确认！海澜之家，被“除名”

Core Viewpoint - Haier Home has been removed from the MSCI China Index, which may impact its market liquidity and capital attention due to its recent performance decline [1]. Group 1: MSCI Index Changes - MSCI announced the results of its index review for November 2025, with 26 Chinese companies being added and 20 removed, including Haier Home [1]. - The removal from the MSCI index is significant as it typically indicates a loss of international investment interest [1]. Group 2: Financial Performance - In the third quarter of 2025, Haier Home reported a revenue of 15.599 billion yuan, a year-on-year increase of 2.23%, and a net profit of 1.816 billion yuan, up 3.86% [1]. - The main brand, Haier Home, experienced a revenue decline of 3.99% to 10.849 billion yuan, marking a continuous decline since the second half of 2024 [1]. Group 3: Business Model and Market Position - Haier Home relies heavily on the ODM (Original Design Manufacturer) model, outsourcing most production processes to suppliers, which reduces inventory risk but limits control over design and development [3]. - The company faces challenges of product homogeneity and low repurchase rates due to its large-scale operations under the ODM model, necessitating a transformation to enhance brand, product, channel, and service [3]. - The brand struggles to attract younger consumers, which is critical for maintaining market relevance and growth [2].