Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][13]. Core Insights - In 2025, the company achieved revenue of 302.3 billion RMB, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 19.6 billion RMB, up 4.4% year-on-year [2]. - The company's domestic revenue grew despite a decline in the overall home appliance market, driven by digital inventory and marketing transformations [2][3]. - The company’s overseas revenue increased by 8.2% in 2025, outperforming the global market growth of 3.3% [3]. - The gross margin for 2025 was 26.7%, a decrease of 1.1 percentage points from the previous year, attributed to intensified domestic competition and rising raw material costs [3]. Summary by Sections Performance Review - In Q4 2025, the company reported revenue of 68.3 billion RMB, a decline of 6.7% year-on-year, and a net profit of 2.2 billion RMB, down 39.2% year-on-year [2]. Operational Analysis - The company focused on AI technology to enhance brand and product upgrades, resulting in an 8% increase in retail sales for the Haier brand [2]. - The Casarte brand continued to lead in the high-end market, achieving double-digit revenue growth [2]. - The Leader brand's revenue surpassed 10 billion RMB for the first time, growing by 30% [2]. Profitability and Cost Management - The company’s operating expenses were managed effectively, with sales expenses optimized through digital transformation, while management expenses increased due to one-time costs in the European market [3]. - The company is expected to achieve net profits of 20.9 billion RMB, 22.7 billion RMB, and 24.6 billion RMB for 2026, 2027, and 2028, respectively, with growth rates of 6.7%, 9.0%, and 8.3% [4]. Financial Projections - Revenue projections for the next three years are 317.2 billion RMB for 2026, 333.0 billion RMB for 2027, and 351.3 billion RMB for 2028, with growth rates of 4.9%, 4.98%, and 5.51% respectively [10].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 6.7% in 2026, 9.0% in 2027, and 8.3% in 2028, corresponding to a PE valuation of 10.4, 9.5, and 8.8 times respectively [4] Core Insights - The company achieved a revenue of 302.3 billion RMB in 2025, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 19.6 billion RMB, up 4.4% year-on-year. However, Q4 2025 saw a revenue decline of 6.7% and a net profit drop of 39.2% year-on-year [2] - The company successfully implemented digital inventory and marketing transformations, resulting in domestic revenue growth despite a 4.3% decline in the overall Chinese home appliance market [2] - The company’s overseas revenue grew by 8.2% in 2025, outperforming the global core home appliance retail market, which grew by 3.3% [3] - The company’s gross margin decreased to 26.7%, down 1.1 percentage points from the previous year, primarily due to intensified domestic competition and rising raw material costs [3] Summary by Sections Performance Review - In 2025, the company reported a revenue of 302.3 billion RMB, with a year-on-year growth of 5.7%, and a net profit of 19.6 billion RMB, reflecting a 4.4% increase [2] - Q4 2025 results showed a revenue of 68.3 billion RMB, down 6.7% year-on-year, and a net profit of 2.2 billion RMB, down 39.2% year-on-year [2] Operational Analysis - The company’s domestic revenue grew by 3.1% in 2025, driven by digital inventory and marketing initiatives, while the overall home appliance market saw a decline [2] - The company’s overseas revenue increased by 8.2%, with significant growth in emerging markets exceeding 24% [3] Profitability and Cost Structure - The gross margin for 2025 was 26.7%, a decrease attributed to increased competition and rising costs [3] - The company’s expense ratios for sales, management, R&D, and financial costs were 11.2%, 4.6%, 3.3%, and -0.02% respectively, with sales expenses optimized through digital transformation [3] Forecast and Valuation - Projected net profits for 2026, 2027, and 2028 are 20.9 billion RMB, 22.7 billion RMB, and 24.6 billion RMB, with respective growth rates of 6.7%, 9.0%, and 8.3% [4] - The current stock price corresponds to PE ratios of 10.4, 9.5, and 8.8 for the years 2026, 2027, and 2028 [4]

Group 1 - The core viewpoint of the article is that Haier Smart Home (06690) has reported its annual performance for the year ending December 31, 2025, showing a revenue of RMB 302.329 billion, which represents a year-on-year growth of 5.7% [1][3] - The net profit attributable to shareholders is RMB 19.553 billion, reflecting a year-on-year increase of 4.39% [1][3] - The basic earnings per share are reported at RMB 2.12, and the company plans to declare a final dividend of RMB 8.867 per 10 shares [1][3]

Group 1 - The company Haier Smart Home (06690) announced a share buyback plan based on confidence in its future development prospects and high recognition of its value [1][5] - The buyback will utilize self-owned and/or self-raised funds, including funds from a special loan for stock repurchase, to buy back part of the A-share public shares through centralized bidding [1][5] - The purpose of the buyback is to implement an employee stock ownership plan, improve corporate governance, establish a long-term incentive and restraint mechanism for the management team, and ensure the achievement of long-term operational goals [1][5] Group 2 - The total amount for the buyback is set to be no more than RMB 6 billion (including) and not less than RMB 3 billion (including), with a maximum repurchase price of RMB 35 per share [1][5]

Core Viewpoint - Haier Smart Home (06690) announced a share buyback plan to enhance corporate governance and align the interests of management and shareholders, reflecting confidence in the company's future development and value recognition [1] Group 1: Share Buyback Plan - The company plans to repurchase A-shares using its own funds and/or self-raised funds, including funds from a special loan for stock buybacks [1] - The total amount for the buyback will not exceed RMB 6 billion (including) and will not be less than RMB 3 billion (including) [1] - The maximum repurchase price is set at RMB 35 per share [1] Group 2: Purpose and Goals - The buyback aims to implement an employee stock ownership plan, further improving the company's governance structure [1] - The initiative is designed to establish a long-term incentive and constraint mechanism for the management team, ensuring the achievement of the company's long-term operational goals [1] - The plan seeks to promote alignment of interests and profit sharing among all shareholders, thereby enhancing the overall value of the company [1]

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。 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.* 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海尔智家股份有限公司（以下简称"公司"）近日收到中国工商银行股份有 限公司青岛市分行（以下简称"工行青岛分行"）出具的《融资承诺函》，工行青 岛分行承诺为公司提供最高不超过 500,000 万元人民币的贷款资金专项用于公司 回购股票，贷款期限为 3 年。 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 ...

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.* 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26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 2026-016 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 2、公司现金流可以满足正常经营和持续发展的需求，且未来 12 个月内 ...

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26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 2026-019 海尔智家股份有限公司 关于 A 股股份回购实施结果暨股份变动的公告 ...

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。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 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26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 ...

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26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 薪酬管理制度 （2026 年制定） 第一章 总则 第一条 为进一步规范海尔智家股份有限公司（以下简称"公司"）的董事、 高级管理人员及其他对公司 ...