Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company achieved a revenue of 302.347 billion yuan in 2025, representing a year-on-year increase of 5.71%. The net profit attributable to shareholders was 19.553 billion yuan, up 4.39% year-on-year, and the net profit excluding non-recurring items was 18.604 billion yuan, an increase of 4.49% year-on-year. In Q4 2025, the company reported a revenue of 68.293 billion yuan, down 6.72% year-on-year, with a net profit of 2.180 billion yuan, a decrease of 39.15% year-on-year [2][5] - The company plans to distribute a cash dividend of 8.867 yuan per 10 shares (tax included) to all shareholders, which, combined with the mid-term dividend already implemented, accounts for 55.0% of the annual net profit attributable to shareholders. The company also announced a shareholder return plan for the next three years (2026-2028), expecting a cash dividend ratio of no less than 58% in 2026 and no less than 60% in 2027-2028 [5][2] Revenue and Profit Analysis - The company's revenue growth in 2025 was driven by various product categories, with air conditioning products increasing by 9.55%, refrigerators by 1.11%, kitchen appliances by 0.51%, water appliances by 10.94%, and washing machines by 3.10%. The revenue from equipment parts and channel services grew by 19.93%. Domestic revenue increased by 3.05%, while overseas revenue rose by 8.15% [5][11] - The gross profit margin for 2025 decreased by 1.16 percentage points to 26.66%. The decline in profit margins was attributed to various factors, including tariffs and competition. The company’s operating profit margin remained stable, with a slight increase of 0.38 percentage points [11][5] Future Projections - The company is expected to achieve net profits attributable to shareholders of 20.381 billion yuan, 21.491 billion yuan, and 23.386 billion yuan for the years 2026, 2027, and 2028, respectively. The corresponding price-to-earnings ratios are projected to be 9.93, 9.42, and 8.66 times [11][5]

Industry Overview - The global smart home solutions market is experiencing structural growth, projected to expand from $88.6 billion in 2024 to $238 billion by 2029, with a compound annual growth rate (CAGR) of 21.9% [1] - The enterprise customer segment, primarily targeting telecom operators, content platforms, and real estate pre-installation markets, constitutes approximately 14.7% of the market share [1] Company Positioning - Shenzhen Huaxida Technology Co., Ltd. (Huaxida) has a clear differentiation in its business model by not directly marketing its own brand products to end consumers, but instead providing smart home solutions as a service provider for global enterprise clients [2] - According to Huaxida's IPO prospectus, the company ranks eighth globally in the enterprise customer smart home solutions market and third among suppliers in mainland China based on 2024 revenue [2] Key Strategies - **Technology Access and Ecosystem Certification**: Huaxida's deep collaboration with Google, becoming one of the first companies in China to receive Google Android TV certification in 2017 and the first ODM to obtain Google TV projection product certification in 2023, ensures seamless integration into mainstream smart TV ecosystems [3] - **Channel and Demand Insights**: Close partnerships with top global telecom operators allow Huaxida to directly access large, stable order demands and continuously gather frontline market feedback, driving product iteration [4] - **Supply Chain and R&D Coordination**: Collaborations with major global chip suppliers ensure stable supply and technological synchronization of core components, which is crucial during global semiconductor fluctuations [5] Strategic Insights - Huaxida's approach reveals an effective globalization strategy in the smart hardware sector, avoiding competition in the consumer brand space and focusing on being a reliable "product and solution enabler" for enterprise clients [7] - The company's future growth relies not only on the expansion of the overall market but also on its ability to deepen ecosystem collaborations and enhance the value of platform services [7]

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 ...