FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2025年9月19日 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 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 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...

Core Insights - Haier's refrigerator holds a 34.7% retail market share in Malaysia, making it the leading brand in the country known for its durians, with one in three households choosing Haier [1] Group 1: Market Position - Haier's strong market performance is attributed to its high-end branding and localized innovative products that meet local consumer needs [1] - The company has launched a specialized freezing solution for durians, featuring rapid freezing technology and customized storage options to cater to Malaysian preferences [1] Group 2: Digital Transformation - Haier is enhancing operational efficiency through a multi-dimensional digital transformation, improving logistics, service, marketing, and information management [2] - The logistics system automatically assigns orders and provides real-time delivery status, significantly increasing efficiency and transparency [2] - Haier's service network includes over 1,400 sales points and 55 flagship stores, aiming to expand to 75 brand stores in Malaysia, ensuring 24/7 service coverage [2] - The marketing strategy includes localized activities such as durian season promotions and sponsorship of badminton events to enhance brand affinity and conversion rates [2] - Information management has been digitized to reduce errors and improve efficiency, replacing traditional manual processes with digital tools [2]

Core Viewpoint - Haier's Thailand air conditioning industrial park is set to commence production on September 23, marking a significant milestone in the company's localization strategy in Southeast Asia, achieving a new industry benchmark by starting production just one year after groundbreaking [1][2]. Group 1: Production and Capacity - The industrial park has an annual production capacity of 6 million units, focusing on a full range of air products and leveraging technologies such as self-cleaning and AI upgrades to provide safe and healthy air solutions [1]. - The park is recognized for its digital capabilities, having implemented a comprehensive digital system that connects all processes from orders to production and supply chain, ensuring real-time information sharing without disruptions [1]. Group 2: Market Impact and Employment - Upon production commencement, the industrial park will utilize its strategic location in Thailand's Eastern Economic Corridor to serve key markets in North America, Europe, and Southeast Asia, while also creating thousands of jobs locally [1]. - Haier has received A2+ level certification from Thailand's BOI, the highest grade in the home appliance industry, further solidifying its market position [1]. Group 3: Market Position and Innovation - Haier has established a strong presence in the Thai market, ranking first in air conditioning market share for four consecutive years, driven by innovations such as self-cleaning air conditioners and AI-enhanced products [2]. - The company plans to continue investing resources to align technological innovations with local consumer needs, enhancing the overall customer experience [2].

Group 1 - BlackRock's stake in Haier Smart Home decreased from 7.09% to 6.99% as of September 16 [1]

Group 1 - The article emphasizes the importance of "zero carbon" technology in the development of green buildings, highlighting the role of environmentally friendly refrigerants like CO₂ as a key support [1][3] - PROFROID, a leading brand in CO₂ refrigerant application technology, has a strong presence in the market with over 100 core patents and is recognized for its innovative solutions in the HVAC industry [3][5] - The CO₂ heat pump water heating solution introduced by PROFROID can deliver hot water at 95℃ even in extreme cold conditions (-40℃), providing a replicable core path for transitioning from "low carbon" to "zero carbon" buildings [1][5] Group 2 - PROFROID's entry into the Chinese market, combined with Haier's local strengths, creates a synergistic effect that enhances green energy solutions to new heights, promoting "full scene, high adaptability, and true zero carbon" [3][5] - The CO₂ heat pump water unit features a Global Warming Potential (GWP) of only 1, showcasing significant environmental performance and breaking traditional limitations of heat pump temperature ranges [5] - The collaboration with international brands like Sam's Club, Lawson, and Metro demonstrates PROFROID's commitment to providing efficient HVAC solutions and its potential for scaling CO₂ technology from "high-end demonstration" to "mass adoption" [3][5]

Core Viewpoint - Haier Smart Home is accelerating its B-end expansion by acquiring Carrier Group's commercial refrigeration business for approximately $640 million, marking its first foray into B-end refrigeration services, which is seen as a significant step in strengthening its global ToB business layout [1][2]. Group 1: Acquisition Details - The acquisition includes 100% equity and related assets of Carrier Refrigeration Benelux B.V., with the actual transaction amount reaching approximately $775 million [1]. - This acquisition is part of Haier's strategy to enhance its presence in the commercial refrigeration sector, particularly targeting B-end customers [1][4]. Group 2: Product Development and Innovation - Haier's sub-brand PROFROID launched three new products, including CO₂ heat pump water heaters, which leverage its expertise in CO₂ refrigeration technology [1][3]. - PROFROID has over 100 patents in CO₂ technology, and the new CO₂ heat pump can operate efficiently in extreme low temperatures, achieving a maximum water temperature of 95°C [3][4]. Group 3: Market Positioning and Strategy - PROFROID is positioned as a high-end brand in the commercial refrigeration market, aiming to differentiate itself from other brands and cater to diverse customer needs [4][5]. - The acquisition is expected to enhance Haier's competitiveness in low-carbon and energy-saving solutions, aligning with global trends towards sustainability [4][5]. Group 4: Global Market Expansion - The acquisition of CCR will improve Haier's market channels and brand influence in overseas markets, particularly in Europe [5]. - Haier plans to integrate CCR's resources, including R&D and production capabilities, to strengthen its global cold chain and enhance its market share [5].

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Date**: September 18, 2025 Key Points Industry Performance - **Overseas Business Growth**: Haier's overseas business showed steady growth, with emerging markets like South Asia, Southeast Asia, and the Middle East and Africa achieving double-digit growth. The U.S. market experienced low single-digit growth, aligning with the company's plans for high single-digit to double-digit growth overall [2][3] Financial Impact of Subsidy Policies - **Subsidy Policy Changes**: The impact of national subsidy policy adjustments on Haier was limited. Despite some regions suspending subsidies, the refrigerator and washing machine categories maintained low single-digit growth, while the air conditioning category benefited from high temperatures, exceeding 15% growth [2][4] Market Expansion Strategies - **HVAC Market Expansion**: Haier is actively expanding its HVAC market in Europe and the U.S., with European HVAC business growing over 20% in the first half of the year and the U.S. market achieving double-digit growth. The company plans to strengthen its overseas HVAC market presence and seek acquisition opportunities [2][8] Digital Transformation - **Operational Efficiency**: Haier is enhancing operational efficiency through digital transformation, including creating popular products, reducing SKU numbers, increasing the self-manufacturing ratio of core components, and advancing digital inventory management, which effectively lowered sales and management expense ratios [2][13] Product Innovation - **New Product Launches**: Haier continues to drive product innovation, such as launching the "Lazy Wash" series of washing machines aimed at younger consumers and promoting embedded technology in refrigerators to meet consumer demands and maintain market competitiveness [2][14][15] Sales Performance Trends - **Sales Trends**: Since the third quarter, domestic and overseas sales have maintained the overall trend from the first half of the year, with domestic revenue growth reaching high single-digit to double-digit levels, and air conditioning continuing to grow over 15% [3][5] Future Outlook - **Revenue and Profit Growth Goals**: Haier aims to maintain high single-digit revenue growth and double-digit profit growth for the upcoming years, with a commitment to a dividend payout ratio of no less than 50% for 2025 and 2026 [4][20][21] Market Share Strategy - **Air Conditioning Market Share**: Haier plans to enhance its air conditioning market share through strategies such as creating popular products, improving online retail capabilities, and utilizing digital inventory management. The company has seen a nearly one percentage point increase in overall market share compared to last year [12] Supply Chain Management - **Local Production Strategy**: Approximately 60% of Haier's revenue in the U.S. comes from local production, with plans to build a new washing machine factory by 2027 to further reduce tariff impacts [4][18] Competitive Landscape - **Response to Competitors**: Haier views the high-end appliance rental business launched by Samsung and LG in Southeast Asia as not yet mainstream and does not plan to compete directly in this segment for the time being [10] Capital Expenditure Plans - **Investment Plans**: Haier's capital expenditure budget for the coming years is set at 8 to 10 billion RMB, focusing on global capacity expansion projects, including new factories in Thailand and the U.S. [20] Market Entry in Brazil - **Brazil Market Strategy**: Haier currently has no specific progress in the Brazilian market but plans to negotiate with local partners for potential breakthroughs in the second half of 2025 [19]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Consumer Durables** industry, specifically the **air conditioning (AC)** segment, highlighting the competitive dynamics among major players like **Xiaomi**, **Midea**, **Gree**, **Haier**, and **Hisense** [1][4][19]. Core Insights and Arguments - **Market Dynamics**: The China AC market is characterized by high consolidation, with leading players enjoying higher margins due to economies of scale and vertical integration. The industry's profit pool has grown from **Rmb 22 billion (US$ 3.1 billion)** in 2019 to **Rmb 32 billion (US$ 4.5 billion)** in 2024, reflecting a **CAGR of 8%** in profits [7][17]. - **Xiaomi's Strategy**: Xiaomi has renewed its focus on the AC market, emphasizing entry-level products. This strategy aims to leverage its distribution efficiency and technology ecosystem, potentially increasing its market share to approximately **10%** in the mid-term [4][5][19]. - **Competitive Response**: In response to Xiaomi's market share gains, traditional players like Midea, Haier, and Hisense have adjusted their product offerings and pricing strategies. Midea and Haier have increased their market shares from **32%/12%** to **37%/14%** between December 2024 and June 2025, while Gree's share has slightly declined [22][29]. - **Profitability Concerns**: Increased competition may lead to pricing pressures, impacting the overall profit pool. Gree is expected to be the most affected due to its reliance on the domestic split AC market, which constitutes **51%** of its revenue and **56%** of its profits in 2024 [6][47][60]. Important but Overlooked Content - **Scenario Analysis**: The report outlines four scenarios to assess the potential impact on the industry profit pool and individual company revenues. In the base case, a **7%** reduction in retail prices is anticipated, leading to a **6%** decline in industry profits compared to 2024 [49][50]. - **Xiaomi's Manufacturing Plans**: Xiaomi is working on improving its manufacturing efficiency by establishing a factory in Wuhan, expected to be operational by the end of 2025. This move aims to enhance vertical integration and reduce reliance on external suppliers [37][39]. - **Distribution Efficiency**: Xiaomi's competitive edge lies in its distribution model, primarily online, which allows for lower customer acquisition costs. The company plans to expand its offline presence through Mi Home stores, which could further enhance its market position [37][42]. Company-Specific Insights - **Midea**: Expected to be the most resilient player, leveraging its manufacturing advantages and distribution efficiency. Midea's proactive strategies have allowed it to maintain a competitive edge [45][63]. - **Gree**: Faces significant profit pressure due to its high reliance on the domestic market and less proactive pricing strategies. Gree's price premium is the highest among peers, which may lead to greater vulnerability in a competitive environment [47][60]. - **Haier and Hisense**: Both companies are positioned as tier-2 players but are making strides in supply chain integration. Haier's new compressor factory is expected to enhance its cost structure and product competitiveness [47][63]. Conclusion - The competitive landscape in the China AC market is evolving, with Xiaomi's aggressive expansion posing challenges to established players. The focus on efficiency, pricing strategies, and product offerings will be critical for companies to navigate the changing dynamics and maintain profitability in the face of increased competition [4][46][49].

Core Viewpoint - The article emphasizes the integration of fashion and technology in daily life, showcasing how modern youth transform their living spaces into artistic expressions through innovative products from Casarte, a brand under Haier [1][20]. Group 1: The Concept of Home as an Artistic Space - The article presents the idea that home is not just a living space but an artistic venue, as demonstrated by the transformation of a living room into a "private art hall" using Casarte's AI technology [2][3]. - The use of Casarte's products, such as the AI ultra-depth TV and air conditioner, enhances the sensory experience of home, allowing individuals to relive cherished memories [2]. Group 2: Personal Spaces and Self-Care - The article highlights the importance of personal spaces for self-care, illustrated by a contestant who transformed her bathroom into a "skin meditation space" using Casarte's hot water system, which provides a soothing bathing experience [6][7]. - The narrative emphasizes that each bathing experience becomes a gentle ritual of returning to oneself, facilitated by advanced technology [6][7]. Group 3: Culinary and Social Connections - The kitchen is portrayed as a space for emotional connection and social gatherings, with a contestant showcasing Casarte's refrigerator and range hood, which enhance the cooking experience while preserving the freshness of ingredients [18][19]. - The article suggests that the kitchen serves as a theater of life, where culinary experiences bring people closer together [18]. Group 4: The Intersection of Technology and Fashion - The article concludes that the competition is not just a showcase of talent but a deep resonance between the youth and the brand, where technology becomes a narrative of stylish living [20]. - The contestants' innovative use of Casarte products illustrates how technology can elevate everyday life into a high-fashion experience, transforming homes into unique showcases of personal style [20].

Core Viewpoint - Haier Smart Home experienced a decline of 2.73% on September 18, with a trading volume of 1.465 billion yuan and a market capitalization of 244.425 billion yuan [1] Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT digital products, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing quality life solutions [2] - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest home appliance brand for six consecutive years [2] Shareholder Structure - Among the top ten circulating shareholders, Central Huijin Asset Management and China Securities Finance Corporation are included [3] - Haier Group's subsidiary, Haier Wireless, focuses on wireless charging and has participated in setting national industry standards for electromagnetic compatibility and radiation [3] Business Operations - The main business of the company includes the research, production, and sales of home appliances such as refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3][7] - The revenue composition of Haier Smart Home includes: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, equipment and channel services 11.97%, water appliances 6.11%, and others 0.48% [7] Financial Performance - For the first half of 2025, Haier Smart Home achieved a revenue of 156.494 billion yuan, representing a year-on-year growth of 15.39%, and a net profit attributable to shareholders of 12.033 billion yuan, up 15.48% year-on-year [7] - The company has distributed a total of 46.155 billion yuan in dividends since its A-share listing, with 21.766 billion yuan distributed in the last three years [8] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 450 million shares, a decrease of 131 million shares from the previous period [9] - Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF are also among the top ten circulating shareholders, with respective holdings of 73.637 million shares and 66.918 million shares [9]