Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Views - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is expected to see a notable increase in air conditioning operations in 2025, with retail growth outpacing the industry [5] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% for 2025-2026 [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational efficiency [5][11] - The company is focusing on digital marketing and inventory reforms to improve efficiency and brand recognition [6] Financial Performance - The company forecasts a net profit of 21.5 billion CNY for 2025, with a projected growth rate of 14.82% [10] - Revenue is expected to reach 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [10] Market Position - Haier's air conditioning retail volume has increased significantly, with online and offline sales growing by 76% and 25% respectively in early 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales [5] Digital Transformation - The launch of Haier Smart Home AI Data Cloud has improved customer interaction and product offerings [6] - The company is replicating its successful digital strategies from the Chinese market to its overseas operations [6] Dividend and Share Buyback - The company plans to repurchase up to 10% of its H shares and 30% of its D shares, with a total buyback amount between 1 billion and 2 billion CNY [7] - The expected dividend yield for 2025 is 4.8% based on a projected net profit of 21.5 billion CNY [7]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is experiencing strong growth in both domestic and international markets, with a notable increase in market share [5][6] - The digital marketing and inventory reforms are enhancing operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in 2025-2026 [7] Summary by Sections Financial Performance - Revenue for 2025 is projected at 307.31 billion CNY, with a growth rate of 7.46% [10] - The net profit for 2025 is estimated to be 21.52 billion CNY, reflecting a growth rate of 14.82% [10] - The expected earnings per share (EPS) for 2025 is 2.29 CNY [10] Market Position - Haier's air conditioning retail sales significantly outperformed the industry, with online and offline retail volumes increasing by 76% and 25% respectively in the first four months of 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales and 1.0 percentage points in offline sales [5] Digital Transformation - The launch of the Haier Smart Home AI Data Cloud in Q1 2025 has improved customer interaction and product offerings [6] - The digital inventory model has reduced operational costs for clients, with over 60 new clients introduced to the POP model, resulting in a retail sales increase of over 100% [6] Management and Governance - A new board of directors and executive team has been established, with key appointments including Kevin Nolan for North America and Song Yujun for air conditioning [5][11] - The board has been authorized to repurchase up to 10% of H shares and 30% of D shares [5] Valuation and Forecast - The report maintains profit forecasts for 2025-2027 at 215 billion CNY, 243 billion CNY, and 273 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [7][10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company has seen substantial growth in both domestic and international markets, with a notable increase in retail sales and market share in the air conditioning sector [5][6] - The digital marketing and inventory reforms have enhanced operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in the coming years [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational focus across various regions and product lines [5][11] Financial Performance - The company reported a significant increase in air conditioning retail sales, outperforming the industry average [5] - The expected net profit for 2025 is projected at 21.5 billion CNY, with a consistent growth trajectory in subsequent years [7][10] Digital Transformation - The launch of AI data cloud has improved customer interaction and product offerings, leading to successful new product launches [6] - The digital inventory model has reduced operational costs for clients, resulting in a substantial increase in retail sales through new channels [6] Dividend Policy - The company maintains a high dividend payout, with a projected dividend yield of 4.8% for 2025, supported by a robust cash flow [7][10] Valuation Metrics - The report forecasts a price-to-earnings (P/E) ratio of 11 for 2025, indicating a favorable valuation compared to historical performance [7][10][14]

"要更好凝聚服务群众，健全群众利益协调机制，提高公共服务水平，用心用情解决群众急难愁盼问题。要突 出抓基层、强基础、固根本，推动资源、服务、管理下沉，确保社会治理各项工作纵向到底、横向到边。" ——习近平 核心提示 一个国家治理体系和治理能力的现代化水平，很大程度上体现在基层。打通基层治理"神经末梢"，办好一件 件群众身边的小事儿，才能切实提升人民群众的获得感、幸福感、安全感。5月21日，本报记者深入兰考县政 务服务中心、淅川县九重镇邹庄村、尉氏县张市镇、濮阳县庆祖镇西辛庄村，探访基层高效能治理的鲜活做 法。 数字赋能用心服务 "没带身份证，原以为要白跑一趟，没想到刷个脸就把业务办了！"5月21日，兰考县居民李先生前往该县政务 服务中心办理住房公积金业务，"高效办成一件事"服务窗口工作人员现场指导他通过人脸比对授权获取电子 身份证，顺利完成了业务办理。 "刷脸办"是今年兰考县政务服务中心打造"无证明城市"新推出的一项服务。 2014年3月17日下午，习近平总书记到兰考县为民服务中心考察时，对中心工作人员说，服务中心不是万能 的，各地效果也不一样。作为一种积极探索，硬件好固然好，但关键是服务要到位，根本要像焦裕 ...

Core Insights - The management of Luzhou Laojiao stated that the current "five-in-one" strategy is becoming a burden, with diminishing marginal effects of digitalization, particularly in the high-end liquor segment, which is struggling to achieve above-industry-average growth [1] - The company is focusing on a significant overhaul of its management system as part of its digital transformation, which is considered to be ahead of the industry [1] Group 1 - The company has shifted its sales strategy from a "left-side strategy" focused on channel push to a "right-side strategy" that enhances consumer engagement through bottle scanning [1] - Digitalization is being leveraged through tools such as channel digitalization, consumer digitalization, and personnel digitalization to improve marketing management capabilities and support precise marketing decisions [1] - The management emphasized close collaboration with distributors, adjusting sales targets and market policies dynamically to ensure reasonable profit margins for clients and promote healthy market development [1] Group 2 - In response to concerns about the stability of mid-tier products, the management highlighted the importance of a matrix product structure to adapt to market changes, with a focus on the Guojiao 1573 brand to drive the development of mid-tier products [2] - The company aims to implement consumer membership management and focus on core markets while exploring opportunities in emerging markets, striving for the revival and value return of the Luzhou Laojiao brand [2] - The management disclosed that the top three regional markets for sales are North China, Southwest, and East China, as reported in the annual report [2]

来自国网太仓市供电公司的数据显示，截至5月7日，太仓"人户分离"水电气阶梯价线上办已受理 141件，让市民既省时间又省钱。 长期以来，水、电、气等公共服务分属不同企业，群众办理开户、过户、缴费等业务需多头跑、重 复提交材料，流程繁琐。如何破解这一痛点？苏州以优化营商环境为契机，联合供水、供电、供气企 业，打破数据壁垒，整合服务资源，推出集成联办服务，让企业和群众从"跑多次"变为"跑一次"，甚 至"零跑腿"。特别是今年，太仓、昆山、苏州高新区、常熟经济技术开发区等相继推出"水电气阶梯价 一件事"一次办服务，通过数字赋能、部门协同、服务前移等创新举措，让便民惠企政策真正落地见 效。 从"群众跑腿"到"数据代跑" 昨天（5月12日）上午，太仓市民赵先生通过"太e办"小程序顺利办理了"人户分离"的"一户多人 口"水电气阶梯价基数调整，全程零跑腿的体验让他连连点赞。 在太仓，国网苏州太仓市供电公司联合当地政府部门推出的"水电气阶梯价一件事"一次办服务，将 原本需要跑供电、水务、燃气三个部门的业务整合到"太e办"一个平台。市民只需上传一次材料，后台 自动分发给三家单位并联审批，彻底告别了"重复提交、多头奔波"的烦恼。 同 ...

转自：新华财经 建行广西区分行始终秉持"金融为民"的初心，聚焦公积金服务创新、渠道体验优化和政银协同共建，多 维度打造"便捷有温度、惠民有深度"的公积金服务新范式，助推住房公积金事业高质量发展。 产品升级惠民生 为精准满足公积金缴存群体的消费需求，建行广西区分行对"建易贷"产品进行全方位升级。作为专为公 积金缴存客群定制的个人消费贷款产品，"建易贷"新增5年期"先息后本"还款方式，并将自主支付额度 提升至50万元，同时利率最低降至3.0%，形成"低息+长周期+高额度"的服务组合。通过大数据精准授 信模型，客户可前往营业网点"一站式"完成额度测算、在线申请及资金支用，全流程实现"无纸化、智 能化"操作。产品升级后，在延长还款周期、降低月供压力、提高资金使用灵活度的同时，精准适配装 修、教育、医疗等多元消费场景，让公积金缴存客户的信用价值转化为实实在在的消费动能，实现金融 服务与民生需求的高效对接。 南宁某事业单位职工张先生近期通过建易贷解决了资金周转难题："原来还担心大额消费贷款月供压力 大，所以迟迟不敢申请，没想到现在5年期还能选择先息后本，这样下来，我的压力将近减轻了一 半！"张先生将资金用于房屋翻新及子女 ...

以下文章来源于商业弧光 ，作者苗正卿 商业弧光 . 听风者，捕光人，最准点的商业节拍 "Kelly想打破部门的墙"。 作者：苗正卿 来源：商业弧光 在杭州市萧山区恒盛路上最大的厂房门口，一块数米长的门牌石后正是娃哈哈"桥南基地"，这里是眼下娃哈哈实际上的"决策中 心"。 娃哈哈董事长、总经理宗馥莉大部分时间都在此办公，她的二十余位核心下属，也大多在此拥有办公点：娃哈哈内部最为重要的五 大中心一号位（即营销、生产、研究、管理、政务五大中心的一号位：五大中心总监）、隶属于五大中心的各个部门部长、以及隶 属于部门的核心科室的科长。这二十余人构成的三级管理体系，围绕着宗馥莉，在娃哈哈桥南基地形成一个"运转系统"，承担着今 天娃哈哈的"骨干"与"大脑"之职。 此地，距离娃哈哈创始人宗庆后起家的上城区清泰街 160 号那个六层小楼有22公里。 桥南基地最早是宏胜饮料（下称"宏胜"）的厂区所在，这里其实是宗馥莉作为娃哈哈接班人时的"东宫"。在娃哈哈内，人们一般称 呼宗庆后为老宗总，称呼宗馥莉为"小宗总"或"Kelly总"。（虎嗅注：宗馥莉英文名为Kelly Zong） 早在2003年，宗馥莉就开始独立执掌宏胜。于是乎，桥南 ...

自去年7月1日"综合监管e码查"小程序启动以来，截至2025年3月底，全市扫码检查29.3万次，重复检 查、低效检查提示阻断成功率达88%。 与此同时，北京市市场监管局扩大"无事不扰"清单范围，将专精特新、小巨人、人工智能、大型企业总 部等重点行业企业纳入"无事不扰"企业清单，截至2025年3月，全市"无事不扰"企业总量达到23.1万， 占全市企业总量的10.25%。首批"无事不扰"企业被检查量环比下降79.1%。 北京商报讯（记者 付斌）4月27日，北京市市场监管局召开了以"深化市场监管数字化改革"为主题的新 闻发布会。在推动涉企检查规范高效方面，全市非现场检查量占比达40.9%；自启动"综合监管e码查"小 程序，重复检查、低效检查提示阻断成功率达88%；全市"无事不扰"企业总量达到23.1万。 北京市市场监管局大力推行非现场监管。推动49个监管部门广泛应用数据比对、远程检查、企业自主提 交材料等八种非现场监管方式，以科技手段赋能高效精准监管，将现场检查转变为"不见面""非接触"式 监管。截至2025年3月，全市非现场检查量占比达40.9%，实现1682项监管数据跨部门共享共用，为企 业减负成效明显。 在健 ...

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