Core Insights - The article highlights the impressive financial performance of China's major home appliance companies in 2024, with Midea leading the growth with a revenue of 409.1 billion yuan, a 9.5% increase year-on-year [3][4][6] - The growth of these companies is attributed to two main factors: globalization and premiumization, as they adapt to changing market dynamics and consumer preferences [7][10] Group 1: Financial Performance - Midea's revenue reached 409.1 billion yuan, marking a 9.5% year-on-year growth, making it the fastest-growing company among the four major appliance manufacturers [3][4] - Haier and TCL both reported revenues close to 300 billion yuan, with growth rates, while Hisense achieved a revenue of 151.3 billion yuan, reflecting an 8.7% increase [4][6] - Gree Electric Appliances, however, experienced a decline in revenue, reporting 190 billion yuan, a 7.31% drop [6] Group 2: Market Trends - The report indicates a trend of slowing growth in China's white goods market, while the black goods segment is seeing a shift towards high-end and smart products as key growth drivers [7][10] - The overseas market contribution has significantly increased, with major Chinese appliance companies adopting an OBM (Own Brand Manufacturing) strategy [7][10] Group 3: Globalization and Premiumization - Midea's overseas revenue reached 169.03 billion yuan, a 12.01% increase, with overseas sales accounting for 41.32% of its total revenue [8] - Haier's overseas revenue grew by 13% to 1.44 billion yuan, while Hisense's overseas revenue surged by 28% [8] - The article emphasizes that the high growth rates of these companies are primarily driven by their global expansion and focus on high-end products [9][10] Group 4: Strategic Initiatives - Midea has established 22 R&D centers globally, focusing on localized product development to meet regional demands, which has enhanced its competitive edge [13][14] - Haier has successfully implemented a multi-brand strategy and has made significant investments in North America, with 80% of its U.S. sales produced locally [15][19] - TCL's strategy focuses on large-screen products, with a 100.5% increase in shipments of 75-inch and larger TVs, indicating a strong push towards premium offerings [23][24] Group 5: Market Positioning - The article notes that Chinese home appliance brands are becoming increasingly popular in international markets, with significant growth in exports to Asia, Latin America, and Africa [29][30] - Chinese appliance manufacturers have established a strong global presence, with Haier and Hisense leading in various segments, including high-end markets [30][31]

Core Insights - Hisense has officially entered the "10,000 store era" with the opening of its 10,000th store in Shanghai, marking a significant milestone in its retail expansion strategy [2] - The company has launched the "Double Ten Thousand Plan," aiming to establish 20,000 stores in the next five years, focusing on a three-tier network of urban mall experience stores, county flagship stores, and community service stores [2] - Hisense's revenue for 2024 is projected to reach 215.4 billion yuan, with overseas revenue accounting for 99.6 billion yuan, indicating a continuous growth trend for 13 consecutive years [2] Retail Strategy - Hisense's retail strategy emphasizes a comprehensive product range, including eight major categories such as flat-screen TVs, refrigerators, and air conditioners, to meet diverse consumer needs [3] - The company is enhancing its retail capabilities through the "Qixiang Plan," which supports new store owners in developing their retail skills and includes a "Gold Store Manager" training program [3] - Hisense is collaborating with Red Star Macalline to deepen their partnership in channel expansion, product innovation, and customer service, aiming to explore new development models in the home appliance and home furnishing industry [4] Market Coverage - Hisense's 10,000 stores are now present in 341 cities across China, covering 2,347 districts and counties, as well as 6,304 towns, showcasing its extensive market penetration [2] - The company has introduced various innovative store formats, such as the "Quality Home" store and community service stores, to enhance customer experience and meet the growing demand for personalized and diverse shopping environments [2]

海信家电 20250526 摘要 海信家电一季度内销受价格竞争影响，经销商积极性受挫，但预计二季 度改善。高端化品类销售良好，中间价格带表现较弱，整体销售结构正 向发展。 海信家电外销市场预期增长，一季度增长超 20%，但受关税影响接单走 弱。新兴市场支撑 4 月仍有个位数增长，全年外销预期增长 15%，欧美 市场占比高增速快。 海信推出新风空调和单筒洗衣机等新品，新风空调增速较快，贡献显著。 冰箱领域，海信和容声品牌将迭代高端机型，配合世界杯营销，有望促 进内外销。 二季度中央空调业务预期与一季度持平。精装修市场承压，C 端和公建 渠道实现个位数增长。海信央控将与大金竞争，推出新一代产品优化渠 道结构。 海信日立长沙水机工厂投产，增强核心零部件自制能力，提高议价能力。 海信品牌在 5G 中央空调领域份额领先，通过渠道拓展提升整体份额。 Q&A 今年（2025 年）二季度以来，海信家电在内销市场的表现如何？ 二季度以来，海信家电在内销市场的表现有所改善。尽管国补政策继续延续， 但其效果边际较去年（2024 年）四季度有所减弱。一季度公司资金到位情况 不理想，影响了经销商的积极性，但二季度预计会有所改善。整体销 ...

Core Viewpoint - The legal opinion letter from Beijing DHH Law Firm confirms that Hisense Home Appliances Group Co., Ltd. has obtained the necessary approvals for the repurchase and cancellation of part of its A-share restricted stock, in accordance with relevant laws and regulations [1][7]. 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 [2][3][4]. - Independent non-executive directors have provided their consent and independent opinions regarding the related proposals [5][6]. Group 2: Repurchase and Cancellation Details - The repurchase is due to one incentive object leaving the company and 16 others having their positions adjusted, leading to a total of 393,600 shares being repurchased and canceled [7][8]. - The repurchase price for the restricted stocks is set at 5.157 yuan per share, and the total number of shares represents 1.55% of the total granted under the 2022 A-share incentive plan and 0.03% of the total share capital before cancellation [7][8]. Group 3: Implementation of Repurchase - The company has announced the repurchase on December 14, 2024, and confirmed that no creditors have requested debt repayment or guarantees within 45 days of the announcement [9]. - The repurchase has been verified by an accounting firm, and the necessary applications for cancellation have been submitted to the relevant authorities [9].

Core Viewpoint - Company completed the repurchase and cancellation of part of the A-share restricted stock, involving 393,600 shares at a price of 5.157 yuan per share, totaling approximately 2,029,795.20 yuan [1][9][10] Summary by Sections Announcement of Repurchase Cancellation - The repurchase involved 393,600 shares, accounting for 1.55% of the total A-share restricted stock granted in 2022 and 0.03% of the total share capital before the repurchase [1][9] - The repurchase was approved during the board and supervisory meetings held on December 13, 2024 [1][9] Approval Process for the Incentive Plan - The 2022 A-share restricted stock incentive plan was approved by the board and supervisory committee on December 30, 2022, with a total of 596 incentive objects [2][3] - The plan underwent public disclosure and received no objections during the internal review period [2] Details of the Repurchase - The repurchase was necessitated by the departure of one incentive object and job adjustments for 16 others [9][10] - The repurchase price was set at 5.157 yuan per share, based on the provisions of the incentive plan [10][11] - The total amount for the repurchase was 2,029,795.20 yuan, sourced from the company's own funds [10] Changes in Share Capital Structure - Following the repurchase, the total share capital decreased from 1,386,010,405 shares to 1,385,616,805 shares [10] - The repurchase represented a reduction of 393,600 shares from the total share capital [10] Legal and Compliance Aspects - The repurchase and cancellation have been verified by an accounting firm and deemed compliant with relevant laws and regulations [12] - The company will proceed with necessary amendments to its articles of association and registration changes following the repurchase [13]

2022年A股限制性股票激励计划 北京德和衡律师事务所 关于海信家电集团股份有限公司 回购注销部分A股限制性股票并减少注册资本 相关事项的法律意见书 德和衡证律意见（2025）第239号 B E I J I N G D H H L A W F I R M 1 北京德和衡律师事务所 B E I J I N G D H H L AW F I R M 事务所 BEIJING DHH LAW FIRM 释 义 在本法律意见书中，除非文义另有所指，下列简称分别具有如下含义： | 简称 | | 全称 | | --- | --- | --- | | 海信家电、公司、贵司 | 指 | 海信家电集团股份有限公司 | | 《激励计划（草案）》、 | 指 | 《海信家电集团股份有限公司2022年A股限制性股票激励计划（草 | | 本激励计划 | | 案）》 | | 激励对象 | 指 | 按本激励计划规定，获得限制性股票的公司董事、高级管理人员、 | | | | 核心技术人员以及董事会认为需要激励的其他人员 | | 本次注销 | 指 | 公司根据本激励计划安排，回购注销A股限制性股票并减少注册资本 | | | | 的行为 | | 《 ...

Group 1 - The company Hisense Home Appliances (000921) announced the repurchase and cancellation of 393,600 restricted shares, which accounts for 1.55% of the total restricted stock granted in 2022 [1] - The repurchased shares represent approximately 0.03% of the company's total share capital before the cancellation, with a repurchase price of 5.16 yuan per share [1] - A total of 17 incentive recipients were involved in this repurchase, with the total amount for the repurchase being 2.0298 million yuan [1] Group 2 - The cancellation of the shares has been completed on May 23, 2025, at the Shenzhen branch of China Securities Depository and Clearing Co., Ltd [1] - Following the cancellation, the company's total share capital remains unchanged at 1.386 billion shares [1]

股票代码：000921 股票简称：海信家电 公告编号：2025-028 海信家电集团股份有限公司 关于部分 A 股限制性股票回购注销完成的公告 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。 重要内容提示： 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 393,600 股， 占本公司 2022 年 A 股限制性股票授予总量的 1.55%，约占本公司本次回购注销限制性 股票前总股本的 0.03%，回购价格为 5.157 元/股，涉及激励对象人数 17 人，本次限制 性股票的回购总金额为 2,029,795.20 元。 2、本次回购注销事项已于 2025 年 5 月 23 日在中国证券登记结算有限责任公司深 圳分公司办理完成。 3、上述股份注销完成后，本公司总股本由 1,386,010,405 股变更为 1,385,616,805 股。 本公司于 2024 年 12 月 13 日召开第十二届董事会 2024 年第五次临时会议、第十 二届监事会 2024 年第四次会议，审议通过了本公司《关于回购注销部分 A 股限制性股 票的议案》，同意本公司回购 ...

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Date**: May 22, 2025 Key Industry Insights - **Market Performance**: The company expects improved operating conditions in Q2 2025, with high-end brands COLMO and new wind air conditioners performing well. The cost of bulk raw materials remains stable, supporting domestic sales profits. [2][3] - **Export Markets**: Orders from the U.S. market are returning to normal, while the European market, despite inventory pressures, is growing faster than the industry average. Emerging markets like ASEAN, Middle East, and South America saw over 20% growth in Q1 2025 and are expected to maintain rapid growth throughout the year. [2][5] - **Central Air Conditioning Strategy**: The company is adjusting its central air conditioning strategy, positioning the Hitachi brand in the high-end market to compete for market share with Daikin, while expanding the Hisense brand in public construction and new infrastructure sectors. [2][7] Financial Performance - **Sales Structure**: The sales structure is shifting, with low-end models dominating price competition, but high-end brands are showing strong performance. The company anticipates some support for domestic sales profits due to the sales structure. [3][4] - **Profit Margins**: The overseas profit margin is expected to improve by 0.5 percentage points annually, with the company aiming for a micro-profit status this year. However, the automotive parts industry is under significant pressure, which may impact overall revenue growth. [4][15] Product Development and Innovation - **Data Center Cooling Systems**: Hisense is actively developing data center cooling systems, with leading manufacturing capabilities in multi-connected units. The new production base for central air conditioning water machines in Changsha is expected to enhance business development. [2][6] - **Product Launches**: The company plans to optimize its sales structure during the 618 shopping festival, leveraging national subsidy policies to promote high-end strategies and introduce new products in segmented categories. [10][11] Competitive Landscape - **High-End Market Trends**: The high-end market continues to grow, driven by national subsidy policies from the previous year. Competitors like Casarte are also experiencing significant growth. [11][12] - **Price Competition**: The online channel is experiencing intense price competition, with brands adopting multi-brand strategies or launching popular models to cope. Long-term success will depend on product quality and durability. [13] Regional Market Dynamics - **High-Line City Demand**: Demand in high-line cities is weak due to the overdrawn effects of national subsidy policies, with consumers concerned about the absence of such policies this year. [12] - **Emerging Market Growth**: The growth in Southeast Asia and ASEAN is driven by local demand and increasing penetration rates, with significant long-term growth potential despite some risks. [16][18] Strategic Adjustments - **Operational Changes**: The company is not expected to make major changes to its operational direction, focusing on overseas expansion and improving domestic sales efficiency and profit margins. [14] - **Response to Market Conditions**: The company plans to maintain normal shipping schedules to the U.S. following the reduction in tariffs, while also addressing inventory issues in mature markets like Europe. [5][17] Conclusion Hisense Home Appliances is strategically positioning itself to capitalize on high-end market growth, optimize its product offerings, and expand its presence in emerging markets while navigating challenges in mature markets and the automotive sector. The focus on innovation and quality will be crucial for maintaining competitiveness in a rapidly evolving industry landscape.

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The demand for pool cleaning robots is expected to reach approximately 10.34 million units by 2026, with a market size of around $3.1 billion, based on an average product price of $300 [2][16] - The competitive landscape is concentrated, with the top 10 brands holding over 80% market share, creating opportunities for Chinese brands to gain market share due to a lack of innovation in the industry [3][19] Summary by Sections Section 1: Market Growth - The number of pools globally is projected to grow from 28.88 million in 2021 to 36.92 million by 2026, representing a compound annual growth rate (CAGR) of 5% [1][13] - The U.S. market is particularly significant, with the number of pools increasing from 10.6 million in 2021 to over 19 million in 2022, with private pools accounting for over 70% [1][13] Section 2: Penetration and Demand - By 2026, the penetration rates for pool cleaning robots in the U.S., Europe, and Oceania are expected to reach 39%, 35%, and 34% respectively [2][16] - The projected demand for pool cleaning robots is approximately 10.34 million units by 2026, with a market size of $3.1 billion [2][16] Section 3: Competitive Landscape - The market is dominated by a few brands, with Maytronics experiencing its first double-digit revenue decline in five years, indicating a shift in the competitive dynamics [4][19] - Chinese brands have made significant inroads, occupying five of the top ten positions on major platforms, with a combined market share of 31%, up from 15.9% in 2022 [3][19] Section 4: Product Challenges - Current products face high levels of homogeneity, with common issues including a lack of sensors and low levels of intelligence, which if addressed, could disrupt the industry [4][22] - The main functionalities of pool cleaning robots are limited by the available sensor technology, which poses challenges for manufacturers [4][22]