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].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][11][12]. Core Insights - The home appliance sector is experiencing a recovery driven by government subsidy policies, with offline retail sales of major appliances showing significant growth in early 2025. Online demand for small kitchen appliances has also rebounded [1][2][16]. - In January and February 2025, the total retail sales of home appliances increased by 1.4% online and 10.2% offline year-on-year, with offline sales benefiting from the "old-for-new" subsidy policy [2][17]. - The export value of home appliances in the first two months of 2025 grew by 8% year-on-year, continuing a positive growth trend despite a high base from the previous year [3][26]. Summary by Sections Retail Performance - Offline retail sales of major appliances showed strong growth, with specific categories like air conditioners, refrigerators, and washing machines increasing by 21.4%, 5.5%, and 13.1% respectively in early 2025. Online sales for these categories varied, with some experiencing declines [2][17]. - The small kitchen appliance segment saw a notable recovery in online sales, with January showing a decline of 12.9% and February rebounding by 27.3% [2][17]. Export Trends - The export volume of home appliances reached 6.9 billion units in the first two months of 2025, marking a 9.4% increase year-on-year. The export value in RMB was 1093.9 billion, reflecting a 7.6% increase [3][26]. Company Performance - iRobot reported a significant revenue decline of 44.1% in Q4 2024, facing challenges in major markets such as the US and Europe. The company's gross margin also decreased, indicating pressure on profitability [4][31]. Market Data Tracking - The home appliance sector achieved a relative return of +0.28% this week, outperforming the broader market [5][36]. - Raw material prices for copper and aluminum increased by 1.5% and 0.2% respectively, while cold-rolled steel prices rose by 2.0% [5][37]. Investment Recommendations - The report recommends several companies within the home appliance sector, including Midea Group, Haier Smart Home, TCL Smart Home, and Gree Electric, all rated as "Outperform the Market" [6][12][50].

Core Viewpoint - Dong Mingzhu, the chairwoman of Gree Electric Appliances, emphasizes the importance of digital transformation and AI in the manufacturing sector, advocating for reforms in personal income tax and the regulation of the second-hand appliance market [1][3][6]. Group 1: Personal Income Tax Reform - Dong Mingzhu has consistently advocated for personal income tax reforms since becoming a national representative, suggesting an increase in the basic deduction to 10,000 yuan per month and optimizing the tax rate structure [5][6]. - The reforms aim to enhance the disposable income of the working class, promote social equity, and stimulate domestic consumption, thereby driving economic growth [6][5]. Group 2: Governance of Online Violence and Rumors - Dong proposes a comprehensive governance system for online rumors and violence, including revising the Cybersecurity Law and establishing regulations for internet platforms to manage such content [6]. - She suggests the introduction of specific legal definitions and penalties for online rumors and violence in the new Public Security Administration Punishment Law [6]. Group 3: Regulation of the Second-Hand Appliance Market - Dong advocates for the establishment of legal frameworks to regulate the second-hand appliance market, emphasizing the need for source control, operational behavior regulation, and enhanced enforcement [6]. Group 4: Dong Mingzhu's Leadership and Impact - Dong Mingzhu has transformed Gree Electric Appliances from a struggling company in the 1990s to a leading global air conditioning manufacturer, with revenue surpassing 200 billion yuan in 2023 [10][12]. - Her leadership style is characterized by a rigorous approach to management and a commitment to employee welfare, which has fostered a strong brand identity closely associated with her persona [8][12].

水皮杂谈 一家之言 兼听则明 偏听则暗 跌破万亿 每日看盘 今日A股三大指数缩量盘整，两市共成交9 6 6 4亿，较前个交易日缩量1 8 1 9亿。 其中沪指下跌 0 . 2 4%，收报3 1 6 0 . 7 6点； 深成指几乎平盘，收报9 7 9 6 . 1 8点； 创业板指上涨0 . 3 6%，收报 1 9 8 2 . 4 6点。 市场的活跃度在肉眼可见的继续降低，今天的成交量是自9 2 4政策市以来第一次跌破一万亿， 连续7 3个交易日成交额突破万亿大关后，有史以来持续时间最长的单日成交额超万亿元纪录在 第7 4个交易日被终结。随着成交量的萎缩，各大指数基本上都进入了9 2 7和9 3 0这两个交易日 之间的缺口位置进行补缺。 盘面上，全天两市2 9 9 0家上涨，2 0 0 9家下跌，很勉强在2点4 3分之后拉起来，5 1 0 0 5 0和 5 1 0 3 0 0均在同一时间出现了一波放量，某队维稳的意图明显。中位数涨了0 . 3 3%，微盘股指数 在早盘跳水大跌3 . 0 2%后最终上涨0 . 8 9%。 板块上，采掘行业、贵金属、有色金属、软件开发、医疗器械等涨幅居前，家用轻工、银行、 铁路公路、 ...

水皮杂谈 一家之言 兼听则明 偏听则暗 趋势的力量 每日看盘 今日A股三大指数向下调整，两市共成交11 4 8 3亿，较前个交易日放量3 6 3亿。其中沪指下跌 1 . 3 3%，收报3 1 6 8 . 5 2点；深成指下跌1 . 8 0%，收报9 7 9 5 . 9 4点；创业板指下跌1 . 7 6%，收报 1 9 7 5 . 3 0点。 昨天最后讲大概率再盘一下向下结果盘一下都没有，直接就选择了方向，虽然我们一直讲休 息、轻仓、观望，但当市场真的走出了很差的走势的时候，并没有因为预测对而有一点点开 心，基本只有浓浓的失望，以及对市场越来越多的怀疑。 盘面上，全天两市5 2 8家上涨，4 6 2 1家下跌，仅仅比1月3日好那么一点点，上海2 6 0家上涨， 深圳2 6 8家上涨，又是一个泥沙俱下的走势。中位数跌幅又2 . 8 0%，微盘股下跌3 . 1 8%，中证 2 0 0 0下跌3 . 0 5%，不得不承认的是，或许你还没感受到反弹，反弹就已经结束了。 板块上，全军覆没，东财的行业板块分类8 6个板块全部下跌，商业百货、文化传媒、通信服 务、光伏设备、家电行业、互联网、计算机等跌幅居前。题材热点上，也只 ...