Core Viewpoint - Hisense Home Appliances (00921.HK) has entered into a financial agreement to invest in financial products amounting to RMB 1.86 billion using its idle funds [1] Group 1 - The investment period for the financial agreement is from September 23, 2024, to October 16, 2024 [1] - The agreement involves Hisense's subsidiaries, including the air conditioning marketing company, Kelon Mould Company, and refrigerator marketing company as subscribers [1] - The total subscription amount for the financial products is RMB 1.86 billion [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 2024 年 9 月 23 日至 2025 年 10 月 16 日期間，本公司及本公司的附屬公司 空調營銷公司、科龍模具公司及冰箱營銷公司（作為認購方）訂立興銀理財協議，以認購 興銀理財產品，認購金額為人民幣 1,860,000,000 元。 本集團使用自有閒置資金支付該等興銀理財協議下的認購金額。 每份興銀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，當該等興銀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，該等興銀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 ...

Market Overview - The white goods sector experienced a slight decline of 0.02% on October 16, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Midea Group (000333) closed at 73.18, with a slight increase of 0.36% and a trading volume of 346,800 shares [1] - Gree Electric (000651) closed at 40.77, down 0.12%, with a trading volume of 397,500 shares and a transaction value of 1.619 billion [1] - Haier Smart Home (600690) closed at 25.25, down 0.63%, with a trading volume of 321,500 shares and a transaction value of 813 million [1] - Whirlpool (600983) closed at 10.46, down 0.76%, with a trading volume of 31,200 shares and a transaction value of 33.05 million [1] - TCL Smart Home (002668) closed at 9.61, down 0.93%, with a trading volume of 89,300 shares and a transaction value of 86.25 million [1] - Hisense Home Appliances (000921) closed at 25.80, down 1.04%, with a trading volume of 76,300 shares and a transaction value of 198 million [1] - Changhong Meiling (000521) closed at 7.12, down 1.11%, with a trading volume of 90,300 shares and a transaction value of 64.49 million [1] - Deep Blue Konka A (000016) closed at 5.08, down 1.17%, with a trading volume of 233,200 shares and a transaction value of 119 million [1] - Snowman Electric (001387) closed at 13.36, down 1.26%, with a trading volume of 14,300 shares and a transaction value of 1.919 million [1] - Aucma (600336) closed at 6.92, down 2.12%, with a trading volume of 161,500 shares and a transaction value of 113 million [1] Capital Flow Analysis - The white goods sector saw a net outflow of 706 million from institutional investors, while retail investors contributed a net inflow of 417 million [1] - The following stocks had notable capital flows: - Hisense Home Appliances (000921) had a net inflow of 2.3026 million from institutional investors, but a net outflow of 19.2985 million from speculative funds [2] - Snowman Electric (001387) experienced a net outflow of 373,900 from institutional investors, with a net inflow of 95,500 from speculative funds [2] - Whirlpool (600983) had a net outflow of 1.1962 million from institutional investors, but a net inflow of 1.0942 million from speculative funds [2] - TCL Smart Home (002668) saw a net outflow of 6.4928 million from institutional investors, with a net inflow of 2.6876 million from speculative funds [2] - Aucma (600336) had a net outflow of 7.5552 million from institutional investors, but a net inflow of 2.1876 million from speculative funds [2] - Changhong Meiling (000521) experienced a net outflow of 9.0440 million from institutional investors, with a net inflow of 5.0717 million from speculative funds [2] - Deep Blue Konka A (000016) had a significant net outflow of 15.6153 million from institutional investors, but a net inflow of 6.8073 million from speculative funds [2] - Haier Smart Home (600690) had a net outflow of 1.21 million from institutional investors, with a net inflow of 54.5379 million from speculative funds [2] - Gree Electric (000651) had a net outflow of 1.33 million from institutional investors, but a net inflow of 1.44 million from retail investors [2] - Midea Group (000333) had a net outflow of 1.67 million from institutional investors, with a net inflow of 2.47 million from retail investors [2]

Core Insights - Rongsheng Refrigerator officially launched its "100 kinds of odor removal" technology, addressing the growing consumer demand for health-oriented home appliances and marking a new phase in the refrigerator industry focused on precise odor removal and health protection [2][3] Product Innovation - The newly released Rongsheng 572 Double Purification 2.0 refrigerator features a capacity of 572 liters, combining efficient odor removal with ample storage space, catering to modern families' dual expectations for healthy eating and sufficient storage [3][4] - The IDP Double Purification 2.0 system releases up to 30 million/cm³ of negative ions, effectively capturing and decomposing odor molecules, achieving a remarkable "seven-in-one" cleanliness effect with a sterilization rate of 99.9999% and an odor removal rate of 99.9% [4][6] Market Performance - According to AVC data, Rongsheng's two new products have performed exceptionally well, with the flagship Rongsheng Sugar Refrigerator 506 topping offline sales and the Rongsheng 515 Sugar Refrigerator leading online sales in the French four-door category, indicating strong consumer recognition and preference [6] Brand Commitment - The successful launch event highlighted Rongsheng's leading position in proactive odor removal technology and its commitment to enhancing the dietary health of Chinese families by focusing on real user needs [6][7]

Market Overview - The white goods sector increased by 0.44% on October 15, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Key stocks in the white goods sector showed the following closing prices and percentage changes: - Whirlpool: 10.54, up 1.35% [1] - TCL Smart Home: 9.70, up 1.25% [1] - Hisense Home Appliances: 26.07, up 1.20% [1] - Gree Electric: 40.82, up 0.59% [1] - Midea Group: 72.92, up 0.44% [1] - The trading volume and turnover for these stocks varied, with Gree Electric having a turnover of 1.79 billion yuan [1] Capital Flow - The white goods sector experienced a net inflow of 117 million yuan from institutional investors, while retail investors saw a net inflow of 11.55 million yuan [1] - The capital flow for individual stocks indicated: - Midea Group: Net outflow of 828.19 million yuan from retail investors [2] - TCL Smart Home: Net inflow of 1.01 million yuan from institutional investors [2] - Gree Electric: Net outflow of 40.32 million yuan from institutional investors [2]

Core Viewpoint - Hisense Home Appliances (000921) announced a financial agreement to invest in a trust product, indicating a strategic move to enhance its financial management and investment portfolio [1] Group 1: Financial Agreement - The company and its subsidiaries, including the air conditioning marketing company, Guloni Company, and refrigerator marketing company, have entered into a financial agreement with Jingu Trust [1] - The total subscription amount for the trust product is RMB 1.739 billion [1] - The investment period for this agreement is set from May 27, 2025, to October 13, 2025 [1]

Core Insights - Rongsheng Refrigerator has officially launched its "100 kinds of deodorization" technology, addressing the growing consumer demand for health-oriented home appliances and marking a new phase in the refrigerator industry focused on precise deodorization and health protection [1][3]. Product Innovation - The company has collaborated with Qingdao Agricultural University to complete a systematic testing and purification verification report for 100 types of food spoilage odors, demonstrating the effectiveness of its IDP Dual Deodorization 2.0 technology [3]. - The new Rongsheng 572 Dual Deodorization 2.0 refrigerator features a capacity of 572 liters, catering to the real needs of Chinese families by combining efficient deodorization with ample storage space [3][4]. - The IDP Dual Deodorization 2.0 system releases up to 30 million/cm³ of negative ions in both the refrigeration and freezing zones, achieving a remarkable "seven-in-one" cleanliness effect, including a sterilization rate of 99.9999% and a deodorization rate of 99.9% [4]. Market Performance - According to AVC data, Rongsheng's two new products have performed exceptionally well, with the flagship Rongsheng Sugar Cube refrigerator ranking first in offline sales and the Rongsheng 515 Sugar Cube refrigerator leading online sales in the French four-door category [6]. - The strong market performance reflects the brand's commitment to enhancing the dietary health of Chinese families through innovative technology and a focus on real user needs [6].

Core Viewpoint - Hisense Home Appliances has experienced fluctuations in stock performance, with a recent increase in share price but an overall decline this year, indicating mixed investor sentiment and market conditions [1][2]. Financial Performance - For the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.964 billion yuan, with 3.823 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 14, the stock price of Hisense Home Appliances was 25.96 yuan per share, with a market capitalization of 35.951 billion yuan [1]. - The stock has seen a year-to-date decline of 6.18%, a 5-day drop of 2.22%, a 20-day increase of 3.30%, and a 60-day increase of 2.65% [1]. Shareholder Information - As of June 30, the number of shareholders increased to 41,200, reflecting a 27.22% rise compared to the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 20.6541 million shares, and Southern CSI 500 ETF, which increased its holdings by 970,000 shares [3]. Business Overview - Hisense Home Appliances, established on April 21, 1997, and listed on July 13, 1999, is primarily engaged in the manufacturing and sales of refrigerators, air conditioners, and home appliances [1]. - The main revenue composition includes HVAC (48.02%), washing machines (31.20%), and other segments (20.78%) [1].

Investment Rating - The report maintains a positive investment outlook for the home appliance industry, highlighting the potential for growth driven by real estate policies and the "old-for-new" replacement program [4][6]. Core Insights - The home appliance sector is experiencing a recovery, with significant growth in both domestic and export sales, particularly in the white goods and kitchen appliance segments, supported by favorable government policies [6][7]. - The report identifies three main investment themes: 1) White goods benefiting from real estate policy changes and the "old-for-new" program, with a focus on leading companies like Haier, Midea, and Gree [8][14]. 2) Export opportunities driven by large customer orders and recovering overseas demand, particularly for companies like Ousheng Electric and Dechang [8][14]. 3) Core components seeing increased demand due to the recovery in the white goods sector, with recommendations for companies like Huaxiang and Shun'an [8][14]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning sector saw a cumulative production of 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [11][12]. - The refrigerator and washing machine sectors also reported domestic sales growth of 4% and 6%, respectively, during the same period [11][12]. 2. White Goods and Components - The average price of white goods is expected to rise due to the "old-for-new" policy and increasing raw material costs, with air conditioning prices projected to continue their upward trend [23][24]. - Key companies in the white goods sector are expected to report varying revenue growth for Q3 2025, with Midea projected to grow by 3% in revenue and 8% in profit, while Gree anticipates flat revenue and profit [24][25]. 3. Kitchen Appliances - The kitchen appliance sector is benefiting from real estate policies and the "old-for-new" program, with significant sales growth in major categories like range hoods and gas stoves [7][8]. - Companies like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profit [24]. 4. Small Appliances - The small appliance sector is experiencing a revival, particularly in exports, with companies like Supor and Joyoung expected to report positive revenue growth [7][8]. - The "old-for-new" policy is expected to significantly boost sales in small kitchen appliances, with new categories like microwaves and rice cookers included in the subsidy program [14][15]. 5. New Displays and Lighting - The report notes a turning point in the emerging display sector, with stable prices in the panel market and growth potential in the lighting industry [8][9]. 6. Investment Highlights - The report emphasizes the importance of real estate and export chains, recommending investments in companies that are well-positioned to benefit from the ongoing transformation in the home appliance sector [8][14].

股票代码：000921 股票简称：海信家电 公告编号：2025-066 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2025 年 10 月 13 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 10 月 13 日 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 5 月 27 日至 202 ...