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]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [6] Core Viewpoints - The first quarter results for home appliances generally exceeded expectations, with domestic sales expected to benefit from policy support. There is a notable performance differentiation in high-end positioning and cost-effectiveness. The air conditioning peak season is anticipated to benefit from higher temperatures and lower inventory levels, making the demand for home appliances in the second quarter promising [4][9] - In April, the export of white goods showed steady growth, indicating potential in emerging markets. The disruptions in exports to the U.S. are also expected to ease [4][9] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on quality white goods leaders that benefit from ongoing domestic policies and proactive overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [4] - It recommends companies that are reshaping their market share in mature overseas markets and have short-term global supply chain advantages, such as Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [4] - The report also highlights small appliance companies that are expected to benefit from national subsidy policies in the short term and enjoy demand dividends from emerging appliance categories in the medium to long term, recommending Stone Technology (688169, Buy) and Bear Electric (002959, Overweight) [4] Market Trends - Since May, many regions have experienced average maximum temperatures higher than in previous years, positively impacting air conditioning sales. The demand for air conditioning is closely related to temperature, with a significant increase in sales expected during the peak season from April to July [9] - In April, air conditioning exports reached 7.51 million units, a year-on-year increase of 12.1%, while washing machine exports grew by 10.9%. The export of refrigerators saw a slight decline [9][20] - The report indicates that the risk of a price war in the air conditioning market is manageable, with efficiency improvements and high-end upgrades occurring simultaneously. The average prices for air conditioners in April were 2,609 yuan online and 4,418 yuan offline, showing a slight decrease and increase respectively [9]

Investment Rating - The industry rating is maintained at "Outperform the Market" [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 global pool count is expected to increase from 28.88 million in 2021 to 36.92 million by 2026, with a compound annual growth rate (CAGR) of 5% [1][16] - The market size for pool cleaning robots is projected to reach approximately $3.1 billion by 2026, based on an estimated demand of 10.34 million units at an average price of $300 [2][16] Summary by Sections Market Growth - The demand for pool cleaning robots is driven by the increasing number of pools globally, particularly in the U.S., where the number of pools rose from 10.6 million in 2021 to over 19 million in 2022 [1][15] - The U.S. market is expected to lead in penetration rates, with projections of 39% by 2026 [2][16] Competitive Landscape - The market is highly concentrated, with the top 10 brands holding over 80% market share as of 2023, primarily dominated by brands like Dolphin, Polaris, BWT, and Hayward [3][19] - Chinese brands have gained significant market share, increasing from 15.9% in 2022 to 31% in 2023 on major platforms [3][19] Product Challenges - Current products face high levels of homogeneity, with common issues such as a lack of sensors and low levels of automation, which presents opportunities for innovation [4][22] - The leading manufacturer, Maytronics, has reported a double-digit revenue decline for the first time in five years, indicating a shift in the competitive landscape [4][25] Investment Recommendations - Recommended stocks include major appliance manufacturers such as Gree Electric, Midea Group, Hisense, and Haier, as well as smaller appliance companies like Ecovacs and Roborock [5]

2025.05. 20 本文字数：2097，阅读时长大约4分钟 作者、封面 | 第一财经 王珍 5月20日，海信集团有关人士向第一财经记者确认，原美的集团副总裁、空调事业部总裁殷必彤5月 19日晚正式出任海信空气产业（筹）总裁。目前，海信空气产业在海信家电（000921.SZ、 00921.HK）下，负责海信集团与空调相关的产业和品牌。 从竞争层面看，小米集团（01810.HK）在国内空调市场的份额上升较快，去年已经跃升至国内线上 空调市场销售额的第四名。此前，美的、格力、海尔、海信在国内整体空调市场居前四位。此次请 来"外援"，折射出海信不甘心被挤出国内家用空调市场的前四。 海信欲进一步做强空调业务 "（邀请殷总加盟）目的就是把空调产业做好"，海信家电一位相关人士向第一财经记者说，海信的 商用空调、家用空调业务"都要更强"。 有意思的是，海信集团董事长贾少谦两周前率队到广东省佛山市，与美的集团董事长兼总裁方洪波及 其团队，签订战略合作协议，双方将在智慧物流、全球制造、AI应用等方面合作。 殷必彤1999年加入美的，曾任美的空调国内营销公司总经理助理和市场总监、小天鹅（美的洗衣机 业务）董事兼总经理，以及美的 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][6][57]. Core Views - The home appliance retail demand in China accelerated in April, with online and offline sales increasing approximately 20% year-on-year. The 618 shopping festival started earlier this year, extending the promotional period [1][18]. - The export value of home appliances in April slightly decreased by 2% due to the impact of U.S. tariffs, but categories like air conditioners and washing machines continued to show strong growth [2][22]. - The 618 shopping festival has simplified rules and started earlier, with major platforms like Tmall and JD.com adjusting their promotional strategies to enhance consumer engagement [3][33]. Summary by Sections Retail Demand Growth - In April, the online and offline retail sales of home appliances grew by 21.8% and 18.6% year-on-year, respectively. Cumulatively, from January to April, the growth was 9.1% and 14.8% [1][18]. - The growth in retail volume and price was significant, driven by national subsidy policies, with online and offline retail volumes increasing by 6.5% and 10.8% year-on-year in April [1][18]. Export Performance - The export value of home appliances in April saw a year-on-year decline of 1.7%, marking the first drop since the recovery began in 2023, primarily due to U.S. tariffs. However, the impact was relatively limited [2][22]. - Categories with lower reliance on U.S. markets, such as air conditioners and washing machines, experienced growth, with air conditioner exports increasing by 11.9% and washing machines by 9.6% [2][22]. 618 Shopping Festival - The 618 shopping festival commenced on May 13, with a longer promotional period and simplified rules. Tmall reintroduced pre-sale options, while JD.com added a new shopping season to enhance consumer participation [3][33]. - The promotional strategies focus on straightforward discounts, eliminating complex conditions to encourage consumer spending [3][33]. Key Company Recommendations - Recommended companies in the white goods sector include Gree Electric Appliances, Midea Group, Haier Smart Home, TCL, and Hisense. For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Xinbao are highlighted [4][14][57].