Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning, refrigerators, and washing machines Key Points and Arguments Market Conditions - The central air conditioning business is under pressure in the real estate market, particularly in the refined decoration sector, with a potential decline of 15-20% expected [2][5] - Domestic sales (C-end and public construction) are anticipated to see slight growth, while external sales of refrigerators and washing machines are projected to grow in double digits [2][4] - Orders for processing products are expected to show a turning point in December, with a return to positive growth by the end of 2026 or early 2027 [2][3][5] Financial Performance and Projections - The company faces challenges in achieving its annual performance targets, aiming to unlock nearly 100% of its equity incentive goals [2][5] - For 2026, domestic sales will focus on enhancing product strength and cost competitiveness, while external sales are expected to grow by over 10% with improved profit margins [2][5] - The net profit margin for the central air conditioning business is stable, estimated between 6-10% [4][12] Strategic Initiatives - The company plans to enhance its foundational capabilities by reducing SKU counts, integrating R&D platforms, and improving procurement efficiency to boost single product profitability [2][6] - Expansion of proprietary channel stores and strengthening of lower-tier channel construction are key strategies [2][7] - The company is optimistic about long-term growth in emerging markets, driven by increasing appliance penetration and favorable demographic trends [4][10] External Market Dynamics - The impact of national subsidy policy reduction on price competition is not straightforward; the company does not expect significant price increases despite subsidy reductions [6] - The company is focusing on structural products that benefit from subsidies, such as high-end air conditioning and fresh air systems [7] Profitability and Cost Management - External sales profitability recovery is primarily driven by gross margin improvements, with a 0.5 percentage point increase in profit margin expected, of which 0.3 percentage points come from cost reduction and efficiency improvements [8] - The processing product orders are gradually reducing inventory, indicating a potential recovery in sales [9] Regional Performance - The European market accounts for over 30% of the overall structure for air conditioning and refrigerators, with emerging markets like ASEAN and Central-South America showing significant growth potential despite seasonal fluctuations [10][11] - The company aims to increase overseas revenue contribution to over 20% within 3 to 5 years, leveraging new production capabilities [11] Future Outlook - The company anticipates a modest growth in the C-end market for new housing and second-hand demand, with a projected growth of around 10% in 2025 and single-digit growth in 2026 [18] - The new fresh air conditioning products are expected to have a gross margin advantage of at least 10 percentage points over non-fresh air products [21] Shareholder Returns - The company plans to maintain a minimum dividend payout ratio of 50% and will consider increasing this ratio in the future [17] Additional Important Insights - The company is actively working on balancing cooperation and competition with Midea, focusing on resource optimization and market penetration strategies [15][16] - The integration of logistics and procurement strategies with Midea is progressing well, although details on overseas collaborations remain limited [14]

文 丨 《BUG》栏目 周文猛 在她掌权期间，海信家电先后发布了三个季度的财务数据。《BUG》栏目统计发现，仅看2022年-2025 年前三季度数据，今年的营收增速和扣非净利润增速均创新低，且大幅低于往年同期。 从去年11月21日当选董事长至今，80后"女帅"高玉玲掌舵海信家电已满一年。 此外，知情人士向《BUG》栏目透露，海信家电冰洗业务核心领导人尹志新，目前已升任海信集团中 国区总裁，同时他在海信家电冰洗业务板块仍有挂职，也在参与业务管理。这意味着，被誉为高玉 玲"左膀右臂"的三位核心人物，目前均已身兼要职。针对尹志新的职位变化，海信方面暂未作出回应。 从管理业务营收表现来看，在较出色的业绩增长下，尹志新喜获升迁也在情理之中。不过，对于尹志新 职务调整一事，截至发稿海信方面并未回应《BUG》栏目问询，也未进行更多公开解释。 执掌一年，同期增速最低 "左膀右臂"升迁 去年11月21日，海信家电宣布时任公司董事长代慧忠因达到退职年龄不再担任董事长职务，董事会全票 通过选举高玉玲担任公司新董事长。伴随这一公告的发布，海信家电正式步入"高玉玲时代"。 而在高玉玲当选董事长后，一系列的海信家电高层人员变动也随之发生 ...

出品 / 新浪科技（ID:techsina） 作者 / 张俊 从去年11月21日当选董事长至今，80后"女帅"高玉玲掌舵海信家电已满一年。 在她掌权期间，海信家电先后发布了三个季度的财务数据。《BUG》栏目统计发现，仅看2022年-2025年前三季度数据，今年的营收增速和扣非净利润增 速均创新低，且大幅低于往年同期。 此前据媒体报道，加盟海信家电并出任空气产业（筹）总裁的原美的集团副总裁殷必彤被选举为职工代表董事并进入战略委员会和ESG委员会，进入海信 家电核心管理层。此外，被视作高玉玲加码出海战略的重要人物——方雪玉，也被提名为执行董事候选人，当选后方雪玉将补选为董事会战略委员会委 员。 而据《BUG》栏目获悉，尹志新的职位也有新调整，目前其最新的身份是海信集团中国区总裁。 此外，知情人士向《BUG》栏目透露，海信家电冰洗业务核心领导人尹志新，目前已升任海信集团中国区总裁，同时他在海信家电冰洗业务板块仍有挂 职，也在参与业务管理。这意味着，被誉为高玉玲"左膀右臂"的三位核心人物，目前均已身兼要职。针对尹志新的职位变化，海信方面暂未作出回应。 "左膀右臂"升迁 去年11月21日，海信家电宣布时任公司董事长代慧 ...

Summary of Hisense Home Appliances Conference Call Industry Overview - The domestic home appliance market is influenced by subsidy policies, with a year-on-year decline expected in 2025, but normal growth anticipated in the following year. The continuation of national subsidy policies in 2026 is expected, with potential adjustments in details, highlighting the importance of monitoring policy changes on the market [2][4][5]. Company Performance - Hisense's overseas business has shown a fluctuating trend due to Trump's tariffs, but the overall outlook remains optimistic. Emerging markets are seeing increased penetration, while mature markets maintain stability. Future overseas sales revenue is expected to grow over 10% in the next three years [2][6][16]. - The central air conditioning business faces challenges from the real estate sector's downturn, but growth is expected from the consumer and public construction channels. Hisense Hitachi is expanding into the large chiller market and accelerating overseas business development [2][7][8]. Market Dynamics - The European heat pump market is recovering after a destocking phase, indicating potential for growth. Hisense plans to increase investment in overseas markets to enhance brand influence and accelerate expansion in emerging markets [2][9][10]. - The new water machine factory in Changsha is expected to contribute approximately 20% annual revenue growth over the next 3-5 years, with a projected market share increase of about 1% annually in 2026 [2][11][12]. Financial Metrics - The overall net profit margin is expected to remain around 16% through 2026, despite pressure on gross margins from the increasing share of Hisense and York brands in the central air conditioning business [2][14]. - The company anticipates domestic sales revenue growth in the mid-single digits for 2026, while overall performance growth could reach double digits, factoring in the impact of subsidy reductions [3][26]. Strategic Initiatives - Hisense is focusing on enhancing its overseas market presence, with over 50% of revenue from overseas sales in processing and washing products. The company aims to leverage sports marketing to boost brand influence and expand into emerging markets [2][10][24]. - The company plans to streamline its product offerings by reducing SKUs by over 50% to improve operational efficiency and gradually enhance profit margins [3][28]. Challenges and Opportunities - The central air conditioning sector is experiencing pressure from the real estate market, with a 24% year-on-year decline in revenue from the refined decoration segment. However, new applications in agriculture, energy storage, and data centers are showing growth potential [2][7][8]. - The company is also addressing the competitive landscape in domestic channels by enhancing its self-owned channel strategy and reducing reliance on online platforms [2][27]. Conclusion - Hisense Home Appliances is navigating a complex market landscape with a focus on overseas growth, product efficiency, and strategic partnerships. The company is well-positioned to capitalize on emerging market opportunities while managing domestic challenges and maintaining profitability [2][10][26].

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 2024 年年報及 2025 年中期報告之補充公告 茲提述本公司於 2025 年 4 月 28 日刊發之截至 2024 年 12 月 31 日止年度之年報（「2024 年年 報」）及於 2025 年 9 月 30 日刊發之截至 2025 年 6 月 30 日止六個月之中期報告（「2025 年中 期報告」）。除本公告另有界定者外，本公告所用詞彙應與 2024 年年報及 2025 年中期報告所 界定者具有相同涵義。 本公司謹根據《香港聯合交易所有限公司證券上市規則》第 17.07(1)(a)條、第 17.07(1)(b)條、 第 17.07(1)(c)條、第 17.07(1)(d)條及第 17.07(2)條，就本公司的 2022 ...

Core Insights - The Ronshen Fangtang series refrigerators achieved remarkable sales during the "Double Eleven" shopping festival, ranking first in the dual-system refrigerator category with total sales exceeding 250 million yuan, showcasing its strength in "embedded aesthetics" and "healthy preservation" [7][9] - The success of the Fangtang series is attributed to Ronshen's 40 years of expertise and cutting-edge technological innovations, meeting the evolving consumer demands for health, aesthetics, convenience, and quality in refrigeration [7][8] Product Features - The Fangtang series features the industry-leading IDP Dual Purification 2.0 technology, which can actively identify and purify odors from over a hundred types of food, achieving a sterilization rate of 99.9999% and an odor removal rate of over 99.9% [7][8] - The design of the Fangtang series is a 60 cm ultra-thin flush-mounted style, allowing for perfect integration with kitchen cabinets, enhancing kitchen aesthetics and providing a seamless home decor experience [8] Industry Recognition - The Fangtang refrigerator is the only model in the industry to pass a comprehensive odor removal test and has received the first "Automatic Ice Making Refrigerator Technology Certification" from the China Household Electrical Appliances Research Institute, setting a new technical benchmark for automatic ice-making functions [8] Marketing Strategy - Ronshen employed diverse and innovative marketing strategies during the Double Eleven period, collaborating with key opinion leaders for product testing and promotion, which created a strong word-of-mouth effect on social media [8] - The brand also engaged celebrities in live-streaming events to interactively showcase the refrigerator's key features, successfully driving consumer interest and sales conversion [8] Brand Positioning - As the official designated refrigerator for the 2026 FIFA World Cup™, Ronshen aims to connect with global consumers, highlighting the brand's commitment to innovation and user insight [9]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and international sales due to high base effects, with October retail sales down 15% year-on-year. White goods and black goods are expected to see retail sales declines exceeding 20%, while small appliances are performing slightly better [2][3][19]. - In October, the total sales volume of air conditioners in China decreased by 20.1%, with domestic sales down 21.3% and exports down 19.0%. The pressure on production for December remains significant, although export production is expected to improve as the peak season approaches [4][45]. - The report highlights a 13.3% year-on-year decline in home appliance export value in October, with washing machines and vacuum cleaners showing stable performance. The export value of air conditioners fell by 29.3% [5][47]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +1.47% this week, while the broader market (CSI 300 Index) declined by 3.77% [60]. 3. Retail Demand Analysis - In October, retail sales of home appliances faced significant declines, with major categories like air conditioners, refrigerators, and washing machines experiencing drops of over 20% in retail value [3][20][19]. 4. Export Performance - The report notes a continued decline in home appliance exports, with a significant drop in air conditioner exports and stable performance in washing machines and vacuum cleaners [5][47]. 5. Production Insights - December air conditioner production is under pressure, with domestic production expected to decline by 22.6% year-on-year, while export production is projected to decrease by 8.2% [4][45]. 6. Key Data Tracking - The report tracks key data such as raw material prices, shipping indices, and real estate performance, indicating ongoing challenges in the market [60][62][76].

Market Overview - The white goods sector experienced a decline of 0.18% on November 24, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the white goods sector included: - Aokema (600336) with a closing price of 7.81, up 5.11% and a trading volume of 373,900 shares, totaling 291 million yuan [1] - Deep Blue Technology (000016) closed at 5.15, up 2.39% with a trading volume of 275,500 shares [1] - Major decliners included: - Midea Group (000333) closed at 78.56, down 0.24% with a trading volume of 367,700 shares, totaling 2.903 billion yuan [1] - Gree Electric (000651) closed at 40.11, down 0.35% with a trading volume of 355,300 shares, totaling 1.427 billion yuan [1] Capital Flow - The white goods sector saw a net inflow of 423 million yuan from institutional investors, while retail investors experienced a net outflow of 271 million yuan [1] - Detailed capital flow for selected companies: - Midea Group had a net inflow of 34.3 million yuan from institutional investors, but a net outflow of 217 million yuan from retail investors [2] - Haier Smart Home (600690) recorded a net inflow of 42.8 million yuan from institutional investors and a net outflow of 72.9 million yuan from retail investors [2] - TCL Smart Home (002668) had a minor net inflow of 1.64 million yuan from institutional investors, with retail investors showing a net outflow of 1.06 million yuan [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and export sales due to high base effects, with October retail sales down 15% and exports down 13% [2][5][19]. - The small appliance segment is performing slightly better compared to larger appliances, with a smaller decline in sales [3][20]. - Air conditioning sales saw a significant drop of 20% in October, with production pressures continuing into December [4][45]. - Despite the challenges, leading companies in the industry are expected to maintain resilience and profitability due to ongoing cost reduction and efficiency improvements [14][15]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - In October, the retail sales of home appliances and audio-visual equipment fell by 14.6% year-on-year, while the overall retail sales in China grew by 2.9% [3][20]. - The report notes a relative performance of +1.47% for the home appliance sector compared to the broader market [5][60]. 3. Sales and Production Data - October saw a 20.1% year-on-year decline in total air conditioning sales, with domestic sales down 21.3% and exports down 19% [4][45]. - The report highlights that the export value of home appliances decreased by 13.3% in October, with washing machines and vacuum cleaners showing stable performance [5][47]. 4. Price Tracking - The report tracks raw material prices, noting a decrease in LME copper and aluminum prices by 1.4% and 2.2% respectively [60][62]. - The cold-rolled steel price increased by 1.9% week-on-week [62]. 5. Company Announcements and Industry Dynamics - The report includes updates on company management changes and highlights industry trends, such as the growth of the sweeping robot market led by Ecovacs [78][82].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].