Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance remains robust, with a proposed cash dividend of RMB 35 per 10 shares, resulting in a dividend payout ratio of 69.31%. Additionally, the company plans to repurchase shares at a price not exceeding RMB 100 per share, with a total repurchase amount between RMB 5 billion to RMB 10 billion [6] - The company achieved total revenue of RMB 409.08 billion in 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of RMB 38.54 billion, up 14% year-on-year [6] - The company continues to implement a dual high-end brand strategy with "COLMO + Toshiba," achieving over 45% year-on-year growth in high-end brand retail sales [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is RMB 447.46 billion, with a year-on-year growth rate of 9.4% [5] - Net profit attributable to shareholders is projected to be RMB 42.48 billion in 2025, reflecting a year-on-year increase of 10.2% [5] - The company maintains a gross profit margin of approximately 26.4% for 2024, with a slight decrease of 0.1 percentage points year-on-year, while the net profit margin improved to 9.52%, an increase of 0.45 percentage points year-on-year [6] Business Segment Performance - In 2024, the domestic retail market for home appliances is expected to reach RMB 907.1 billion, growing by 6.4% year-on-year, with specific segments like refrigerators and washing machines showing significant growth [6] - The company's domestic sales reached RMB 238.11 billion, up 7.7% year-on-year, while overseas revenue was RMB 169.03 billion, increasing by 12% year-on-year [6] - The company's smart home (To C) business generated revenue of RMB 269.53 billion in 2024, a year-on-year increase of 9.4% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 27.16 CNY [1]. Core Views - The company has shown steady revenue growth throughout the year, driven by ongoing digital transformation efforts that enhance efficiency [1]. - The company is expected to achieve a revenue of 285.98 billion CNY in 2024, with a year-on-year growth rate of 4.3% [7]. - The net profit attributable to the parent company is projected to be 18.74 billion CNY in 2024, reflecting a year-on-year increase of 12.9% [7]. - The company is focusing on domestic demand through initiatives like the "old-for-new" appliance exchange program, which has positively impacted revenue growth [7]. - The global strategy continues to deepen, with significant growth in emerging markets, particularly in Southeast Asia and South Asia [7]. - Digital transformation is driving cost optimization and improving profitability, with a gross margin of 27.8% in 2024, up 0.3 percentage points year-on-year [7]. Financial Summary - Revenue projections for 2024-2027 are as follows: - 2024: 285.98 billion CNY - 2025: 302.73 billion CNY - 2026: 320.57 billion CNY - 2027: 339.56 billion CNY - The net profit attributable to the parent company is expected to grow from 18.74 billion CNY in 2024 to 28.01 billion CNY in 2027 [2][8]. - Earnings per share (EPS) are projected to increase from 2.00 CNY in 2024 to 2.99 CNY in 2027 [2][8]. - The company maintains a return on equity (ROE) of approximately 16% over the forecast period [2][8]. Business Performance - Domestic revenue reached 1416.8 billion CNY in 2024, a 13.7% increase year-on-year, driven by the "old-for-new" program [7]. - Overseas revenue was 142.9 billion CNY, marking a 5.3% increase, with notable performance in emerging markets [7]. - The company has implemented a share buyback plan and increased its dividend payout ratio to 48.01% of the net profit for 2024 [7].

股票代码：000651 股票简称：格力电器 公告编号：2025-008 珠海格力电器股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 会。 公司于 2025 年 2 月 24 日召开第十二届董事会第二十六次会议审议通过了《关 于召开 2025 年第一次临时股东大会的议案》。 国公司法》《上市公司股东大会规则》等法律、行政法规、部门规章、规范性文件 以及《珠海格力电器股份有限公司章程》的相关规定。 （1）现场会议时间：2025 年 4 月 22 日（星期二）下午 15:30。 （2）网络投票时间：2025 年 4 月 22 日（星期二）。其中，通过深圳证券交 易所交易系统进行投票的时间为：2025 年 4 月 22 日的交易时间，即 9:15-9:25， 为：2025 年 4 月 22 日 9:15 至 15:00 期间的任意时间。 （1）在股权登记日持有公司股份的普通股股东或其代理人。于股权登记日 册的本公司全体股东均有权出席本次股东大会，并可以以书面形式委托代理人出席 会议， ...

Core Viewpoint - Midea Group has achieved record highs in revenue, profit, and cash flow for the year 2024, reflecting its strong operational resilience and growth potential in a new economic cycle [1] Financial Performance - Midea Group reported total revenue of 409.1 billion yuan for 2024, a year-on-year increase of 9.5% [1] - The net profit attributable to shareholders reached 38.5 billion yuan, marking a 14.3% year-on-year growth, the largest increase since 2019 [1] - Operating cash flow for the year was 60.5 billion yuan, indicating strong cash generation capabilities [1] Shareholder Return Initiatives - Midea Group announced a significant share repurchase plan, intending to buy back shares worth between 5 billion to 10 billion yuan by 2025, supported by a bank loan commitment of up to 9 billion yuan [1] - The planned repurchase is the largest implementation scheme since the introduction of stock repurchase financing in the A-share market [1] Dividend Policy - The company has proposed a cash dividend plan for 2024, distributing 35 yuan per 10 shares (including tax), totaling 26.7 billion yuan, which is nearly 30% higher than the previous year [3] - The dividend payout ratio is approximately 70% of the net profit attributable to shareholders, an increase of 8 percentage points from the previous year [3] - Since its overall listing in 2013, Midea Group has distributed over 134 billion yuan in dividends, with an average payout ratio exceeding 50% [3] Future Shareholder Return Planning - Midea Group has outlined a three-year shareholder return plan from 2025 to 2027, committing to implement cash dividends and share repurchases twice a year [4] - This plan aims to enhance the frequency of dividends, providing more stable return expectations for investors [4]

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price based on the last closing price of 27.16 [1][7]. Core Views - The report highlights a steady performance in Q4 2024, with a focus on the potential of AI and emerging market opportunities [1][7]. - The company achieved total revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.29%, and a net profit of 18.74 billion yuan, up 12.92% [4][9]. - The report anticipates continued growth in revenue and net profit for the years 2025 to 2027, with projected net profits of 21.04 billion yuan, 23.50 billion yuan, and 26.02 billion yuan respectively [9][12]. Financial Performance - In Q4 2024, the company reported total revenue of 83.01 billion yuan, a 9.88% increase year-on-year, and a net profit of 3.59 billion yuan, up 3.96% [4][5]. - The gross margin for 2024 was 27.8%, reflecting a 0.3 percentage point increase, while the net margin for Q4 was 4.99%, down 0.53 percentage points [6][12]. - The company plans to distribute a cash dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, with a dividend payout ratio of 48.01% [4][7]. Market and Product Insights - The report indicates that the domestic market is benefiting from a trade-in policy, which is expected to boost short-term demand, while emerging markets present structural opportunities [7][9]. - The revenue growth for major product categories in 2024 was as follows: refrigerators +1.96%, washing machines +2.87%, air conditioners +7.44%, kitchen appliances -1.15%, and water appliances +4.93% [5][6]. - The company’s domestic revenue reached 141.68 billion yuan, growing 3.12% year-on-year, while overseas revenue was 142.90 billion yuan, up 5.32% [5][6]. Future Projections - The report projects revenue growth rates of 7.20%, 5.60%, and 5.20% for the years 2025, 2026, and 2027 respectively [9][12]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.24 yuan, 2.50 yuan, and 2.77 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12.11, 10.84, and 9.79 [9][12].

3月底，海尔智家（600690）与美的集团（000333）相继披露2024年财报。美的集团营收突破4000亿 元，B端业务营收首破1000亿元，不过机器人业务营收出现下滑。海尔智家空调业务营收增长最快。 美的集团与海尔智家净利润增速均高于营收增速，加码回馈股东。美的集团计划现金分红267亿元，较 上年度份额金额高出近30%。海尔智家分配现金红利89.97亿元，占归母净利润比例近半。 2010年美的首次突破1000亿元，跻身"千亿元俱乐部"。2017年超过2000亿元，用时7年。2021年超过 3000亿元，用时4年。2024年超过4000亿元，用时3年。 包括暖通空调和消费电器等智能家居仍是美的集团主要营收来源，2024年美的集团智能家居营收 2695.32亿元，同比增加9.41%。美的"COLMO+东芝"双高端战略，零售额同比增长超45%。 2024年，美的借助已建立规模快速增长的商业及工业解决方案业务，B端业务2024年收入达到1045亿 元，首次突破千亿大关，收入占总营收的比重从2020年的18.5%提升至25.5%。 不过，包括库卡机器人在内的机器人与自动化业务营收仍存在压力，美的集团机器人与自动化业 ...

Core Viewpoint - Midea Group has proposed a profit distribution plan for the fiscal year 2024, which includes a cash dividend of 35 yuan per 10 shares, pending approval at the upcoming annual shareholders' meeting [1][4]. Summary by Sections 1. Approval Process - The profit distribution plan was approved by the fifth board meeting and the fifth supervisory board meeting on March 28, 2025, and is subject to approval at the 2024 annual shareholders' meeting [1][4]. 2. Profit Distribution Plan Overview - The consolidated net profit attributable to the parent company for 2024 is 38,537,237,000 yuan, while the parent company’s net profit is 28,517,064,000 yuan. After accounting for undistributed profits and previous distributions, the actual distributable profit for the parent company is 35,653,818,000 yuan [1][2]. 3. Cash Dividend Details - The total number of shares is 7,631,903,546, and the total cash dividend amounts to 26,711,662,411 yuan, with a distribution of 35 yuan per 10 shares (tax included). The dividend will be adjusted based on the number of shares on the record date [2][4]. 4. Historical Comparison - The cash dividend for 2024 is significantly higher than previous years, with 20,780,277,723 yuan in 2023 and 17,187,651,820 yuan in 2022. The total amount of shares repurchased and canceled in 2024 is 6,048,232,607 yuan [3][5]. 5. Compliance and Governance - The profit distribution plan complies with relevant laws and regulations, including the Company Law and accounting standards. The board and supervisory committee have both expressed support for the plan, emphasizing its alignment with the company's long-term development and shareholder interests [5][6].

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 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 1 / 247 海尔智家股份有限公司 2024 年年度报告 ...

Core Viewpoint - The industrial enterprises' revenue and profit growth rates have both declined in the first two months of 2025, indicating a deterioration in profitability and operational pressure on companies [1][7][14]. Revenue and Profit Growth - In January-February 2025, the revenue of industrial enterprises grew by 2.8%, a decrease from the previous month [1][9]. - Profit growth recorded a decline of -0.3%, dropping over 10 percentage points compared to the previous month, with a two-year average growth rate also showing a downturn [1][7]. Production and Sales Performance - The production and sales rate of industrial enterprises reached a ten-year low for the same period, influenced by the early Spring Festival holiday [3][14]. - The asset-liability ratio of enterprises hit a ten-year high, indicating increased operational pressure [3][14]. Inventory Trends - The nominal inventory growth rate increased to 4.2%, while the actual inventory growth rate rose to 6.5%, reflecting a recovery in inventory levels [5][14]. - Certain midstream manufacturing and downstream consumer goods industries are still in the process of restocking, while industries like paper, chemicals, and synthetic fibers are actively reducing inventory [5][8]. Industry-Specific Insights - The consumer goods sector, particularly in automotive and home appliances, showed significant improvement, driven by government policies such as vehicle replacement subsidies [8][9]. - The mining industry experienced a substantial decline in profit growth, while the raw materials sector continued to recover, and consumer goods industries saw notable profit increases [7][8]. Cost and Profit Margin Analysis - The cost per 100 yuan of revenue for industrial enterprises was 85.11 yuan, with expenses at 8.56 yuan, showing a slight decrease from the previous month [9]. - The revenue profit margin for industrial enterprises fell to 4.53%, down 0.8 percentage points from the previous month, influenced by seasonal factors [9].

DeepSeek的横空出世，正让AI应用进入加速爆发期，家电行业也因其丰富的应用场景迎来前所未有的变革。近日的中国家电及消费电子博览会AWE2025， 则成为了各大家电企业大秀AI肌肉的重要舞台。 AI是此次AWE的主旋律，作为家电龙头的海信，也以"AI Your Life"为主题，设置AI显示、AI家电、AI家庭、AI城市等展区，集中展示海信在"AI+"浪潮下 的最新创新成果。 电视是海信的王牌产品，AWE期间，海信发布了全球首款RGB-Mini LED电视。 据悉，与传统Mini LED不同，RGB-Mini LED采用红、绿、蓝三色独立驱动的LED背光，直接输出高纯度色彩，无需量子点转换，从而在色彩表现、亮度和 能效上实现了显著提升。 海信大秀AI肌肉 "AI Your Life"。 作者 | 黄昱 编辑 | 王小娟 依托海信星海大模型，海信白电也在变得更懂消费者，打造了AI空气管家、AI美食管家、AI洗护管家三大差异化产品。 据悉，今年2月，海信自研的星海大模型接入DeepSeek后，进一步强化了个性化搜索和智能决策能力，尤其在智慧生活场景中实现了更精准的用户需求匹 配。 例如，搭载大模型后，海信致力 ...