全球智慧家庭解决方案市场正经历结构性增长。弗若斯特沙利文数据显示，该市场规模预计将以21.9% 的年复合增长率，从2024年的886亿美元扩张至2029年的2380亿美元。在这一广阔市场中，面向企业客 户（主要为电信运营商、内容平台及房地产前装市场）的细分赛道，因其规模化、标准化特性，成为产 业基础设施的关键组成部分，约占据14.7%的市场份额。 与谷歌的深度合作是典型案例。自2017年成为中国首批获得Google Android TV认证的企业，至2023年 成为全球首家获得Google TV投影产品认证的ODM，华曦达借此确保了核心产品能无缝接入全球主流的 智能电视生态。 这一认证资质不仅是技术门槛的体现，更直接转化为市场通行证。此外，获得Netflix、Amazon Prime Video等内容巨头的官方授权，使华曦达硬件在电信运营商集采中具备显著优势，能够提供即开即用的 合规内容服务，这构成了公司解决方案的"软性"竞争力。 2、渠道与需求洞察，绑定产业核心枢纽 华曦达与全球顶级电信运营商的紧密合作，是公司业务的根本渠道。这种合作模式使公司能直接对接大 规模、稳定性的订单需求，并持续获取一线市场反馈，驱 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 79.118 billion yuan in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to the parent company was 5.487 billion yuan, up 15.09% year-on-year, while the net profit excluding non-recurring items was 5.364 billion yuan, reflecting a growth of 15.61% year-on-year [2][5]. Summary by Sections Revenue Growth - The company's revenue growth is driven by both domestic and overseas sales, with a 10.06% year-on-year increase in Q1 2025. Domestic market revenue grew by 7.8%, supported by investments in original technology and a strengthened product lineup. The Casarte brand saw revenue growth exceeding 20%. The overseas market revenue increased by 12.6%, with significant growth in North America and emerging markets [10]. Profitability Improvement - The gross margin improved by 0.06 percentage points year-on-year, with both domestic and overseas business margins increasing. The operating profit grew by 12.76% year-on-year due to a reduction in sales and management expense ratios, alongside a slight increase in R&D expense ratio [10]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan for both A-shares and H-shares, with a total investment of 757 million yuan for A-shares and 63 million yuan for H-shares. The performance targets for the plan are set at a return on equity (ROE) exceeding 17.7% for 2025 and 2026 [10]. Financial Forecast - The company is expected to achieve net profits of 21.44 billion yuan, 24.285 billion yuan, and 26.756 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are projected to be 10.96, 9.67, and 8.78 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved an operating revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.29%. The net profit attributable to shareholders was 18.74 billion yuan, a year-on-year increase of 12.92%. The net profit excluding non-recurring items was 17.81 billion yuan, up 12.52% year-on-year. In Q4 2024, the company reported an operating revenue of 83.01 billion yuan, a growth of 9.88% year-on-year, with a net profit of 3.59 billion yuan, increasing by 3.96% year-on-year [5][12][18] Summary by Relevant Sections Revenue Growth - The company experienced steady revenue growth, with the air conditioning business growing by 7.44%, refrigerators by 1.96%, and water appliances by 4.93%. The kitchen appliances segment saw a decline of 1.15%, while washing machines grew by 2.87%. The equipment and channel services business grew by 16.13%. Domestic revenue increased by 3.12%, with the Casarte brand growing by 12% and Leader by 26%. Overseas revenue grew by 5.32%, with emerging markets in South Asia, Southeast Asia, and the Middle East showing significant growth of 21.05%, 14.75%, and 38.25% respectively [5][12][18] Profitability - The company's gross margin improved by 0.31 percentage points to 27.80% in 2024. The gross margin for air conditioning increased by 0.27 percentage points, refrigerators by 0.48 percentage points, and water appliances by 1.07 percentage points. The operating profit for 2024 was 20.23 billion yuan, a year-on-year increase of 15.83%, with an operating profit margin of 7.07%, up 0.70 percentage points [5][12][18] Investment Outlook - The company is positioned as a global leader in large home appliances, leveraging its full-category operational advantages and smart home solutions to meet diverse consumer needs. The company is expected to achieve net profits of 21.44 billion yuan, 24.29 billion yuan, and 26.76 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.9, 10.5, and 9.5 times [5][12][18]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年3月27日 於本公告日期，本公司執行董事為李華剛先生及宮偉先生；非執行董事為俞漢度先 生、李錦芬女士及邵新智女士；及獨立非執行董事為錢大群先生、王克勤先生、李 世鵬先生及吳琪先生。 * 僅供識別 海尔智家股份有限公司 2024 年年度报告摘要 公司代码：600690 公司简称：海尔智家 海尔智家股份有限公司 2024 年年度报告摘要 海尔智家股份有限公司 2024 年年度报告摘要 第一 ...