Core Viewpoint - Haier Smart Home has shown a stable performance in the home appliance sector, with significant revenue growth and a diversified product portfolio [2][7]. Company Overview - Haier Group was founded in 1984 and has expanded from producing refrigerators to a wide range of products including home appliances, IT digital products, and more, becoming a global leader in providing solutions for a better life [2]. - The company’s main business includes the research, production, and sales of home appliances such as refrigerators, washing machines, air conditioners, and kitchen appliances, along with smart home solutions [3][7]. - As of June 30, 2025, Haier Smart Home achieved a revenue of 156.49 billion yuan, representing a year-on-year growth of 15.39%, and a net profit of 12.03 billion yuan, with a growth of 15.48% [7]. Financial Performance - The company has a market capitalization of 248.08 billion yuan, with a trading volume of 1.22 billion yuan and a turnover rate of 0.74% on September 8 [1]. - The revenue composition includes refrigerators (29.11%), washing machines (22.04%), air conditioners (17.15%), kitchen appliances (14.38%), and other segments [7]. - Haier Smart Home has distributed a total of 46.155 billion yuan in dividends since its A-share listing, with 21.766 billion yuan distributed in the last three years [8]. Shareholder Structure - The top ten circulating shareholders include significant entities such as Central Huijin Asset Management and China Securities Finance Corporation [3][9]. - As of June 30, 2025, the number of shareholders increased to 207,500, with an average of 0 circulating shares per person [7].

Summary of Haier Smart Home Co. (600690.SS) Conference Call Company Overview - **Company**: Haier Smart Home Co. - **Industry**: Home Appliances Key Points 1. Revenue and Profit Growth Outlook - Management expects a revenue growth of **MSD-HSD%** and a profit growth of **DD% CAGR** in the coming years, with plans to increase dividends gradually over the mid to long term [2][10][8] 2. Overseas Expansion Strategy - Management is focusing on further localization in the US market to enhance local manufacturing capabilities, with a **US$3 billion** investment aimed at expanding US manufacturing [6][7] - Anticipated growth and margin improvements in Europe following recent reforms, with sequential improvements in white goods sales continuing into Q3 [10][8] - Emerging markets are expected to see fast growth due to a combination of value-for-money products and technology-driven offerings, particularly in the APAC region [10][8] 3. Domestic Market Performance - Management remains optimistic about the growth and margin expansion of air conditioning (AC) products, attributing this to cost reduction initiatives and efficiency gains despite intense competition [10][8] - The domestic market has shown a decline in pricing for the Leader brand, while the Haier and premium Casarte brands have experienced an increase in average selling price (ASP) driven by product mix improvements [10][8] 4. Competitive Edge - Management believes that their relative competitive edge in the US market stems from local production capabilities compared to most competitors [7][8] 5. Investment Thesis - Haier is recognized as a leader in refrigerators and washing machines in China, with a strong position in the premium segment through its Casarte brand. The company is rated as a "Buy" due to: - Resilient domestic growth driven by market share gains and premiumization - Improving overseas demand and favorable foreign exchange (FX) conditions - Ongoing margin improvement potential from product mix enhancements and operational efficiency gains [8][9] 6. Risks and Challenges - Key risks include: - Potential disruptions to white goods demand due to weaker global macroeconomic conditions - Rising raw material costs - Ineffective marketing and channel expense savings - Challenges in successfully integrating acquisitions [9][10] 7. Valuation and Price Target - The 12-month price targets for Haier's A/H shares are set at **Rmb31/HK$31**, based on a discounted P/E approach applying a **14x exit P/E** to 2027E EPS [9][10] 8. Brand Building and OEM Business - Management emphasizes the importance of brand building in the OEM business, which requires capabilities in product innovation, supply chain management, and after-sales services. They do not foresee large acquisitions in the white goods space but may consider opportunities in other areas like HVAC [6][8] Conclusion Haier Smart Home Co. is positioned for growth through strategic overseas expansion, a focus on premium products, and operational efficiencies. However, the company faces risks from macroeconomic factors and competition in both domestic and international markets.

Market Performance - The white goods sector increased by 1.1% on September 5, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.46, up 3.00% with a trading volume of 680,300 shares and a transaction value of 1.788 billion [1] - Other notable performers include: - Midea Group (000333) closed at 76.22, up 0.83%, with a transaction value of 3.531 billion [1] - Gree Electric Appliances (000651) closed at 41.36, up 0.41%, with a transaction value of 2.651 billion [1] Capital Flow Analysis - The white goods sector saw a net inflow of 349 million from institutional investors, while retail investors experienced a net outflow of 200 million [1] - Specific stock capital flows include: - Gree Electric Appliances had a net inflow of 2.83 billion from institutional investors but a net outflow of 1.42 billion from retail investors [2] - Midea Group had a net inflow of 57.61 million from institutional investors and a net outflow of 159 million from retail investors [2]

Core Viewpoint - The article highlights Haier Smart Home as the only recommended company in the home appliance sector by various securities firms, emphasizing its differentiated competitive advantage through digital transformation and a focus on smart home strategies amid challenges in the industry [1] Group 1: Policy Dividend Decline - The home appliance industry faces common challenges due to the expected decline of policy subsidies, which previously stimulated market growth [2] - Haier Smart Home has embraced AI and developed a Uhome model to enhance its ability to create popular products, achieving significant growth for its brands, with increases of over 15% for Leader, 18% for Haier, and over 20% for Casarte [2] Group 2: Demand Structure Upgrade - The shift from standardized product consumption to personalized value consumption necessitates a digital transformation to meet diverse consumer needs [3] - Haier Smart Home's digital transformation encompasses the entire value chain, improving operational efficiency and reducing costs, with design costs down by 5.98% and manufacturing costs reduced by over 8% [3][4] Group 3: Global Competition Intensification - The international trade environment poses challenges for Chinese home appliance exports, making global branding essential for survival and growth [6] - Haier Smart Home has achieved 11.66% growth in overseas markets through diversified global strategies and localized operations, demonstrating its competitive edge in the global market [6]

Core Viewpoint - Haier Smart Home (06690) announced a share buyback plan, intending to repurchase 500,000 A-shares for a total expenditure of 12.912 million yuan [1] Group 1 - The company plans to execute the buyback on September 4, 2025 [1] - The total amount allocated for the buyback is approximately 12.912 million yuan [1] - The number of shares to be repurchased is 500,000 [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： 2025年9月4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 | A 股份類別 | | 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（不包括庫存股 ...

Group 1 - BlackRock increased its stake in Haier Smart Home by acquiring 6,110,181 shares of H-shares on August 29, raising its ownership percentage to 7.06% [1]

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [3] Core Views - The company's revenue performance in both domestic and international markets has been strong, driving overall growth [5][9] - The company has initiated its first mid-year dividend, amounting to 2.5 billion, with a dividend payout ratio of 21%, which is part of an expected 50% payout for the year [5] - The growth in revenue and profit is attributed to domestic policy support, recovery in air conditioning sales, and strong performance in the Casarte brand [9] Revenue and Profit Performance - In Q2 2025, the company reported revenue of 77.4 billion (up 10%) and a net profit attributable to shareholders of 6.5 billion (up 16%) [5] - For the first half of 2025, total revenue reached 156.5 billion (up 10%) and net profit was 12 billion (up 16%) [5] - The gross profit margin for Q2 2025 was 28.4%, with a stable expense ratio of 18% [8] Business Segmentation - Domestic sales in Q2 2025 grew by high single digits, with air conditioning sales up 10%, refrigerators showing double-digit growth, and washing machines up 10% [6] - International sales in Q2 2025 experienced double-digit growth, with significant contributions from emerging markets and stable performance in North America [6] Future Outlook - The company expects stable growth in North America and continued high growth in Europe driven by new refrigerator products in the second half of 2025 [9] - Forecasts for 2025 and 2026 indicate net profits of 21 billion and 23.1 billion respectively, with year-over-year growth rates of 12% and 10% [9]

Group 1 - BlackRock's stake in Haier Smart Home increased from 6.85% to 7.06% as of August 29 [1]

Core Insights - Haier Smart Home reported a net profit attributable to shareholders of 12.03 billion yuan in the first half of the year, representing a year-on-year increase of 15.6% [1] - The company achieved a net profit of 6.55 billion yuan in Q2 2025, reflecting a growth of 16.0% [1] Domestic Performance - In the domestic market, revenue increased by 8.8% year-on-year in the first half of 2025, demonstrating resilience amid intense competition [1] - The company leveraged its full-chain advantages, precise user traffic targeting, and deepened multi-brand strategic collaboration to maintain operational resilience [1] International Performance - Internationally, revenue grew by 11.7% year-on-year in the first half of 2025, driven by the company's focus on high-end brand creation and digital capability enhancement [1] - The integration of acquired businesses is progressing well, contributing to overall growth [1] Digital Transformation - The company is fully embracing digitalization and AI technologies, applying full-chain AI tools to enhance process efficiency and platform upgrades [1] - This transformation has led to improvements in response speed, user experience, operational efficiency, and cost competitiveness, thereby continuously enhancing profitability [1] Future Outlook - The company is expected to achieve net profits of 21.3 billion yuan, 24 billion yuan, and 26.6 billion yuan for the years 2025 to 2027, with corresponding dynamic PE ratios of 11.6x, 10.2x, and 9.2x [1] - The firm maintains a "buy" rating based on the anticipated continued enhancement of profitability through cost reduction and efficiency improvements driven by digital marketing and user value creation [1]