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2月13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 | 其他類別 (請註明) | | 於香港聯交所上市 | 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) | | | | | | 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 - Haier Smart Home's stock experienced a slight decline of 0.73% on February 13, with a trading volume of 688 million yuan and a market capitalization of 241.005 billion yuan [1]. Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2]. - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest home appliance brand for six consecutive years [2]. Shareholder Structure - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [3]. - Haier Wireless, a subsidiary focused on wireless charging, has participated in setting national industry standards for wireless energy transmission and has invested in Intel's wireless charging technology team [3]. Business Operations - Haier Smart Home's main business involves the research, production, and sales of home appliances, including refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3][7]. - The revenue composition includes: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, equipment and channel services 11.97%, water appliances 6.11%, and others 0.48% [7]. Financial Performance - For the period from January to September 2025, Haier Smart Home achieved a revenue of 234.054 billion yuan, representing a year-on-year growth of 15.31%, and a net profit attributable to shareholders of 17.373 billion yuan, up 14.64% year-on-year [7]. - The company has distributed a total of 48.662 billion yuan in dividends since its A-share listing, with 24.273 billion yuan distributed in the last three years [8]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 361 million shares, a decrease of 89.039 million shares from the previous period [9]. - China Securities Finance Corporation is the sixth largest circulating shareholder with 183 million shares, unchanged from the previous period [9].

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

Group 1 - Haier Smart Home Co., Ltd. has obtained a patent for "elevator scheduling method, device, electronic equipment, and storage medium," with authorization announcement number CN116853913B, applied on June 2023 [1] - Qingdao Haier Air Conditioning Electronics Co., Ltd., established in 1999, has a registered capital of 9,670.9088914 million RMB and has invested in 15 companies, participated in 4,779 bidding projects, and holds 121 trademark records and 5,000 patent records [1] - Qingdao Haier Air Conditioner Co., Ltd., established in 1996, has a registered capital of 93,638.162532 million RMB, invested in 20 companies, participated in 4,915 bidding projects, and holds 258 trademark records and 5,000 patent records [1] Group 2 - Qingdao Haier Intelligent Technology Research and Development Co., Ltd., established in 2014, has a registered capital of 13,000 million RMB, invested in 9 companies, participated in 7 bidding projects, and holds 22 trademark records and 5,000 patent records [2] - Haier Smart Home Co., Ltd., established in 1994, has a registered capital of 943,811.4893 million RMB, invested in 60 companies, participated in 1,921 bidding projects, and holds 289 trademark records and 5,000 patent records [2]

国补15% 国补15% 2026新国补新资格 领资格 享国补 盆友来鷗!至高省15% 四国补官方榜单> ■ 以旧换新加补> 选择想要购买的品类 电视 冰箱 立即领取 立即领取 空调 洗衣机 立即领取 立即领取 去云闪付按品类领取补贴 资格领取 补贴额度 补贴 补贴品类 冰箱1级能效 立即领取 > 找到心仪的商品下单吧 第一步: 选择可享补贴的支付方式 65E3QHPro 高色域抗 券后¥ 3293 > 反光电视 ¥4599 屏幕尺寸:65英寸;颜色分 类:65E3QH-PRO 黑;套餐类 低于同款均价 6% 型:官方标配; 通电验机 假一赔四 - 1 + 选购服务 去查看 > 快递 包邮 配送 明天 09:00-21:00 送达 可改时段 备注 无备注 > 故 支付宝 到 分期付款 | # 花呗分期 4 招商银行信用卡 ね 交通银行 一 云闪付 国家补贴 补贴后低至 2799.05元 去查看 明细 共1件 共减 ¥1306.00 √ 已享国家补贴15%,立即支付¥2799.05 第二步 在下单最终页面将看到补贴 立减金额 ¥2799.05 6 支付成功得绿色能量5g 173*****12 账号 ¥ 3293. ...

在营销层面海尔印尼也持续深化本土融合，其通过赞助深受印尼国民喜爱的羽毛球赛事活动，有效提升 品牌亲和力与影响力。同时，深度绑定Atlanta等本土强势渠道，并不断完善分销网络，使高端产品触达 更多目标消费者。 全球化与高端化的精准战略定位以及全链条协同能力，已转化为亮眼的市场业绩，目前，AQUA印尼成 为当地中资品牌第一。随着"麦浪"套系的推出，海尔印尼正进一步填补当地高端市场空白，引领当地生 活品质升级，也推动自身创造新的引领。 印度尼西亚市场极具特殊性与复杂性。其岛屿众多、电力不均、气候炎热、穆斯林文化深厚，对品牌的 本土化能力要求极高。海尔印尼依托全球化、高端化战略以及"研发、制造、营销"等全球十大能力，围 绕本土用户需求进行针对性创新。本次发布的麦浪套系高端新品正是该战略的重要成果体现，其空调、 洗衣机、冰箱等品类均实现了精准适配：低功率AI控温空调适应有限的电力环境，既节能省电又能以 最大限度输出冷量，为用户提供最大程度的舒适体验。洗衣机Hijab头巾清洗模式，为穆斯林女性解决 头巾洗护难题。冰箱搭载深冷速冻技术，应对热带气候下的食材保鲜挑战。这些创新为当地家庭带来全 方位的高端生活解决方案。 海尔 ...

文章原载于"李迅雷金融与投资"微信公众号：lixunlei0722 核心观点 过去几年人民币贬值和出口价格低迷，拖累中国出口金额占全球的份额提升。众所周知最近几年出口是拉动中国经济增长的重要动能，但中国出口金额占 全球比例，在2021年触及14.9%的历史高点后，2022年到2025年持续比这个比例低。通过对中国出口份额的拆分，我们发现这种直觉和数据之间的分化， 源于出口价格和汇率这两个因素的拖累。剔除掉价格和汇率的拖累后，中国出口数量占全球份额持续提高，其同比也是持续高增的，在现行核算框架下成 为拉动中国GDP的重要引擎。 定性视角看中国出口金额份额趋势。从中国出口数量份额、人民币口径出口价格指数和人民币兑美元汇率这三个维度，判断中国出口金额占全球份额的趋 势。 出口数量份额方面，分析日本和德国出口份额见顶后持续回落的原因，判断短期内中国出口还会有很强竞争力，这意味着出口订单份额还会进一步提高。 人民币口径出口价格方面，潜在的贸易摩擦风险会限制部分中国出口产品降价，优化出口退税政策会提高出口产品价格，内外销联动限制出口价格进一步 大幅下跌，加之低基数，我们预计中国出口价格同比跌幅将收窄，甚至会阶段性转正。 ...

核心观点 风险提示： 1、经贸摩擦和地缘冲突超预期；2、第三方数据失真的风险；3、研报信息更新不及时的风险；4、测算偏差的风险。 正文 下面对中国出口金额占全球的份额进行拆分： 中国出口金额份额=中国出口金额/全球出口金额 =中国出口数量*美元口径中国出口价格指数/（全球出口数量*美元口径全球出口价格指数） =中国出口数量*人民币兑美元汇率*人民币出口价格指数/(全球出口数量*全球出口价格指数) 众所周知，过去几年出口是助力实现中国经济增长目标的重要引擎。但跟直观感受不一样的是，WTO的 数据显示过去四年，只有2024年中国以美元计价的出口同比高于全球平均增速，2022年、2023年和 2025年前三季度（最新数据）中国出口增速反而比全球的低。 观察中国出口金额占全球的份额，也能看到这种反直觉的现象。2015年到2019年，中国出口金额占全球 份额稳定在13%左右。2020年到2025年前三季度，中国的这一份额中枢小幅抬升，但都在14%-15%之 过去几年人民币贬值和出口价格低迷，拖累中国出口金额占全球的份额提升。 众所周知最近几年出 口是拉动中国经济增长的重要动能，但中国出口金额占全球比例，在2021年触及 ...

Core Viewpoint - The delivery process is crucial for user reputation in the smart home era, and Haier Smart Home has enhanced the delivery experience through a digital upgrade in its app, introducing a "real-time logistics tracking" feature [1][3]. Group 1: Digital Upgrade and User Experience - The new feature breaks traditional logistics information barriers, allowing users to view the real-time location, travel trajectory, and estimated arrival time of delivery vehicles on a map, similar to tracking food delivery [3]. - This "full visibility" service significantly alleviates user anxiety during the waiting period [4]. - Users gain autonomy over their time management, enabling them to self-modify appointment times in the app without repeatedly calling service centers, and they can also expedite requests [4]. Group 2: Impact and Statistics - The feature has benefited over 400,000 users, improving delivery success rates and enhancing the service experience during the delivery process [4]. - The end of delivery marks the beginning of service, as the Haier Smart Home app empowers the entire logistics process with visualization, reshaping the "first mile" of the service chain [4]. - This initiative respects user time costs and represents a solid step towards the implementation of a comprehensive smart home service system [4].