FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 690D | 說明 | | 普通股- D股面值每股人民幣1元 (於法蘭克福證劵交易所上市) | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 271,013,973 RMB | | | 1 RMB | | | 271,013,973 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 271,013,973 RMB | | | 1 RMB | | | 271,013,973 | | 3. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a strong revenue growth of 10.22% year-on-year for H1 2025, achieving a total revenue of 1564.94 billion yuan. The net profit attributable to shareholders increased by 15.59% to 120.33 billion yuan, while the net profit excluding non-recurring items rose by 15.18% to 117.02 billion yuan [3][4]. - In Q2 2025, the company generated revenue of 773.76 billion yuan, reflecting a year-on-year growth of 10.39%, with a net profit of 65.46 billion yuan, up 16.02% year-on-year [3][4]. - The company plans to distribute a cash dividend of 2.69 yuan per 10 shares, which corresponds to 20.83% of the net profit attributable to shareholders for H1 2025 [3][4]. Summary by Sections Revenue Performance - The company achieved a revenue of 1564.94 billion yuan in H1 2025, with a year-on-year growth of 10.22%. The revenue for Q2 2025 was 773.76 billion yuan, growing by 10.39% year-on-year. The revenue growth was driven by various product categories, with air conditioning products growing by 12.97% and water appliances by 21.24% [3][9]. - Domestic revenue increased by 8.8%, with the Casarte brand growing over 20% and the Leader brand over 15%. Overseas revenue grew by 11.7%, with significant growth in emerging markets [9]. Profitability and Operational Quality - The company's gross margin improved by 0.08 percentage points in H1 2025, with notable increases in air conditioning (0.31 percentage points) and water appliances (0.31 percentage points). The operating profit for H1 2025 grew by 12.91%, with an operating profit margin increase of 0.20 percentage points [9]. - The net cash flow from operating activities increased by 32.23% year-on-year for H1 2025, indicating a significant improvement in operational quality [9]. Investment Outlook - The company is positioned as a global leader in major appliances, leveraging its full-category operational advantages and smart home solutions to meet diverse consumer needs. The projected net profits for 2025, 2026, and 2027 are 210.34 billion yuan, 237.58 billion yuan, and 261.57 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.60, 10.27, and 9.33 [9].

交银国际发布研报称，海尔智家(06690)今年上半年实现营业收入、扣非后归母净利润同比增10.2%及 15.2%各至1,564.9亿、117亿元人民币;该行小幅上调公司2025至2027年归母净利润预测0.4%至3.1%至212 亿、243亿元，基于2026年预测13倍市盈率，小幅上调目标价至36.6港元。公司宣布首次中期分红，目 前股息率吸引，维持"买入"评级。 基于上半年业绩表现，交银国际小幅上调海尔智家2025至2027年的收入预测1%至3%，净利率预测大致 保持不变，带动2025至2027年归母净利润预测上调0.4至3.1%。 ...

Investment Rating - The report assigns a "Buy-A" rating to Haier Smart Home (600690.SH) for its promising future and low valuation [1][5]. Core Views - The company reported strong performance in its 2025 mid-year results, with total revenue of 156.49 billion yuan, a year-on-year increase of 10.22%, and a net profit attributable to shareholders of 12.03 billion yuan, up 15.59% year-on-year [2]. - Domestic sales showed resilience with an 8.8% year-on-year revenue growth, while international sales in emerging markets grew at a remarkable rate of 11.7% [2]. - The company is expected to continue enhancing its multi-brand strategy domestically and strengthen localization efforts in overseas markets to improve cost efficiency [2]. Financial Performance - For the first half of 2025, the revenue from the refrigeration segment was 42.85 billion yuan (up 4.2% YoY), kitchen appliances revenue was 20.67 billion yuan (up 2.0% YoY), laundry care revenue was 32.01 billion yuan (up 7.6% YoY), and air energy solutions revenue was 32.98 billion yuan (up 12.8% YoY) [3]. - The fastest growth was seen in the water segment, which achieved a revenue of 9.79 billion yuan, reflecting a 20.8% year-on-year increase [3]. - The company's gross margin for the first half of 2025 was 26.9%, a slight increase of 0.1 percentage points year-on-year, supported by cost control in the domestic market and a high-end brand strategy in overseas markets [4]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 21.52 billion yuan, 23.78 billion yuan, and 26.43 billion yuan, respectively, with year-on-year growth rates of 14.8%, 10.5%, and 11.1% [5]. - Earnings per share (EPS) are projected to be 2.29 yuan, 2.53 yuan, and 2.82 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 11.3, 10.2, and 9.2 [5].

Core Viewpoint - The company reported a strong performance in H1 2025, with significant growth in air conditioning market share and robust expansion in emerging markets, indicating a positive outlook for the full year [1] Financial Performance - In H1 2025, the company achieved revenue of 156.49 billion, a year-on-year increase of 10.22%, and a net profit of 12.03 billion, up 15.59% [3] - For Q2 2025, revenue reached 77.38 billion, reflecting a 10.39% year-on-year growth, while net profit was 6.55 billion, increasing by 16.02% [3] - The company's gross margin for H1 2025 was 26.9%, up 0.1 percentage points, and the net margin was 7.98%, an increase of 0.39 percentage points [4] Market Dynamics - The domestic air conditioning market share increased to 12.8%, a rise of 0.5 percentage points year-on-year, with notable growth from the Casarte brand exceeding 20% and Leader brand growing over 15% [3] - In the overseas market, overall revenue grew by 11.7% year-on-year, with North America showing double-digit growth in high-end brands and emerging markets like South Asia, Southeast Asia, and the Middle East and Africa growing by 33%, 18%, and 65% respectively [3] Strategic Initiatives - The company launched innovative products such as the Haier Mairang refrigerator and Leader lazy three-tub washing machine, leading industry trends [3] - Digital transformation initiatives, including digital inventory and marketing, are being implemented to enhance product turnover and expand market touchpoints [3][4] Profitability Improvement - The improvement in profitability is attributed to the effective growth of high-end brand Casarte, increased scale in air conditioning business, and a strong high-end brand strategy in overseas markets [4] - The sales and management expense ratio improved by 0.1 percentage points in H1 2025, supported by digital transformation efforts [4]

Core Viewpoint - Haier Smart Home's performance in the first half of the year exceeded expectations, and management reaffirmed its operational guidance for 2025, leading to increased confidence in the outlook for the second half of the year [1] Group 1: Performance and Growth Strategies - The company is optimistic about the growth strategies of its Casarte and Leader brands [1] - Significant cost savings and efficiency improvements are expected through inventory management and digital marketing [1] - The air conditioning business is showing steady growth [1] Group 2: Market Expansion and Financial Projections - The European business has turned profitable [1] - Rapid development is noted in emerging markets [1] - The target price for H-shares has been raised from HKD 28.45 to HKD 31.57, corresponding to a projected price-to-earnings ratio of 12 times for 2026 [1] - Net profit forecasts for 2025 to 2027 have been increased by 2% to reflect accelerated sales growth and better-than-expected gross margins in both domestic and overseas markets [1]

据联合国发布的第四版《全球电子废弃物监测报告》显示，不断增长的全球电子废弃物数量是有文件记 载的电子废弃物回收再利用数量的5倍。全球范围内产生的电子废弃物每年增加260万吨，2030年将达 8200万吨，比2022年增加33％。数据背后，是资源浪费与环境压力的双重挑战。 为应对这一局面，全球政策正在形成合力。在全球范围内，已有81个国家制定了有关电子垃圾的政策和 法律。泰国商业部宣布自2025年6月24日起，全面禁止电子垃圾进口，以防止有害废弃物对环境和公众 健康造成危害；日本先后制定了《废弃物处理法》《家电回收法》等。视线转回国内，《关于健全废旧 家电家具等再生资源回收体系的通知》《推动消费品以旧换新行动方案》等政策相继实施，推动更多企 业参与家电回收目标责任制，也为企业践行ESG勾勒出清晰路径。 电子废弃物种类繁多，废旧家电在其中占比极高，其回收处理的规范化、高效化对缓解电子废弃物带来 的压力至关重要。目前，国内很多家电企业都在积极探索，而海尔智家的探索颇具前瞻性：2022年，海 尔智家建成并投产全球首座家电再循环互联工厂，以家电回收为切入点，向拆解、再生、再利用领域延 伸，迈出了将环境责任具象化的第一步 ...

Core Points - Haier Smart Home announced the repurchase of 2,565,400 A-shares, representing 0.027% of the company's total share capital as of August 2025 [2] Summary by Category - **Company Actions** - The company has conducted a share repurchase through centralized bidding [2] - The total number of shares repurchased is 2,565,400 [2] - **Shareholder Impact** - The repurchased shares account for 0.027% of the total share capital, indicating a minor impact on overall ownership structure [2] - **Market Context** - The announcement was made on the evening of September 1, suggesting a strategic move in response to market conditions [2]

Group 1 - The company Haier Smart Home (600690)(06690) announced that as of August 2025, it has repurchased a total of 2.5654 million A-shares through centralized bidding, accounting for 0.027% of the total share capital [1] - The highest purchase price during this repurchase was 25.65 CNY per share, while the lowest was 24.82 CNY per share, with a total expenditure of 64.9268 million CNY (excluding fees) [1] - From the start of the repurchase on April 7, 2025, until the end of August 2025, the company has repurchased a total of 35.9462 million shares, representing 0.383% of the total share capital, with the highest price at 26.30 CNY per share and the lowest at 23.60 CNY per share, totaling 899 million CNY spent [1]

Summary of Key Points Core Viewpoint - Haier Smart Home (06690) has announced a share buyback program, indicating a commitment to returning value to shareholders through capital management strategies [1] Group 1: Share Buyback Details - As of August 2025, the company has repurchased a total of 2.5654 million A-shares, representing 0.027% of the total share capital, with a maximum purchase price of 25.65 CNY per share and a minimum of 24.82 CNY per share, totaling an expenditure of 64.9268 million CNY [1] - From the start of the buyback program on April 7, 2025, until the end of August 2025, the company has repurchased 35.9462 million shares, accounting for 0.383% of the total share capital, with a maximum price of 26.30 CNY per share and a minimum of 23.60 CNY per share, amounting to a total expenditure of 899 million CNY [1]