Financial Performance - The total operating revenue for the year 2024 reached RMB 92.75 billion, an increase of 8.5% compared to RMB 85.60 billion in 2023[7]. - The total operating costs for 2024 were RMB 88.81 billion, up from RMB 81.46 billion in 2023, reflecting a growth of 9.5%[7]. - The net profit attributable to the parent company for 2024 was RMB 11.30 billion, up from RMB 9.36 billion in 2023, showing a growth of 20.8%[6]. - Operating profit for the period was RMB 5,679,142,269.33, an increase from RMB 5,248,016,394.49 in the previous period, representing a growth of approximately 8.2%[8]. - Total profit amounted to RMB 5,966,389,023.89, compared to RMB 5,684,557,420.82 in the prior period, reflecting an increase of about 5.0%[8]. - The net profit attributable to shareholders of the parent company reached RMB 3,347,881,773.89, up from RMB 2,837,322,754.58, indicating a growth of approximately 18.0%[9]. - Basic and diluted earnings per share were both RMB 2.46, compared to RMB 2.08 in the previous period, marking an increase of around 18.3%[9]. - The total comprehensive income attributable to the parent company's owners was RMB 3,321,630,998.81, compared to RMB 2,943,053,128.82, showing an increase of about 12.8%[9]. - The company reported a decrease in other comprehensive income after tax, with a net amount of RMB -10,567,861.70 compared to RMB 107,901,029.90 in the previous period[9]. - The net profit for the year was RMB 5.97 billion, a rise from RMB 5.68 billion in 2023, indicating a growth of 5.1%[17]. - The company's total assets increased by 5.69% year-on-year to approximately RMB 69.70 billion by the end of 2024[6]. - The company's debt-to-asset ratio increased to 72.20% as of December 31, 2024, compared to 70.59% in 2023[117]. Research and Development - Research and development expenses increased significantly to RMB 3.45 billion in 2024, compared to RMB 2.78 billion in 2023, marking a rise of 24%[7]. - The company aims to enhance product competitiveness through breakthroughs in core technologies and innovative design[109]. - The company is committed to a digital transformation of its manufacturing processes, utilizing AI to enhance smart manufacturing capabilities and reduce costs[111]. Market Expansion and Strategy - The company plans to expand its market presence and invest in new product development to drive future growth[7]. - The company aims to enhance profitability by aggressively developing overseas markets and leveraging its resources, including overseas R&D centers and talent support[110]. - The company plans to strengthen its brand and marketing capabilities to boost domestic sales, particularly through sponsorship of the World Cup, aiming to increase market share in mid-to-high-end products[110]. - The company is focused on expanding its international marketing efforts through Hisense International Marketing Co., Ltd.[126]. Product Performance and Innovation - The company is engaged in the research, manufacturing, and marketing of various home appliances, including refrigerators and air conditioning systems, indicating a focus on product innovation and market expansion[12]. - Hisense's new air conditioning products achieved the highest sales volume and revenue in the industry for 2024, with the C3 series leading the market[61]. - The washing machine segment achieved a global shipment ranking of third in China and the fastest growth among the top 10 brands[69]. - Hisense's kitchen appliance business achieved a year-on-year growth of 72%, with high-end product sales increasing by 110%[71]. - The "Brilliant" high-end series saw a year-on-year growth of 52%, with a 120% increase driven by the trade-in policy[76]. Financial Management and Risks - The company faces risks from macroeconomic fluctuations, rising costs, currency exchange rate volatility, and trade protectionism, which could impact demand and profitability[112]. - The company has implemented financial instruments to hedge against currency exchange rate risks associated with foreign currency transactions[115]. Dividend and Shareholder Information - The board proposed a cash dividend of RMB 12.30 per 10 shares, subject to approval at the 2024 annual general meeting, with a total distribution of approximately RMB 1,703,875,332.54[113][114]. - Hisense achieved a significant market presence with approximately 37.28% of shares held by Hisense Air Conditioning[126].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **apparel and home textile industry** in China, with a focus on retail performance and emerging trends in consumer behavior [2][4][6]. Core Insights and Arguments - **Retail Performance**: In January-February 2025, retail sales of clothing, shoes, and textiles from key enterprises increased by **3.3% year-on-year**, showing improvement compared to declines of **4.5%** in November 2024 and **0.3%** in December 2024. This indicates a recovery in the apparel and home textile consumption [2][3]. - **Online vs. Offline Sales**: Offline retail is outperforming online sales, suggesting a shift in consumer preference towards physical shopping experiences [2]. - **Children's Apparel Market**: The introduction of child-rearing subsidies in Hohhot is expected to positively impact the children's clothing market, with approximately **33 provinces and cities** implementing similar policies. In 2021, clothing and footwear accounted for **26%** of the maternal and infant consumption market, indicating significant growth potential in children's apparel [6]. - **Discount Retail Sector**: The discount retail sector is thriving, with strategic partnerships, such as that between **Hailan Home** and **JD.com**, expected to drive growth. The government’s consumer stimulus policies are also beneficial for the apparel and home goods sectors [7][9]. - **Investment Recommendations**: Companies like **Semir Apparel**, which leads in the children's clothing market, are recommended due to their strong brand positioning and expansion strategies. Other notable companies include **Anta Sports**, **Li Ning**, and **361 Degrees**, which have significant children's apparel lines [8]. Emerging Trends - **Demand for UHMWPE**: The demand for **Ultra-High-Molecular-Weight Polyethylene (UHMWPE)** is projected to grow at approximately **20% annually**, with applications expanding across various sectors. Companies involved in UHMWPE production, such as **Nanshan Zhishang** and **Henghui Security**, are recommended for investment [4][5]. - **Consumer Behavior**: There is a notable trend towards value-for-money products, with consumers increasingly seeking high-quality items at lower prices, particularly in the apparel sector [9]. - **Social Consumption Trends**: The total retail sales of consumer goods in January-February 2025 grew by about **4% year-on-year**, indicating a stabilization in consumer spending [2][10]. Additional Important Insights - **Market Dynamics**: The apparel and home textile industry is expected to see a gradual acceleration in performance due to low base effects from previous years, despite potential fluctuations in end-demand [4]. - **Investment Strategy**: The focus should be on companies that can adapt to changing consumer preferences, particularly those that emphasize quality and affordability. The potential for growth in the children's apparel segment is significant, driven by demographic policies and changing consumer habits [6][8]. - **Discount Retail Viability**: The discount retail model is positioned to thrive in economic downturns, as consumers become more price-sensitive. This sector is expected to benefit from existing inventory pressures among apparel brands [9]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the apparel and home textile industry in China.

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

股票代码：000921 股票简称：海信家电 公告编号：2025-009 海信家电集团股份有限公司 H 股公告-认购理财产品 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） 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 3 月 18 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 3 月 18 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. 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 2 月 27 日至 2025 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-008 海信家电集团股份有限公司 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） 公告 董事會會議通知 H 股公告-董事会会议通知 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 3 月 17 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 3 月 17 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份內容而產生或 因倚賴該等內 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（「本公司」）董事會（「董事會」）茲通 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][11][12]. Core Insights - The home appliance sector is experiencing a recovery driven by government subsidy policies, with offline retail sales of major appliances showing significant growth in early 2025. Online demand for small kitchen appliances has also rebounded [1][2][16]. - In January and February 2025, the total retail sales of home appliances increased by 1.4% online and 10.2% offline year-on-year, with offline sales benefiting from the "old-for-new" subsidy policy [2][17]. - The export value of home appliances in the first two months of 2025 grew by 8% year-on-year, continuing a positive growth trend despite a high base from the previous year [3][26]. Summary by Sections Retail Performance - Offline retail sales of major appliances showed strong growth, with specific categories like air conditioners, refrigerators, and washing machines increasing by 21.4%, 5.5%, and 13.1% respectively in early 2025. Online sales for these categories varied, with some experiencing declines [2][17]. - The small kitchen appliance segment saw a notable recovery in online sales, with January showing a decline of 12.9% and February rebounding by 27.3% [2][17]. Export Trends - The export volume of home appliances reached 6.9 billion units in the first two months of 2025, marking a 9.4% increase year-on-year. The export value in RMB was 1093.9 billion, reflecting a 7.6% increase [3][26]. Company Performance - iRobot reported a significant revenue decline of 44.1% in Q4 2024, facing challenges in major markets such as the US and Europe. The company's gross margin also decreased, indicating pressure on profitability [4][31]. Market Data Tracking - The home appliance sector achieved a relative return of +0.28% this week, outperforming the broader market [5][36]. - Raw material prices for copper and aluminum increased by 1.5% and 0.2% respectively, while cold-rolled steel prices rose by 2.0% [5][37]. Investment Recommendations - The report recommends several companies within the home appliance sector, including Midea Group, Haier Smart Home, TCL Smart Home, and Gree Electric, all rated as "Outperform the Market" [6][12][50].

北京德和衡律师事务所 关于海信家电集团股份有限公司 2025年第一次临时股东大会的 法律意见书 德和衡证见意见（2025）第26号 致：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26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 2025年第一次临时股东大会的 综上，本所律师认为，本次股东大会的召集、召开程序符合《公司法》《证券法》《股东 大会规则》等相关法律法规以及规范性文件和《公司章程》的规定，合法、有效。 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 2025 年第一次临时股东大会。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》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）、 《海信家电集团股份有限公司章程》（以下简称"《公司章程》" ...

股票代码：000921 股票简称：海信家电 公告编号：2025-007 海信家电集团股份有限公司 2025 年第一次临时股东大会决议公告 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、本次股东大会未有新增、变更及否决提案的情形。 2、现场会议召开地点：青岛市崂山区海信国际中心会议室； 3、召开方式：现场投票和网络投票相结合的方式； 2、本次会议未涉及变更前次股东大会决议的情况。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议的召开时间：2025年3月10日(星期一)下午3:00起 （2）网络投票时间：2025年3月10日，其中： 通过深圳证券交易所交易系统进行网络投票的时间为：2025年3月10日9:15-9:25、 9:30-11:30、13:00-15:00； 通过互联网投票系统投票的时间为：2025年3月10日9:15-15:00期间的任意时间。 4、召集人：本公司董事会； 5、主持人：董事长高玉玲女士； 6、本次会议的召集与召开符合《公司法》《上市公司股东大会规则》以及《公司 章程》的有关规定。 （二）会议出 ...

海信家电 20250307 请简要分享一下海信家电在 2025 年 1 月和 2 月的经营情况。 2025 年 1 月至 2 月，海信家电整体经营情况良好。从收入端来看，内销方面， 由于春节假期的影响，1 月至 2 月累计增速保持在中高个位数。具体来说，空 调、冰箱和洗衣机的内销增速预计为中高个位数。外销方面，一月份增长率达 到 20%至 30%，二月份基本延续这一态势，因此 1 月至 2 月累计增长率也在 20% 至 30%。中央空调方面，1 月至 2 月累计表现不错，一季度收入预期可能持平。 • 海信家电预计冰箱和洗衣机内销增速为中高个位数，1-2 月外销增长 20%- 30%；中央空调一季度收入预期持平，C 端需求逐步修复，二手房市场数据 积极，下半年不必过分担忧行业透支。 • 2024 年前三季度海信家电内销占比超 90%，外销接近双位数；内销中 C 端 和精装修比例约为 50%和 30%。外销延续高增长，内销 C 端修复明显，工装 订单收入转化较慢，供电贡献主要在二三季度显现。 • 新风空调表现优于整体市场，安装卡数量同比翻番，璀璨系列产品持续高 增长，推动盈利能力提升。嵌入式冰箱渗透率提升趋势减缓 ...

海信家电集团股份有限公司董事会 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 3 月 4 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》16.1 条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。 2025 年 3 月 4 日 1 股票代码：000921 股票简称：海信家电 公告编号：2025-006 海信家电集团股份有限公司 H 股公告-认购理财产品 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 12 月 4 日至 2 ...