证券代码：000921 证券简称：海信家电 海信家电集团股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关 | □机构调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 √业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观□投资者日 | | | □其他 | | 参与单位 | | | 名称及人 | 公司投资者 | | 员姓名 | | | 时间 | 2025 年 6 月 20 日 | | 地点 | 线上业绩说明会 | | 上市公司 | | | 接待人员 | 公司管理层 | | 姓名 | | | | 一、1、公司股价被市场严重低估，是否有市值管理方案；2、公司的 | | | 股息率还比较高，对于证监会提出的低息再贷款增持方案公司是否考虑 | | | 过；3、今年二季度公司是否还是产销两旺？ | | | 答：投资者您好：1、公司高度重视市值管理，通过回购股份、员工 | | 投资者关 | 持股计划及股权激励、分红等手段增强市场信心。2、2025 年 5 月 8 日， | | 系活动主 | 公司发布《关于控股股东一致行动人增持股份及后续增持计划的 ...

Core Viewpoint - The announcement details the shareholding increase plan by the controlling shareholder's concerted actor, Qingdao Hisense Communication Co., Ltd., which has completed the acquisition of shares in Hisense Home Appliances Group Co., Ltd. [1][3] Summary by Sections Shareholding Increase Plan - Qingdao Hisense Communication plans to increase its shareholding from May 7, 2025, to November 6, 2025, using self-owned or self-raised funds through centralized bidding transactions, with a total increase of no less than 13,860,028 shares, accounting for 1.00% of the total share capital [1][2][4] - The total amount for this share increase is 376,660,000 yuan [3][4] Shareholding Structure Post-Increase - After the increase, the combined shareholding of the controlling shareholder, Qingdao Hisense Air Conditioning Co., Ltd., and its concerted actors rose from 46.28% to 47.28% [1][3][4] - The total shares held by Hisense Group Holdings Co., Ltd. reached 655,070,698 shares, representing 47.28% of the total share capital [3][4] Compliance and Commitments - Hisense Communication has committed to strictly adhere to relevant regulations during the share increase period and will not reduce its holdings within the legally stipulated timeframe after the completion of the increase plan [2][4][5] - The increase in shares does not lead to a change in the control of the company [4][5]

海信家电（000921）公告，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1386万股，占本公司总股本的1.00%，累计增持股份金额3.77亿元，本次增持 计划已提前实施完毕。本次增持后，海信家电控股股东青岛海信空调及其一致行动人合计持有本公司的 股份比例从46.28%增加至47.28%，适用权益变动触及1%整数倍的情形。本次增持股份的资金来源为海 信通信自有或自筹资金。 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - Domestic appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making second-quarter demand promising [2] - The national subsidy policy is confirmed to continue, with a total of 300 billion yuan allocated for supporting the replacement of old appliances, ensuring sustained demand [6] - The market is witnessing a shift towards new consumption trends, with brands actively targeting younger demographics and innovating product offerings to capture new growth opportunities [6] Summary by Sections Investment Recommendations and Targets - Focus on quality white goods leaders benefiting from domestic policy continuation and overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [2] - Attention to companies with potential in mature overseas markets and short-term supply chain advantages, including Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [2] - Highlighting small appliance companies that may benefit from national subsidies and long-term demand for new appliance categories, such as Roborock Technology (688169, Buy) and Bear Electric (002959, Overweight) [2] - Monitoring kitchen appliance companies that are adjusting strategies and may expand overseas, including Boss Electric (002508, Buy) and Vatti Corporation (002035, not rated) [2] Market Dynamics - Recent retail data shows significant year-on-year growth in online sales for major appliance categories, indicating resilience in demand despite concerns over subsidy reductions [6] - The market is adapting to new consumer preferences, with brands leveraging innovative marketing strategies to engage younger consumers and explore new product categories [6]

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 ...