8月28日晚，海尔智家（600690）发布了2025半年报。财报显示，2025年上半年，海外收入增长11.66% 全面领跑。 同时，数据显示"后易"市场正在通过四大布局全面加速拓展市场。首先是加速本土化产品创新，即以本 土用户为中心企划适合当地的产品，而且是市场引领的产品，严谨的产品迭代路径确保上市即引爆;其 次是加快产能的建设和渠道的布局，目前正加速推进埃及生态园二期冰箱等工厂建设，泰国空调工业园 项目已成功试产，新增产能600万台;第三是加速终端零售数字化转型，以泰国市场为例，已经实现一千 多家门店上平台，实现了100%零售系统是通过海尔的平台向外的，全面提升用户体验和经营效率;最后 是加速新机会寻找培育，择机并购整合，2024年收购南非Kwikot后有效整合其分销网络与客户基础，并 持续在新兴市场寻找优质标的扩大市场占有率。 海尔智家在海外市场实施的"先难后易"战略，就是先进入发达国家创牌，在实现引领后再以高屋建瓴之 势进入新兴市场。从半年报披露的数据看，海尔智家在北美、欧洲等发达市场持续跑赢行业。同时，在 新兴市场的增速更为显著，譬如在南亚增长32.47%，东南亚增长18.29%，中东非增长65.42 ...

Core Viewpoint - Haier Smart Home reported strong financial performance in the first half of 2025, with revenue of 156.49 billion yuan, a year-on-year increase of 10.2%, and a net profit of 12.03 billion yuan, up 15.6%, marking a historical high. However, internal competition among its nine brands is causing significant inefficiencies and market share dilution [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 156.49 billion yuan, compared to 141.98 billion yuan in the same period last year, reflecting a growth of 10.22% [2]. - Net profit attributable to shareholders was 12.03 billion yuan, up from 10.41 billion yuan, representing a growth of 15.53% [2]. - Operating cash flow net amount increased by 32.23% to 11.14 billion yuan [2]. - The company's total assets were 301.70 billion yuan, a 3.77% increase from the previous year [2]. Domestic Market Analysis - The overlapping brand positioning among Haier, Casarte, and Leader has led to intense internal competition, with all three brands targeting similar consumer segments in the refrigerator market [3][5]. - Casarte's high-end refrigerators and Haier's mid-range offerings have similar features, making it difficult for consumers to distinguish between them, leading to potential market share loss [3][5]. - In the washing machine segment, similar issues arise with overlapping product features and pricing strategies among the brands, resulting in a fragmented market presence [4][5]. International Market Dynamics - In the overseas market, brands like GE Appliances and Candy are also experiencing internal competition, with overlapping product lines and target demographics, particularly in Europe and North America [6][7]. - The European market saw a 24.07% revenue growth for Haier Smart Home, but much of this growth was attributed to brand cannibalization rather than effective market differentiation [6][7]. Internal Competition and Resource Allocation - The internal competition among the nine brands is leading to resource wastage and pressure on profitability, with R&D expenses increasing by 11.73% but lacking significant technological breakthroughs [9][10]. - The company's gross margin was 26.9%, only slightly improved from the previous year, largely due to price wars among its brands [10]. - The lack of clear brand differentiation is causing marketing inefficiencies, with similar promotional activities leading to consumer confusion [9][10]. Strategic Recommendations - Haier Smart Home should consider consolidating its brands and clarifying their market positions to reduce internal competition and enhance overall market effectiveness [12][13]. - By integrating supply chain resources and optimizing operations across its brands, the company could lower costs and improve responsiveness to market demands [12][13].

Core Viewpoint - Haier Smart Home reported a record high revenue of 156.49 billion yuan in the first half of 2025, with a year-on-year growth of 10.2%, and a net profit growth of 15.6% [1] Group 1: Financial Performance - The company achieved a historical high in both revenue and profit for the first half of 2025 [1] - Revenue reached 156.49 billion yuan, marking a 10.2% increase year-on-year [1] - Net profit attributable to shareholders grew by 15.6% [1] Group 2: Digital Marketing Transformation - Haier Smart Home is focusing on a comprehensive user experience and deepening digital transformation [1] - The company utilized its self-developed digital marketing model to acquire over 520,000 business leads, resulting in a retail revenue of 1.49 billion yuan [1] Group 3: User Co-Creation Initiatives - The company implemented three key initiatives for user co-creation: 1. Establishing a digital insight system for "content co-creation" with users, utilizing AI to capture trending topics and generate relevant content [2] 2. Using AI to efficiently connect with user comments for "product co-creation," transforming user pain points into technical specifications [2] 3. Creating a KOC digital platform to encourage users to share authentic experiences, forming a positive feedback loop for product and service optimization [3] Group 4: User Engagement and Community Building - Haier Smart Home has built a high-engagement user community, with users becoming brand advocates and sharing their experiences on social media [3] - The KOC-AI module tracks user feedback in real-time, enhancing product and service offerings based on user-generated content [3]

Core Viewpoint - Haier Smart Home reported a revenue of 156.49 billion yuan for the first half of the year, representing a year-on-year growth of 10.2%, and a net profit of 12.03 billion yuan, with a year-on-year increase of 15.6% [1] Financial Performance - The company's net profit after deducting non-recurring items was 11.7 billion yuan, reflecting a year-on-year growth of 15.2% [1] - The report indicates a strong operational resilience and improvements in response speed, user experience, operational efficiency, and cost competitiveness [1] Future Outlook - The global market leadership is expected to be further solidified, with digital transformation likely to enhance profit elasticity in the second half of the year [1] - The earnings forecast for Haier Smart Home remains stable, with projected net profits of 21.13 billion yuan, 23.27 billion yuan, and 25.37 billion yuan for 2025-2027, respectively [1] Valuation - The target price for the company's H-shares has been slightly raised from 31.31 HKD to 31.95 HKD, maintaining a target price-to-earnings ratio of 15 times for 2025 [1] - The company maintains a "buy" rating based on its solid market position and expected continued improvement in profitability [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][5]. Core Views - The company reported a revenue of 156.49 billion RMB for the first half of the year, representing a year-on-year increase of 10.2%, and a net profit attributable to shareholders of 12.03 billion RMB, up 15.6% year-on-year [1]. - The company is focusing on enhancing its business model and organizational structure, which has led to improved operational resilience and profitability [1]. - The outlook for the second half of the year remains positive, with expectations for continued profit elasticity driven by digital transformation [1]. Summary by Sections Revenue Performance - Domestic market revenue for the first half reached 77.42 billion RMB, growing 8.8% year-on-year, while overseas market revenue was 79.08 billion RMB, increasing 11.7% year-on-year [2]. - The company’s high-end brands, Casarte and Leader, saw revenue growth exceeding 20% and 15% respectively [2]. Business Segments - The refrigeration segment achieved global revenue of 42.85 billion RMB, up 4.2% year-on-year, with strong growth in Southeast Asia and South Asia [3]. - The kitchen appliance segment generated 20.67 billion RMB, a 2.0% increase, while the laundry segment reported revenue of 32.01 billion RMB, up 7.6% [3]. - The air energy solutions segment saw revenue of 32.98 billion RMB, growing 12.8%, and the water segment achieved 9.79 billion RMB, with overseas water heater sales doubling [3]. Profitability and Cost Management - The company’s gross margin for the first half was 26.9%, a slight increase of 0.1 percentage points year-on-year, attributed to cost control in the domestic market and a high-end brand strategy overseas [4]. - The operating profit margin improved, with a net profit margin of 7.7%, up 0.4 percentage points year-on-year [4]. - The company announced a mid-term dividend of 2.69 RMB per share, totaling over 2.5 billion RMB, with a payout ratio of 20.83% [4]. Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 21.13 billion RMB, 23.27 billion RMB, and 25.37 billion RMB, respectively, with corresponding EPS of 2.25, 2.48, and 2.70 RMB [5]. - The target price for A-shares is set at 33.75 RMB, while the target price for H-shares is 31.95 HKD, reflecting a premium based on historical performance [5].

海尔智家（600690）(06690)发布公告，于2025年9月2日斥资783.3万元(人民币，下同)回购A股股份30万 股，每股回购价格为25.88-26.3元。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2025年9月2日斥资783.3万元(人民币，下同)回购A股股 份30万股，每股回购价格为25.88-26.3元。 ...

格隆汇9月2日丨海尔智家(06690.HK)公告，9月2日耗资人民币783万元回购30万股A股。 ...

第 1 頁 共 6 頁 v 1.3.0 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2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 | | ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding expectations, driven by domestic sales benefiting from national subsidies and resilient contributions from emerging markets [1][2][7]. Financial Performance - Q2 revenue reached 77.376 billion yuan, a year-on-year increase of 10.39%, with net profit attributable to shareholders at 6.546 billion yuan, up 16.02% year-on-year [1]. - H1 revenue totaled 156.494 billion yuan, reflecting a 10.22% year-on-year growth, while net profit attributable to shareholders was 12.033 billion yuan, increasing by 15.59% year-on-year [1]. Revenue Analysis - Domestic sales grew by 9% and international sales by 12% in H1, with Q2 showing domestic sales up 10% and international sales up 11% [2]. - By region, H1 revenue growth in North America, Europe, South Asia, Southeast Asia, and the Middle East/Africa was 2%, 24%, 32%, 18%, and 65% respectively, indicating strong performance in emerging markets [2]. - By product, revenue growth in H1 was 4% for the refrigeration industry, 13% for air energy solutions, 2% for kitchen appliances, 8% for personal care, and 21% for water industry, with air energy solutions and water industry leading the growth [2]. Profitability Analysis - Q2 gross margin was 28.4%, up 0.1 percentage points year-on-year, and net margin was 8.9%, up 0.5 percentage points year-on-year [4]. - The company benefited from cost reduction and efficiency improvements through digital transformation, optimizing gross margin and sales expense ratio [4]. Other Key Points - As of the end of the reporting period, contract liabilities stood at 5.711 billion yuan, indicating sufficient remaining resources [5]. - The company announced its first interim dividend, proposing a payout of 2.69 yuan per 10 shares, corresponding to a dividend rate of approximately 20.8% [6]. Investment Outlook - The company is expected to continue benefiting from domestic subsidies and resilient contributions from emerging markets, with digital transformation enhancing cost efficiency [7]. - Revenue forecasts for 2025-2027 are adjusted to 306.945 billion yuan, 322.677 billion yuan, and 336.352 billion yuan, with year-on-year growth rates of 7.3%, 5.1%, and 4.2% respectively [7]. - Net profit forecasts for the same period are 21.401 billion yuan, 23.837 billion yuan, and 25.597 billion yuan, with year-on-year growth rates of 14.2%, 11.4%, and 7.4% respectively [7].