Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [3][6] Core Views - Haier Smart Home reported a total revenue of 302.35 billion yuan for 2025, representing a year-on-year growth of 5.71%, and a net profit attributable to shareholders of 19.55 billion yuan, up 4.39% year-on-year [1] - The company is increasing shareholder returns with a cash dividend of 8.867 yuan per 10 shares for 2025, totaling 8.25 billion yuan, with a payout ratio of 55% for 2025 and expected to be no less than 58% for 2026 [1] - The company is also initiating an A-share buyback program with a scale of 3-6 billion yuan, with a buyback price not exceeding 35 yuan per share [1] Financial Performance Summary - In Q4 2025, the company experienced a revenue decline of 6.72% year-on-year, with a net profit decrease of 39.15% [1] - The gross margin in Q4 2025 improved by 4.44 percentage points to 24.79%, while the net profit margin decreased by 1.59 percentage points to 3.40% [2] - Operating cash flow for Q4 2025 was 8.51 billion yuan, down 32.81% year-on-year, with cash received from sales declining by 19.56% [2] - The company’s total liabilities increased by 105.41% quarter-on-quarter, while contract liabilities decreased by 21.36% year-on-year [2] Earnings Forecast - The report projects net profits for Haier Smart Home to reach 20.80 billion yuan in 2026, 22.88 billion yuan in 2027, and 25.05 billion yuan in 2028, with respective year-on-year growth rates of 6.4%, 10.0%, and 9.5% [3]

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27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 2026-020 海尔智家股份有限公司 关于以集中竞价交易方式首次回购 A 股股份的公 ...

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 2026年3月27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 海尔智家股份有限公司 关于开展大宗原材料套期保值业务的可行性分析报 告 海尔智家股份有限公司（以下简称"公司"）及子公司拟开展铜的大宗原材 料套 ...

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 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27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 海尔智家股份有限公司 关于开展外汇衍生品交易业务的可行性分析报告 一、业务背景 海外監管公告 随着海尔智家股份有限公司（以下简称"海尔智家"或"公司"）海外业 ...

智通财经APP讯，海尔智家(06690)公布，2026年3月27日耗资约1.68亿元回购765万股A股股份。 ...

格隆汇3月27日丨海尔智家(06690.HK)公告，3月27日耗资1.68亿元回购765万股A股，回购价格每股 21.55-22.4元。 ...

Investment Rating - The report maintains a "Recommended" rating for Haier Smart Home (stock code: 600690) [1] Core Views - Haier Smart Home demonstrated resilience in the face of market pressures, achieving revenue growth despite challenges in the domestic and international markets [3][5] - The company reported a revenue of 302.35 billion yuan for 2025, a year-on-year increase of 5.7%, and a net profit of 19.55 billion yuan, up 4.4% year-on-year [3][13] - The dividend payout ratio increased to 55% for 2025, with plans to raise it to at least 58% in 2026 and 60% in 2027 and 2028 [3][4] - The company has completed a digital transformation across its entire supply chain, enhancing operational efficiency and marketing capabilities [3][5] - Haier's "Big HVAC" strategy and acquisitions are expected to drive future growth, with significant revenue contributions from the air conditioning segment [3][5] Company Financial Performance - In 2025, Haier's revenue was 302.35 billion yuan, with quarterly revenues of 791.2 billion, 773.8 billion, 775.6 billion, and 682.9 billion yuan respectively [5][13] - The company’s gross profit margin was 26.7%, a decrease of 1.1 percentage points year-on-year [13] - The net profit margin for 2025 was 6.5%, reflecting a slight decline of 0.1 percentage points year-on-year [13] Future Projections - Revenue is projected to reach 314.68 billion yuan in 2026, with a growth rate of 4.1%, and net profit is expected to be 19.95 billion yuan, growing by 2.0% [4] - The earnings per share (EPS) is forecasted to be 2.13 yuan in 2026, with a price-to-earnings (PE) ratio of 10.86 [4] Market and Industry Context - The domestic air conditioning market showed a slight increase of 0.7% in 2025, but faced a decline of 3.5% in early 2026 [18][22] - The company is focusing on enhancing its global supply chain to mitigate risks associated with tariffs and fluctuating demand [22][23] - The report highlights the competitive landscape in the home appliance sector, with ongoing price wars and rising raw material costs impacting profitability [26][27]

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27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 | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "Buy" rating for Haier Smart Home (06690), highlighting its leading position in the washing machine and refrigerator markets, as well as its potential to increase profit margins through product mix and efficiency improvements [1] - The target price set for Haier Smart Home is HKD 32.7 [1] - In the previous year, the company's revenue and net profit after tax grew by 5.7% and 4.4% year-on-year, respectively, although there was a decline of 6.7% and 39.2% in revenue and profit for the fourth quarter alone [1] Group 2 - The company's revenue and profit margins were below expectations [1] - On a positive note, the dividend payout ratio is set to increase from 48% in 2024 to 55% in 2025, with plans to enhance shareholder returns through increased dividends and share buybacks [1]

Group 1 - BlackRock's long position in Haier Smart Home Co., Ltd. H-shares increased from 7.4% to 8.01% as of March 23, 2026 [1]