Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [8][15]. Core Insights - The home appliance sector shows steady growth, with white goods domestic sales improving and external tariff impacts becoming evident. Leading brands demonstrate resilience, while cleaning product leaders experience high growth. Increased marketing expenses in discretionary categories have led to a slight decline in profitability. Future outlook suggests that trade-in programs will support domestic demand, and leading brands along with emerging categories will contribute to revenue growth, indicating investment value [4][15]. Summary by Sections Overall Performance - In Q2 2025, the home appliance sector's revenue increased by 4.78% year-on-year to 431.5 billion yuan, with a net profit attributable to shareholders rising by 3.38% to 38.1 billion yuan. The first half of 2025 saw revenue growth of 8.59% to 842.6 billion yuan and net profit growth of 11.23% to 71.2 billion yuan. The cost environment improved due to a decline in raw material prices and shipping costs [19][29]. White Goods - The white goods segment's revenue grew by 4.64% year-on-year to 303.2 billion yuan in Q2 2025, with net profit increasing by 6.08% to 30.6 billion yuan. Domestic demand is supported by favorable policies and high temperatures driving air conditioning needs. However, external sales showed weakness due to tariff impacts [10][20]. Black Goods - The black goods segment reported a revenue increase of 5.81% year-on-year to 50.8 billion yuan, but net profit decreased by 1.04% to 1.0 billion yuan. The segment faced challenges from fluctuating U.S. tariff policies and varying performance between self-owned brands and OEMs [11][29]. Kitchen Appliances - Kitchen appliance revenue declined by 6.95% year-on-year to 12.4 billion yuan, with net profit down by 16.75% to 1.96 billion yuan. The decline is attributed to sluggish real estate conditions and increased difficulty in subsidy applications [12][19]. Smart Home - The smart home segment experienced a significant revenue increase of 32.09% year-on-year to 12.6 billion yuan, although net profit fell by 12.95% to 1.0 billion yuan due to increased marketing expenditures [13][19]. Traditional Small Appliances - Revenue for traditional small appliances decreased by 0.69% year-on-year to 23.1 billion yuan, with net profit down by 12.44% to 1.3 billion yuan. The segment faced challenges from changing tariff policies and reduced external demand [14][19]. Upstream Performance - The upstream sector saw a revenue increase of 5.07% year-on-year to 29.5 billion yuan, with net profit rising by 12.56% to 2.2 billion yuan. The upstream segment's profitability improved due to better cost management [19][25].

Core Insights - The founder of Li Auto, Li Xiang, is more troubled by the decline of Autohome, which he founded, than by the drop in Li Auto's sales or stock price [1] - Autohome, established in 2005, lost control after financing in 2008 and has changed ownership multiple times, recently being acquired by Haier for 13 billion [1] Company Overview - Autohome was founded in 2005 and relinquished control in 2008 due to financing needs [1] - The company has undergone several ownership changes over the years [1] - The latest acquisition was by Haier for 13 billion [1]

Global TV Market Overview - In 2023, global TV shipments reached 214 million units, a decline of 3.0% year-on-year, marking the lowest level in nearly a decade due to weak demand influenced by global economic downturn, high inflation, and consumer downgrade [1] - A slight recovery is expected in 2024, with shipments projected to increase to 215 million units, reflecting a year-on-year growth of 0.6% [1] 4K Ultra HD TV Market - In 2023, global 4K TV shipments were approximately 150 million units, accounting for over 70% of total TV shipments, solidifying its position as the market's absolute mainstream [2] - The 4K TV market is expected to grow to 160 million units in 2024, representing a year-on-year increase of about 6.7% [2] - North America is the largest contributor, with shipments reaching 65 million units, representing 40% of the global total, followed by the Asia-Pacific region, driven by the expansion of the middle class and broadband accessibility [2] Competitive Landscape of 4K/8K TV Market - Major players in the global 4K/8K TV market include Sony, LG, Samsung, and Sharp, with Samsung and Sony offering a wider range of sizes, while LG and Sony have relatively higher entry prices [4] - Domestic manufacturers such as TCL, Skyworth, and Hisense also hold a significant share in the global market [4] 8K Ultra HD TV Market - The growth of the 8K TV market has been slow compared to 4K TVs, with global shipments only reaching approximately 150,000 units in 2024, accounting for just 0.7% of total TV shipments [8] - The 8K TV market has faced several challenges, including high production costs, insufficient native 8K content, and the need for high bandwidth for streaming, which limits its penetration [9] - Despite these challenges, the 8K TV market still holds long-term potential under favorable policies, technological advancements, and industry collaboration [9]

Group 1 - JPMorgan Chase & Co. reduced its stake in Haier Smart Home (06690.HK) by selling 2,157,414 shares at an average price of HKD 25.2741 per share, totaling approximately HKD 54.53 million [1] - Following the sale, JPMorgan's total holdings in Haier Smart Home decreased to 170,989,335 shares, representing a reduction in ownership from 6.05% to 5.98% [1]

智通财经APP获悉，香港联交所最新资料显示，9月4日，摩根大通减持海尔智驾(06690)215.7414万股， 每股均价25.2741港元，总金额约为5452.67万港元。减持后最新持股数目约为1.71亿股，最新持股比例 为5.98%。 ...

格隆汇9月9日丨海尔智家(600690.SH)在互动平台表示，海尔智慧楼宇主要有以磁、气悬浮为核心技术 优势的水系统方案，同时还有以氟系统为主风冷自然冷的产品，以及与国内大型的互联网公司共创的液 冷风、液融合的产品和技术方案；目前，已有磁悬浮冷冻水系统方案直接应用于国家级超算中心和风冷 磁悬浮应用国内海大型数据中案例；但该业务现在仍处于拓展阶段，收入占比较小；未来数据中心行业 是公司智慧楼宇产业重点聚焦的行业，集中优势快速布局以磁、气悬浮为核心技术优势的产品与应用。 ...

格隆汇9月9日｜香港交易所信息显示，摩根大通在海尔智家的持股比例于09月04日从6.05%降至 5.98%。 ...

Market Overview - The white goods sector increased by 0.33% on September 9, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Haier Smart Home (600690) closed at 26.93, up 1.85% with a trading volume of 583,300 shares and a turnover of 1.564 billion [1] - Hisense Home Appliances (000921) closed at 25.22, up 0.36% with a trading volume of 98,600 shares and a turnover of 248 million [1] - Midea Group (000333) closed at 77.18, up 0.19% with a trading volume of 383,200 shares and a turnover of 2.947 billion [1] - Gree Electric Appliances (000651) closed at 41.34, down 0.19% with a trading volume of 666,700 shares and a turnover of 2.763 billion [1] - TCL Smart Home (002668) closed at 10.72, down 0.65% with a trading volume of 135,700 shares and a turnover of 145 million [1] Capital Flow - The white goods sector saw a net inflow of 198 million from institutional investors, while retail investors experienced a net inflow of 27.048 million [1] - The overall capital flow indicates that institutional investors are more active in the sector despite some outflows from retail investors [1] Individual Stock Capital Flow - Midea Group had a net inflow of 2.41 billion from institutional investors, while retail investors saw a net inflow of 40.95 million [2] - Haier Smart Home experienced a net inflow of 89.84 million from institutional investors but a net outflow of 77.89 million from retail investors [2] - Gree Electric Appliances had a net outflow of 1.07 billion from institutional investors, with retail investors seeing a net inflow of 46.64 million [2]

Core Viewpoint - Haier Smart Home (06690) announced a share buyback plan, intending to repurchase 200,000 A-shares at a cost of 5.2845 million yuan [1] Company Summary - The company is set to execute the buyback on September 8, 2025, indicating a strategic move to enhance shareholder value [1]

海尔智家（600690）(06690)发布公告，于2025年9月8日斥资528.45万元回购20万股A股股份。 ...