Core Viewpoint - The air conditioning industry is experiencing intense price competition, leading to significant personnel changes and strategic partnerships among key players, including the potential collaboration between Huang Hui and Meibo Air Conditioning [2][6]. Company Developments - Huang Hui, former president of Gree Electric, has reportedly joined Meibo Air Conditioning, although the specifics of his role remain undisclosed [2]. - Huang Hui previously left Gree in February 2021 for Philips Air Conditioning, where he served as chairman and oversaw the establishment of a major production base in Chuzhou, Anhui, with an investment of 10 billion yuan [2][4]. - Philips Air Conditioning has struggled to gain market share, failing to break into the top 20 in both online and offline channels in China [3]. Market Dynamics - The air conditioning market is facing a price war, with brands like Xiaomi offering low-cost models, which has pressured mid-tier and lower-tier brands [6][7]. - Data indicates that from May 26 to June 1, 2023, online sales in the air conditioning market saw a slight decline in both sales volume and average price, while offline sales experienced a minor increase [6]. - The competitive landscape is shifting, with leading brands like Midea and Gree now targeting lower price segments, which could threaten smaller brands [7]. Strategic Partnerships - Meibo Air Conditioning is in discussions with Huang Hui, potentially related to the transfer of his 19% stake in Enboli (Philips Air Conditioning) [5]. - Meibo aims to leverage Huang Hui's experience to enhance the quality and reputation of its air conditioning products [5][7]. - The collaboration may face challenges due to Meibo's focus on cost-effective products, which may not align with Huang Hui's previous experience in higher-end markets [8].

Summary of Hisense Home Appliances Conference Call Industry Overview - The air conditioning market is highly competitive, with significant price pressure on flow models and cost-effective models. The national subsidy policy is being utilized quickly in coastal eastern regions, although some areas face funding shortages, which are expected to be resolved later. The policy has a significant positive effect on consumer demand [2][3][7] - The home appliance industry is experiencing single-digit growth in domestic sales, particularly after the 618 shopping festival began on May 13. Online sales growth has significantly improved in May, with a notable change in sales structure for refrigerators, air conditioners, and washing machines compared to the same period last year [3][21] Company Performance - Hisense's air conditioning installation card growth in May was in the high single digits, with new air conditioning installations exceeding 50% growth, accounting for over 20% of domestic sales. The company is actively expanding online channels for its flow models [4][5] - Hisense employs a K-shaped pricing strategy, improving the average price of high-end products while reducing prices for flow models due to intense competition [6] - The company anticipates that the effects of the national subsidy policy will become evident in the second quarter, with expectations for additional government funding to stimulate consumption [7][8] Market Dynamics - The central air conditioning market is expected to remain weak in the second quarter, with inventory levels around 90 days. The C-end and public construction sectors are expected to maintain single-digit growth, with profit margins stabilizing around 17% [9][10][11] - The overseas market, particularly in emerging regions like ASEAN, is expected to see strong growth, with overseas revenue growth and profit margin improvements being more certain than in the domestic market [12][13][14] Challenges and Strategies - Issues with the national subsidy policy include regional funding shortages and irregularities, which may lead to localized market disruptions. However, the overall impact is expected to be positive as more funds are anticipated to be allocated [7][19] - Hisense's strategy in response to the national subsidy policy involves requiring dealers to pre-finance, which may affect promotional activities during the 618 shopping festival [8][18] - The company plans to leverage the 618 shopping festival for marketing, with strategies tailored to optimize sales performance based on current trends [21][23] Future Outlook - Hisense aims to continue pushing for high-end product offerings, with plans to launch more products priced above 10,000 yuan. The company is also focusing on energy efficiency upgrades in the refrigerator sector [22] - The overseas marketing strategy includes sponsorship of major sports events like the World Cup and NBA, with a focus on expanding into new markets in the Middle East, Africa, ASEAN, and Latin America [25] Conclusion - Hisense Home Appliances is navigating a competitive landscape with strategic pricing and marketing initiatives while responding to government policies and market demands. The company is optimistic about growth in both domestic and international markets, particularly in emerging regions, despite facing challenges related to funding and competition.

Core Viewpoint - The China Securities Index for Home Appliances has shown a slight increase of 0.3% recently, with a current value of 11,215.49 points, while the index has experienced a 1.25% increase over the past month, a 3.37% decrease over the past three months, and a 0.80% decline year-to-date [1] Group 1: Index Performance - The China Securities Index for Home Appliances opened high and fluctuated, with a trading volume of 19.674 billion yuan [1] - The index is categorized into various industry levels, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Index Composition - The top ten weighted companies in the index are Gree Electric Appliances (16.07%), Midea Group (15.58%), Haier Smart Home (12.57%), Sanhua Intelligent Control (8.23%), Sichuan Changhong (5.1%), Roborock Technology (4.44%), Megmeet (2.8%), Hisense Visual Technology (2.46%), Bull Group (1.92%), and Hisense Home Appliances (1.74%) [1] - The market share of the index's holdings is 65.47% from the Shenzhen Stock Exchange and 34.53% from the Shanghai Stock Exchange [1] Group 3: Sample Adjustments - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the index samples [2] Group 4: Related Funds - Public funds tracking the home appliance index include: Harvest CSI Home Appliance Index C, Fortune CSI Home Appliance Linked A, Guotai CSI Home Appliance ETF Linked A, and several others [2]

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

Investment Rating - The report maintains a "Buy" rating for key companies in the home appliance industry, including Midea Group, Gree Electric, Haier Smart Home, Hisense Home Appliances, Hisense Visual, Anker Innovations [11]. Core Insights - The report analyzes the recent decline in air conditioning prices in the domestic market, addressing concerns about the competitive landscape and profitability within the air conditioning industry [3][21]. - The decline in air conditioning prices is attributed to a combination of rational consumer behavior and proactive pricing strategies adopted by manufacturers in response to a cautious consumption environment [6][49]. Summary by Sections Factors Leading to Price Fluctuations - The slowdown in domestic economic growth has led to a decline in consumer income expectations, resulting in a more cautious consumption attitude among residents [6][22]. - The air conditioning market has seen a significant increase in the sales proportion of mid-to-low-priced products, with sales of air conditioners priced below 1,500 yuan rising to 6.2% in the first four months of 2025 [26][29]. Current Competitive Landscape - The overall air conditioning market has not formed a trend of price competition, with online average prices showing a limited decline of 3.0% year-on-year in the first four months of 2025, while offline prices have increased by 1.5% [52][54]. - Major brands have adopted aggressive pricing strategies, with some brands like Xiaomi achieving a price increase of 24.4% due to expanding into higher price segments [66][72]. Impact on Profitability - Historical analysis of the 2019-2020 price war indicates that while gross margins were affected, operational profit margins remained relatively stable due to cost-cutting measures [8][72]. - The current price adjustments are seen as strategic moves by manufacturers to stimulate demand rather than a reaction to a significant drop in consumer demand [72][49]. Investment Recommendations - The report suggests focusing on companies with low exposure to the U.S. market and benefiting from domestic sales trends, such as Gree Electric, Hisense Home Appliances, and Midea Group [9]. - Companies like Aima Technology and Yadea Holdings are recommended for their strong growth potential driven by domestic demand and government incentives [9].

Core Viewpoint - The legal opinion letter confirms that Hisense Home Appliances Group Co., Ltd. has met the necessary conditions for the second phase of unlocking and the repurchase and cancellation of certain A-share restricted stocks as per the 2022 A-share restricted stock incentive plan [1][11]. Group 1: Approval and Authorization - The company has completed the necessary approval and authorization procedures for the repurchase and cancellation of restricted stocks, including resolutions from the board of directors, supervisory board, and shareholders' meetings [3][5][11]. - Independent non-executive directors have provided their consent and independent opinions regarding the incentive plan [4][6]. Group 2: Unlocking Conditions - The second unlocking period for the restricted stocks is set to occur 24 months after the completion of the grant registration, which was completed on May 23, 2023, making the unlocking date May 23, 2025 [8][9]. - The unlocking conditions require that certain performance metrics and compliance with regulations are met, including a net profit growth rate of 244.23% from 2021 to 2024 [10][11]. Group 3: Repurchase and Cancellation Details - The repurchase and cancellation involve 755,634 shares of restricted stocks due to the departure of 6 incentive targets, adjustments in 8 positions, and performance evaluations of 82 individuals [11][12]. - The repurchase price is set at 5.157 yuan per share, and the funding for this repurchase will come from the company's own funds [11][12]. Group 4: Information Disclosure - The company is required to announce the resolutions related to the unlocking and repurchase within two trading days following the meetings of the board and supervisory board [12]. - The company will continue to fulfill its legal obligations for information disclosure as the incentive plan progresses [12].

Core Viewpoint - The announcement details the upcoming expiration of the second lock-up period and the first lock-up period of the remaining reserved shares under the 2022 A-share employee stock ownership plan of Hisense Home Appliances Group Co., Ltd, indicating that the conditions for unlocking have been met [2][4]. Summary by Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved at the 2023 second extraordinary general meeting and involves a total of up to 11.7 million shares, including 2 million reserved shares, which represents approximately 0.86% of the company's total share capital of 1,362.725370 million shares [2][3]. Unlocking Conditions Achievement - The total number of shares eligible for unlocking in the second lock-up period is 2,971,500 shares, accounting for 0.21% of the company's total share capital. For the remaining reserved shares, 415,130 shares are eligible for unlocking, representing 0.03% of the total share capital [2][8]. Performance Assessment and Unlocking Criteria - The performance assessment for the employee stock ownership plan spans three accounting years (2023-2025), with specific annual net profit growth targets set for unlocking conditions. For 2024, the target net profit growth rate is set at 86%, with a trigger value of 69% [5][6]. Individual Performance Evaluation - The plan includes individual performance evaluations categorized into five levels (S, A, B, C, D), determining the unlocking ratio for each participant. Currently, 80 participants remain in the plan, with 73 achieving performance levels of S/A/B, allowing for a 100% unlocking ratio for the first lock-up period [7][8]. Post-Unlocking Arrangements - Following the unlocking period, the management committee will handle the rights associated with the employee stock ownership plan based on the authorization from the participants' meeting [8]. Ongoing Monitoring and Disclosure - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its information disclosure obligations in accordance with relevant laws and regulations [8].

Group 1 - The board of directors of Hisense Home Appliances Group Co., Ltd. held its third interim meeting of the 2025 fiscal year on May 27, 2025, with all nine directors present [1] - The board approved the unlocking of shares under the 2022 A-share employee stock ownership plan, with a total of 3,386,630 shares eligible for unlocking, representing 0.25% of the company's total share capital [2][3] - The board also approved the unlocking of 6,397,866 shares under the 2022 A-share restricted stock incentive plan, which accounts for 0.46% of the company's total share capital [3] Group 2 - The first unlocking period of the 2024 A-share employee stock ownership plan is set to expire on July 15, 2025, with 4,419,638 shares eligible for unlocking, representing 0.32% of the company's total share capital [4] - The board approved a proposal to repurchase and cancel 755,634 shares of restricted stock due to various reasons including employee departures and performance evaluations [5] - The board proposed amendments to the company's articles of association and related rules, including the abolition of the supervisory board, which will be replaced by the audit committee of the board [6] Group 3 - The board proposed to grant general authority to issue A-shares or H-shares, not exceeding 20% of the total issued shares, subject to shareholder approval [7][8] - The board also sought authorization to issue debt financing instruments, including various types of bonds, with a maximum term of 15 years [9][10] - The company plans to provide guarantees for its subsidiaries, with a total guarantee limit of up to RMB 8 billion for 2026 [14][15] Group 4 - The board approved the basic annual salary for the chairman at RMB 1.596 million before tax, which will be submitted for shareholder approval [13] - The board approved the appointment of a securities affairs representative, which will also be disclosed to shareholders [13] - The board proposed to hold the 2024 annual general meeting of shareholders, with all resolutions receiving unanimous support [15]

股票代码：000921 股票简称：海信家电 公告编号：2025-034 海信家电集团股份有限公司 2. 回购价格为 5.157 元/股，本次限制性股票的回购总金额为 3,896,804.54 元。 关于回购注销部分 A 股限制性股票的公告 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。 重点内容提示： 1. 海信家电集团股份有限公司(「本公司」)本次回购注销限制性股票 755,634 股， 占本公司 2022 年 A 股限制性股票授予总量的 2.97%，约占本公司本次回购注销限制性 股票前总股本的 0.05%，涉及激励对象人数 96 人。 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、第十二 届监事会 2025 年第三次会议，审议及批准公司《关于回购注销部分 A 股限制性股票的 议案》。鉴于本公司 2022 年 A 股限制性股票计划中 6 名激励对象离职、8 名激励对象 职务调整、82 名激励对象绩效考核部分达标/不达标，本公司拟将上述 96 名激励对象 持有的已获授但尚未解除限售的全部或部分限制性股票 755,634 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-032 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 解除限售条件成就的公告 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。 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，占本公司目前总股本的 0.46%。 2、本次拟实施的解除限售相关内容与已披露的 2022 年 A 股限制性股票激励计划不 存在差异。 3、本次限制性股票办理完解除限售手续后，在上市流通前，本公司将发布相关提 示性公告，敬请投资者注意。 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》，本公司 2022 年 A 股限制性股票激励计划（「本激励计划」）第二个解除限售期 解除限售条件已经成就，现将相关事项公告如下： 一、本激励计划已履行的决策程序 ...