FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海信家電集團股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00921 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 459,589,808 | RMB | | 1 RMB | | 459,589,808 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 459,589,808 | RMB | | 1 RMB | | 459,589,808 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Group 1 - The IFA 2025 event in Berlin will showcase the latest AI technologies and products from Chinese home appliance brands, highlighting their technological leadership and overseas market performance [1][2] - Chinese companies are shifting from merely exhibiting products to becoming key definers and promoters of relevant technologies, integrating "proactive intelligence" and "full connectivity" into their offerings [2][3] - The three major trends observed in the overseas market for home appliance companies include AI becoming a standard feature, green intelligence enhancing export competitiveness, and scenario integration breaking industry boundaries [3] Group 2 - Chinese home appliance brands are increasingly leveraging international sports events for marketing, enhancing their global brand influence [4] - Companies are transitioning from "export trade" to "localized operations," strengthening both their soft and hard power in international markets [4][5] - The overseas performance of home appliance companies has become a highlight, with TCL reporting overseas revenue of 7.247 billion yuan, a year-on-year increase of 8.99%, and Haier's overseas revenue reaching 79.079 billion yuan, accounting for 50.53% of total revenue [6]

Core Viewpoint - The white goods industry is expected to achieve double growth in revenue and profit in the first half of 2025, driven by domestic "trade-in" policies and strong performance in emerging overseas markets [1][2]. Group 1: Industry Performance - The overall revenue and profit of the white goods industry have improved due to the synergy between domestic and overseas sales, leading to enhanced profitability [2]. - The first-tier brands like Midea and Haier have shown stable growth, while second-tier companies like Hisense and Meiling face pressure on profits due to intensified market competition and price wars among leading brands [3]. Group 2: Profitability Factors - The overall gross margin remains stable, with profit increases primarily attributed to a decrease in expense ratios, particularly in sales expenses. National subsidy policies have driven product structure upgrades, and companies have effectively reduced costs and increased efficiency [4]. Group 3: Overseas Market Trends - Emerging markets in South Asia and the Middle East have shown strong performance. However, the North American market has experienced slowed growth due to tariffs, with Midea preemptively shipping products in Q1 to mitigate tariff impacts, while Haier maintains a stable rhythm [5]. Group 4: Domestic Sales Outlook - The "trade-in" policy has limited overdraw effects, and a new round of capped national subsidies is expected to continue stimulating demand. Although growth may slow marginally in Q3 due to a high base, the medium to long-term outlook remains resilient, with optimistic expectations for H2 financial reports [6]. Group 5: External Sales Outlook - The anticipated interest rate cuts in the U.S. may boost real estate and home appliance demand, while growth momentum in emerging markets remains strong. Companies like Haier, with well-established overseas production capacities, are expected to experience good growth [7]. Group 6: Financial Performance of Overseas Listed Companies - Overall revenue growth has slowed, and profit margins are under pressure. However, some companies have managed to improve profitability through cost control and product structure optimization [8]. Group 7: Investment Recommendations - White goods companies are enhancing profitability and risk resistance through cost reduction, product structure optimization, and deepening localization. With ongoing domestic policy support and rising expectations for overseas interest rate cuts, the white goods sector still holds strong growth potential and investment value. Key recommendations include leading brands such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric [9].

Group 1 - The company Hisense Home Appliances (000921)(00921) announced a financial agreement with Western Trust for the subscription of financial products [1] - The subscription amount for the financial products is set at RMB 1.78 billion [1] - The agreement will be effective from July 3, 2025, to September 2, 2025 [1]

Core Viewpoint - Hisense Home Appliances (00921.HK) announced a subscription agreement for wealth management products with a total investment of RMB 1.78 billion, utilizing its idle funds [1] Group 1 - The company’s subsidiary, the air conditioning company and refrigerator marketing company, is the subscriber of the wealth management agreement [1] - The subscription period for the wealth management products is from July 3, 2025, to September 2, 2025 [1] - The investment amount for the wealth management products is RMB 1.78 billion [1]

Core Viewpoint - The white goods sector experienced a rise of 1.75% on September 2, with Midea Group leading the gains, while the overall market indices saw declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3858.13, down 0.45% [1] - The Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Midea Group (000333) closed at 76.16, up 2.88%, with a trading volume of 805,900 shares and a transaction value of 6.106 billion yuan [1] - Haier Smart Home (600690) closed at 26.30, up 1.35%, with a trading volume of 737,400 shares [1] - Gree Electric Appliances (000651) closed at 41.52, up 0.27%, with a trading volume of 855,900 shares and a transaction value of 3.550 billion yuan [1] - TCL Technology (002668) closed at 10.44, up 0.10%, with a trading volume of 201,600 shares and a transaction value of 210 million yuan [1] - Whirlpool (600983) closed at 10.88, up 0.09%, with a trading volume of 37,900 shares and a transaction value of 4.124 million yuan [1] - Hisense Home Appliances (000921) closed at 25.14, down 0.12%, with a trading volume of 117,200 shares [1] - Changhong Meiling (000521) closed at 7.47, down 1.19%, with a trading volume of 160,200 shares and a transaction value of 120 million yuan [1] - Aucma (600336) closed at 6.85, down 1.44%, with a trading volume of 185,400 shares and a transaction value of 127 million yuan [1] - Xueqi Electric (001387) closed at 13.55, down 1.74%, with a trading volume of 53,000 shares [1] - Shenzhen Konka (000016) closed at 5.57, down 3.80%, with a trading volume of 730,200 shares [1] Group 3: Capital Flow - The white goods sector saw a net inflow of 3.3964 million yuan from institutional investors, while retail investors contributed a net inflow of 9.28937 million yuan [1] - There was a net outflow of 96.2902 million yuan from speculative funds in the white goods sector [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） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 7 月 3 日至 2025 年 9 月 2 日期間，本公司的附屬公司空調公司及 冰箱營銷公司（作為認購方）訂立西部信託理財協議，以認購西部信託理財產品，認購金 額為人民幣 1,780,000,000 元。 本集團使用自有閒置資金支付該等西部信託理財協議下的認購金額。 每份西部信託理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然 而，根據上市規則第 14.22 條，當該等西部信託理財協議下的認購金額合併計算時，相關適 用百分比率（定義見上市規則）超過 5%但低於 25%。因此，該等西部信託理財協議下的交 易按合併計算基準構成本公司的須予披露交易，並須 ...

Core Viewpoint - Hisense Home Appliances is facing unprecedented challenges following the sudden resignation of former president Hu Jianyong and the appointment of Gao Yuling as the new president, leading to uncertainty about the company's future [1][3]. Management Changes - Hu Jianyong resigned from his positions due to personal reasons, and Gao Yuling has been appointed as the new president [3]. - Hu Jianyong's tenure saw a significant decline in company performance, with retail volume and revenue for home air conditioners showing a downward trend in 2024 [3][4]. Financial Performance - In the first half of 2025, Hisense Home Appliances reported a revenue of 49.34 billion, a year-on-year increase of 1.44%, significantly down from 13.27% in the previous year [4]. - The net profit attributable to shareholders for the same period was 2.08 billion, up 3.01%, but this growth rate also decreased sharply from 34.61% year-on-year [4]. - The company's asset-liability ratio reached 73.91% in the first half of 2025, indicating a serious financial burden [5][6]. Profitability and Cash Flow - Hisense's sales gross margin was 20.78% and net margin was 5.53% in 2024, both below industry averages, suggesting reliance on price competition rather than innovation [6]. - The operating cash flow showed instability, with a significant drop of 51.64% in 2024 compared to the previous year, raising concerns about the company's liquidity [6]. Strategic Outlook - Gao Yuling's leadership may signal a shift from aggressive expansion to a focus on stable operations and financial optimization, which is crucial for the company's recovery [7]. - The company must balance cost control and value enhancement to navigate the competitive landscape, particularly in the air conditioning sector where it lags behind top brands [7].

Group 1 - The home appliance sector underperformed the CSI 300 index this week, with the Shenwan household appliance index declining by 0.9% while the CSI 300 index rose by 2.7% [1] - Key companies such as Guangfeng Technology and Ecovacs led the gains with a rise of 6.5%, while companies like Beike and Gree Electric faced declines of 6.2% and 5.6% respectively [1] - The production data for major white goods in September 2025 shows a total output of 27.07 million units, a decrease of 7.2% compared to the same period last year [1] Group 2 - In September 2025, the production of household air conditioners was 10.75 million units, down 12.0% year-on-year; refrigerators produced were 8.21 million units, down 6.3%; and washing machines saw production of 8.11 million units, down 1.1% [1] - Haier Smart Home announced its first mid-term dividend, proposing a cash dividend of RMB 2.69 per 10 shares, totaling over RMB 2.5 billion [1] Group 3 - In July 2025, the online sales volume of hair dryers decreased by 6.44% to 932,200 units, while sales revenue increased by 11.46% to RMB 209 million, with an average price rise of 19.16% to RMB 223.9 per unit [2][3] - The online sales volume of electric shavers increased by 21.32% to 927,700 units, with sales revenue rising by 23.61% to RMB 164 million, and an average price increase of 1.90% to RMB 177.0 per unit [2][3] Group 4 - The investment focus includes the white goods sector, which is characterized by low valuations, high dividends, and stable growth, with expectations for a boost from trade-in policies and rising copper prices [4] - Recommendations include leading companies such as Hisense, Midea, Haier, and Gree, as well as companies like Ousheng Electric and Dechang Co., which are expected to benefit from large customer orders and improved profitability [4] - The demand for core components in the white goods sector is expected to exceed expectations, with recommendations for companies like Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control, which are positioned to benefit from the industry's growth [4]

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份內容而產生或 因倚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） 海外市場監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 《海信家電集團股份有限公司第十二屆董事會 2025 年第四次臨時會議決議公告》已刊 載於深圳證券交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2025 年 8 月 29 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生及代慧忠先 生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生；及本公司的職 工代表董事為殷必彤先生。 ...