Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [3][4][10]. Core Views - The home appliance retail sales in China continued a strong growth trend, with June showing a year-on-year increase of over 30%. The demand for air conditioners is expected to rise due to persistent high temperatures in northern China [1][15]. - The export value of home appliances decreased by 8% in June, with washing machines and vacuum cleaners showing good growth, while major appliances like air conditioners, refrigerators, and televisions faced significant declines [1][40]. - The ongoing high temperatures in northern China are likely to stimulate demand for air conditioners, as the penetration rate in these regions remains low compared to the national average [1][52]. Summary by Sections 1. Market Performance - In June, the retail sales of home appliances increased by 32.4% year-on-year, significantly outperforming the overall retail sales growth of 4.8% [1][16]. - The online and offline retail sales of air conditioners grew by 20.8% and 37.5% respectively, while washing machines saw over 15% growth [1][16]. 2. Export Performance - The export value of home appliances fell by 7.8% in June, with air conditioner exports declining by 23.5% and television exports down by 16.2% [1][40]. - In contrast, washing machine exports increased by 10.4% and vacuum cleaner exports rose by 12.8%, indicating resilience in small appliances [1][40]. 3. Weather Impact on Demand - The average maximum temperature in major cities in China reached 32.1°C in July, which is 1.0°C higher than in previous years, creating favorable conditions for air conditioner sales [1][52]. - The low penetration rate of air conditioners in northern regions, such as Liaoning and Shanxi, suggests significant potential for growth as demand increases with rising temperatures [1][52]. 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [2][3][10].

Group 1: Core Insights - Shandong Port Qingdao has achieved world records in automated container terminal operations, showcasing China's advancements in port automation [1] - Haier has maintained its position as the world's leading large home appliance brand for 16 consecutive years, emphasizing the shift from "Made in China" to "Created in China" [1] - The innovation landscape in Qingdao is rapidly evolving, with the city ranking 20th globally in the Global Innovation Index (GII) for 2024, marking a significant rise from 80th in 2019 [2] Group 2: Company Innovations - Qingdao Port's automated terminal project began in 2013, overcoming technological barriers and establishing a fully autonomous operation model [2][3] - Haier has transformed into an ecosystem-oriented enterprise, focusing on smart home, health, and digital economy sectors, extending innovation beyond individual products to entire ecosystems [3] - Hisense is leveraging core technologies to drive innovation, with significant investments in chip development and display technologies, resulting in multiple global firsts [5] Group 3: Financial Collaboration - Financial institutions like Shandong Port Financial Company have played a crucial role in supporting the construction of Qingdao Port's automated terminal, providing over 2 billion yuan in financing [6][7] - Haier Financial Company has developed a data-driven approach to support small and medium-sized enterprises, enhancing financial services through real-time data integration [8] - The "Financial Partner" model implemented by Hisense and Haier Financial Companies aims to streamline financial services and enhance collaboration between financial and operational teams [9][10] Group 4: Global Expansion - Qingdao's geographical advantages facilitate the international expansion of local enterprises, with a focus on high-end smart appliances and other innovative products [12] - Financial companies are actively supporting enterprises in their global operations, including establishing overseas treasury centers and managing cross-border financing [12][13] - Haier Financial Company has provided 400 million euros in credit to support its overseas operations, addressing challenges in cross-border payments and risk management [13]

Core Viewpoint - The Chinese freezer industry has experienced significant technological advancements since the introduction of freezer technology in the 1980s, leading to a robust market growth driven by rising consumer demand and supportive policies. China has become the world's largest producer and consumer of freezers, with production expected to exceed 30 million units by 2025 [1][3][6]. Industry Definition and Classification - Freezers, also known as freezing cabinets, are devices that maintain low temperatures (typically below -18°C) to extend the shelf life of items. They can be classified by usage (household, commercial, medical/research), cooling method (compressor, absorption, semiconductor), structure (upright, chest, built-in), functionality (single-temperature, dual-temperature, smart), and energy efficiency [2]. Current Industry Status - The Chinese freezer market is thriving, with a production forecast of 27.615 million units in 2024, an increase of 3.242 million units from 2023. The retail scale is projected to reach approximately 11 billion yuan, with sales volume around 8.46 million units [3][6]. Industry Value Chain - The upstream of the freezer industry includes raw materials (metal, plastic, glass, chemical materials) and core components (compressors, condensers/evaporators, control systems). The midstream involves research and manufacturing, while the downstream encompasses sales through various channels, serving households, supermarkets, restaurants, and medical institutions [9]. Industry Development History - The Chinese freezer industry has evolved from imitation to innovation, undergoing four stages: technology introduction, domestic rise, large-scale production, and intelligent development. The industry is now globally leading in technology, with ongoing advancements expected in cold chain logistics and medical applications [11]. Competitive Landscape - The Chinese freezer market features numerous leading manufacturers, including Aucma, Haier, Midea, and Meiling. The competition is characterized by brand segmentation and differentiated market strategies, with major players targeting high-end household and commercial cold chain markets, while smaller brands focus on specific commercial applications [13]. Industry Development Trends - The Chinese freezer industry is entering a phase of technological upgrades and market segmentation, driven by urbanization and evolving consumer preferences. There is an increasing demand for performance, design, and smart features in both household and commercial sectors. Innovation will be the key driver for future growth, with companies focusing on smart, energy-efficient, and customized solutions [15].

Core Viewpoint - The extreme heat wave in China has led to a significant surge in air conditioning sales, particularly in the Northeast region, with some areas experiencing sales increases of over 500% compared to last year [1][4][5]. Group 1: Market Performance - The domestic air conditioning market has seen a sales peak due to the ongoing high temperatures, with companies like Hisense reporting a doubling of offline sales and a 500% year-on-year increase in certain regions [1][3]. - Data from JD.com indicates that air conditioning sales in their offline stores have increased by over 200% since July, with installation volumes surging by 300% [1][3]. - Suning reported an 82% year-on-year increase in sales of energy-efficient air conditioners, with some regions like Harbin seeing a staggering 959% growth [3][4]. Group 2: Regional Insights - The Northeast region, traditionally less reliant on air conditioning, has experienced unprecedented demand, with sales in Heilongjiang and Jilin provinces increasing by 817.68% and 788.4% respectively [4][5]. - JD.com noted that air conditioning transaction values in the Northeast have grown over seven times in the past week, with these provinces ranking among the top ten in sales [4]. Group 3: Installation and Supply Chain - The surge in demand has led to a shortage of installation technicians, prompting companies to mobilize support from other regions to meet installation needs [5][6]. - Midea reported a 37.09% increase in installation volumes from May to early July, with peak daily installations reaching 245,000 units [5][6]. Group 4: Industry Trends - The current heat wave is expected to accelerate the elimination of outdated production capacities and expand the market for energy-efficient products, pushing the industry towards smart and systematic development [9]. - Companies are focusing on energy-saving and smart connectivity features, with Hisense's new models experiencing high demand due to their AI energy-saving capabilities [9]. Group 5: Consumer Behavior - The extreme weather has shifted consumer preferences towards energy-efficient and smart air conditioning units, with brands like Gree and Hisense seeing significant sales increases in these categories [9][10]. - The demand for related products, such as ice-making machines and fans, has also surged, with sales of ice-making refrigerators increasing by 500% on JD.com [10].

股票代码：000921 股票简称：海信家电 公告编号：2025-051 海信家电集团股份有限公司 H 股公告-认购理财产品 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。 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 7 月 15 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 7 月 15 日 1 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 4 月 15 日至 2025 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-052 海信家电集团股份有限公司 H 股公告-董事会会议通知 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 7 月 15 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 7 月 15 日 1 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） 公告 董事會會議通知 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年7月30日（星 期三）舉行董事會會議，以處理以下事項： 1. 審議批准本公司及其附屬公司截至2025年6月30日未經審計的中期業績；及 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 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4] Core Views - The home appliance industry is experiencing internal growth while external sales are under pressure, with a stable outlook for the second quarter [4][13] - Domestic sales are benefiting from national subsidy policies, leading to positive retail and shipment growth, while external sales face challenges due to high base effects and tariff disruptions [13][14] - The overall performance of listed home appliance companies is expected to remain stable with revenue growth driven by structural upgrades and efficiency improvements [13] Summary by Sections White Goods - Domestic sales growth is accelerating, while external sales are declining due to high base effects and tariff disruptions [2][14] - In April and May, air conditioner shipments increased by 2.6% year-on-year, with domestic sales up 9.5% and external sales down 6.3% [2][14] - Revenue growth for white goods companies is expected to be around double digits, with profit margins showing slight improvement [2][22] Kitchen Appliances - Kitchen appliance demand is improving due to national subsidy policies, with online retail sales growth for range hoods and gas stoves between 10%-20% [2][38] - However, the real estate sector continues to exert pressure, particularly on integrated stove companies [38] - Traditional kitchen appliance companies are expected to see improved profit margins due to declining raw material prices [38] Black Goods - The black goods segment is experiencing structural upgrades, with television sales and revenue increasing by 9.7% and 14.5% respectively during the 618 shopping festival [3][49] - Panel prices have begun to decline, which is expected to improve profitability for black goods companies [49] Small Appliances - The small appliance sector is seeing a recovery in kitchen small appliances, with online retail sales for kitchen small appliances growing by 25% during the 618 period [4][57] - However, external sales are facing short-term pressure due to tariffs and overseas factory setups [57] - Companies like Roborock and Ecovacs are expected to see significant revenue growth, with Roborock projected to grow by 40% [72]

Core Insights - The air conditioning filter paper market in China is experiencing steady growth driven by urbanization and rising living standards, with market size expected to reach 10.355 billion yuan by 2024 [1][13] - The industry faced a decline in 2020 due to the COVID-19 pandemic, but has since rebounded significantly, surpassing 8 billion yuan in 2022 [1][13] - The market is characterized by technological innovation in filter materials and manufacturing processes, enhancing product performance and expanding application areas [1][9] Industry Overview - Air conditioning filter paper is essential for air filtration systems, effectively removing pollutants such as PM2.5 and harmful gases [3][10] - The industry has evolved through three stages: a nascent phase before 2000, rapid growth from 2000 to 2015, and a high-quality development phase from 2016 to present [5] - The current phase is marked by material innovation, functional integration, and smart technology applications [5][21] Market Dynamics - The air conditioning filter paper market is projected to grow from 8 billion yuan in 2022 to 10.355 billion yuan by 2024, driven by increased health awareness and consumption upgrades [1][13] - The production of air conditioning units in China is expected to rise from 178.6153 million units in 2017 to 265.984 million units by 2024, with a compound annual growth rate of 5.85% [10] Industry Structure - The industry features a diverse competitive landscape, with leading companies focusing on high-efficiency filter materials and forming strategic partnerships with major air conditioning manufacturers [15] - Key players include Chongqing Zaiseng Technology Co., Ltd., Hangzhou Special Paper Co., Ltd., and Shenyang Great Wall Filter Paperboard Co., Ltd., among others [15][16] Technological Barriers - The industry faces significant technological barriers in material research and production processes, requiring high levels of investment and expertise [21][24] - Environmental regulations are increasingly stringent, necessitating continuous improvements in production methods to reduce emissions [23][24] Future Trends - The industry is expected to focus on high-performance materials, smart technology integration, and environmentally friendly practices [25][26][27] - Innovations such as nanofiber materials and real-time monitoring capabilities are anticipated to enhance product efficiency and user experience [25][26]

Core Viewpoint - The announcement details the completion of the non-trading transfer of shares under the 2024 A-share employee stock ownership plan of Hisense Home Appliances Group Co., Ltd, including the transfer of shares to a director and the overall structure of the employee stock ownership plan [1][4]. Group 1: Employee Stock Ownership Plan - The employee stock ownership plan involved the transfer of 2,480,027 shares, representing 0.18% of the company's total share capital of 1,385,616,805 shares [1][3]. - The plan was approved during the 2024 shareholder meetings, allowing for a maximum of 13,916,000 shares to be allocated to up to 279 participants at a price of 10.78 yuan per share [1][2]. - The first lock-up period for the employee stock ownership plan ended on July 10, 2025, with 4,419,638 shares eligible for release, accounting for 0.32% of the total share capital at that time [1]. Group 2: Share Transfer Details - The shares for the employee stock ownership plan were sourced from the company's repurchased shares, with a total repurchase fund of between 187.87 million yuan and 375.73 million yuan, and a maximum repurchase price of 27 yuan per share [2]. - A total of 13,180,050 shares were transferred to the employee stock ownership plan account, representing 0.95% of the total share capital of 1,387,167,370 shares at that time [2]. Group 3: Director Shareholding Changes - Director Jia Shaoqian received 71,640 shares through the non-trading transfer, which is 0.005% of the total share capital [4]. - After the transfer, Jia Shaoqian holds a total of 476,000 shares, representing 0.034% of the total share capital [4]. Group 4: Related Party Relationships - The employee stock ownership plan does not have any agreements or arrangements for concerted action with the company's controlling shareholders or actual controllers [5]. - There are no related party relationships among the participants of the employee stock ownership plan, and they have not signed any concerted action agreements [5]. Group 5: Accounting Treatment - The company will follow the relevant accounting standards for the employee stock ownership plan, with the impact on financial results to be confirmed by the annual audit report [6].

股票代码：000921 股票简称：海信家电 公告编号：2025-050 海信家电集团股份有限公司 关于 2024 年 A 股员工持股计划非交易过户完成暨董事股份变动的公告 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。 海信家电集团股份有限公司（「本公司」）于2025年7月14日收到中国证券登记结 算有限责任公司深圳分公司（「中登公司」）下发的《证券过户登记确认书》，"海信 家电集团股份有限公司－2024年A股员工持股计划"已于2025年7月11日将本公司A股股 票2,480,027股非交易过户至本公司2024年A股员工持股计划部分参与对象的证券账户， 过户股份数量占本公司目前股本总额1,385,616,805股的0.18%，其中向本公司董事贾少 谦先生非交易过户71,640股，过户股份数量占本公司目前股本总额1,385,616,805股的 0.005%。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》《深圳证券交易所上市公司自律监 管指引第10号——股份变动管理》等相关规定，现将本公司 ...