Core Viewpoint - The "Haier system" is rapidly expanding its capital footprint, with Kaos IoT Technology Co., Ltd. submitting its application for an IPO on the Hong Kong Stock Exchange, following Haier New Energy's A-share listing guidance [1][11] Group 1: Company Performance - Kaos reported steady revenue growth, achieving approximately CNY 4.994 billion in 2023 and CNY 5.069 billion in 2024, with a net profit turnaround from a loss of CNY 82.72 million in 2023 to a profit of CNY 65.14 million in 2024 [3][13] - For the first three quarters of 2025, Kaos generated approximately CNY 4.421 billion in revenue, up from CNY 3.635 billion in the same period the previous year, with a profit of approximately CNY 176 million, significantly higher than the CNY 35.71 million from the previous year [3][13] Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing over 57.7% of the company's revenue in the first three quarters of 2025, with sales to Haier amounting to CNY 2.549 billion [4][14] - The proportion of sales to the top five customers was approximately 69.7% in 2025, with Haier's contribution being CNY 3.607 billion in 2023, CNY 3.421 billion in 2024, and CNY 2.549 billion in 2025 [4][14] Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on platform revenue for 2024 [2][12] - The decision to pursue a listing on the Hong Kong Stock Exchange follows challenges faced in attempting to list on the STAR Market, where regulatory scrutiny and lengthy approval processes were significant factors [2][12] Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed entities, with the potential to increase to ten if both Kaos and Haier New Energy successfully complete their IPOs [1][11][18] - The total market capitalization of Haier's listed companies exceeds CNY 330 billion, with Haier Smart Home leading at CNY 235.472 billion [17][18]

证 券 研 究 报 告 【策略月报】 红利内部轮动模型：迈向周期与制造 ——多行业联合红利资产 1 月报 策略研究 策略月报 2026 年 02 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 《【华创策略】杠杆&ETF 资金分化趋势逆转—— 流动性&交易拥挤度&投资者温度计周报》 2025-12-01 《【华创策略】自媒体 A 股搜索热度重回高位— —流动性&交易拥挤度&投资者温度计周报》 2025-11-25 《【华创策略】60 日均线的机遇挑战——策略周 聚焦》 2025-11-23 《【华创策略】股票型 ETF 为当前流入主力—— 流动性&交易拥挤度&投资者温度计周报》 2025-11-1 ...

Core Viewpoint - The Haier Group is expanding its capital footprint with the recent IPO applications of its subsidiaries, Kaos and Haier New Energy, aiming to increase the number of listed companies under its umbrella to ten if both IPOs are successful [1][12]. Group 1: Company Performance - Kaos has shown steady performance improvement, with revenues of approximately RMB 4.994 billion in 2023 and RMB 5.069 billion in 2024, and a projected net profit turnaround from a loss of RMB 82.72 million in 2023 to a profit of RMB 65.14 million in 2024 [4]. - For the first three quarters of 2025, Kaos reported revenues of about RMB 4.421 billion, up from RMB 3.635 billion in the same period the previous year, with a corresponding profit of approximately RMB 176 million, significantly higher than the RMB 35.71 million from the previous year [4]. Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing 57.7% of its revenue in the first three quarters of 2025, with sales to Haier amounting to RMB 25.49 billion [6]. - The sales to the top five customers accounted for approximately 69.7% of Kaos's revenue in the same period, indicating a high dependency on a limited customer base [6]. Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on projected revenue for 2024 [3]. - The decision to pursue a listing on the Hong Kong Stock Exchange instead of the Sci-Tech Innovation Board is seen as a strategic move to avoid stringent regulatory pressures associated with the latter [3][4]. Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed companies with a total market value exceeding RMB 330 billion [9]. - If Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group will increase to ten, further solidifying its market presence [12].

Group 1: Company Overview - Kaos IoT Technology Co., Ltd. is a leading provider of industrial digital intelligence products and solutions in China, focusing on the integration of advanced technologies such as AI, IoT, and big data with the manufacturing industry to promote high-quality development [3][4] - The company was established in April 2017 as a limited liability company under the name Haier Industrial Holdings Co., Ltd. and was renamed Kaos IoT Technology Co., Ltd. in December 2022 after becoming a joint-stock company [3][4] - Kaos has developed the COSMOPlat industrial internet platform, which integrates industrial intelligent software, operating systems, and IoT solutions to support enterprises in their digital transformation [3][4][6] Group 2: Financial Performance - For the fiscal year 2023, the company reported revenues of approximately RMB 4.994 billion, with a gross profit of about RMB 890 million, resulting in a gross margin of 17.8% [8][9][10] - The projected revenues for 2024 and the first nine months of 2024 are RMB 5.069 billion and RMB 3.635 billion, respectively, with corresponding gross profits of RMB 919 million and RMB 669 million [9][10] - The company recorded a net loss of approximately RMB 82.721 million for the fiscal year 2023, but is projected to achieve a profit of RMB 65.136 million in 2024 [11] Group 3: Industry Insights - The industrial intelligent solutions market in China is expected to reach RMB 20 trillion by 2024, with a compound annual growth rate (CAGR) of 12.2% from 2020 to 2024 [12] - The market for platform-based industrial data intelligent solutions is projected to grow from RMB 42.4 billion in 2020 to RMB 91.2 billion in 2024, with a CAGR of 21.1% [15] - The demand for smart control devices in the home appliance sector is also increasing, with the market expected to grow from RMB 28.5 billion in 2020 to RMB 60.5 billion in 2024, reflecting a CAGR of 20.7% [18]

Investment Rating - The report suggests a positive outlook for leading brands in the home appliance sector, indicating a potential for steady growth due to integrated advantages and strong pricing power [5]. Core Insights - The home appliance industry is currently facing short-term adjustments in both domestic and export sales due to high base effects and the timing of the Spring Festival, with air conditioning production experiencing significant declines [1][12]. - Domestic air conditioning production in February 2026 was 4.555 million units, down 38.1% year-on-year, while export production was 6.93 million units, down 26.5% year-on-year [1][12]. - Refrigerator production also saw a decline, with domestic production at 2.6 million units (down 17.1%) and exports at 3.4 million units (down 8%) [1][15]. - Washing machine production showed a slight increase in exports (up 1.5%), while domestic production fell to 3.1 million units (down 5.9%) [1][16]. - The report highlights that the real estate market's downturn continues to suppress demand for home appliances, although there are signs of a potential recovery in production post-holiday [3][5]. Summary by Sections Air Conditioning Production - February 2026 air conditioning production was impacted by the Spring Festival timing and high base effects, leading to a significant drop in both domestic and export figures [1][12]. - Domestic production was 4.555 million units, a year-on-year decrease of 38.1%, while exports were 6.93 million units, down 26.5% [1][12]. Refrigerator Production - Domestic refrigerator production in February 2026 was 2.6 million units, down 17.1%, with exports at 3.4 million units, down 8% [1][15]. - The decline in domestic sales was attributed to the Spring Festival holiday and weak macro demand, but a recovery is expected in March [1][15]. Washing Machine Production - Domestic washing machine production was 3.1 million units, down 5.9%, while exports increased slightly to 3.2 million units, up 1.5% [1][16]. - The domestic decline is linked to previous policy impacts and a sluggish real estate market, while exports benefited from stable overseas demand [1][16]. Market and Sector Performance - The report notes that the Shanghai and Shenzhen 300 Index increased by 0.08%, while the home appliance index decreased by 2.88% [2][19]. - Key companies showed varied performance, with Samsung New Materials up 23.72% and Tianyin Electromechanical down 18.66% [2][19]. Raw Material Prices - Recent trends show fluctuations in raw material prices, with copper prices up 1.32% and aluminum prices down 2.57% in the last week [2][23]. - Year-to-date, copper prices have increased by 6.35%, while aluminum has risen by 4.15% [2][23]. Real Estate Data - Real estate metrics indicate a continued decline, with new housing starts down 19.9% year-on-year, impacting long-term demand for home appliances [3][31]. Investment Recommendations - The report recommends leading brands such as TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home for their strong market positions and growth potential in both domestic and international markets [5][42].

Group 1 - The core viewpoint of the article is that Kaos IoT Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage advanced technologies like AI, IoT, and big data to drive high-quality development in the manufacturing sector [1] - Kaos is recognized as a leading provider of industrial digitalization products and solutions in China, focusing on the deep integration of advanced technologies with industry [1] - The company has developed the COSMOPlat industrial internet platform, which integrates industrial intelligent software, operating systems, and edge computing to provide data intelligence and IoT products and solutions for enterprises [1] Group 2 - The company was established in April 2017 as a limited liability company under the name Haier Industrial Holdings Co., Ltd., and is a member of the Haier Group [1]

新浪科技讯 2月1日午间消息，近日，京东联合中国标准化协会、中家院（北京）检测认证有限公司等 权威机构，西门子、美的、海尔、方太、老板等头部品牌共同发布洗碗机行业容积新标准。 据介绍，新标准彻底摒弃了模糊的"套数"概念，构建起以"内部容积（升）+关键安装尺寸"为表述的直 观、可量化、可对比的全新标识体系，为消费者提供了明确的选购依据，让容量匹配更精准、安装规划 更确定、购买决策更透明。 在具体规则上，新标准以有效容积率R（=容积÷体积）作为核心衡量指标，并形成分级体系：一级 （R≥60%）、二级（58%≤R＜60%）、三级（R＜58%）。等级越高，意味着在相同外部体积下可用空 间占比越大，也就更"能装、能洗"，更利于一次多洗、少分批。同时，对有效容积率超过60%的产品， 为让标准真正赋能消费决策，京东将在商品页面为有效容积率超过60% 的优质产品打上专属标识。 京东家电家居厨卫大家电负责人表示，此次标准升级的目标，是让容量表达从"概念化"走向"可对照、 可验证"，让消费者选购不再靠猜，为购买决策提供透明、可靠且易懂的统一标尺；对行业而言，这也 标志着竞争将更聚焦真实用户体验，推动厂商持续优化内部结构设计与装载 ...

北京商报讯(记者王蔓蕾)又一家海尔旗下企业递表港交所！1月30日，港交所官网显示，卡奥斯物联科 技股份有限公司(以下简称"卡奥斯")递表港交所，向港股发起冲击。 截至最后实际可行日期，海尔集团公司有权行使卡奥斯约78.04%的投票权。 业绩表现方面，2025年前三季度，公司持续经营业务收益44.21亿元；来自持续经营业务的期间内溢利 1.29亿元。 据了解，卡奥斯是工业数智化产品与解决方案服务商，致力于通过人工智能、物联网、大数据等先进技 术与工业的深度融合，推动制造业高质量发展。公司自主研发了COSMOPlat工业互联网平台，搭建了 工业智能软件与智能体应用、工业操作系统与工业大脑、物联系统与边缘计算深度融合的技术架构，向 企业提供端云一体的数据智能和物联网产品及解决方案，助力企业实现数智化转型。根据弗若斯特沙利 文的资料，以2024年收入计，公司在中国基于平台的工业数据智能解决方案市场排名第一。 ...

Group 1 - The core viewpoint of the article highlights Haier New Energy's significant advancements in self-research and manufacturing of core intelligent control products, including photovoltaic inverters and energy storage converters, marked by the opening of the new energy ecological park in Qingdao [3][5]. - Haier Group's lean manufacturing capabilities empower efficient operations within the ecological park, which spans approximately 45 acres and includes 13 production lines for inverters and circuit boards, creating a comprehensive industrial base covering R&D, manufacturing, and sales [5]. - The company has completed the counseling filing with the Qingdao Securities Regulatory Bureau, officially initiating its IPO process, and has secured over 1 billion yuan in B-round financing to enhance its position as a leader in smart distributed clean energy solutions [6]. Group 2 - The ecological park utilizes advanced technologies such as AI visual recognition and digital twin to significantly improve per capita efficiency, while the digitalization aspect integrates data across personnel, equipment, environment, and management into a comprehensive management platform [5]. - Haier New Energy aims to leverage resources from the Qingdao Science and Technology Innovation Corridor to accelerate innovation in green energy, with a vision to become a leading provider of AI-driven energy internet ecological platforms [6]. - The article also mentions the upcoming 14th International Energy Storage Summit and Exhibition, indicating the growing importance of energy storage in the industry [7].

1月30日晚间，海尔集团公司旗下卡奥斯物联科技股份有限公司(以下简称"卡奥斯")向港交所递表，启动赴港上市进程。 公开资料显示，卡奥斯是中国内地领先的工业智能化产品与解决方案提供商，致力于通过AI、物联网(IoT)、大数据等先进技术与工业应用的深度融合， 加速制造业数智化转型。卡奥斯自主研发了工业大模型驱动的COSMOPlat工业互联网平台，构建了工业智能软件与智能体、工业操作系统与工业大脑、 IoT系统与边缘计算设备深度融合的技术架构，向企业提供端云一体的数据智能和物联网解决方案，实现硬件层级的数据收集与云端层级的智能决策，助 力客户智能化转型。 截至最后实际可行日期，海尔集团通过直接和间接方式合计控制公司78.04%的投票权，其中通过卡奥斯数字科技持有49.11%，直接持有10.83%，通过其 他附属公司持有18.10%。股权结构高度集中，海尔集团对公司具有绝对控制权，可能存在大股东利益与小股东利益不一致的风险。 公司核心管理层大多具有海尔集团背景，董事长陈录城先生自2017年起担任公司执行董事，曾任职于海尔集团多个职位；CEO柴纪强先生同样具有丰富的 海尔集团工作经历。 卡奥斯近年营收保持稳定增长，20 ...