Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points Global Operations and Supply Chain - Haier has established a global integrated research, production, and sales system, effectively mitigating currency and shipping risks while enhancing supply chain efficiency [2][3] - The company operates over 160 million units of production capacity, with 130 industrial parks and 163 manufacturing centers globally, creating a self-circulating production system [2][3] Performance in Emerging Markets - In 2024, Haier's revenue in the South Asia market reached 11.525 billion yuan, a year-on-year increase of 21.5%, with India showing over 30% growth [2][4] - The high-end brand Casarte achieved a retail revenue growth of 12% in 2024, with a 65% increase in suite sales [4][10] - The Leader brand, targeting cost-effective markets, saw a 26% increase in sales in 2024 [4][10] Financial Performance - Haier's financial performance remains robust, with a revenue growth rate exceeding 10% in Q1 2025, and nearly 50% of revenue coming from overseas [2][7] - The traditional home appliance business continues to lead, contributing over 68% of total revenue, while the smart building business grew over 15% globally [7] - The net profit attributable to the parent company is expected to reach 21.3 billion, 23.8 billion, and 26.3 billion yuan for 2025-2027, with corresponding EPS of 2.27, 2.54, and 2.80 yuan [4][17] Impact of Tariffs - Tariff impacts on Haier are relatively limited due to early investments in local production capacity in the U.S. and diversified overseas production [6] - The company has successfully transferred some production capacity to countries like Thailand, mitigating risks associated with U.S. tariffs on Southeast Asian imports [6] Innovations in Smart Technology - Haier is innovating in smart technology through the "Three Wings Bird" platform, offering customized smart home solutions [9] - The launch of the AI Eye series, including AI refrigerators and washing machines, enhances user experience and engagement [9] Sales and Marketing Strategy - The company has 126 marketing centers and over 230,000 sales outlets, covering mainstream channels and professional markets [15] - Haier's acquisition of Quick, a historical water heater brand in South Africa, enhances its market expansion potential [15] Regional Market Performance - North America: 2024 revenue reached 79.529 billion yuan, with a steady growth in appliance sales [16] - Europe: 2024 revenue was 32.089 billion yuan, growing 12.42%, outperforming industry growth rates in Eastern and Western Europe [16] - Japan: 2024 revenue was 3.426 billion yuan, with market share increases in refrigerators and freezers [18] Future Outlook - The company maintains a "buy" rating, with attention to risks in overseas operations, including currency fluctuations and economic slowdowns [17] - Haier's strengths in integrated research, production, and sales, along with deep global integration, position it well for future growth [17]

Group 1: Advanced Manufacturing Sector - The sales of Zeekr cars have significantly declined, with June sales at 16,702 units, a year-on-year decrease of 16.93%, and a total of 90,740 units sold in the first half of 2025, reflecting a growth of only 3.26% compared to the previous year, which is a stark drop from the 106.1% growth rate in 2024 [1][2] - The brand's reliance on a few popular models, particularly the Zeekr 001 and 7X, which accounted for nearly 70% of total sales in 2024, has led to market share erosion due to increased competition from models like Xiaomi SU7 and XPeng P7i [2] - Frequent quality issues have undermined brand trust, with Zeekr 001 receiving a high number of complaints related to battery failures and unfulfilled smart driving features [2] Group 2: Consumer Sector - Ecovacs has reported a significant increase in performance for the first half of 2025, with net profit expected to be between 960 million to 990 million yuan, representing a year-on-year growth of 57.64% to 62.57% [4] - The strong performance is closely tied to the robust sales of the company's vacuum cleaner business, which saw a 51% increase in online sales in the second quarter of 2025 [4] - The market for vacuum and washing machines continues to thrive, driven by government subsidy policies, with online sales for these categories growing by 36% and 41% respectively in the second quarter of 2025 [4]

Group 1 - The article discusses the integration of production, sales, and research in Haier Smart Home, emphasizing its global deep integration strategy [1] - It highlights the upcoming discussions on investment opportunities in the rare earth industry, indicating a focus on sector-specific growth [1] - The article mentions a dialogue with Zhongke Haixun about deep-sea technology, showcasing advancements in marine technology [1] Group 2 - An update on the recent status of Xinshi Company is scheduled, indicating ongoing corporate communications and transparency [1] - The article notes an exchange with Haopeng Technology Company, reflecting engagement with technology firms [1] - A Q3 update on the banking and non-banking sectors is planned, suggesting a focus on financial sector analysis [1][2] Group 3 - Research on the pet health and protection industry is set to take place, indicating a growing interest in the agricultural sector [2] - A review and update of the industry allocation model is scheduled, reflecting ongoing analysis and adjustments in investment strategies [2]

Core Insights - The widespread adoption of household embodied intelligent service robots is expected to occur after 2030, with home appliance companies needing to address weaknesses in AI algorithms and motion control to capitalize on this opportunity [1][9][10] Group 1: Industry Trends - Leading home appliance companies, including Midea, Haier, and Hisense, are accelerating their investments in humanoid robots, viewing this as a new growth avenue [1][3][5] - Midea plans to invest at least 50 billion yuan in R&D over the next three years, focusing on AI models, robotics, and health care [3] - Haier is exploring partnerships in the robotics sector and has already made strides in cleaning robots, with future plans for humanoid robots [4][5] Group 2: Competitive Landscape - Hisense has expanded its business scope to include the development of intelligent and service robots, and is involved in national robotics standardization efforts [5] - Other companies like Ecovacs and Roborock are also entering the humanoid robot space, leveraging their existing expertise in cleaning robots [5][9] - The competition is characterized by a mix of traditional home appliance manufacturers and specialized cleaning robot companies, each with distinct advantages and challenges [9] Group 3: Strategic Considerations - Home appliance companies possess advantages such as extensive household data, brand recognition, and supply chain management, which can facilitate the development and commercialization of humanoid robots [8][9] - The transition to humanoid robots is seen as a natural extension for cleaning robot companies, which already have experience in navigation and environmental sensing technologies [9] - The industry is expected to evolve with different paths for home appliance giants focusing on comprehensive service solutions, while cleaning robot firms may prioritize specific functional modules [9]

证券代码：002668 证券简称：TCL 智家 公告编号：2025-032 广东 TCL 智慧家电股份有限公司 近日，公司通过京东网司法拍卖平台获悉，上述株信睿康持有的 3,500 万股 公司股票将于 7 月 22 日 10 时至 2025 年 7 月 23 日 10 时被深圳中院以起拍价 详见深圳中院京东网司法拍卖平台（https://paimai.jd.com/308865438）上公示的相 关信息。现将第二次拍卖的主要情况公告如下： 关于持股 5%以上股东部分股份被第二次司法拍卖的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 是否为控 一次拍卖起拍价的 80%）进行第二次司法拍卖。 变更过户等环节，拍卖结果仍存在不确定性。公司将持续关注该事项的进展，按 照法律法规及时履行信息披露义务。 份司法拍卖成功与否不会导致公司控制权发生变更，不会对公司治理结构及持续 经营产生影响。 一、股东所持公司股份被司法拍卖的基本情况 广东 TCL 智慧家电股份有限公司（简称"公司"）股东武汉株信睿康科技 有限责任公司（简称"株信睿康"）因合同纠纷， ...

Group 1: Domestic Market Strategy - The company continuously optimizes its sales network and service system to enhance marketing capabilities, focusing on five key initiatives: promoting quality products, strengthening channels, enhancing collaboration, improving efficiency, and controlling risks [1] - The marketing strategy includes building differentiated products and integrating online and offline promotional resources [1] - The company aims to solidify its basic channels, outperform retail channels, and expand incremental channels [1] Group 2: Overseas Business Development - In 2025, the company will focus on product innovation, emphasizing large capacity, multi-temperature zones, high energy efficiency, and low noise in its refrigerator offerings [1] - The marketing strategy will be user-centered, enhancing customer cooperation efficiency and aligning with large customer demands [1] - The company plans to accelerate brand expansion based on its ODM business foundation [1] Group 3: Air Conditioning Market Strategy - The company will leverage AI technology to enhance user experience and differentiate product design in the domestic air conditioning market [2] - Key products include "all dust-free" and "kitchen cabinet" models, along with strategic flagship products and a series of "Panda Lazy" products [2] - Increased market investment will be made through event marketing and new media to boost brand awareness and reputation [2] Group 4: Innovation and Growth Plans - The company will drive industry development through innovation in technology, products, manufacturing, and management [2] - The 2025 operational plan aims for dual growth in scale and profit, ensuring a healthy growth trend with profitable scale expansion [2] - The focus will be on resource integration, enhancing market foundations, and accelerating digital and intelligent transformation for high-quality development [2]

Core Viewpoint - Hisense Electric, a major appliance giant with a market value exceeding 30 billion yuan, has aggressively invested in trust financial products, spending nearly four times its net profit for 2024 within a year, indicating a strong commitment to financial management and investment strategies [1][2][3]. Investment Strategy - Hisense Electric has signed trust agreements totaling 124 billion yuan in the past year, with significant investments in various trust products, showcasing its status as a major player in trust financial management [2][3][5]. - The company has consistently increased its investment in trust products, with total subscriptions rising from 68 billion yuan in 2023 to 111 billion yuan in 2024, and surpassing 124 billion yuan in just the first half of 2025 [5][6]. Financial Performance - In 2024, Hisense Electric reported a revenue of 927 billion yuan, a year-on-year increase of 8.35%, and a net profit of 33.48 billion yuan, up 17.99% [15]. - The company's financial assets grew significantly, with trading financial assets increasing from 26.21 billion yuan in 2020 to 162.09 billion yuan in 2024, contributing to 15% of its net profit [8][9]. Leadership Changes - The appointment of Gao Yuling, a finance expert born in the 1980s, as the new chairperson reflects a trend towards younger leadership within Hisense Group, which is expected to bring fresh perspectives to the company's financial strategies [11][14][19]. - Gao Yuling's background in finance and experience in mergers and acquisitions positions her well to navigate the challenges of both domestic and international markets [19][20]. Market Challenges - The air conditioning market is facing intense competition, with major players like Gree, Midea, and Haier dominating the landscape, putting pressure on Hisense Electric to find new growth opportunities [17][21]. - Despite a decline in operating cash flow and profit margins, Hisense Electric is focusing on innovative products and strategic partnerships to enhance its market position [10][23]. Future Outlook - Hisense Electric aims to expand its overseas market presence, leveraging its past acquisition experiences to optimize its international business structure [20][21]. - The company is also exploring new product offerings, such as AI-driven air conditioning solutions, to capture market share and drive revenue growth [23].

Group 1: Company Innovations - Hisense showcased its advanced technology at CCTV's "Super Production Line," highlighting its transformation from a traditional home appliance manufacturer to a leader in smart living, especially as an official partner for the 2025 World Cup [1] - The introduction of RGB-MiniLED technology in 2025 represents a revolutionary breakthrough in television picture quality, allowing for precise color representation and high dynamic range, effectively solving common color deviation issues found in traditional TVs [3] - The RGB-MiniLED technology utilizes independent red, green, and blue backlight sources, eliminating the need for secondary color conversion, resulting in purer and more vibrant colors while achieving over 20% energy savings compared to QD-OLED and traditional MiniLED technologies [3][4] Group 2: Key Components and Features - The success of the RGB-MiniLED technology is attributed to two key components: the H7 AI picture quality chip, which synchronizes the intensity, timing, and position of RGB light, and a new RGB-Mini LED backlight chip that addresses industrial bottlenecks in efficiency, lifespan, and color purity [4] - Hisense's new air conditioning system, featuring dual-flow fresh air technology and ultra-quiet design, enhances sleep quality by improving indoor air quality and maintaining a comfortable temperature, catering to sports fans who may stay up late [6] - The Hisense vacuum refrigerator employs vacuum magnetic field preservation technology to effectively isolate external air, prolonging the freshness and taste of food, thereby reducing food waste and ensuring families can enjoy fresh ingredients at any time [8] Group 3: Home Appliance Solutions - Hisense's modular three-tub washing machine offers an efficient and convenient solution for handling various types of laundry simultaneously, optimizing load distribution for both large and small items, thus enhancing washing efficiency and user convenience [10]

Core Insights - The Consumer Price Index (CPI) in June increased by 0.1% year-on-year, ending a four-month decline, primarily driven by a rebound in industrial consumer goods prices [2][3] - The Producer Price Index (PPI) showed a stable trend in certain industries, despite a year-on-year decline, indicating improvements in supply-demand relationships [5][6] CPI Analysis - In June, the CPI rose 0.1% year-on-year, with food prices decreasing by 0.3% and non-food prices increasing by 0.1% [2] - The year-on-year decline in industrial consumer goods prices narrowed from 1.0% to 0.5%, contributing less to the CPI's downward pressure [2] - Notably, gold and platinum jewelry prices increased by 39.2% and 15.9% respectively, collectively contributing approximately 0.21 percentage points to the CPI increase [2] PPI Trends - The PPI's month-on-month decline remained unchanged, but the year-on-year decline widened by 0.3 percentage points [5] - Certain industries, such as the manufacturing of gasoline and new energy vehicles, saw price increases of 0.5% and 0.3% respectively, with year-on-year declines narrowing [5] - The prices of photovoltaic equipment and lithium-ion batteries decreased by 10.9% and 4.8% respectively, but the rate of decline has slowed [5][6] Sector-Specific Insights - The rental demand for housing increased during the graduation season, leading to a 0.1% rise in rental prices [4] - High-tech sectors are experiencing price increases, with integrated circuit packaging and testing prices rising by 3.1% [6] - The prices of daily necessities and clothing increased by 0.8% and 0.1% respectively, reflecting a growing demand for high-quality living [5][6]

Core Viewpoint - Chinese home appliance companies are significantly contributing to the development of local talent in Egypt through immersive training and mentorship programs, enhancing both skills and employment opportunities in the region [1][2][3]. Group 1: Company Development - Haier's Egypt Eco-Park spans 200,000 square meters and is located in 10th of Ramadan City, northeast of Cairo, with the first phase set to produce air conditioners, televisions, and washing machines by May 2024 [1]. - The factory currently employs approximately 1,200 workers, with expectations for a substantial increase in workforce as the entire park becomes operational [2]. - The first phase of Haier's project has already captured a certain market share in air conditioning, with rapid growth in television and washing machine sectors [3]. Group 2: Talent Development - The training provided by Chinese experts focuses on human resource development and skill enhancement, which is seen as a unique aspect of Chinese companies [3]. - Employees like Tarek Baligh have benefited from hands-on training and mentorship, allowing them to compete with engineers despite having non-technical backgrounds [1]. - The local team is being trained to achieve localized production of refrigerators and kitchen appliances by the third quarter of next year, which is expected to boost the entire home appliance manufacturing industry in Egypt [3].