Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies due to their low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector has shown mixed performance, with air conditioning sales declining significantly while washing machine exports continue to grow. The report emphasizes the resilience of leading brands in navigating market challenges and capitalizing on emerging opportunities [5][6]. - The report identifies three main investment themes: the undervaluation and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the strong demand for small appliances in international markets [6]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.7%. Total sales reached 10.492 million units, down 31.8%, with domestic sales falling by 39.8% and exports declining by 25.6%. Midea led the market with a 36.2% share, followed by Gree at 19.5% [2][41]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units, down 3.9% year-on-year. Sales totaled 8.0531 million units, a decrease of 2.99%. Domestic sales dropped by 15.59%, while exports increased by 10.04% [2][43]. Washing Machines - The washing machine industry experienced growth, with production reaching 8.605 million units, up 8.2% year-on-year. Sales were 8.4619 million units, an increase of 7.61%. Domestic sales fell by 5.47%, but exports surged by 23.31% [3][47]. Industry Dynamics - Notable developments include the CES debut of the G-Rover robot vacuum by Stone Technology, showcasing innovative cleaning technology, and the acquisition of subsidiaries by Kaineng Health, indicating strategic expansion efforts [5][12][13]. Component Data - In November 2025, the sales of rotary compressors decreased by 13.6%, while the sales of refrigerator compressors increased by 7.2%. The report highlights the contrasting performance of different components within the appliance sector [23][32].

Group 1 - The core viewpoint of the article is that Kaineng Health (300272) has outlined a strategic development plan for 2026, focusing on a dual-driven strategy of "building a foundation in the water purification industry and expanding the cell industry" under the theme of "new beginning, new energy, new journey" [1] Group 2 - Kaineng Health aims to fully promote its dual-driven strategy, which includes strengthening its core business in water purification while also expanding into the cell industry [1]

Core Viewpoint - The company reported a decrease in the number of shareholders and a mixed performance in stock price, while showing growth in revenue and net profit for the first three quarters of the year [2] Group 1: Shareholder Information - As of December 31, the number of shareholders for the company was 28,453, a decrease of 1,919 from the previous period (December 20), representing a decline of 6.32% [2] Group 2: Stock Performance - The closing price of the company's stock was 7.56 yuan, down by 1.05%, with a cumulative increase of 1.20% since the concentration of shares began, showing 6 days of increase and 4 days of decrease in stock price [2] Group 3: Financial Performance - For the first three quarters, the company achieved a total operating revenue of 1.356 billion yuan, an increase of 8.10% year-on-year, and a net profit of 95.3532 million yuan, reflecting a year-on-year growth of 13.29% [2] - The basic earnings per share were 0.1672 yuan, and the weighted average return on equity was 7.50% [2]

Group 1 - Huawei's rotating chairman Meng Wanzhou emphasizes the importance of resilience and professionalism in overcoming challenges and creating value in the face of the intelligent transformation wave, highlighting the need for strategic focus and organizational strength by 2026 [27] - Hengrui Medicine plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, aiming to address unmet clinical needs and enhance international cooperation for global commercialization of Chinese innovative drugs by 2026 [28] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials, to create a competitive advantage and develop an integrated growth model by 2026 [29] Group 2 - Muyuan Foods' chairman Qin Yinglin reflects on the company's journey from starting with 22 pigs to becoming the largest pig farming enterprise globally, emphasizing the importance of innovation and technology in achieving a dignified and efficient pig farming process by 2026 [30] - Gree Electric's chairman Dong Mingzhu commits to deepening core business and accelerating in smart equipment and new energy sectors, while focusing on green and digital transformation to enhance product quality and service for global users by 2026 [31] - Geely Holding Group's chairman Li Shufu highlights the importance of making bold decisions during critical moments, emphasizing the need to overcome challenges and maintain core values as the company approaches its 40th anniversary in 2026 [32] Group 3 - SAIC Motor's chairman Wang Xiaoqiu outlines the company's commitment to deepening reforms and focusing on intelligent and electric vehicle development, aiming for high-quality growth and user-centered innovation by 2026 [32] - Hengli Group's chairman Chen Jianhua stresses the importance of practical action and innovation in overcoming development challenges, encouraging a proactive approach to seize opportunities in the coming years [33] - LONGi Green Energy's chairman Zhong Baoshan believes the photovoltaic industry is at a pivotal moment, emphasizing the need for technological innovation to navigate challenges and capitalize on the global green energy transition [34] Group 4 - Inspur's chairman Li Jun emphasizes the transformative impact of artificial intelligence on the global economy and the importance of open collaboration to unlock AI's potential, with a focus on building a comprehensive innovation ecosystem by 2026 [35] - TCL's chairman Li Dongsheng highlights the need for strategic focus on achieving global leadership and enhancing core capabilities to drive high-quality development amid economic uncertainties in 2026 [36] - Trina Solar's co-chairman Gao Haichun emphasizes the company's evolution from a product supplier to a system-level innovator, focusing on creating solutions that transcend traditional competition by 2026 [38] Group 5 - JinkoSolar's chairman Li Xian-de discusses the potential of space photovoltaic technology as a sustainable energy solution for future AI power needs, marking the company's 20th anniversary with a vision for universal solar energy [39] - Leo Group's chairman Wang Xiangrong aims to enhance the company's strategic focus and sustainable value, emphasizing collaboration with customers and employees to achieve higher-dimensional value creation by 2026 [40] - Innovent Biologics' chairman Cui Jisong outlines the company's commitment to innovation and global expansion, aiming to launch multiple new drugs and maintain an entrepreneurial spirit in the face of uncertainty by 2026 [41]

Group 1 - Huawei's rotating chairman Meng Wanzhou emphasized the importance of resilience and professionalism in overcoming challenges and creating value, highlighting the long-term strategic opportunities presented by the wave of intelligent transformation [25] - Hengrui Medicine's chairman Sun Piaoyang announced plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, while promoting international cooperation and accelerating overseas clinical trials [26] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials [27] Group 2 - Muyuan Foods' chairman Qin Yinglin expressed commitment to smart pig farming and improving animal health, aiming to enhance the quality and safety of pork for consumers [28] - Gree Electric's chairman Dong Mingzhu plans to deepen the core business while accelerating in smart equipment and renewable energy sectors, emphasizing a commitment to green and digital transformation [29] - Geely Holding Group's chairman Li Shufu highlighted the importance of making bold decisions during critical moments, focusing on core values and sustainable development [30] Group 3 - SAIC Motor's chairman Wang Xiaoqiu stated the company will deepen reforms and focus on intelligent and electric vehicle development, aiming for high-quality growth [30] - Hengli Group's chairman Chen Jianhua emphasized the need for a proactive approach to overcome challenges and achieve breakthroughs in the coming years [31] - LONGi Green Energy's chairman Zhong Baoshen believes the photovoltaic industry is at a pivotal moment, with significant opportunities for innovation and growth [32] Group 4 - TCL's chairman Li Dongsheng stressed the importance of maintaining strategic focus and enhancing core capabilities to achieve high-quality development [33] - Inspur's acting chairman Li Jun highlighted the transformative impact of artificial intelligence on the economy and the need for open and collaborative innovation [35] - Trina Solar's co-chairman Gao Haichun mentioned the company's evolution from a product supplier to a solution provider, focusing on system-level product innovation [36] Group 5 - JinkoSolar's chairman Li Xian-de discussed the potential of space photovoltaic technology as a sustainable energy solution for future challenges [37] - LEO Technology's chairman Wang Xiangrong emphasized the importance of creating value beyond mere data growth, focusing on sustainable and collaborative progress [38] - Innovent Biologics' chairman Cui Jisong outlined the company's commitment to innovation and global expansion in the next decade [39] Group 6 - Fosun International's chairman Guo Guangchang highlighted the growing demand for health and wellness, emphasizing the need to leverage the company's strengths in various industries [40] - Obsidian Technology's chairman Huang Yuanhao expressed the importance of innovation in robotics and AI vision, aiming to lead in the upcoming technological revolution [41] - Volkswagen's chairman Yang Guoping emphasized the commitment to brand and innovation as the company embarks on a new journey in the "14th Five-Year Plan" [42]

Core Viewpoint - The company, Kaineng Health, announced the termination of an asset acquisition deal due to the inability to utilize the targeted assets as planned, resulting from objective reasons related to the operational site [1] Group 1 - Kaineng Health intended to acquire assets from its affiliate, Shanghai Yuan Yi Neng Intelligent Equipment Manufacturing Co., Ltd., for a total price of 16.2951 million yuan (including VAT) [1] - The targeted assets included inventory, fixed assets, and non-current assets [1] - The inability to pass environmental evaluations led to the conclusion that the acquisition's purpose could not be achieved, prompting both parties to mutually agree to terminate the transaction to prevent further losses [1]

证券代码：300272 证券简称：开能健康 公告编号：2025-101 本公司及董事会全体成员保证信息披露的内容真实、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 本次终止关联交易事项不会影响公司的正常经营，不会对公司的经营发展和财 务状况产生不良影响，不会损害公司及全体股东的利益。 本次关联交易在公司董事会审议权限范围内，无需提交股东大会审议。本次关 联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组，无需有关 部门批准。 一、原关联交易概述 随着商务净水机的业务发展，公司需要采购生产设备等固定资产、不锈钢等原 材料用于生产。2025 年 7 月 25 日，公司召开第六届董事会第二十三次会议和第六 届监事会第二十次会议，审议通过了《关于子公司购买资产暨关联交易的议案》， 同意公司通过全资子公司上海开能净化饮水设备有限公司（以下简称"开能净水"） 以 1,629.51 万元（含增值税）的价格受让上海原壹能智能设备制造有限公司（以下 简称"原壹能"）相关标的资产，相关资产类别为存货、固定资产及非流动资产， 交易标的位于上海市浦东新区秀浦路 3999 弄 35 号，其中包括存货：中 ...

证券代码：300272 证券简称：开能健康 公告编号：2025-100 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、开能健康科技集团股份有限公司（下文简称"公司"）第六届董事会第 二十九次会议的会议通知于2025年12月25日以书面或邮件方式发出。 2、本次董事会会议于2025年12月30日在上海浦东新区川大路518号以现场结 合通讯表决的方式召开。 3、本次董事会会议应出席董事5名，实际出席董事5名。 4、本次董事会会议由董事长瞿建国先生主持，高级管理人员列席了本次会 议。 特此公告。 开能健康科技集团股份有限公司 董 事 会 5、本次董事会会议的召集、召开符合《公司法》等有关法律、法规和《公 司章程》的规定。 二、董事会会议决议情况 与会各位董事对本次董事会会议议案进行了认真审议，以现场结合通讯表决 的方式进行了表决，且通过了以下决议： 1、会议以 3 票同意，0 票反对，0 票弃权，审议通过了《关于终止关联 交易的议案》，关联董事瞿建国先生、瞿亚明先生回避表决。 第 1 页 共 2 页 因标的资产拟投入使用的经营场所（上海 ...

长江证券承销保荐有限公司 关于开能健康终止关联交易的核查意见 作为开能健康科技集团股份有限公司（以下简称"开能健康"或"公司")持续 督导的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司 自律监管指引第 2 号—创业板上市公司规范运作》及《深圳证券交易所创业板股票 上市规则》等文件的规定，长江证券承销保荐有限公司（以下简称"长江保荐"或"保 荐人"）对开能健康科技集团股份有限公司终止关联交易事项进行了核查，具体核 查情况如下： 一、原关联交易概述 随着商务净水机的业务发展，公司需要采购生产设备等固定资产、不锈钢等原 材料用于生产。2025 年 7 月 25 日，公司召开第六届董事会第二十三次会议和第六届 监事会第二十次会议，审议通过了《关于子公司购买资产暨关联交易的议案》，同 意公司通过全资子公司上海开能净化饮水设备有限公司（以下简称"开能净水"） 以 1,629.51 万元（含增值税）的价格受让上海原壹能智能设备制造有限公司（以下 简称"原壹能"）相关标的资产，相关资产类别为存货、固定资产及非流动资产， 交易标的位于上海市浦东新区秀浦路 3999 弄 35 号，其中包括存货：中心轴定位 ...

证券代码：300272 证券简称：开能健康 公告编号：2025-102 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、股权交易概况 2025 年 11 月 21 日，开能健康科技集团股份有限公司（以下简称"公司"或"开 能健康"）召开第六届董事会第二十九次会议，审议通过了《关于公司全资子公司 现金收购原能集团子公司股权暨关联交易的议案》，公司董事会同意通过全资子公 司开能健康细胞产业（海南）有限公司以现金方式收购原能丽水持有的原天生物、 丽水东昕 100%股权及原能集团持有的克勒猫、基元美业 100%股权，交易价款为 20,381.66 万元。本次收购后，公司将持有原天生物、基元美业、丽水东昕、克勒猫 100%股权，公司合并报表范围将新增以上公司及其控股子公司（上海东昕、莱森原、 欧珊尔） 具体内容请见公司于 2025 年 11 月 25 日在符合条件的媒体披露的《关于公司全 资子公司现金收购原能集团部分子公司股权暨关联交易的公告》（公告编号： 2025-095）。该事项已经公司 2025 年 12 月 12 日召开的 2025 年第三次临时股东会 审议 ...