Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY [2][8]. Core Views - The recent allocation of 69 billion CNY in national subsidies is expected to positively impact Haier's air conditioning business, particularly in northern China and the European and American markets, leading to improved revenue and profit [2][8]. - The company is anticipated to benefit from high temperatures in major cities, which have reached an average maximum of 31.1°C, the highest in five years, driving demand for air conditioning [8]. - The report highlights that Haier's air conditioning sales in the northeast region have seen a significant increase, with retail sales growth exceeding 300% in early July due to the heat [8]. - The U.S. real estate market is expected to improve, which may positively influence demand for home appliances, as there is a strong correlation between real estate and appliance sales [8]. - The report emphasizes that Haier's management has shown confidence in the company's future by increasing their shareholdings, indicating a positive outlook for the second half of the year [8]. Financial Summary - Total revenue is projected to grow from 285,981 million CNY in 2024 to 354,115 million CNY in 2027, with year-on-year growth rates of 9.4%, 8.4%, 7.2%, and 6.5% respectively [4]. - Net profit attributable to shareholders is expected to increase from 18,741 million CNY in 2024 to 26,426 million CNY in 2027, with growth rates of 12.9%, 13.0%, 12.2%, and 11.3% [4]. - Earnings per share (EPS) are forecasted to rise from 2.00 CNY in 2024 to 2.82 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 13 to 9 [4][8].

证券代码：600690 证券简称：海尔智家 编号：临2025-050 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）于近期办理了公 司2023年A股/H股核心员工持股计划、2024年A股/H股核心员工持股计划（合称 "核心员工持股计划"）权益归属相关事宜，具体如下： 一、核心员工持股计划情况介绍 （一）2023年A股/H股核心员工持股计划 1、履行的批准及审议程序 公司于2023年4月27日召开第十一届董事会第五次会议和第十一届监事会第 五次会议，于2023年6月26日召开2022年年度股东大会，审议通过了《海尔智家股 份有限公司2023年度A股核心员工持股计划（草案）及摘要》（以下简称"2023年 A股核心员工持股计划"）、《海尔智家股份有限公司2023年度H股核心员工持股计 划（草案）及摘要》（以下简称"2023年H股核心员工持股计划"）等相关议案， 同意实施公司2023年A股核心员工持股计划和2023年H股核心员工持股计划。2023 年A股核心员工持股计划参与员工不 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2025年7月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600690 | 說明 | | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 26.05 CNY and a target price of 35.54 CNY [1]. Core Views - Haier Smart Home is positioned to benefit from the increasing demand for air conditioning in Europe due to climate change, with the company holding significant market shares in Eastern and Western Europe [5][6]. - The report highlights that the air conditioning penetration rate in Europe is significantly lower than in other major economies, indicating substantial growth potential [5]. - The extreme heat conditions in Europe are expected to further drive the demand for air conditioning, with projections showing a doubling of air conditioning units in the EU by 2050 [5][6]. Summary by Sections Market Performance - The report notes that Haier's air conditioning business is experiencing significant growth, particularly in Eastern Europe where it holds a 34% market share, and 9% in Western Europe, ranking first and second respectively [6]. - The penetration rates for air conditioning in Western and Eastern Europe have increased by 8 and 11 percentage points compared to 2019 [5]. Financial Forecasts - The report projects Haier Smart Home's net profit for 2025 to be 21.5 billion CNY, with a corresponding PE ratio of 11 [7]. - Revenue is expected to grow from 261.43 billion CNY in 2023 to 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [8]. Competitive Positioning - Haier's competitive advantage in Europe is attributed to its "three-in-one" strategy of localized R&D, manufacturing, and marketing, which has allowed it to adapt products to local needs effectively [6]. - The company has established a strong service network in Russia, with 196 service centers across more than 120 cities [6]. Industry Trends - The report emphasizes that the air conditioning market in Europe is underpenetrated compared to China (97%), the US (92%), and Japan (96%), suggesting a significant opportunity for growth [5][10]. - The International Energy Agency (IEA) predicts that the number of air conditioning units in the EU will increase to 275 million by 2050, more than double the number in 2019 [5].

智通财经7月22日电，香港交易所信息显示，贝莱德在海尔智家的持股比例于07月17日从8.01%降至 7.70%。 ...

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 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年7月18日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 关于海尔智家股份有限公司 差异化分红事 ...

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 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 海爾智家股份有限公司 董事長 李華剛 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 中國青島 2025年7月18日 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 2024年年度A 股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董 ...

Core Viewpoint - Haier Smart Home Co., Ltd. has announced a differentiated cash dividend distribution plan for its shareholders, with a cash dividend of RMB 0.96504 per share for A shares, approved at the 2024 annual general meeting on May 28, 2025 [1][2]. Dividend Distribution Details - The cash dividend distribution is set at RMB 9.65 per 10 shares (including tax), excluding shares held in the company's repurchase account [2]. - The total cash dividend to be distributed to A shareholders amounts to RMB 5,977,681,480.40, based on a total A share capital of 6,254,501,095 shares, after deducting 60,269,270 shares held in the repurchase account [3]. - The A share equity registration date is July 24, 2025, with the last trading day on July 25, 2025, and the ex-dividend date also on July 25, 2025 [3][5]. Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the equity registration date [5]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until they complete the necessary transactions [5]. Taxation Information - For individual shareholders and securities investment funds, the actual cash dividend received will vary based on the holding period, with a maximum of RMB 0.96504 per share for those holding shares for over one year [6][7]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of RMB 0.86854 per share [7][8]. - Hong Kong Stock Exchange investors will also receive dividends after a 10% withholding tax, with the same net amount of RMB 0.86854 per share [8].

Core Viewpoint - The legal opinion from Beijing Zhonglun Law Firm confirms that Haier Smart Home Co., Ltd.'s differentiated dividend distribution plan for 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's 2024 profit distribution plan, which proposes a cash dividend of RMB 9.65 per 10 shares (including tax) for all shareholders, excluding shares held in the repurchase account [5][6]. - As of the date of the legal opinion, the company has repurchased a total of 59,919,870 shares, with 31,481,400 shares held in the repurchase account, which do not participate in the profit distribution [3][4]. Group 2: Impact on Ex-Dividend Price - The actual cash dividend per share is RMB 9.65, and the total number of shares eligible for distribution is 6,194,231,825 shares after excluding repurchased shares [6]. - The ex-dividend reference price calculated based on actual distribution is approximately RMB 23.96 per share, while the virtual distribution reference price is approximately RMB 23.97 per share, indicating a minimal impact of 0.0388% on the ex-dividend price due to the shares in the repurchase account not participating in the dividend [6][7]. Group 3: Legal Compliance - The legal opinion asserts that the differentiated dividend distribution adheres to the Company Law, Securities Law, and other relevant regulations, confirming that it does not infringe upon the rights of the company or its shareholders [8].

北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 致：海尔智家股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受海尔智家股份有限公司（以 下简称"海尔智家"或"公司"）的委托，根据《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 市公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下简称《自律监管指引第 7 号》）、《上 海证券交易所股票上市规则》等法律法规、其他规范性文件以及《海尔智家股份 有限公司章程》（以下简称《公司章程》）的规定，就公司 2024 年度利润分配 所涉及的差异化分红特殊除权除息处理（以下简称"本次差异化分红"）的相关 事宜进行专项核查并出具本法律意见。 为出具本法律意见，本所律师审查了公司本次差异化分红的有关文件和材料， 就相关事项向公司进行了必要的询问。本所律师得到公司如下保证，即其已提供 了本所律师认为作为出具本法律意见所必需的材 ...