leveraging brand strength and original parts [12] Key Trends - Preventive maintenance services are gaining traction, utilizing IoT and sensor technology for real-time monitoring and predictive maintenance [15] - Modular design in appliances is becoming a trend, allowing for easier and quicker repairs, thus reducing waste and enhancing resource efficiency [16] - The emergence of repair technology sharing platforms is transforming the dissemination of repair knowledge and service delivery, promoting digitalization and collaboration within the industry [16]