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， ...

Investment Rating - The investment rating for Hisense Visual (600060) is "Outperform" [1] Core Insights - The company's revenue and performance for 2024 met market expectations, with total revenue of 58.53 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 2.25 billion yuan, a year-on-year increase of 7% [6] - The domestic trade-in policy has driven revenue growth, and the company has raised its profit forecast for 2025-2026, expecting net profits of 2.50 billion yuan and 2.76 billion yuan respectively, with corresponding P/E ratios of 12x and 11x [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 53.62 billion yuan - 2024: 58.53 billion yuan - 2025E: 64.18 billion yuan - 2026E: 68.40 billion yuan - 2027E: 73.02 billion yuan - Net profit attributable to shareholders forecast for the same period: - 2023: 2.10 billion yuan - 2024: 2.25 billion yuan - 2025E: 2.50 billion yuan - 2026E: 2.76 billion yuan - 2027E: 3.01 billion yuan [5][8]

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].

Core Insights - Haier Smart Home and Midea Group both released their 2024 financial reports, showcasing significant revenue growth and strategic initiatives in their respective businesses [1][4]. Midea Group Summary - Midea Group's total revenue reached 409.1 billion yuan, a year-on-year increase of 9.5%, with net profit growing by 14.3% to 38.5 billion yuan [2]. - The B-end business revenue surpassed 100 billion yuan for the first time, accounting for 25.5% of total revenue, up from 18.5% in 2020 [2]. - The smart home segment generated 269.53 billion yuan, reflecting a 9.41% increase, while the high-end strategy "COLMO + Toshiba" saw retail sales grow over 45% [2]. - Midea's robotics and automation business faced challenges, with revenue declining by 7.58% to 28.7 billion yuan [2]. - Midea plans to distribute a cash dividend of 26.7 billion yuan, a nearly 30% increase from the previous year, with the dividend amount representing nearly 70% of net profit [3]. Haier Smart Home Summary - Haier Smart Home reported total revenue of 285.98 billion yuan, a 4.29% increase, with net profit rising by 12.92% to 18.74 billion yuan [4]. - The air conditioning segment experienced the fastest growth, while the kitchen appliance sector faced pressure, with overall kitchen appliance revenue declining by 1.15% [5]. - Haier's overseas revenue reached 143.81 billion yuan, a 5.43% increase, with North America contributing 79.53 billion yuan [5]. - The company plans to distribute a cash dividend of 8.997 billion yuan, which constitutes 48.01% of its net profit for the year [5][6].

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].

Core Viewpoint - The article highlights the significant advancements in AI technology showcased by Hisense at the AWE 2025, emphasizing the transformative impact of AI on the home appliance industry and the introduction of innovative products like the RGB-Mini LED TV and AI-enabled home appliances [3][8]. Group 1: AI Innovations - Hisense's theme at AWE 2025 was "AI Your Life," featuring various AI applications across different sectors, including AI displays, home appliances, and smart cities [3][4]. - The company launched the world's first RGB-Mini LED TV, which utilizes independently driven red, green, and blue LEDs for enhanced color purity and energy efficiency, marking a significant improvement over traditional Mini LED technology [3][4]. - The RGB-Mini LED TV is powered by Hisense's self-developed AI image quality chip, the H7, which features an industry-first RGB color control algorithm, achieving a precision control of 3*26 bits and 15,680 points for high color accuracy [3][4]. Group 2: AI-Enabled User Experience - Hisense is shifting its AI TVs from passive adjustment to active service, allowing users to access tailored features for different viewing scenarios with a simple press of the AI button on the remote [4][5]. - The company collaborated with Tsinghua University's Intelligent Industry Research Institute to release the "AI TV White Paper," which outlines a five-level standard for AI TV intelligence and predicts that the penetration rate of AI TVs will exceed 70% by 2024 [5][6]. - Hisense's AI capabilities extend to its white goods, introducing products like AI Air Manager, AI Food Manager, and AI Laundry Manager, which leverage the Star Sea model for personalized user experiences [6][7]. Group 3: Enhanced Interaction and Functionality - The AI Air Manager can manage indoor air quality by integrating various environmental and user behavior data, allowing for precise control of temperature, humidity, and air quality [6][7]. - The AI Food Manager in Hisense refrigerators uses AI to assess food freshness and generate storage recommendations, while also providing dietary suggestions and cooking guidance [7]. - The AI Laundry Manager simplifies the laundry process by understanding user commands in natural language, allowing for tailored washing programs based on specific garment needs [7][8].

Investment Rating - The report does not explicitly state an investment rating for the home appliance industry or the specific company being analyzed [1]. Core Insights - The company is focusing on health technology, emphasizing a strategy of "technology empowering health" and is committed to continuous innovation [18]. - The company is collaborating with research institutions to develop a head massager that integrates brainwave detection and big data algorithms [18]. - The company expects to turn a profit in 2024 by implementing cost reduction and efficiency improvement measures, including adjusting sales strategies and product structures to enhance gross margins [19]. Summary by Sections 1. Basic Research Information - The research was conducted on March 6, 2025, focusing on the home appliance industry, specifically the company Beiqing Song [13]. 2. Detailed Research Institutions - The research involved institutions such as Guosheng Securities, Hongtu Innovation Fund, and Industrial Securities [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16]. 4. Main Content Information - The company is leveraging advanced technologies to maintain its leading position in smart health hardware [18]. - The company has successfully reduced sales expenses and improved operational efficiency, contributing to its expected profitability in 2024 [19].