Market Overview - The white goods sector increased by 0.46% on October 20, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Aucma (600336) closed at 7.00, up 2.79% with a trading volume of 135,200 shares and a turnover of 93.40 million yuan [1] - Gree Electric (000651) closed at 40.77, up 1.37% with a trading volume of 394,700 shares [1] - Haier Smart Home (600690) closed at 25.09, up 0.28% with a trading volume of 324,100 shares [1] - Midea Group (000333) closed at 72.87, up 0.10% with a trading volume of 297,600 shares [1] Capital Flow - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors experienced a net outflow of 100 million yuan [1] - Gree Electric had a net inflow of 202 million yuan from institutional investors, but a net outflow of 45.90 million yuan from retail investors [2] - Haier Smart Home experienced a net inflow of 49.28 million yuan from institutional investors, with a net outflow of 54.37 million yuan from retail investors [2]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5][6]. Core Views - The home appliance sector is experiencing a mixed performance, with major appliances under pressure due to high base effects from last year, while small appliances continue to show growth. The upcoming Double Eleven shopping festival is expected to further boost sales in small appliances [1][12]. - The export value of home appliances in September saw a decline of 9.6%, with air conditioning exports particularly affected, while refrigerators and washing machines showed positive growth [3][40]. - The report highlights the resilience of the home appliance sector despite external challenges, with expectations for continued growth potential in overseas markets as companies expand their global presence [12][40]. Summary by Sections 1. Investment Rating - The home appliance industry is rated as "Outperform" [5]. 2. Market Performance - In September, retail sales of major appliances declined by approximately 20% due to high base effects, while small appliances like rice cookers and air fryers saw growth of 6.1% and 27.7% respectively [1][18]. - The Double Eleven shopping festival has been extended, allowing consumers more time to make purchases, which is expected to benefit sales [2][36]. 3. Export Performance - Home appliance exports fell by 9.6% in September, with air conditioning exports down 23.2%. However, washing machines and vacuum cleaners continued to grow by over 10% [3][40]. - The report notes that the actual overseas sales performance may be better than export figures suggest, as companies are diversifying their production and sales channels [40]. 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, and TCL for white goods; Boss Electric for kitchen appliances; and Roborock and Ecovacs for small appliances [4][12][13].

Core Insights - The recent release of the "Top 100 Private Enterprises in Foshan" highlights the competitive landscape of private companies in the region, with Nanhai District surprisingly surpassing Shunde in the number of top enterprises, although Shunde still has more leading firms with higher brand recognition [1][2][6]. Group 1: Company Rankings - The top ten private enterprises in Foshan are led by Midea Group, with 2024 revenue and net profit reaching CNY 409.1 billion and CNY 38.5 billion respectively [1][2]. - The complete list of the top 100 private enterprises includes notable companies such as Country Garden Holdings, Hongwang Holdings, and Foshan Xinghai Copper Aluminum [2][3]. Group 2: Regional Distribution - The distribution of the top 100 private enterprises shows that Nanhai District has 40 companies, Shunde District has 37, Zhaoqing District has 14, Sanshui District has 7, and Gaoming District has 2 [1][2]. - Among the top ten enterprises, Shunde District accounts for 6, while Nanhai District has 3, and Sanshui District has 1 [1][2]. Group 3: Industry Distribution - The industry breakdown of the top ten private enterprises reveals that 6 are in manufacturing, 3 are in real estate, and 1 is in automotive services [1][2]. - The overall top 100 list reflects a diverse range of industries, indicating a robust private sector in Foshan [1][2]. Group 4: Tax Contribution Rankings - The "Top 30 Enterprises by Tax Contribution" includes Midea Group, Haitian Flavoring & Food, and Hisense Home Appliances, showcasing the significant economic impact of these companies [5][6]. - Among the top 30 contributors, 13 are located in Shunde District, 9 in Zhaoqing District, and 4 each in Nanhai and Sanshui Districts [6][7].

Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is experiencing a shift in competition dynamics, particularly in the white goods sector, with a notable increase in the proportion of mid-to-high-end consumption driven by national subsidies [1][2][4] - Price competition for flow models has eased, returning to levels seen in April, likely due to the seasonal decline in air conditioning demand [1][2][4] - Consumer demand is currently weak, with a notable impact from the expiration of subsidies in various regions, particularly in the southwest and eastern areas of China [2][3] Company Performance Midea Group - Midea's revenue growth is expected to be in the high single digits, around 10%, but profit growth may lag due to the consolidation of assets [1][6] - The company demonstrates strong operational resilience, effectively managing inventory to adjust to market conditions [6] Haier - Haier's revenue growth is projected at 7%-8%, with double-digit profit growth anticipated due to channel reforms and reduced expense ratios [1][7] - The Casarte brand continues to perform well under national subsidy policies, contributing positively to profitability [7] Hisense - Hisense is expected to see slight increases in both revenue and profit, although its central air conditioning business faces challenges [1][8] - The company has experienced a rebound in installation card growth since July, indicating a stabilization in price competition [2][4] TCL - TCL's revenue is expected to remain flat compared to last year, with profit also stabilizing due to high base effects from the previous year [1][9] Hailong Cold Chain - Hailong Cold Chain's revenue is expected to match the first half of 2025, with strong growth in refrigeration and exports [1][10] Market Dynamics Mini LED Technology - The penetration rate of Mini LED technology has slightly decreased, influenced by subsidy reductions and cost adjustments in electronic modules [1][11] - Despite this, product iterations are expected to support higher selling prices [11] Small Appliances - The small appliance sector is witnessing significant growth, particularly in cleaning devices like robotic vacuums, with companies like Stone Technology reporting an 80% revenue growth and a 50% profit increase [1][14] - The kitchen small appliance market remains stable, with companies like Bear Electric projecting a 13% revenue increase, while New Bao is expected to face negative growth [1][15][16] Export Market - The export market is experiencing volatility, particularly in Europe and Latin America, with the latter entering its peak air conditioning sales season [3][5] - Chinese companies are shifting production to countries like Egypt and Thailand to mitigate tariff pressures [3][5] Future Outlook - The small appliance industry is expected to continue evolving, focusing on cost control and innovation to drive growth [1][17] - New product categories, such as washing robots, are anticipated to become significant growth drivers [17]

Industry Overview - The report by Zhiyan Consulting analyzes the market status and development prospects of the air conditioning industry in China from 2025 to 2031 [1] - According to the National Bureau of Statistics, the production of room air conditioners in China reached 30.83 million units in April 2025, representing a year-on-year growth of 1.6% [1] - Cumulatively, from January to April 2025, the total production of room air conditioners was 105.314 million units, showing a cumulative growth of 7.2% [1] Key Companies - Listed companies in the air conditioning sector include Gree Electric Appliances (000651), Midea Group (000333), Haier Smart Home (600690), Hisense Home Appliances (000921), TCL Technology (000100), and Harbin Air Conditioning (600202) [1]

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産生或因依 賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 有關關聯交易之補充公告 茲提述本公司於 2025 年 9 月 26 日刊發之公告（「該公告」），內容有關（其中包括）收購股 權之關連交易。除本公告另有界定者外，本公告所用詞彙應與該公告所界定者具有相同涵義。 董事會謹此向股東及潛在投資者提供以下有關收購事項的補充信息： 遵守上市規則 誠如該公告所披露，收購事項代價乃由股權轉讓協議各方經公平磋商後，參考目標公司的評估 價值及標的股權的持股比例而釐定。根據獨立估值師青島德銘資產評估有限公司（「獨立估值 師」）出具的評估報告（「評估報告」），採用收益法對目標公司進行評估後，目標公司股東 於評估基準日（即 2025 年 6 月 30 日）所持全部股權權益的評估值為人民幣 578,847,9 ...

Market Overview - The Shanghai Composite Index rose by 0.1% to 3916.23 points, while the Shenzhen Component Index fell by 0.25%[1] - The Hang Seng Index closed down 0.09% at 25888.51 points, with the Hang Seng Tech Index dropping 1.18%[1] - The total market turnover in Hong Kong decreased to 2754.312 million HKD[1] International Relations - U.S. President Trump and Russian President Putin agreed to meet in Budapest to discuss efforts to end the Russia-Ukraine war, with Trump claiming significant progress was made during their two-hour call[8][11] - China's export controls on ASML may trigger supply chain disruptions, prompting European car manufacturers to prepare for potential production halts[8][11] Banking Sector - U.S. regional bank stocks experienced a sharp decline, with the S&P Regional Banking Select Industry Index falling by 6.3%, marking its largest drop since April[11] - Zions Bancorp and Western Alliance Bancorp reported being victims of loan fraud, exacerbating credit concerns and solidifying expectations for interest rate cuts by the Federal Reserve[11] Commodity and Industry Insights - China Shenhua reported a 1.6% year-on-year decline in coal sales for September, totaling 36.3 million tons, and an 8.4% drop for the first nine months of the year, amounting to 320 million tons[13] - The global market for wireless communication modules is led by a company with a 15.4% market share, which reported a profit of 160 million RMB, a 14.6% increase year-on-year[10]

Core Viewpoint - Hisense Electric has announced a subscription to a trust financial product amounting to RMB 1.739 billion, continuing its trend of significant investments in trust products, which highlights its strategy to utilize idle funds effectively [1][3]. Group 1: Hisense Electric's Investment Activities - Hisense Electric has made 13 announcements regarding financial product subscriptions this year, totaling RMB 27.207 billion, with trust products accounting for 61.5% of this amount, exceeding RMB 16 billion [3]. - The company has shown a preference for trust financial products, engaging with five different trust companies, including Jingu Trust and Huaneng Trust [3]. Group 2: Industry Trends in Trust Financial Products - As of October 16, 2025, 41 listed companies have participated in trust financial products, with total subscriptions exceeding RMB 18 billion, indicating a growing trend among manufacturing firms [4]. - Notably, companies in the manufacturing sector, such as Shagang Group and Fangda Special Steel, have also engaged in trust investments, reflecting a broader industry trend towards stable income products [4]. Group 3: Reasons for Trust Financial Product Adoption - Companies are increasingly opting for trust financial products due to their flexibility, stable returns, and manageable risks, with a significant portion of trust funds being directed towards the securities market [7]. - Hisense Electric and other companies have stated that using idle funds for trust investments will not negatively impact their core operations and will enhance the efficiency of capital utilization [8].

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a subscription agreement for financial products with a total investment amount of 1.86 billion yuan [1] Group 1 - The subscription period for the financial products is from September 23, 2024, to October 16, 2025 [1] - The subscribing entities include the company's air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription agreement for financial products with a total investment amount of 1.86 billion yuan, involving its subsidiaries during the period from September 23, 2024, to October 16, 2025 [1] Group 1 - The company and its subsidiaries, including the air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company, are the subscribing parties [1] - The subscription is for financial products offered by Xingyin Wealth Management [1] - The total subscription amount is 1.86 billion yuan [1]