Core Viewpoint - Kaos Technology's IPO has shifted from A-shares to H-shares after five rounds of guidance, primarily due to its reliance on its parent company and significant related-party transactions, raising concerns about its operational independence [1][4]. Group 1: Company Overview - Kaos Technology, established in 2017, is a leading provider of industrial intelligent products and solutions in China, developing the COSMOPlat industrial internet platform [2][7]. - The company aims to raise funds for enhancing core platform capabilities, expanding market reach, and pursuing potential investments and acquisitions [1]. Group 2: Financial Performance - The company's revenue for the reporting periods was 49.94 billion, 50.69 billion, and 44.21 billion, with net profits of -0.75 million, 0.62 million, and 1.53 million respectively [2][3]. - The revenue from the top five customers accounted for approximately 81.7%, 80.2%, and 69.7% of total sales in 2023, 2024, and the first three quarters of 2025, indicating a high dependency on a limited customer base [3][4]. Group 3: Market Position and Competition - Kaos Technology ranks first in China's industrial data intelligence solutions market with a market share of 1.2%, despite the low percentage indicating a fragmented and competitive industry [9]. - The company's gross margin is relatively low at around 17% to 18%, compared to competitors like RootCloud, which has a gross margin of 40% to 50% [9][11]. Group 4: Related-Party Transactions and Governance - The company has significant related-party transactions, with over 50% of its revenue linked to its parent company, Haier Group, raising concerns about its operational independence [1][4]. - The governance structure includes multiple employee stock ownership platforms benefiting management, indicating potential conflicts of interest [15][16]. Group 5: Industry Context - The industrial internet platform sector in China is transitioning from a phase of high investment and scale expansion to a focus on sustainable development and profitability [13]. - Challenges such as market competition, underdeveloped service capabilities, and insufficient user demand hinder the profitability of industrial internet platforms in China [13].

Core Viewpoint - Haier Smart Home has shown a stable market performance with a slight increase in stock price and significant market capitalization, indicating investor confidence in the company's growth potential [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, and biopharmaceuticals, establishing itself as a global leader in providing quality living solutions [2]. - The company is recognized as the world's largest brand in major home appliances, holding a global retail market share of 10.2% in 2014 and maintaining this position for six consecutive years [2]. Shareholder Structure - Among the top ten circulating shareholders, significant holdings include Central Huijin Asset Management and China Securities Finance Corporation, indicating institutional support [3]. - The largest shareholder, Haier Group, has invested in wireless charging technology and has been involved in setting national industry standards for wireless energy transmission [3]. Business Operations - Haier Smart Home's main business includes the research, production, and sales of various home appliances such as refrigerators, air conditioners, washing machines, and smart home solutions [7]. - The revenue composition is as follows: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, and other segments contributing to the total [7]. Financial Performance - For the period from January to September 2025, Haier Smart Home reported a revenue of 2340.54 billion, reflecting a year-on-year growth of 15.31%, and a net profit of 173.73 billion, up 14.64% year-on-year [7]. - The company has distributed a total of 486.62 billion in dividends since its A-share listing, with 242.73 billion distributed over the past three years [8]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in shareholdings indicating active management [9].

Core Viewpoint - The China Household Appliances and Consumer Electronics Expo (AWE) will be held from March 12 to 15 in Shanghai, focusing on "AI Technology, Enjoying the Future," showcasing 1,200 companies and covering the entire industry chain from smart terminal chips to AI models [1][2]. Group 1: Event Overview - AWE will feature a total exhibition area of 170,000 square meters, with the introduction of the Shanghai Oriental Hub International Business Cooperation Zone [1]. - The event will include major companies such as Haier, Huawei, and Xiaomi, highlighting innovations in smart terminal chips, sensors, and AI models [1][4]. - The exhibition will adopt a "one exhibition, two zones" layout, with the Oriental Hub covering 30,000 square meters for showcasing cutting-edge technologies and the New International Expo Center covering 140,000 square meters for smart living scenarios [2]. Group 2: Industry Development - Shanghai aims to exceed 300 billion yuan in the smart terminal industry by 2027, establishing globally influential consumer-grade terminal brands [1][6]. - The integrated circuit industry in Shanghai has over 1,200 companies, contributing to a scale of nearly 490 billion yuan, with a growth rate of 25% [6][7]. - Shanghai's AI talent pool consists of approximately 300,000 individuals, accounting for one-third of the national total, with nearly 1,000 AI companies concentrated in specific industrial clusters [6][7]. Group 3: Innovations and Products - New products to be launched at AWE include humanoid robots, AI smart toys, and AI-native smartphones developed by Nubia in collaboration with ByteDance [4][5]. - The event will also feature over 20 forums and activities focusing on various topics such as AI medical care and smart glasses [4][5]. - Shanghai has seen significant advancements in Micro-LED technology and is a leader in the production of smart glasses and industrial robots [7][8]. Group 4: Ecosystem Collaboration - Shanghai is promoting deep collaboration among upstream and downstream enterprises in the smart terminal ecosystem, integrating hardware, software, and services [8]. - The city is enhancing its AI capabilities by providing substantial support, including over 1 billion yuan in annual subsidies for computing power and model development [8].

Summary of Haier's Conference Call Company Overview - The focus of the conference call is on Haier Smart Home, a leading player in the white goods industry, which is expected to experience stable growth and offers attractive dividend returns [1][10]. Key Insights and Arguments Growth Drivers 1. **Structural Growth Highlights**: Haier is expected to benefit from structural growth opportunities, particularly in high-end products like Casarte, which contributes over 10% to total revenue and 20-25% to profit [2][3]. 2. **Air Conditioning Segment**: The air conditioning business accounts for approximately 20% of total revenue. Haier has seen explosive growth in this segment, with potential for profit margins to improve from 5-6% to 7-8% [5][6]. 3. **Overseas Market Expansion**: Haier's overseas business is structured with 60% in North America, 20% in Europe, and 20% in emerging markets. The company has seen growth rates of 30% or more in certain regions, with potential contributions of 2-3 percentage points to overall performance [6][7]. Profitability Improvement - Haier has opportunities for margin improvement across various segments, including air conditioning and overseas markets. The company is undergoing digital transformation and internal optimization, which is expected to enhance profitability [9][10]. Dividend Strategy - Haier's dividend payout ratio is approaching 50%, with expectations to exceed this level by 2025. The company aims for a dividend yield of 4.5-5%, contributing to a total return rate of 10-15% [10][11]. Additional Important Points - **Market Sensitivity**: Haier's performance is sensitive to market conditions. In favorable environments, the company is expected to show higher earnings elasticity due to its structural growth drivers [11][12]. - **Investment Strategy**: The core investment thesis for Haier is centered around stable growth and dividends, with a focus on maintaining a mid-to-high single-digit compound growth rate [10][12]. Conclusion - Haier is positioned for sustainable growth driven by structural advantages in high-end products, air conditioning, and overseas markets. The company is also focused on improving profitability and maintaining a strong dividend policy, making it an attractive investment opportunity in the white goods sector [9][10].

Market Overview - The shipping sector has shown strong performance, with the real estate sector also experiencing notable gains [2][5] - Major indices opened higher, with the Shanghai Composite Index up by 0.5%, Shenzhen Component Index up by 0.49%, and the ChiNext Index up by 0.11% [2] Shipping Sector - The shipping sector has been robust, with companies like China Merchants Energy Shipping (601872) achieving a record high, and China Ocean Shipping (600026) and China Merchants South Oil (601975) hitting the daily limit [5] - The cost of chartering a Very Large Crude Carrier (VLCC) to transport oil from the Middle East to China has surged to over $170,000 per day, tripling since the beginning of the year, driven by geopolitical tensions and changes in global oil supply [7] Real Estate Sector - The real estate sector has seen significant upward movement, with companies like Huangting International (000056) and Chengdu Investment Holdings (600649) reaching their daily limits [8] - Promotions and discounts have been launched by over 140 real estate projects in Guangzhou, indicating a potential recovery in the housing market as demand from the holiday period is expected to be released [10] - Analysts predict a "small spring" recovery in core city real estate markets, with major institutions raising their forecasts for Hong Kong property prices significantly for 2026, with JPMorgan increasing its forecast from 5%-7% to 10%-15% [10]

Core Insights - The report from Founder Securities highlights that a diversified policy mix is enhancing consumer traffic and effectively promoting festive consumption during the Spring Festival [1] - The implementation of national subsidy policies is expected to stabilize the home appliance market in the long term, with a decrease in uncertainty regarding post-subsidy expectations [1] Group 1: Short-term Consumption Boost - Various local and national policies, including trade-in programs, prize invoices, and consumption vouchers, are driving consumer spending during the Spring Festival [1][5] - The average daily sales of key retail and catering enterprises increased by 8.6% in the first four days of the Spring Festival compared to the same period in 2025 [7] Group 2: Long-term Market Outlook - The national subsidy program is projected to significantly boost the retail sales of consumer goods, with a forecasted 3.7% year-on-year growth in total retail sales of consumer goods in 2025, and a 13.5% increase in retail sales of home appliances and audio-visual equipment [2] - The national subsidy policy will be rolled out starting in the second half of 2024, which is expected to accelerate the growth of home appliance retail sales beyond the overall retail growth rate [2] Group 3: Policy Adjustments and Innovations - In 2026, the national subsidy program will adjust its standards, focusing more on environmentally friendly and technologically advanced products, which will promote a shift towards high-end and green development in the industry [3] - Local innovations in the subsidy process, such as instant lottery results for trade-in subsidies, are enhancing channel efficiency and encouraging offline consumer spending [6]

证券研究报告 2026 年 2 月 24 日 湘财证券研究所 行业研究 家电行业周报 2025 年地产配套家电市场下滑，2026 年或有低基数效 应 相关研究： | 1.《新国补落地首月成效显著》 | | --- | | 2026.2.9 | | 2.《板块下挫，咖啡机龙头递表港 | | 交所》 2026.2.1 | | 3. 《12月空调销售承压，行业洗 | | 牌加速》 2026.1.26 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2% 0.4% -9.1% | | | 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 2 月 9 日-2 月 13 日，家电行业上涨 0.16%，其他黑色家电等子行业领涨 2 月 9 日-2 月 13 日，家电行业涨跌幅为 0.16%， ...

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed at a 2.18% increase with a trading volume of 289 million yuan on February 24 [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of February 13, 2025, the fund's latest share count was 6.21 billion shares, with a total size of 8.643 billion yuan, reflecting a 4.90% decrease in shares and a 2.46% increase in size year-to-date [1] Group 2 - The current fund managers are Zhao Xu and Jiao Wenlong, both managing the fund since February 5, 2026, with a return of 0.99% during their tenure [2] - The top holdings of the fund include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2] - The fund's recent trading activity shows a cumulative trading amount of 6.707 billion yuan over the last 20 trading days, with an average daily trading amount of 335 million yuan [1]

在市场总量收缩的背景下，价格竞争日趋激烈。尤其在中小型项目与标准化产品领域，中标价格持续走 低，行业整体利润空间受到挤压。部分企业通过降本增效维持运营，但长期可能影响产品口碑与行业健 康发展。 尽管新建项目投资放缓、延期现象增多，对大型模块机组传统优势领域造成冲击，但早期装机进入更换 周期，加之双碳目标推动既有建筑能效提升，更新改造需求仍为市场提供支撑。此外，在数据中心备用 冷却、区域能源站、现代农业恒温等对成本与灵活性要求较高的细分领域，模块机组仍保持一定竞争优 势。 从产品趋势看，采用R410A、R32冷媒的产品已成为市场主流，部分领先品牌已开始推广采用R290等更 低GWP值环保冷媒的机型，作为技术储备与差异化布局。 近日，艾肯网发布2025年度中国中央空调模块机组市场报告。 报告指出，受宏观经济承压、房地产配套需求疲软及多联机等产品分流影响，模块机组市场出现显著回 调，全年销售额同比下滑15.6%，下滑幅度低于中央空调行业整体水平。模块机组在中央空调产品中的 占比稳定在约6.6%，市场正式从增量扩张进入存量博弈阶段。 报告指出，受宏观经济承压、房地产配套需求疲软及多联机等产品分流影响，模块机组市场出现 ...

Group 1 - The Hong Kong Consumption ETF (159735) closed down 0.58% on February 24, with a trading volume of 75.27 million yuan [1] - The fund was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2023, the fund's latest share count was 1.09 billion shares, with a total size of 937 million yuan, reflecting an 18.49% increase in shares and a 29.01% increase in size year-to-date [1] Group 2 - The current fund manager is Li Yixuan, who has managed the fund since its inception, with a return of -14.04% during the management period [2] - Major holdings in the fund include Pop Mart (10.42%), Yum China (9.09%), Anta Sports (7.76%), Nongfu Spring (6.50%), and others, with respective market values and share counts detailed [2] - The fund's recent trading activity shows a cumulative trading amount of 2.004 billion yuan over the last 20 trading days, averaging 100 million yuan per day [1]