Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 26.38 CNY for the next six months [4]. Core Views - Hisense Home Appliances reported a revenue of 87.93 billion CNY for 2025, a year-on-year decrease of 5.2%, and a net profit attributable to shareholders of 3.19 billion CNY, down 4.8% year-on-year. The Q4 performance showed a significant decline, with revenue of 16.4 billion CNY, down 26.0% year-on-year, and a net profit of 370 million CNY, down 32.5% year-on-year [1][2]. - The company is focusing on enhancing shareholder returns, proposing a cash dividend of 12.65 CNY per 10 shares, totaling approximately 1.75 billion CNY, which represents 54.9% of the net profit for 2025, an increase of 4.1 percentage points year-on-year [3]. Summary by Sections Financial Performance - Q4 gross margin improved to 22.3%, up 2.6 percentage points year-on-year, attributed to better capacity utilization in overseas factories and improved product mix [3]. - Q4 net profit margin was 2.3%, down 0.2 percentage points year-on-year, mainly due to increased expense ratios across sales, R&D, finance, and management [3][9]. - The company expects to improve profitability as operational efficiency in overseas factories increases and product structure continues to optimize [3]. Market Dynamics - Domestic sales were pressured in Q4 due to a sluggish real estate market, impacting central air conditioning revenue, which saw a decline of 2.9% year-on-year for domestic sales [2]. - The home air conditioning segment faced challenges with domestic sales down 21.7% and exports down 51.2% year-on-year [2]. - In contrast, the overseas markets showed promising growth, with revenue from white goods in South America, Europe, and the Asia-Pacific regions increasing by 28%, 22%, and 15% respectively [2]. Future Outlook - The company is accelerating its digital transformation and enhancing smart manufacturing capabilities, which are expected to lead to sustained improvements in production efficiency [4]. - EPS projections for 2026, 2027, and 2028 are 2.64 CNY, 2.89 CNY, and 3.12 CNY respectively, indicating a positive growth trajectory [4][10].

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 海外市場監管公告 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 條而作出。 《海信家電集團股份有限公司 2025 年年度報告》、《海信家電集團股份有限公司 2025 年年度報告摘要》、《海信家電集團股份有限公司 2025 年年度審計報告》已刊載於深圳 證券交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2026 年 3 月 30 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女 士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生； 及本公司的職工代 ...

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，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 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條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年3月30日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 美的集团股份有限公司 2025 年年度报告全文 2025 年年度报告 美的集团股份有限公司 2026 年 3 月 美的集团股份有限公司 2025 年年度报告全文 致股东 2025 年初，我们 ...

Core Viewpoint - Haier Smart Home reported a total revenue of 302.35 billion yuan for 2025, reflecting a growth of 5.72%, and a net profit attributable to shareholders of 19.55 billion yuan, up by 4.33% [1] Group 1: Financial Performance - In Q4 2025, the company experienced a total revenue of 68.29 billion yuan, a decrease of 17.73%, and a net profit of 2.18 billion yuan, down by 39.22%, primarily due to weak demand in the Chinese market and external factors such as U.S. tariff policies and increased market competition [2] - For the full year 2025, domestic revenue reached 146.04 billion yuan, growing by 3.07%, while overseas revenue was 154.55 billion yuan, increasing by 8.15%, indicating stronger growth in international markets [2] - The revenue from various product categories in 2025 included refrigerators at 84.17 billion yuan (+1.11%), washing machines at 64.99 billion yuan (+3.10%), air conditioners at 53.74 billion yuan (+9.55%), kitchen and bathroom appliances at 41.32 billion yuan (+0.51%), equipment parts and channel services at 38.89 billion yuan (+20.05%), and water appliances at 17.47 billion yuan (+10.94%) [2] Group 2: Profitability and Costs - The gross margin in Q4 2025 reached 24.79%, an increase of 4.45 percentage points, indicating significant improvement [3] - The net margin for Q4 2025 was 3.40%, a slight decline of 1.59 percentage points, mainly due to fluctuations in operating expenses [3] - The expense ratios for sales, management, R&D, and financial costs in Q4 2025 were 13.22%, 7.28%, 1.28%, and 0.31%, respectively, with management expenses rising significantly due to one-time costs for enhancing efficiency in the European market and investments in emerging markets [3] Group 3: Investment Outlook - The global smart home industry is accelerating, presenting structural opportunities in emerging overseas markets [3] - The company is advancing its digital transformation, with strong growth in the Casarte brand and robust local market capabilities overseas, supported by IP marketing [3] - Projected net profits for the company from 2026 to 2028 are estimated at 20.79 billion yuan, 22.50 billion yuan, and 24.19 billion yuan, with corresponding EPS of 2.22 yuan, 2.40 yuan, and 2.58 yuan, indicating a favorable valuation with current PE ratios of 10.03, 9.27, and 8.62 times [3]

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points Financial Performance and Projections - **2025 Global Revenue Growth**: Expected to increase by 5.7%, with overseas growth at 8.3% (Europe 20%, South Asia 23.2%), and China at 3.1% [2][3] - **2026 Net Profit Target**: Aiming for low single-digit growth, with profit growth expected to exceed revenue growth [2][13] - **Q1 2026 Expectations**: Anticipated revenue and net profit to show low single-digit negative growth due to policy adjustments and commodity pressures [2][12] Market Performance - **Q4 2025 Performance**: Global revenue declined, with China down 6.7%. Major declines in washing machines, water heaters, and air conditioning [3] - **Overseas Market Performance**: Americas showed slight growth, while Europe and Asia performed well, with Japan and Africa achieving double-digit growth [3] - **2026 European Market Outlook**: Expected to enter a phase of high-quality growth, with significant improvements in market share and profitability [9] Strategic Initiatives - **Supply Chain Optimization**: Manufacturing capacity shifted to Southeast Asia to mitigate tariff impacts, with collaborative R&D between US and China teams [4][13] - **HVAC Business Integration**: Aimed at providing comprehensive solutions to meet user demands, reducing redundant investments, and enhancing efficiency [5][6] - **Digital Transformation**: Focus on AI and digital tools to improve operational efficiency and customer experience [7][8] Shareholder Returns - **Dividend Policy**: Planned dividend payout ratios of 55% in 2026, 58% in 2027, and at least 60% in 2028 [11] - **Share Buyback Plans**: Aiming to repurchase at least 3 billion CNY in A shares and increase buybacks for undervalued H and D shares [11] Challenges and Responses - **Commodity Price Pressures**: Anticipated increases in commodity prices by 13%-15%, leading to a 6% rise in costs and a 3% decline in gross margin [13] - **Tariff Impacts**: Tariffs expected to rise by 41% in 2026, with strategies in place to offset these costs through production shifts and market focus [13] Brand and Market Strategy - **Casarte Brand Growth**: Positioned as a high-end brand, focusing on premium products and unique customer experiences [14] - **Emerging Markets Strategy**: Targeting high-growth regions like India and Southeast Asia with localized products and marketing strategies [10][11] Operational Efficiency - **O2O Model Implementation**: Aiming for direct customer engagement through a new online-to-offline model, enhancing distribution efficiency [8] - **Logistics and Service Integration**: Establishing a "four-in-one" system for logistics, service, supply chain, and manufacturing to improve operational performance [9][10] Conclusion - **Overall Outlook**: Despite challenges from commodity prices and tariffs, Haier Smart Home is positioned for growth through strategic initiatives, market expansion, and a focus on shareholder returns. The company aims to maintain competitive advantages in both domestic and international markets while enhancing operational efficiencies.

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 27.6 CNY [2][8]. Core Insights - In 2025, Haier Smart Home achieved a total revenue of 302.35 billion CNY, representing a year-on-year increase of 5.7%. The net profit attributable to shareholders was 19.55 billion CNY, up 4.4% year-on-year. However, in Q4 2025, revenue was 68.29 billion CNY, down 6.7% year-on-year, and net profit was 2.18 billion CNY, down 39.2% year-on-year [2][4][8]. - The company is facing short-term operational pressure due to external factors, including weak industry demand and intensified competition. However, it is expected to recover as market conditions improve, particularly in the air conditioning sector, which saw a 15% year-on-year increase in sales in 2025 [8][9]. - The report highlights that the company is committed to increasing shareholder returns, with a planned dividend of no less than 58% in 2026 and at least 60% in 2027-2028 [8]. Financial Summary - Total revenue for 2025 was 302.35 billion CNY, with projected revenues of 317.97 billion CNY in 2026 and 333.39 billion CNY in 2027, reflecting growth rates of 5.2% and 4.8% respectively [4][9]. - The net profit for 2025 was 19.55 billion CNY, with forecasts of 20.86 billion CNY in 2026 and 22.57 billion CNY in 2027, indicating growth rates of 6.7% and 8.2% respectively [4][9]. - The earnings per share (EPS) for 2025 was 2.09 CNY, with projections of 2.22 CNY in 2026, 2.41 CNY in 2027, and 2.65 CNY in 2028 [4][9].

Investment Rating - The report suggests a "Buy" rating for the industry, anticipating a future increase of over 15% in the next 3-6 months [49]. Core Insights - The white goods production in April 2026 showed a year-on-year decline of 3.6%, with domestic sales under pressure and export performance varying significantly across categories [2]. - The domestic air conditioning production was 12.70 million units, down 0.5% year-on-year, while refrigerator production fell by 8.2% to 3.41 million units, and washing machine production decreased by 2.4% to 4.10 million units [2][11][12][14]. - Exports of air conditioners dropped by 12.2% to 8.62 million units, while refrigerator exports increased by 5.1% to 4.80 million units, and washing machine exports fell by 3.7% to 4.01 million units [2][12][14]. - The report highlights that the decline in domestic demand is primarily due to reduced policy stimulus effects, weak terminal demand, and high channel inventory, leading manufacturers to control production [2][11]. - The report anticipates a marginal recovery in production as domestic promotional events approach and overseas replenishment seasons begin [2]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index decreased by 1.41%, while the home appliance index fell by 1.86% [3][19]. - Notable stock performances included a 23.96% increase for Beiqing Song, while Haier Smart Home saw a decline of 9.30% [3][19]. Raw Material Prices - Recent data shows a 1.30% increase in copper prices and a 1.25% increase in aluminum prices, with the plastic price index rising by 1.53% [3][24]. - Year-to-date, copper prices have decreased by 4.37%, while aluminum prices have increased by 11.49% [24]. Exchange Rates and Shipping - As of March 27, 2026, the USD to RMB exchange rate was 6.94, with a slight increase of 0.01% for the week [30]. - Container shipping rates have seen a 5.02% increase recently [30]. Real Estate Data - In February 2026, new residential construction area decreased by 23.3% year-on-year, while sales saw a slight increase of 0.9% [34]. Investment Recommendations - Leading brands are expected to achieve stable growth due to their integrated advantages and strong pricing power. The report recommends companies such as TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home for investment [5][47].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [4] Core Insights - Domestic demand is weak, and export performance is mixed, leading to a slight contraction in the production of the three major white goods [7] - The report highlights that the production of air conditioners, refrigerators, and washing machines has decreased by 3.6% compared to the same period last year, with total production in April 2026 amounting to 37.64 million units [7] - The report suggests that the short-term production of domestic sales will remain low and fluctuate, while the export side may see a recovery in certain regions once geopolitical factors diminish [2][7] Summary by Sections Air Conditioners - Total production in April 2026 was 21.32 million units, down 4.9% year-on-year, with domestic production at 12.70 million units, a slight decrease of 0.5% [7] - Export production fell by 12.2% to 8.62 million units, influenced by high raw material costs and reduced dealer inventory due to unclear end-user demand [7] Refrigerators - Total production in April 2026 was 8.21 million units, a minor decline of 0.1% year-on-year, with domestic production at 3.41 million units, down 8.2% [7] - Export production increased by 5.1% to 4.80 million units, driven by low inventory levels in overseas channels and a return of orders to China due to supply chain issues in Southeast Asia [7] Washing Machines - Total production in April 2026 was 8.11 million units, down 3.7% year-on-year, with domestic production at 4.10 million units, a decrease of 2.4% [7] - Export production also fell by 3.7% to 4.01 million units, facing challenges from tariff changes and increased logistics costs due to regional conflicts [7]

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The new consumption sector is witnessing strong performance from leading companies, with growth driven by product upgrades, channel expansion, and brand momentum [2][12] - Operational quality is becoming the core of differentiation in the new consumption landscape, as exemplified by Keep's successful restructuring and profitability improvements [2][12] - Leading companies are accelerating their business model upgrades, shifting from single product focus to IP matrix development, proprietary branding, and comprehensive operational capabilities [2][13] Summary by Sections New Consumption Performance - Multiple new consumption companies have reported annual results, indicating that high-growth sectors like trendy toys, gold jewelry, and brand e-commerce continue to benefit from product upgrades and channel expansion [2][12] - Keep reported a revenue of 1.637 billion yuan for 2025, marking its first annual adjusted profit, driven by the streamlining of low-margin businesses and improvements in supply chain efficiency [2][12] White Goods Production Tracking - In April 2026, the combined production of air conditioners, refrigerators, and washing machines decreased by 3.6% year-on-year, indicating a weak recovery phase with notable internal structural differentiation [3][14] - Air conditioner production showed a significant recovery in May and June, while refrigerator domestic sales are stabilizing and exports are recovering [3][14][17] Bosch Home Appliances Financial Tracking - Bosch Home Appliances reported a slight decline in revenue for the 2025 fiscal year, but achieved growth when adjusted for fixed exchange rates, highlighting resilience through structural optimization rather than total volume expansion [4][27] - The company continues to invest heavily in R&D and future-oriented projects, indicating a strategic shift towards high-end product offerings and channel capability enhancement [4][30]

Investment Rating - The report maintains a "Positive" investment outlook for the home appliance sector, highlighting the potential for growth and stability in leading companies [3]. Core Insights - The home appliance sector has underperformed compared to the broader market, with the home appliance index declining by 1.6% while the Shanghai and Shenzhen 300 index fell by 1.4% [5][6]. - Key companies such as Beike (up 24.0%), Xinbao (up 11.6%), and XGIMI (up 7.1%) showed strong performance, while Haier Smart Home (down 9.3%), Yitian Smart (down 8.2%), and Joyoung (down 7.0%) faced declines [5][8]. - The report notes significant developments, including Pop Mart's entry into the small appliance market and the production data for major appliances in April 2026, indicating a decline in production for air conditioners, refrigerators, and washing machines compared to the previous year [11]. Summary by Sections Industry Performance - The home appliance sector has shown a decline in production, with air conditioner production at 21.32 million units (down 4.9% year-on-year), refrigerators at 8.21 million units (down 0.1%), and washing machines at 8.11 million units (down 3.7%) [11]. - Domestic production of air conditioners was 12.70 million units (down 0.5%), while exports were 8.62 million units (down 12.2%) [11]. Sales Data - In February 2026, online retail sales of air conditioners dropped by 59.3% to 810,000 units, while offline sales fell by 55.6% to 119,000 units. However, the average price for online sales increased by 6.8% to 3,174 yuan per unit, and offline prices rose by 2.4% to 4,250 yuan per unit [35]. - For kitchen appliances, online sales of range hoods decreased by 22.4% to 321,000 units, while offline sales fell by 36.9% to 41,000 units. The average online price increased by 12.8% to 1,418 yuan, while offline prices decreased by 16.6% to 3,479 yuan [37]. - Dishwashers saw an increase in online sales by 9.9% to 66,000 units, but offline sales dropped by 59.7% to 4,000 units, with average prices declining for both online and offline sales [41]. Investment Highlights - The report identifies two main investment themes: 1. The leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments. The domestic market is expected to remain stable due to the continued effects of the trade-in policy [5]. 2. Some appliance companies are diversifying into emerging technology sectors such as robotics and semiconductors, which could provide new growth avenues [5]. Macro Environment - As of March 27, 2026, the USD to RMB exchange rate has decreased by 1.63% since the beginning of the year, impacting the cost structure of imports and exports in the appliance sector [45].