Group 1 - The company Haier Smart Home (06690) announced a share buyback plan, intending to repurchase 2.7 million A-shares at a cost of 58.193 million yuan [1]

Market Performance - The Hang Seng Index declined by 0.81% [1] - The Hang Seng Tech Index fell by 1.84% [1] Company Performance - Haier Smart Home experienced a drop of over 5% [1] - BYD Electronics and Xpeng Motors both decreased by over 4% [1] - Tencent Holdings and NIO, among other stocks, fell by over 2% [1]

Group 1 - The company Haier Smart Home (06690.HK) announced a share buyback plan, intending to repurchase 2.7 million A-shares at a total cost of RMB 58.1933 million [1] - The buyback price per share is set between RMB 21.46 and RMB 21.60 [1]

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： 2026年3月30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 ...

Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 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。 （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 2026年3月30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 证券代码：600690 证券简称：海尔智家 公告编号：临 2026-021 海尔智家股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) [2][7][12] Core Insights - The company has lowered its target price to HKD 30.10, reflecting a potential upside of 37.6% from the current price of HKD 21.88 [1][7] - Despite a disappointing performance in 2025, the company is committed to increasing shareholder returns, with a dividend payout ratio rising from 48% in 2024 to 55% in 2025, and a target of at least 58% in 2026 [6][7] - The company is focusing on digital transformation, global expansion, and high-end brand strategies to improve operational efficiency and mitigate margin pressures [6][7] Financial Performance Summary - Revenue for 2025 is projected at RMB 302.33 billion, with a year-on-year growth of 5.7%, while net profit is expected to be RMB 19.55 billion, reflecting a growth of 4.4% [6][8] - The company anticipates a revenue increase of 3.7% in 2026, reaching RMB 313.63 billion, with net profit expected to grow by 3.8% to RMB 20.30 billion [5][8] - The gross margin for 2025 is forecasted to be 26.1%, down 1.1 percentage points from the previous year, indicating pressure on profitability [6][8] Market and Operational Insights - Domestic market demand in China is expected to remain soft, with a projected revenue increase of only 3.1% to RMB 146.5 billion in 2025, while the fourth quarter is anticipated to see a decline of approximately 15% due to reduced government subsidies [6][7] - The high-end brand Casarte is expected to achieve double-digit growth, while the Leader brand is targeting younger consumers with a projected growth of 30% [6][7] - Internationally, the company expects an 8.3% increase in overseas revenue to RMB 155.8 billion in 2025, with significant growth in emerging markets such as South Asia, Southeast Asia, and the Middle East [6][7]

Group 1 - Haier Smart Home announced a share repurchase plan through centralized bidding, approved during the board meeting on March 26, 2026 [1] - The company disclosed the details of the share repurchase plan on March 27, 2026, on the Shanghai Stock Exchange website [1] - The top ten unrestricted shareholders before March 26, 2026, collectively hold approximately 6.106 billion shares, accounting for 65.11% of the total shares [1] Group 2 - HKSCC NOMINEES LIMITED holds about 2.312 billion shares, representing 24.66% of the total shares [1] - Haier Kaos Co., Ltd. holds approximately 1.259 billion shares, accounting for 13.42% [1] - Haier Group Company holds around 1.073 billion shares, which is 11.44% of the total shares [1]

Core Viewpoint - Haier Smart Home (06690) is expected to underperform in 2025, with revenue and net profit attributable to shareholders increasing by 5.7% and 4.4% year-on-year, reaching RMB 302.33 billion and RMB 19.55 billion respectively [1][5] Financial Performance - For the fourth quarter of the previous year, the company's performance was impacted by a high base and industry competition, resulting in a year-on-year decline in revenue and net profit attributable to shareholders of 6.7% and 39.2%, which fell short of both the bank's and market expectations [1][5] - The management guidance indicates that revenue and profit are expected to achieve mid-single-digit growth in 2026, with profit growth outpacing revenue growth [1][5] Target Price and Forecast Adjustments - The bank has lowered its target price for Haier Smart Home to HKD 30.1 while maintaining a "Buy" rating [1][5] - Based on the company's guidance and 2025 performance, revenue forecasts for 2026 to 2027 have been reduced by 2% to 4%, and net profit forecasts for the same period have been cut by 10% to 11% [1][5]

Core Viewpoint - The report from Jiangyin International indicates that Haier Smart Home (06690) is expected to underperform in 2025, with revenue and net profit attributable to shareholders projected to increase by 5.7% and 4.4%, reaching RMB 302.33 billion and RMB 19.55 billion respectively [1] Group 1 - The fourth quarter performance of the previous year was impacted by high base effects and industry competition, resulting in a year-on-year decline in revenue and net profit attributable to shareholders of 6.7% and 39.2%, which fell short of both the bank's and market expectations [1] - Management guidance indicates that revenue and profit are expected to achieve mid-single-digit growth in 2026, with profit growth anticipated to outpace revenue growth [1] - The target price for Haier Smart Home has been revised down to HKD 30.1, while maintaining a "Buy" rating [1] Group 2 - Based on the company's guidance and 2025 performance, revenue forecasts for 2026 to 2027 have been reduced by 2% to 4%, and net profit attributable to shareholders forecasts have been cut by 10% to 11% for the same period [1]

证券代码：600690 证券简称：海尔智家 公告编号：临 2026-021 | | 合伙） | | | | | --- | --- | --- | --- | --- | | 8 | 中国证券金融股份有限公司 | 127,892,278 | 1.36% | 股 A | | 9 | 国丰兴华（北京）私募基金管理 有限公司－国丰兴华鸿鹄志远 | 68,683,560 | 0.73% | A 股 | | | 三期私募证券投资基金 1 号 | | | | | 10 | 全国社保基金一一三组合 | 66,596,734 | 0.71% | A 股 | 注（下同）：（1）HKSCC NOMINEES LIMITED 为公司 H 股股东的集合账户，系中国香港登记机构 根据当地市场惯例及其技术设置合并后向公司提供的原始数据，不代表最终持股人；（2）香港中央结算有 限公司所持股份为公司投资者通过沪股通持有的公司 A 股；（3）截至 2026 年 3 月 26 日，公司 A 股回购 专用证券账户中合计持有 74,541,486 股。 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | 持股类别 | | --- | ...