Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Hisense, Midea, and Gree [2][29]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 0.7% while the index rose by 1.1% [2][3]. - Key developments include the official launch of Haier's air conditioning industrial park in Thailand, which has an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [8][57]. - Hisense's HHA smart manufacturing industrial park has commenced construction, aiming to enhance its presence in Thailand and the ASEAN market [9][58]. - Sales data for August shows a significant increase in the sales volume and revenue of cleaning appliances like vacuum cleaners and floor washers, while sales of hair dryers and electric shavers declined [29][35]. Summary by Sections Industry Dynamics - Haier's Thailand air conditioning industrial park officially started production on September 23, with a capacity of 6 million units annually, covering various air conditioning products [8][57]. - Hisense's HHA smart manufacturing industrial park is set to be the largest overseas facility for the company, with plans for completion by 2030 [9][58]. Sales Data Observations - In August, vacuum cleaner sales increased by 45.13% year-on-year, with revenue rising by 57.96%, while the average price increased by 8.84% to 1181.00 CNY per unit [29][30]. - Floor washer sales also saw a year-on-year increase of 38.07% in volume and 43.66% in revenue, with an average price of 1443.30 CNY per unit [29][31]. - Conversely, hair dryer sales fell by 19.04% in volume and 22.79% in revenue, with an average price decrease of 4.64% to 232.3 CNY per unit [35][36]. - Electric shaver sales increased by 9.79% in volume and 13.11% in revenue, with an average price increase of 3.04% to 206.5 CNY per unit [35][36]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth, recommending stocks like Hisense and leading companies such as Midea, Haier, and Gree [2][29]. 2. Export opportunities driven by large customer orders, highlighting companies like Ousheng Electric and Dechang Shares [2][29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2][29].

Group 1 - The company held its 2025 fifth interim board meeting on September 26, 2025, to discuss and approve several related party transactions [2][3][6] - The board approved the acquisition of a 26.0006% stake in Hisense (Guangdong) Kitchen and Bath Systems Co., Ltd. from Hisense Visual Technology Co., Ltd. for a total price of approximately RMB 94.29 million, based on an assessed value of RMB 150.50 million [6][15][21] - The board also approved the sale of non-core manufacturing assets, including the Huangdao Visual Plastic Workshop asset group, to Hisense Visual Technology for approximately RMB 140.59 million [9][24][30] Group 2 - The company aims to optimize its asset structure and improve operational efficiency by divesting non-core assets and focusing on its main business [10][31][45] - The independent directors unanimously agreed on the transactions, stating that they would not adversely affect the company's financial status or harm the interests of shareholders, particularly minority shareholders [7][32][46] - The total amount of related party transactions with Hisense Group and its subsidiaries over the past 12 months reached approximately RMB 38.79 billion [46]

Group 1 - Hisense Home Appliances announced a conditional equity transfer agreement where its wholly-owned subsidiary, Qingdao Hisense Mould, will acquire a 26.0006% equity stake in Hisense (Guangdong) Kitchen and Bath Systems from Hisense Visual, with a transaction price of RMB 94.2905 million [1] - Following the acquisition, the company's stake in the target company will increase from 73.9994% to 100.00%, and the target company will continue to be a subsidiary, with its financial performance included in the group's financial statements [1] - The acquisition aims to integrate injection molding and stamping businesses, optimize the business positioning of subsidiaries, and enhance internal management synergies [1] Group 2 - On the same date, Qingdao Hisense Mould and the target company signed an asset group transfer agreement I, where Qingdao Hisense Mould and the target company agreed to sell, and Hisense Visual agreed to purchase asset group I for RMB 140.6 million [2] - Asset group I consists of current assets, fixed assets, construction in progress, and current liabilities, primarily used for producing injection molded parts and stamped back panels for televisions [2] - The sale of these assets will help focus on core business development, divest non-core manufacturing assets related to television structure components, and optimize asset structure and operational efficiency [2]

Group 1 - The company Hisense Home Appliances announced a conditional equity transfer agreement where its wholly-owned subsidiary Qingdao Hisense Mould will acquire a 26.0006% equity stake in Hisense (Guangdong) Kitchen and Bath Systems from Hisense Visual, with a transaction price of RMB 94.2905 million [1] - Following the acquisition, the company's stake in the target company will increase from 73.9994% to 100.00%, and the target company will continue to be a subsidiary, with its financial performance included in the group's financial statements [1] - This acquisition aims to integrate injection molding and stamping businesses, optimize the business positioning of its subsidiaries, and enhance internal management synergies [1] Group 2 - On the same date, an asset group transfer agreement was signed involving assets held jointly by Qingdao Hisense Mould and the target company, which includes current assets, fixed assets, construction in progress, and current liabilities, primarily used for producing injection molded parts and stamped back panels for televisions [2] - Another asset group transfer agreement was signed for assets held by Hisense (Guangdong) Mould and Shunde Rongsheng Plastics, with a transaction price of RMB 14.1951 million, focusing on injection molded parts for televisions [2] - The sale of these assets will help the company focus on core business development, divest non-core manufacturing assets related to television assembly structure components, and optimize asset structure to enhance operational efficiency [2]

Group 1 - Hisense Home Appliances has approved a proposal to acquire a 26.0006% stake in Hisense (Guangdong) Kitchen and Bath Systems Co., Ltd. from Hisense Visual Technology Co., Ltd. This acquisition aims to integrate injection molding and stamping businesses, optimize subsidiary business positioning, and enhance internal management synergy [1] - The transaction price is based on the assessed market value, with the total equity value of Hisense Kitchen and Bath as of June 30, 2025, being RMB 150,503,900. After deducting dividends already received by Hisense Visual, the final purchase price is set at RMB 94,290,516.95 [1] Group 2 - The company has also approved a proposal to sell a set of injection and stamping assets, known as the Huangdao Visual Plastic Workshop Asset Group, to Hisense Visual Technology. This move is part of the strategy to focus on core business development and optimize asset structure [2] - The transaction price for the asset group is determined to be RMB 140,593,300, based on the assessed market value as of August 31, 2025 [2] Group 3 - Additionally, the company has approved a proposal to sell non-core manufacturing assets related to injection molding business, specifically the Jiangmen Electronic Plastic Workshop Asset Group, to Guangdong Hisense Electronics Co., Ltd. This is also aimed at focusing on core business and enhancing asset operational efficiency [3] - The transaction price for this asset group is set at RMB 14,195,100, based on the assessed market value as of August 31, 2025 [3]

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 年第五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 海信家电集团股份有限公司 第十二届董事会 2025 年第五次临时会议决议公告 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。 一、董事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十二届董事会于 2025 年 9 月 ...

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(1)收購股權；及(2)出售資產 之 關聯交易 收購股權 於 2025 年 9 月 26 日，青島海信模具與海信視像簽訂股權轉讓協議，據此，青島海信模具同 意有條件收購，而海信視像同意有條件出售其持有的標的股權，交易對價為人民幣 94,290,516.95 元。 收購完成後，本公司於目標公司的股權比例將由 73.9994%增至 100.00%。目標公司將繼續作 為本公司的附屬公司，其財務業績亦將繼續併入本集團的財務報表中。 出售資產 於 2025 年 9 月 26 日，青島海信模具、目標公司與海信視像簽訂資產組轉讓協議 I，據此，青 島海信模具與目標公司同意出售，而海信視像同意購買資產組 I，交易對價為人民幣 14,059.3 ...

Core Viewpoint - Hisense Home Appliances announced a significant equity acquisition to enhance business integration and management efficiency, indicating a strategic move to consolidate its operations in the appliance sector [1] Group 1: Transaction Details - Hisense Home Appliances' subsidiary, Hisense Mould, will acquire a 26.0006% stake in Hisense Kitchen and Bath from Hisense Visual Technology, resulting in full ownership of Hisense Kitchen and Bath [1] - The transaction is valued at approximately RMB 94.29 million after accounting for dividends already received by Hisense Visual Technology [1] - The valuation is based on the assessed market value of Hisense Kitchen and Bath as of June 30, 2025, amounting to RMB 150.50 million [1] Group 2: Corporate Structure and Relationships - Both Hisense Home Appliances and Hisense Visual Technology are under the indirect control of Hisense Group Holdings, establishing them as related parties in this transaction [1] - The transaction is classified as a related party transaction according to the Shenzhen Stock Exchange listing rules [1] Group 3: Financial Performance - For the first half of 2025, Hisense Home Appliances reported that 92.62% of its revenue came from the home appliance manufacturing sector, with other businesses contributing 7.38% [1] - The current market capitalization of Hisense Home Appliances is approximately RMB 37.6 billion [2]

人民财讯9月26日电，海信家电（000921）9月26日公告，为整合注塑、冲压业务，优化子公司的业务定 位，全资子公司海信模具拟购买海信视像（600060）持有的海信厨卫约26%股权，交易价格9429.05万 元。 ...