股票代码：000921 股票简称：海信家电 公告编号：2025-044 2．本次增持计划实施前，增持主体海信通信未持有本公司股份。本公司间接控股 股东海信集团控股公司合计持有本公司641,210,670股股份，占本公司当时总股本的 46.28%，其中，通过本公司控股股东青岛海信空调持有516,758,670股，占本公司当时 海信家电集团股份有限公司 关于控股股东一致行动人增持股份计划实施完成暨触及1%整数倍的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重点内容提示： 1．增持计划：海信家电集团股份有限公司(「本公司」)于2025年5月8日披露了《关 于控股股东一致行动人增持股份及后续增持计划的公告》，本公司控股股东一致行动人 青岛海信通信有限公司(「海信通信」)计划于2025年5月7日至2025年11月6日期间，使 用自有或自筹资金以集中竞价交易方式增持本公司股份，累计增持股份不低于 6,930,052股（含），且不超过13,860,104股（含）。 2．增持结果：截至本公告披露日，海信通信已通过深圳证券交易所交易系统，以 集中竞价方式累计增持本公司股份13,860,028股，占 ...

Core Viewpoint - Hisense Home Appliances (000921) announced that as of June 19, 2025, its controlling shareholder's concerted actor, Qingdao Hisense Communication Co., Ltd., has cumulatively increased its shareholding by 13.86 million shares, accounting for 1.00% of the total share capital, with a total investment of 377 million yuan. This share buyback plan has been completed ahead of schedule [1]. Group 1 - The controlling shareholder's stake increased from 46.28% to 47.28% after the share buyback [1].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [6][78]. Core Views - The company is expected to benefit from the new round of "old-for-new" policies in China, alongside a recovery in export chains and relaxed tariff policies, leading to a sustained recovery in white goods demand [6][75]. - Hisense's central air conditioning segment continues to solidify its leading position in multi-split systems, while traditional large appliances are achieving deeper mid-to-high-end market penetration through differentiated competition strategies [6][75]. - The integration of Sanden, acquired in 2021, is anticipated to drive growth in the new energy thermal management business, contributing positively to the company's revenue performance [6][75]. Summary by Sections Basic Business - Hisense leads the domestic multi-split air conditioning market with a 23.1% share in 2024, maintaining its position for six consecutive years [4][24]. - The company has launched innovative products such as the first domestic 5G integrated central air conditioning series and a comprehensive solution for engineering applications [4][24]. - The overseas business is expanding through product development, channel expansion, and sports marketing, diversifying revenue sources and enhancing global presence [4][5]. Emerging Business - Following the acquisition of Sanden, Hisense has entered the new energy thermal management market, with investment returns from Sanden increasing from 0.88 billion to 2.23 billion CNY from 2021 to 2024, reflecting a CAGR of 36.14% [5][50]. - Sanden's strong technical foundation in compressors and its ability to maintain existing customer relationships while expanding new orders are expected to support future revenue growth [5][57]. Investment Recommendations - The report forecasts net profits for Hisense of 36.54 billion, 37.46 billion, and 38.93 billion CNY for 2025-2027, with corresponding EPS of 2.64, 2.70, and 2.81 CNY, indicating a PE ratio of 10.21, 9.96, and 9.59 times [6][78]. - The company is well-positioned to leverage the benefits of the "old-for-new" policy and the recovery of the export chain, which are expected to enhance white goods demand [6][75].

Core Viewpoint - The 137th Canton Fair highlights the resilience of the Chinese home appliance industry amidst the ongoing tariff challenges from the U.S., with large enterprises showing better preparedness and adaptability compared to smaller firms [1][3][5]. Group 1: Impact of Tariffs on Large Enterprises - Large home appliance companies have limited exposure to U.S. tariffs due to strategic planning and diversified supply chains, with many having established manufacturing bases in emerging markets [4][5]. - For instance, Midea Group reported a revenue of 409.1 billion yuan and a net profit of 38.5 billion yuan for the year ending December 31, 2024, with a low revenue share from the U.S. market [4]. - Haier Smart Home achieved an overseas revenue of 143.814 billion yuan in 2024, marking a year-on-year growth of 5.43%, with significant growth in emerging markets [4]. Group 2: Adaptation Strategies of the Industry - The home appliance industry has proactively adjusted to tariff impacts by shifting production capacities and exploring new markets, reducing reliance on the U.S. market [5][6]. - Companies like TCL and Hisense have minimized direct exports to the U.S. by utilizing production facilities in Mexico and Southeast Asia, thus mitigating tariff impacts [5][6]. - The overall export value of China's home appliance industry reached 112.42 billion USD in 2024, with exports to the U.S. accounting for 20.71 billion USD, reflecting a 4.3% year-on-year increase but a reduced share of total revenue [5]. Group 3: Challenges Faced by Small Enterprises - Smaller home appliance companies are facing significant challenges due to their heavy reliance on the U.S. market, with many experiencing customer defaults on orders [7][8]. - The Canton Fair has introduced initiatives to assist small enterprises in finding new clients, particularly in countries involved in the Belt and Road Initiative [8][9]. - Experts suggest that small enterprises should adjust their strategies by expanding overseas production and tapping into domestic markets through e-commerce platforms [9].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].

(四)参会方式： 海信家电集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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」)为加强与投资者的交流，使广大投资者更 全面了解本公司 2024 年度及 2025 年第一季度业绩和经营情况，谨定于 2025 年 6 月 20 日(星期五)下午 4:00-5:00 召开本公司 2024 年度暨 2025 年第一季度业绩说明会，就投 资者普遍关心的问题进行交流，欢迎广大投资者积极参与。 一、业绩说明会的召开安排 (一)召开时间：2025 年 6 月 20 日(星期五)下午 4:00-5:00 (二)召开方式：网络远程互动 (三)本公司出席人员：董事长高玉玲女士，董事、总裁胡剑涌先生，独立董事李志 刚先生，财务负责人孙长春先生，董事会秘书张裕欣女士。 股票代码：000921 股票简称：海信家电 公告编号：2025-043 1、本次业绩说明会将通过深圳证券交易所提供的"互动易"平台举行，投资者可于 2025 年 6 月 20 日下午 4:00-5:00 登 ...

Core Viewpoint - The rapid development of the private equity investment sector has led to A-share listed companies engaging in various forms of private equity investments to discover and incubate quality targets within their industry and supply chains, while also expanding their investment paths. CVC funds led by listed companies have become a crucial force in the private equity market, but they face scrutiny due to potential conflicts of interest and regulatory restrictions, particularly after the implementation of the "Private Investment Fund Registration and Filing Measures" on May 1, 2023 [1][14]. Pathways for Establishing Private Fund Managers - A total of 16 private fund managers related to A-share listed companies have been approved by the Asset Management Association of China (AMAC) from May 1, 2023, to May 1, 2025. These include 1 wholly-owned subsidiary, 4 controlled by listed companies, 10 directly or indirectly invested by listed companies, and 1 established by the actual controller of a listed company [2]. Pathway One: Wholly Owned Establishment - Listed companies can establish private fund managers wholly owned by themselves. This pathway is subject to strict regulatory scrutiny due to the potential classification as "quasi-financial" businesses [3][6]. Pathway Two: Controlling Establishment - Listed companies can also establish controlling private fund managers where they hold more than 50% of the shares. However, this pathway has seen limited success due to regulatory concerns, with only 4 such managers registered since the new regulations [3][4]. Pathway Three: Joint Establishment with Third Parties - This pathway involves listed companies partnering with third parties to establish private fund managers, where the listed company acts as a financial or strategic investor. This has proven to be a more viable option, with 10 managers established under this model since the new regulations [4][5]. Pathway Four: Establishment by Actual Controllers - Actual controllers of listed companies can establish private fund managers directly. This pathway is less restricted, provided that the listed company does not directly invest in the fund manager [6][10]. Compliance Points for Each Pathway - Pathways one and two face stricter regulatory requirements due to the direct control by listed companies, necessitating good financial health and adherence to internal decision-making and disclosure procedures [7][8]. - Pathway three requires careful attention to the legitimacy of the investment purpose and compliance with disclosure obligations, especially regarding related party transactions [10][11]. - Pathway four mandates that the actual controller disclose their relationship with the fund manager and comply with related party transaction regulations if the listed company invests in the fund [12][13]. Risk Prevention Measures - Listed companies and their affiliates must be vigilant against risks such as insider trading, conflicts of interest, and the misuse of non-public information. Establishing robust internal controls and compliance mechanisms is essential to mitigate these risks [12][13]. Conclusion - The article summarizes four pathways for listed companies to establish private fund managers, highlighting the regulatory landscape and compliance requirements. The core controversy revolves around the "quasi-financial" risks associated with these activities, emphasizing the need for a balance between industrial investment demands and financial regulatory boundaries. Future policies may exhibit flexibility, recognizing the value of supporting the real economy while preventing unchecked capital expansion [14].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The home appliance industry is witnessing a strategic upgrade with the creation of executive "IP" by leading companies like Haier and Midea, enhancing direct interaction with consumers through social media platforms [2][4][26] - This approach allows for a restructured market research process in product design, providing consumers with a greater sense of participation and improving brand recognition through the personal charisma of executives [2][4][26] Summary by Sections Executive "IP" Development - Haier and Midea are actively developing executive "IP" to enhance brand influence, with executives engaging on social media platforms to connect with consumers [4][16] - The strategy aims to create a more relatable corporate image, allowing consumers to better understand the company's culture and values [4][26] Capturing Consumer Demand - In the current market, home appliance companies face higher demands for product innovation and consumer engagement, with social media providing a platform for direct communication [5][27] - The example of Haier's three-tub washing machine illustrates how consumer feedback can lead to rapid product development, achieving over 88,000 pre-orders within a week of launch [5][30] Brand Image and Trust - The creation of executive "IP" enhances brand image and fosters emotional connections with consumers, breaking down barriers between executives and the public [6][38] - Executives' personal engagement on social media can significantly boost brand recognition and consumer trust, as seen with Haier's CEO gaining popularity through relatable content [6][38] Investment Recommendations - In light of potential uncertainties, the report suggests focusing on companies with lower exposure to U.S. tariffs and strong domestic sales supported by government subsidies, such as Gree Electric, Hisense Home Appliances, and Midea Group [7][41] - Companies with significant domestic production capacity and compliance with trade agreements are also highlighted as strong investment opportunities [7][41]

股票代码：000921 股票简称：海信家电 公告编号：2025-042 海信家电集团股份有限公司 同日，本公司召开第十一届监事会 2022 年第四次会议，审议及批准《关于<2022 年 A 股限制性股票激励计划（草案）>及其摘要的议案》《关于<2022 年 A 股限制性股票激 励计划实施考核管理办法>的议案》及《关于核实公司 2022 年 A 股限制性股票激励计划 激励对象名单的议案》等议案，本公司监事会对本激励计划的相关事项进行核实并发表 了相关核查意见。 关于 2022 年 A 股限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 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： 计 458 名，可解除限售的限制性股票数量为 6,397,866 股。 限为 24 个月，上市流通日为 2025 年 6 月 13 日。 本公司于 2025 年 5 月 30 日召开第十二届董事会 2025 年第三次临时会议，审议通 过了《关于 2022 年 A 股限制性股票激励计划第二个解除限售期解除限售条件成就的议 案》，同意 458 名激励对象获 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-042 海信家电集团股份有限公司 关于 2022 年 A 股限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 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、海信家电集团股份有限公司(「本公司」)本次符合解除限售条件的激励对象共 计 458 名，可解除限售的限制性股票数量为 6,397,866 股。 2、本公司为 A+H 上市公司，A 股目前股本为 926,026,997 股，H 股目前股本为 459,589,808 股，本次可解除限售的限制性股票 6,397,866 股占本公司目前总股本 1,385,616,805 股的 0.46%。 3、本次解除限售的限制性股票限售起始日期为 2023 年 5 月 23 日，承诺的限售期 限为 24 个月，上市流通日为 2025 年 6 月 13 日。 本公司于 2025 年 5 月 30 日召开第十二届董事会 2025 年第三次临时会议，审议通 过了《关于 2022 年 A 股限制性股票激励计划第二个解除限售期解除限售条件 ...