Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating a strong growth potential driven by domestic demand and favorable policies [7][47]. Core Insights - The 618 home appliance market in 2025 showed robust growth, with major categories experiencing increases in both retail volume and value, particularly in white goods and black goods [2][13]. - The recent US-Vietnam trade agreement is expected to boost sentiment in the Chinese home appliance export chain, providing greater policy certainty for regional export chains [3][21]. - The home appliance sector is transitioning from price-driven competition to a focus on user experience and product value, with significant upgrades in product structures [20][45]. Market Performance Tracking - The overall market is showing a recovery trend, with white goods maintaining stable prices and black goods experiencing significant growth, particularly in the TV market, which saw a 9.7% increase in volume and a 14.5% increase in value during the 618 period [2][13]. - The air conditioning segment demonstrated strong growth, with retail sales increasing over 15% both online and offline, driven by leading brands like Midea, Xiaomi, and Haier [15][20]. - The washing machine market also saw substantial growth, with online and offline retail sales increasing by 17.1% and 12.1% respectively, indicating a shift towards larger capacity and upgraded features [15][20]. Raw Material Price Tracking - Recent trends show a decrease in copper and aluminum prices, with copper down 0.69% and aluminum down 0.23% in the last week, while cold-rolled steel prices increased by 2.58% [29][34]. Exchange Rate and Shipping Price Tracking - As of July 4, 2025, the USD to RMB exchange rate was reported at 7.15, with a slight decrease of 0.01% week-on-week [35][36]. Investment Recommendations - The report highlights three main investment themes: 1) Opportunities in new product forms and industry phases 2) Quality companies with solid fundamentals focusing on robotics 3) Leading companies in the black and white goods sectors [7][47].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting its undervalued status, high dividends, and stable growth potential [7] Core Insights - The home appliance sector has outperformed the CSI 300 index, with a 1.7% increase in the sector index compared to a 1.5% rise in the index [6][8] - Major companies like Haier, Midea, and Hisense are actively investing in robotics, indicating a shift towards automation and smart home solutions as new growth engines [6][14] - The report identifies three main investment themes: white goods, export opportunities, and core components, recommending leading companies in each category [7] Data Observations - In May 2025, the air conditioning sector saw a total production of 20.81 million units, a 1.8% year-on-year decrease, while total sales reached 22.03 million units, a 2.34% increase. Domestic sales rose by 13.39% to 14.13 million units, while exports fell by 12.83% to 7.91 million units [29][32] - The refrigerator sector produced 8.40 million units, a 2.0% year-on-year increase, with total sales of 8.50 million units, up 1.83%. Domestic sales increased by 13.70% to 3.89 million units, while exports decreased by 6.39% to 4.61 million units [36][37] - The washing machine sector experienced a production increase of 11.2% to 7.40 million units, with total sales of 7.50 million units, a 10.04% increase. Domestic sales grew by 15.16% to 3.51 million units, and exports rose by 5.89% to 3.99 million units [38][39] Industry Dynamics - The report notes a collective push by major home appliance companies towards robotics, with Haier, Midea, and Hisense leading the charge in developing industrial and service robots [6][14] - The report also mentions a trade agreement between the U.S. and Vietnam, which may impact the home appliance sector due to potential tariffs on exports [15] Component Data - In May 2025, the sales of rotary compressors for air conditioning increased by 4.4% year-on-year, while electronic expansion valves saw a significant rise of 31.7% [22][24] - The report indicates a decline in the sales of refrigerator compressors by 7.3% year-on-year, while washing machine motor sales increased by 1.8% [25][39]

股票代码：000921 股票简称：海信家电 公告编号：2025-048 海信家电集团股份有限公司 H 股公告-认购理财产品 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 6 月 30 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 6 月 30 日 1 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。 背景 本公司第十二屆董事會 2025 年第一次會議以及 2024 年股東周年大會已分別於 2025 年 3 月 28 日以及 2025 年 6 月 25 日審議批准了本公司《關於以自有閒置資金進行委託理財的議案》， 同意本公司在控制投資風險的前提下，以提高資金使用 ...

Summary of Hisense Home Appliances Conference Call Company and Industry Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning and related products Key Points and Arguments 1. **Pressure on Air Conditioning Profit Margins**: In May-June 2025, air conditioning profit margins were under pressure due to price competition in the low-end market, leading to a year-on-year decline in domestic air conditioning profit margins. However, significant relief in revenue and profit margin pressure is expected in Q3 2024 [2][5][10] 2. **Integration of Air Conditioning Division**: Hisense is advancing the integration of its air conditioning division, which includes resource integration in marketing and product development. This is expected to enhance efficiency, although challenges exist due to the legal structure of joint ventures [2][6][7] 3. **Impact of U.S. Tariffs**: The imposition of tariffs on appliances exported to the U.S. has had a limited impact on Hisense, as the North American market accounts for less than 10% of overall sales. The company’s overseas business growth remains better than the domestic market [2][8][10] 4. **Growth in European Market**: There is an increasing demand for heat pumps in Europe, contributing to product structure upgrades. The "Brilliant" series is benefiting from subsidies in the mid-to-high-end market, with revenue nearing 5% of total domestic sales [2][12] 5. **Challenges in the Central Air Conditioning Market**: The shrinking of the refined decoration market has negatively impacted the central air conditioning business, although there is slight growth in non-real estate public construction projects. The C-end market is facing intensified competition [2][14] 6. **Performance of Washing Machines**: The washing machine segment, while smaller in revenue contribution, is experiencing the fastest growth, with GMV increasing over 50% during the 618 shopping festival in 2025 [4][20] 7. **Future Growth Potential**: Hisense's future growth potential lies in system efficiency integration and channel collaboration, particularly between home appliances and central air conditioning channels [2][25][26] 8. **Investment in New Business Areas**: The company is actively expanding into smart building management systems, energy storage, and data centers, with plans to increase production capacity in ASEAN regions to meet local demand [3][16][22] 9. **Challenges in Export Markets**: The growth rate in developing markets has slowed down to single or double digits, contrasting with previous growth rates of 30-40% [9][10] 10. **Stock Valuation and Dividend Policy**: The current stock price is at a historical low, with a dividend of 1.23 CNY per share approved, indicating a relatively high dividend yield in the consumer goods sector [27] Other Important but Overlooked Content - **Brand Positioning**: Hisense is maintaining a high-end brand image in overseas markets, particularly in ASEAN, which is crucial for future growth [11][12] - **Market Dynamics**: The air conditioning market is experiencing a price competition cycle, but it is expected to be shorter than previous cycles, with a potential recovery in prices anticipated in Q3 2025 [24] - **Strategic Partnerships**: The company is exploring potential collaborations with Bosch Group post-shareholder changes, which could lead to new cooperative opportunities [13]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances Key Points and Arguments Sales Performance - During the 618 shopping festival, retail sales of home air conditioners, refrigerators, and washing machines increased by over 10% year-on-year, with washing machines experiencing a growth rate of 40%-50% [2][3] - Central air conditioning revenue returned to positive in Q1 2025, but is expected to decline in Q2 2025, with an annual target maintained at a slight increase [2][3] - The company anticipates a rapid growth in exports from 2024 to Q1 2025, although Q2 may see a decline due to tariffs [2][3] Profitability - The profit margin for white goods is expected to remain stable despite intense competition, as last year's domestic profit margins were relatively low [5][3] - The external sales profit margin is expected to recover, but the Japanese three-electric business may face pressure due to yen appreciation and exchange rate impacts [5][3] Market Trends - In Q2 2025, the central air conditioning market is under pressure, particularly in the refined decoration market, with inventory digestion slowing in the consumer market [6][3] - Hisense brand growth is faster than the Rongsheng brand, while the decline of the Japanese brand is minimal [6][3] - The overseas market share of Hisense central air conditioning is expected to reach around 10% in Q2 2025, up from 8% last year, indicating an expansion in overseas market share [7][3] Competitive Landscape - Hisense faces strong competition from Midea in the white goods sector but can improve efficiency through resource sharing [3][10] - The company has implemented various efficiency measures, including reducing the number of suppliers and streamlining product SKUs, which have started to show results [11][3] Tariff Impact - The impact of U.S. tariffs on sales is limited, as the U.S. market accounts for only about 2%-3% of total revenue, with some products being rerouted through Mexico [9][3] - The overall demand in mature markets is more significantly affected by tariff policies compared to emerging markets [9][3] Strategic Initiatives - Hisense and Midea have signed a strategic cooperation agreement to share resources and improve operational efficiency [10][3] - The company is exploring direct-to-consumer (DTC) models to optimize channel structures and enhance profitability [10][3] Future Outlook - The company expects a stable domestic sales trend in Q2 2025, with no significant changes compared to Q1 [8][3] - The overall market competition is expected to intensify, leading to slight price declines in Q2 2025 [14][3] Cash Flow and Financial Health - Operating cash flow has improved in the first half of 2025 compared to last year, with a stable dividend payout ratio [23][3] - Capital expenditures are expected to increase this year, with a preliminary estimate of around 2 billion RMB for next year [23][3] Other Notable Information - The company is observing a gradual increase in the contribution of emerging markets to its revenue, particularly in regions like the Middle East and Africa, and ASEAN [21][3] - The integration of overseas channels into the listed company platform does not have a clear timeline yet [20][3]

股票代码：000921 股票简称：海信家电 公告编号：2025-047 海信家电集团股份有限公司 H 股公告-认购理财产品 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 6 月 26 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 6 月 26 日 1 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） 須予披露交易 認購理財產品 董事會宣佈，於 2024 年 9 月 10 日至 2025 ...

Group 1 - The company, Tongxing Technology (301252), plans to establish a manufacturing base in Qingdao using its own funds to enhance product competitiveness [1] - The initial investment amount is not to exceed 10 million yuan [1] - The company has signed a Strategic Supplier Cooperation Memorandum with Hisense Group (000921) to collaborate on new product development and validation [1] Group 2 - The memorandum is a framework agreement and does not require shareholder meeting approval, indicating it falls within the board's approval authority [1] - The financial impact of this agreement on the company's financial status and operating results will depend on market changes and implementation conditions, indicating a level of uncertainty [1]

法律意见书 北京德和衡律师事务所 关于海信家电集团股份有限公司 德和衡证见意见（2025）第146号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于海信家电集团股份有限公司 法律意见书 德和衡证见意见（2025）第146号 致：海信家电集团股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受海信家电集团股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年度股东周年大会。本所律 师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《海信家电集团股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及规范 性文件的规定，就本次股东大会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会议表决程序和表决结果的合法有效性等发表意见，并不对本次股 ...

北京德和衡律师事务所 关于海信家电集团股份有限公司 2024年度股东周年大会的 法律意见书 德和衡证见意见（2025）第146号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于海信家电集团股份有限公司 2024年度股东周年大会的 法律意见书 德和衡证见意见（2025）第146号 致：海信家电集团股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受海信家电集团股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年度股东周年大会。本所律 师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《海信家电集团股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及规范 性文件的规定，就本次股东大会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会 ...