Market Overview - The white goods sector experienced a decline of 1.61% on September 22, with Changhong Meiling leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Whirlpool (600983) closed at 10.62, with a slight increase of 0.76% and a trading volume of 23,700 shares [1] - Aokema (600336) closed at 6.63, down 0.90%, with a trading volume of 89,300 shares [1] - Deep Blue Technology (000016) closed at 5.52, down 1.25%, with a trading volume of 557,500 shares [1] - Hisense Home Appliances (000921) closed at 25.01, down 1.26%, with a trading volume of 98,700 shares [1] - Snow Qi Electric (001387) closed at 13.59, down 1.38%, with a trading volume of 18,300 shares [1] - TCL Smart Home (002668) closed at 9.95, down 1.39%, with a trading volume of 112,100 shares [1] - Midea Group (000333) closed at 73.26, down 1.47%, with a trading volume of 479,700 shares [1] - Gree Electric (000651) closed at 39.83, down 1.51%, with a trading volume of 582,000 shares [1] - Haier Smart Home (600690) closed at 25.70, down 2.36%, with a trading volume of 513,200 shares [1] - Changhong Meiling (000521) closed at 7.18, down 2.97%, with a trading volume of 214,300 shares [1] Capital Flow Analysis - The white goods sector saw a net outflow of 507 million yuan from institutional investors, while retail investors had a net inflow of 498 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] - Hisense Home Appliances (000921) had a net inflow of 10.35 million yuan from institutional investors, while retail investors experienced a net outflow of 27.68 million yuan [2] - TCL Smart Home (002668) had a net inflow of 3.08 million yuan from institutional investors, with retail investors seeing a net inflow of 452.86 million yuan [2] - Midea Group (000333) had a minimal net inflow of 2.32 million yuan from institutional investors, while retail investors had a net inflow of 22.8 million yuan [2] - Changhong Meiling (000521) experienced a significant net outflow of 41.27 million yuan from institutional investors, but retail investors had a net inflow of 22.70 million yuan [2]

Group 1 - The core viewpoint of the news is that despite the decent performance of Hisense Home Appliances Group Co., Ltd., its stock price has significantly underperformed compared to the market, leading to concerns from investors about the company's market value management [1] - The investor relations activity was an earnings briefing held on September 19, 2025, where the management addressed investor concerns regarding the stock price decline of over 26% since the beginning of the year, contrasting with the market's rise of over 20% [1] - Investors suggested measures such as using financial resources for share buybacks to enhance stock prices and directly benefit investors, highlighting a perceived deficiency in the company's market value management [1] Group 2 - The management responded that stock price fluctuations are influenced by various factors, including capital market trends, macroeconomic conditions, and industry changes, emphasizing the company's stable operational status [1] - The management also mentioned ongoing efforts to optimize governance systems and their commitment to maintaining investor rights and enhancing market confidence through various means [1]

Group 1 - The core viewpoint is that Hisense is focusing on upgrading its home air conditioning business through its two main brands, Hisense and Kelon, to compete in the market [1] - Hisense's Kelon brand is targeting young consumers by emphasizing the sleep economy and healthy home trends, aiming to strengthen its brand image among younger demographics [1] - The company positions itself on cost-effectiveness, aiming to meet the essential demand of young consumers for high quality at low prices [1]

Group 1: Performance Overview - Hisense's stock price has decreased by over 26% since the beginning of the year, while the market index has risen by over 20% [2] - The gap between Hisense's stock performance and the market index has reached 46% [2] - The company's market value management is significantly flawed, impacting its reputation [2] Group 2: Management Response - The management acknowledges that stock price fluctuations are influenced by multiple factors, including market trends and macroeconomic conditions [2] - The company is committed to maintaining investor rights and enhancing market confidence through various measures [2] - There are considerations for using financial resources for stock buybacks to directly benefit investors [2]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning and washing machines Key Points and Arguments Sales Performance - **Domestic Sales**: Expected to maintain mid-to-high single-digit growth in Q3 2025, driven by increased demand for household air conditioning, particularly in July with installation cards up over 30% year-on-year [2][3] - **Export Sales**: Performance improved due to normalization of overseas channel inventory, with July export growth for processing and washing products exceeding Q2 [2][3] - **Q4 Outlook**: Anticipated acceleration in export growth based on Q3 performance [2][3] Market Dynamics - **Central Air Conditioning**: Revenue showed a positive trend in July, but the overall industry remains weak. The company is adjusting strategies to cope with market competition, including reducing the share of revenue from refined decoration and increasing the share from second-hand housing [2][10] - **Price Competition**: The competitive landscape in the air conditioning market has slightly eased in Q3, but future domestic competition remains uncertain due to potential subsidy reductions and weather impacts [2][13] Strategic Initiatives - **Product Strategy**: Hisense is focusing on improving the sales structure by increasing the revenue share of fresh air conditioners and reducing SKU models [2][14][16] - **Integration in Air Industry**: Increased depth of integration in the air industry, including shared R&D platforms and streamlined procurement [2][17] - **Overseas Market Focus**: Overseas revenue accounts for 55%-60% of total income, with higher profit margins compared to domestic sales. The company aims to enhance product efficiency and competitiveness [2][18] Financial Projections - **Profit Margins**: Expected to maintain profit margins around 16-17% for central air conditioning, despite market price competition [2][11] - **Capital Expenditure**: Projected capital expenditure of approximately 2 billion RMB for 2026, focusing on ASEAN factories and technological upgrades [2][30] Marketing and Brand Positioning - **Sponsorship and Marketing**: Continued sponsorship of the World Cup to enhance brand visibility, with a focus on expanding market share in Europe and the Americas [2][31] - **Product Positioning**: Differentiation between Hisense and Kelon brands, with Hisense focusing on premium products and Kelon enhancing online presence [2][18] Challenges and Risks - **Geopolitical Factors**: Previous order cuts from major clients in Russia and Turkey due to geopolitical tensions have lessened, but ongoing monitoring is necessary [2][8] - **Inventory Levels**: Current inventory levels are slightly above historical averages but have decreased from Q2 [2][9] Future Outlook - **Revenue Growth**: Overall revenue growth is expected to align with stock incentive targets, with export growth projected at 10-15% [2][27] - **Long-term Strategy**: Emphasis on enhancing product competitiveness and expanding into new markets, particularly in Southeast Asia and the Middle East [2][24][25] Additional Important Information - **Washing Machine Business**: Significant growth in both domestic and export sales, with a focus on digitalization and cost reduction to improve profit margins [2][33] - **New Product Development**: Introduction of new washing machine models and increased resource allocation to address market demands [2][33][34] This summary encapsulates the key insights from the Hisense Home Appliances conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Consumer Durables** industry, specifically the **air conditioning (AC)** segment, highlighting the competitive dynamics among major players like **Xiaomi**, **Midea**, **Gree**, **Haier**, and **Hisense** [1][4][19]. Core Insights and Arguments - **Market Dynamics**: The China AC market is characterized by high consolidation, with leading players enjoying higher margins due to economies of scale and vertical integration. The industry's profit pool has grown from **Rmb 22 billion (US$ 3.1 billion)** in 2019 to **Rmb 32 billion (US$ 4.5 billion)** in 2024, reflecting a **CAGR of 8%** in profits [7][17]. - **Xiaomi's Strategy**: Xiaomi has renewed its focus on the AC market, emphasizing entry-level products. This strategy aims to leverage its distribution efficiency and technology ecosystem, potentially increasing its market share to approximately **10%** in the mid-term [4][5][19]. - **Competitive Response**: In response to Xiaomi's market share gains, traditional players like Midea, Haier, and Hisense have adjusted their product offerings and pricing strategies. Midea and Haier have increased their market shares from **32%/12%** to **37%/14%** between December 2024 and June 2025, while Gree's share has slightly declined [22][29]. - **Profitability Concerns**: Increased competition may lead to pricing pressures, impacting the overall profit pool. Gree is expected to be the most affected due to its reliance on the domestic split AC market, which constitutes **51%** of its revenue and **56%** of its profits in 2024 [6][47][60]. Important but Overlooked Content - **Scenario Analysis**: The report outlines four scenarios to assess the potential impact on the industry profit pool and individual company revenues. In the base case, a **7%** reduction in retail prices is anticipated, leading to a **6%** decline in industry profits compared to 2024 [49][50]. - **Xiaomi's Manufacturing Plans**: Xiaomi is working on improving its manufacturing efficiency by establishing a factory in Wuhan, expected to be operational by the end of 2025. This move aims to enhance vertical integration and reduce reliance on external suppliers [37][39]. - **Distribution Efficiency**: Xiaomi's competitive edge lies in its distribution model, primarily online, which allows for lower customer acquisition costs. The company plans to expand its offline presence through Mi Home stores, which could further enhance its market position [37][42]. Company-Specific Insights - **Midea**: Expected to be the most resilient player, leveraging its manufacturing advantages and distribution efficiency. Midea's proactive strategies have allowed it to maintain a competitive edge [45][63]. - **Gree**: Faces significant profit pressure due to its high reliance on the domestic market and less proactive pricing strategies. Gree's price premium is the highest among peers, which may lead to greater vulnerability in a competitive environment [47][60]. - **Haier and Hisense**: Both companies are positioned as tier-2 players but are making strides in supply chain integration. Haier's new compressor factory is expected to enhance its cost structure and product competitiveness [47][63]. Conclusion - The competitive landscape in the China AC market is evolving, with Xiaomi's aggressive expansion posing challenges to established players. The focus on efficiency, pricing strategies, and product offerings will be critical for companies to navigate the changing dynamics and maintain profitability in the face of increased competition [4][46][49].

北京德和衡律师事务所 关于海信家电集团股份有限公司 2025年第二次临时股东会的 法律意见书 德和衡证见意见（2025）第187号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于海信家电集团股份有限公司 2025年第二次临时股东会的 法律意见书 德和衡证见意见（2025）第187号 致：海信家电集团股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受海信家电集团股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2025 年第二次临时股东会。本所 律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《海信家电集团股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及规范 性文件的规定，就本次股东会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、会议召集人和出席会议人员的资格、会 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-062 2.本次会议未涉及变更前次股东会决议的情况。 一、会议召开和出席情况 海信家电集团股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示 1.本次股东会未有新增、变更及否决提案的情形。 （一）会议召开情况 1.召开时间： （1）现场会议的召开时间：2025年9月18日(星期四)下午3:00起 （2）网络投票时间：2025年9月18日，其中： 通过深圳证券交易所交易系统进行网络投票的时间为：2025年9月18日9:15-9:25、 9:30-11:30、13:00-15:00； 通过互联网投票系统投票的时间为：2025年9月18日9:15-15:00期间的任意时间。 2.现场会议召开地点：山东省青岛市香港东路 88 号海信国际中心会议室； 3.召开方式：现场投票和网络投票相结合的方式； 4.召集人：本公司董事会； 5.主持人：董事长高玉玲女士； 6.本次会议的召集与召开符合《公司法》《上市公司股东会规则》以及《公司章程》 的有关规定。 （ ...

Group 1 - Hisense Home Appliances has announced the appointment of Fang Xueyu as an executive director, effective from September 18, 2025 [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。 殷必彤先生 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） 董事會成員名單、角色及職能 海信家電集團股份有限公司董事會(「董事會」)成員載列如下: 執行董事 高玉玲女士(董事長) 賈少謙先生 于芝濤先生 方雪玉女士 代慧忠先生 獨立非執行董事 李志剛先生 蔡榮星先生 徐國君先生 職工代表董事 董事會設立五個委員會，各董事會成員在這些委員會中所擔任的職位載列如下: 審計委員會 徐國君先生(主席) 1 李志剛先生 蔡榮星先生 提名委員會 蔡榮星先生(主席) 高玉玲女士 賈少謙先生 李志剛先生 徐國君先生 薪酬與考核委員會 環境、社會和公司治理委員會 高玉玲女士(主席) 賈少謙先生 于芝濤先生 殷必彤先生 代慧忠先生 中國廣東省佛山市，2025 年 9 月 18 日 2 李志剛先生( ...