Core Viewpoint - Haier has achieved national recognition for its advancements in smart manufacturing, with its smart building project included in the Ministry of Industry and Information Technology's first batch of leading smart factory projects, and its agile flexible manufacturing technology recognized as one of the top ten technological advancements in China's smart manufacturing [1][6]. Group 1: Recognition and Achievements - Haier's smart building was selected as one of the first leading smart factory projects by the Ministry of Industry and Information Technology, marking the highest level in the national smart manufacturing cultivation system [1][2]. - The "large-scale personalized custom agile flexible manufacturing technology" from Haier's Kaos Industrial Internet platform was recognized as one of the top ten technological advancements in China's smart manufacturing [1][6]. Group 2: Technological Innovations - The central air conditioning interconnected factory in Qingdao exemplifies Haier's smart manufacturing capabilities, achieving an average energy saving of 50% and a cumulative electricity saving of over 3.3 billion kWh through AI simulation and precision processing technologies [4]. - Haier's factory utilizes AI for intelligent selection, production scheduling, and visualization systems, allowing for the efficient combination of 3.16 million design modules, reducing design cycles by 62% to better meet personalized customer needs [4]. - The factory integrates 49 major systems and 4,256 devices through its self-developed HIMOS platform, achieving a 15% reduction in energy costs and a 32% increase in production efficiency [4]. Group 3: Global Impact and Future Directions - The standard model from Haier's smart factory has been successfully replicated in 122 factories worldwide, with products and services reaching 126 countries and regions, maintaining a leading position in the global market for magnetic levitation central air conditioning for seven consecutive years [4][5]. - The "Leading Action Plan" was jointly initiated by representatives of the 15 companies recognized as leading smart factories, aiming to accelerate the integration of AI and advanced manufacturing technologies [5]. - Haier's Kaos platform has developed 4,700 industry mechanism models and over 200 expert algorithms, supporting digital transformation across 20 industries and connecting 900,000 enterprises globally [11].

Market Overview - The white goods sector experienced a slight increase of 0.03% on November 28, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up by 0.34%, while the Shenzhen Component Index closed at 12984.08, up by 0.85% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.20, with a rise of 1.76% and a trading volume of 254,400 shares [1] - Midea Group (000333) saw a minor increase of 0.08%, closing at 79.86 with a trading volume of 181,300 shares [1] - Gree Electric (000651) and Haier Smart Home (600690) had minimal increases of 0.07% and a slight decrease of 0.04%, respectively [1] - TCL Smart Home (002668) and Aucma (600336) experienced declines of 0.83% and 2.15% [1] Capital Flow - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net outflow of 154 million yuan [1] - Midea Group had a significant net inflow of 2.43 billion yuan from institutional investors, despite a net outflow of 934.17 million yuan from retail investors [2] - Gree Electric recorded a net inflow of 67.54 million yuan from institutional investors, with a minor outflow from retail investors [2] - Haier Smart Home had a mixed capital flow, with a net inflow of 27.39 million yuan from institutional investors but a significant outflow from retail investors [2]

Core Insights - Haier and Fisher & Paykel hold the top market share in the Australia-New Zealand appliance market, with Haier achieving a 20% market share in Australia and over 40% in New Zealand [1] - The company has adopted a dual-brand strategy since acquiring Fisher & Paykel in 2012, which has contributed to its strong market presence [1] - Offline sales channels dominate the Australia-New Zealand market, with 80% of appliance sales in Australia and 70% in New Zealand occurring through physical stores [1] Market Performance - In Australia, Haier and Fisher & Paykel together account for 32% of the market share in the Harvey Norman commercial channel, with Fisher & Paykel ranked first and Haier third [1] - In New Zealand, Fisher & Paykel leads with a 27% market share, while Haier holds 15% [1] - The E&S Chadstone high-end appliance channel in Australia features a prominent display of Haier and Fisher & Paykel refrigerators, showcasing their market leadership [1] Product Innovation - Haier has launched the industry's highest energy-efficient 8-star BM refrigerator in Australia, reducing energy consumption by 59.9% compared to mainstream products, which has been well-received by local consumers [3] - In New Zealand, Haier and Fisher & Paykel dominate the T-door refrigerator market with a combined 78% market share, attributed to Haier's development of clean ice technology tailored to local preferences [3] Global Strategy - Haier operates a diverse brand matrix including Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, AQUA, and Candy, covering ultra-high-end, high-end, mainstream, and niche markets [5] - The company has maintained its position as the world's largest home appliance brand by retail volume for 16 consecutive years, with a global user base exceeding 1 billion [5] - Haier's success in the Australia-New Zealand market is a result of its user-centric approach, global layout, and localized innovation, supported by a "research-manufacturing-marketing" integrated local system [5]

证券代码：600690 证券简称：海尔智家 公告编号：临 2025-069 海尔智家股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日至 2025 年 12 月 5 日（星期五）16:00 前通过公司 邮箱 finance@haier.com 进行提问，或于 2025 年 12 月 1 日（星期一）至 12 月 5 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 海尔智家股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度 经营成果、财务状况，公司计划于 2025 年 12 月 8 日（星期一）16:00-17:00 举行 2025 年第三季度业绩说明会 ...

Core Insights - Haier Smart Home was awarded the title of "Respected ESG Leading Enterprise" at the "2024-2025 Annual Respected Enterprises Conference" held in Beijing, reflecting its industry leadership and broad recognition [2][3] Company Performance - Haier Smart Home has demonstrated steady growth, with operating revenue, net profit, and total assets achieving positive growth for three consecutive years. Notably, the company has recorded double-digit year-on-year growth in net profit for the first three quarters over the past five years [2] Technological Innovation - The company has significantly increased its R&D investment, reaching 9.222 billion yuan, a year-on-year increase of 11.7%. Additionally, Haier has maintained a 13-year consecutive lead in global smart home invention patents [2][3] ESG Practices - Haier Smart Home is at the forefront of green low-carbon initiatives and social welfare. It has created energy-efficient products such as the Mai Lang refrigerator and Lazy Washing Machine, and has built over 400 Hope Schools, making it the leading enterprise in the China Youth Development Foundation's Hope Project [3] Industry Recognition - The company has been listed for seven consecutive years in Fortune's "World's Most Admired Companies" for 2025, being the only representative from the home appliance and furniture industry in Eurasia. This recognition underscores Haier's commitment to continuous innovation and high-quality development [3] Future Outlook - Haier Smart Home aims to continue its industry-leading role by focusing on technological innovation, green development, and social responsibility, setting new benchmarks for sustainable development in the industry [3]

Core Insights - The 2025 World Intelligent Manufacturing Conference was held in Nanjing, showcasing the latest achievements in China's intelligent manufacturing sector [1] - Haier's smart building was included in the Ministry of Industry and Information Technology's first batch of leading intelligent factory projects, representing the highest level in the national intelligent manufacturing cultivation system [1][4] - Haier's "mass customization agile flexible manufacturing technology" from the Kaos industrial internet platform was recognized as one of the top ten technological advancements in Chinese intelligent manufacturing [9] Group 1: Recognition and Achievements - Haier's central air conditioning interconnected factory was recognized as the first "leading intelligent factory" in the central air conditioning industry, among only 15 companies nationwide [4] - The factory utilizes AI technology to enhance high-end, customized, integrated, and international manufacturing capabilities, achieving an average energy savings of 50% and a cumulative energy savings of over 3.3 billion kWh [6][7] Group 2: Technological Innovations - The factory employs AI for intelligent selection, production scheduling, and visualization systems, allowing for the efficient combination of 3.16 million design modules, reducing design cycles by 62% [7] - The self-developed HIMOS platform integrates data across 49 systems and 4,256 devices, leading to a 15% reduction in energy costs and a 32% increase in production efficiency [7] Group 3: Global Impact and Future Directions - The standard model from Haier's intelligent factory has been replicated in 122 factories globally, with products and services reaching 126 countries, maintaining a leading market share in magnetic levitation central air conditioning for seven consecutive years [7][10] - The "mass customization agile flexible manufacturing technology" is designed to address the growing demand for personalized production, enabling real-time parsing of customer needs into manufacturable features [12][14] - Haier's industrial internet platform, COSMOPlat, has evolved to support digital transformation across various industries, linking 900,000 enterprises and serving 160,000 companies globally [16]

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]

Core Insights - The 2025 World Intelligent Manufacturing Conference opened in Nanjing with the theme "Digital Intelligence Drives New Quality Leadership" [1] - The conference aims to create an international, high-end, and professional platform for global intelligent manufacturing exchange and cooperation, showcasing the latest achievements in the field and exploring the integration of technological breakthroughs and industrial transformation [1] Group 1: Conference Activities - The conference includes one main conference, one market-oriented exhibition, twelve thematic activities, and sixteen concurrent industrial ecosystem activities [1] - The event features the launch of the "Leading Action Plan" by the first batch of fifteen leading intelligent factories, which focuses on digital transformation, network collaboration, and intelligent change [3] Group 2: Key Announcements - A new session of the National Intelligent Manufacturing Committee was appointed, and several significant reports were released, including the 2025 Intelligent Manufacturing Blue Book and the top ten technological advancements in global and Chinese intelligent manufacturing for 2025 [5] - Prominent figures in the field, including academicians and executives from major companies, delivered keynote speeches on cutting-edge trends and strategic directions in intelligent manufacturing [5] Group 3: Exhibition Highlights - The World Intelligent Manufacturing Expo, held concurrently, covers an area of 55,000 square meters and features four main exhibition halls, including robotics and intelligent factories [9] - The expo attracted 456 companies from 21 countries and regions, showcasing international participation and facilitating various activities such as financial roadshows and technology exchanges [9] Group 4: Industry Significance - Intelligent manufacturing is identified as a primary focus for building a strong manufacturing nation, crucial for developing a modern industrial system and strengthening the real economy [9] - The conference has been held annually since 2016, becoming a high-end platform for China's participation in global intelligent manufacturing cooperation and showcasing the achievements of Jiangsu's manufacturing industry [9]

Core Insights - The energy-saving home appliance market is experiencing continuous demand growth due to the global trend towards energy conservation and increasing consumer awareness of environmental protection [1][3][6] - The market size of China's energy-saving home appliance industry is projected to grow from 236.25 billion yuan in 2015 to 680.325 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.47% [1][10] - By 2025, the market size is expected to reach 744.3 billion yuan, driven by technological advancements and evolving consumer demands [1][10] Industry Overview - Energy-saving home appliances utilize advanced technologies such as variable frequency technology, high-efficiency compressors, and optimized insulation materials to significantly reduce energy consumption during use [1][3] - The industry includes various products such as air conditioners, refrigerators, washing machines, water heaters, televisions, and rice cookers [3] Market Dynamics - The Chinese government has implemented various policies to support the energy-saving appliance sector, including subsidies for replacing old appliances and promoting energy-efficient products [6][7][11] - The increasing focus on green consumption and energy efficiency among consumers is driving demand for energy-saving appliances [7][11] Industry Chain - The upstream of the energy-saving appliance industry includes raw materials and components such as steel, copper, plastics, rubber, electronic components, semiconductor materials, chemical materials, and insulation materials [8] - The midstream involves the production and manufacturing of energy-saving appliances, while the downstream encompasses sales channels including specialty appliance stores, home improvement markets, and various e-commerce platforms [8] Key Players - Major companies in the energy-saving appliance sector include Midea Group, Haier Smart Home, Gree Electric Appliances, Sichuan Changhong, Hisense, and others [1][13] - Midea Group reported a revenue of 167.201 billion yuan in its smart home business for the first half of 2025, reflecting a year-on-year growth of 13.32% [13] - Haier Smart Home achieved significant sales in its refrigerator, washing machine, and air conditioning segments, with respective revenues of 42.517 billion yuan, 31.645 billion yuan, and 31.645 billion yuan in the first half of 2025 [14][15] Development Trends - The industry is moving towards greater integration of artificial intelligence and IoT technologies, enabling autonomous energy management and optimization [16] - There is a focus on green design and circular economy principles, with an emphasis on using eco-friendly refrigerants and increasing the use of renewable materials [16] - Energy-saving appliances are evolving from single-function products to comprehensive, scenario-based solutions that optimize energy consumption across different home environments [17]

Core Insights - Haier's central air conditioning factory has been selected as one of the first "Leading Intelligent Factories" in China, representing the highest standard of intelligent manufacturing in the country [1][2] Group 1: Factory Recognition - The factory is part of a list of 15 "Leading Intelligent Factories" released by six government departments, showcasing the pinnacle of intelligent manufacturing standards in China [1] - Haier's factory is located in the Sino-German Eco-Park and was previously recognized as the world's first "Lighthouse Factory" in China in 2018 [1] Group 2: Technological Advancements - The factory employs an AI-driven large-scale personalized customization paradigm, utilizing AI for intelligent selection, supply chain collaboration, production scheduling, and user visualization [2] - It efficiently combines 3.16 million design modules and links over 420,000 materials from 754 suppliers, achieving flexible and intelligent production [2] Group 3: Efficiency Improvements - The factory has achieved a 15% reduction in energy costs, a 23% increase in park management efficiency, a 32% boost in production efficiency, and a 55% improvement in operational efficiency [2] - The application of AI technologies has led to a 62% reduction in product design cycles and a 20% decrease in delivery times, while increasing single-shift production capacity by 24% [2] Group 4: Industry Context - As of now, there are over 7,000 advanced intelligent factories and more than 500 excellent intelligent factories established nationwide, with Qingdao having 17 excellent intelligent factories, ranking among the top in the country [2]