11月18日，中国上市公司协会第三届理事会第六次会议在北京顺利召开。现场，海尔智家作为行业唯一代表，分享了其发展新质生产力的实践。 作为海尔集团旗下上市公司之一，海尔智家始终坚持创新，加速推进以用户为中心的全面变革，体现在新质生产力实践上，就是聚焦"六化"。 在高端化上， 尽管行业面临需求逐渐承压、竞争白热化等挑战，但高端品牌卡萨帝凭借为用户提供分区洗护、控氧保鲜、双温区送风等原创差异化方 案，2025前三季度实现了18%的高增长。 在全球化上， 全球化不是简单的产品卖全球，而是平台的全球化、能力的全球化，这一切的本质就是给全球用户提供好产品、好服务。如新欧标下欧 洲对家电的能耗标准非常严格，海尔智家仅用1年时间，就通过中国、美国、新西兰、德国等全球研发平台推出了X11洗衣机，受到用户好评。 在数字化上， 海尔智家对内提升企业效率，对外提升用户体验。通过全流程的数字化变革，近年来海尔智家的利润率一直在上升，费用率一直在优 化。同时，数字化变革也大幅提升了用户体验。如在数字库存上，海尔智家通过全面统仓TOC，2025前三季度区县专卖店已有74%的商品直达用 户。商品直达用户后，由售后承接最后一公里，带货上门安装 ...

海尔智家海外市场持续深耕，北美市场表现优于行业平均水平，高端结 构提升显著，新产业增幅达 20%。欧洲市场经营质量稳步改善，英法德 意四国订单份额提升 1-2 个百分点，新兴市场增长显著。 海尔智家 2025 年分红比例达 48%，中期分红 25 亿元，计划未来继续 提高分红比例。同时，通过线上渠道投入和新媒体营销，卡萨帝线上占 比从 10%提升至 40%，并为线上市场开发专门产品系列。 开立商用制冷业务收入恢复中高个位数增长，国内增长达 20%-30%。 海尔智家整合全球资源，与开立共同研发降本，重塑组织结构，聚焦客 户需求，并利用自身客户资源协同推进项目，目标利润率达 6%。 海尔智家在数字营销方面有哪些进展？ 我们积极推进数字营销变革，以更好地触达用户。今年（2025 年），我们的 A3 用户资产同比增长 17%，达到 3,500 万。此外，线上品牌搜索占有率同比 增长 44%，营销投入产出比优化 13%。这些努力结合优质产品，使得品牌声 量、用户流量和产品销量均有所提升。 海尔智家的库存管理模式发生了哪些变化？ 海尔智家 20251118 摘要 海尔智家 2025 年实现收入增长 10%，虽行业整体下 ...

Core Viewpoint - The company reported Q3 2025 earnings that exceeded market expectations, with significant growth in revenue and net profit [1] Financial Performance - Q3 2025 revenue reached 77.6 billion (+10%), with net profit attributable to shareholders at 5.3 billion (+13%) and non-recurring net profit at 5.2 billion (+15%) [1] - For the first three quarters of 2025, total revenue was 234.1 billion (+10%), net profit attributable to shareholders was 17.4 billion (+15%), and non-recurring net profit was 16.9 billion (+15%) [2] Sales Performance - Domestic sales in Q3 increased by 11%, outperforming Q2, driven by a successful product strategy and new media operations, particularly in air conditioning [3] - The air conditioning segment saw a 30% increase in sales, supported by a low base effect, market share expansion, channel reforms, and successful product strategies [4] - Overseas sales grew by 8%, with North America maintaining a flat trend and Europe showing similar growth to the first half of the year [4] Profitability - The contribution of the Casarte brand significantly boosted profits, with a net profit margin of 18% (+1-2 percentage points) [5] - Operating profit margin remained stable at 7.03%, with domestic sales performing better than overseas [5] Investment Outlook - The company anticipates continued revenue growth in Q4 2024, driven by new media operations, product strategies, and digital inventory management [6] - Adjusted full-year forecasts for 2025 and 2026 predict revenue growth of 7% and profits of 14% for 2025, and 7% and 11% for 2026, respectively [6]

Core Viewpoint - The company reported a revenue of 77.6 billion yuan in Q3 2025, a year-on-year increase of 10%, with a net profit attributable to shareholders of 5.3 billion yuan, up 13% year-on-year, and a net profit excluding non-recurring items of 5.2 billion yuan, up 15% year-on-year [1] Group 1: Overseas Market Performance - Revenue from overseas markets continued to grow, with a year-on-year increase of 8.25% in Q3 2025 and a cumulative growth of 10.5% in the first three quarters [1] - In North America, despite a weak real estate market and cautious consumer trends, the company maintained operational resilience through product structure upgrades and expansion in air and water businesses [1] - In Europe, the quality of white goods business in Western and Eastern Europe improved, with market share steadily expanding, particularly in the UK, Italy, France, and Spain [1] - Emerging markets saw significant revenue growth in the first three quarters, with South Asia, Southeast Asia, and the Middle East and Africa growing by 25%, 15%, and 60% respectively [1] Group 2: Domestic Market Resilience - The domestic market showed significant resilience, outperforming the industry, with the Chinese home appliance industry retail sales down 3% year-on-year in Q3 2025, while the company’s domestic revenue increased by 11% [2] - The air conditioning sector saw a notable increase, with home air conditioning revenue up over 30% year-on-year in Q3 2025, while other sectors like refrigerators and washing machines achieved stable growth [2] - The growth resilience is attributed to the continuous development of popular products, competitive suite products, and deepening digital inventory and marketing optimization [2] Group 3: Financial Performance - The gross profit margin for the first three quarters of 2025 was 27.2%, up 0.1 percentage points year-on-year, with a focus on extreme cost control in the domestic market and a commitment to a high-end brand strategy in overseas markets [2] - The sales expense ratio was 10.6%, optimized by 0.1 percentage points year-on-year, with digital transformation efforts in the domestic market and global resource integration in overseas markets [2] - The net operating cash flow for the first three quarters was 17.5 billion yuan, a year-on-year increase of 21%, indicating robust growth [2] Group 4: Profit Forecast and Valuation - The company is positioned as a leading global home appliance brand, with expectations for steady increases in market share both domestically and internationally [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 24.3 billion, and 27.3 billion yuan respectively, with corresponding PE ratios of 12, 10, and 9 times [3] - The target price is maintained at 35.54 yuan, with a "buy" rating [3]

Investment Rating - The report maintains an "Outperform" rating for Haier Smart Home with a target price of RMB 36.16, based on a current price of RMB 26.81 [2][15]. Core Insights - Haier Smart Home has demonstrated outstanding performance with a revenue of RMB 234.05 billion for Q3 2025, reflecting a year-on-year growth of 9.98%, and a net profit of RMB 17.37 billion, up 14.68% year-on-year [4][10]. - The company's gross profit margin reached 27.2%, a slight increase of 0.1 percentage points year-on-year, indicating improved profitability driven by a high-end brand strategy [11]. - Domestic revenue growth for the first three quarters of 2025 was 9.5%, with Q3 showing a growth rate of 10.8%. The air conditioning segment saw revenue growth exceeding 30% in Q3 [12][13]. - Internationally, Haier's overseas revenue grew by 10.5% in the first three quarters, with a quarterly growth of 8.3% in Q3, supported by a localized operation strategy [13][14]. Financial Performance Summary - Revenue projections for Haier Smart Home are as follows: RMB 303.47 billion for 2025, RMB 314.74 billion for 2026, and RMB 331.79 billion for 2027, with respective growth rates of 6%, 4%, and 5% [3][9]. - Net profit estimates are RMB 21.18 billion for 2025, RMB 23.81 billion for 2026, and RMB 26.71 billion for 2027, maintaining a growth rate of approximately 12% annually [3][9]. - The diluted EPS is projected to be RMB 2.26 for 2025, RMB 2.54 for 2026, and RMB 2.85 for 2027, with a P/E ratio decreasing from 15 in 2025 to 10 in 2027 [3][9].

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [2] Core Insights - Haier Smart Home's Q3 performance exceeded expectations, with total revenue of 234.05 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10%. The net profit attributable to shareholders reached 17.37 billion yuan, up 15% year-on-year [7] - The company continues to enhance operational efficiency, achieving a gross margin of 27.2% in the first three quarters, a slight increase of 0.1 percentage points year-on-year. Operating cash flow also improved, with a net cash flow of 17.49 billion yuan, up 21% [7] - The report maintains profit forecasts for 2025-2027, expecting net profits of 21.55 billion, 24.78 billion, and 28.50 billion yuan respectively, with a consistent growth rate of 15% [7] Financial Data and Profit Forecast - Total revenue projections for Haier Smart Home are as follows: - 2025E: 305.13 billion yuan - 2026E: 323.38 billion yuan - 2027E: 341.89 billion yuan - Net profit forecasts are: - 2025E: 21.55 billion yuan - 2026E: 24.78 billion yuan - 2027E: 28.50 billion yuan - The expected earnings per share (EPS) for 2025E is 2.30 yuan, with a projected PE ratio of 12 [6][9]

Core Viewpoint - Haier Smart Home (600690)(06690) reported a strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, leading to a stock price increase of over 3% [1] Financial Performance - The company achieved operating revenue of 234.05 billion yuan, representing a year-on-year increase of 9.98% [1] - Net profit attributable to shareholders reached 17.37 billion yuan, up 14.68% year-on-year [1] - In Q3 alone, revenue was 77.56 billion yuan, reflecting a 9.51% year-on-year growth, while net profit for the quarter was 5.34 billion yuan, increasing by 12.69% [1] Regional Performance - Revenue in the Chinese market grew by 9.5% in the first three quarters, with a 10.8% increase in Q3 [1] - The home air conditioning sector saw over 30% revenue growth in Q3 [1] Brand Performance - The multi-brand strategy continues to deepen, with high-end brand Casarte growing by 18% and Leader brand revenue increasing by 25% in the first three quarters [1] International Market - In Q3, overseas revenue grew by 8.25%, with a cumulative increase of 10.5% for the first three quarters [1] - Emerging markets showed strong performance, with South Asia revenue increasing by over 25%, Southeast Asia by over 15%, and the Middle East and Africa by over 60% in the first three quarters [1]

Core Viewpoint - Haier Smart Home (06690) reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, leading to a stock price increase of over 3% [1] Financial Performance - The company achieved operating revenue of 234.05 billion yuan, representing a year-on-year increase of 9.98% [1] - Net profit attributable to shareholders reached 17.37 billion yuan, up 14.68% year-on-year [1] - In Q3 alone, revenue was 77.56 billion yuan, reflecting a 9.51% year-on-year growth, while net profit was 5.34 billion yuan, increasing by 12.69% [1] Regional Performance - Revenue in the Chinese market grew by 9.5% in the first three quarters, with a 10.8% increase in Q3 [1] - The home air conditioning sector saw over 30% revenue growth in Q3 [1] - High-end brands such as Casarte and Leader experienced revenue growth of 18% and 25%, respectively, in the first three quarters [1] International Market - In Q3, overseas revenue grew by 8.25%, with a cumulative increase of 10.5% for the first three quarters [1] - Emerging markets showed strong performance, with South Asia revenue increasing by over 25%, Southeast Asia by over 15%, and the Middle East and Africa by over 60% in the first three quarters [1]

Core Viewpoint - The home appliance industry is shifting from a growth phase to a mature phase, prompting high-end brands like Gree to launch sub-brands to capture the price-sensitive market, particularly targeting the Z generation [1][3][5]. Group 1: Market Dynamics - During the growth phase, high-end brands focused on quality and brand reputation, avoiding low-price competition, as the market was characterized by high demand for premium products [4][5]. - The current market environment has changed significantly, with economic growth slowing and a trend towards consumer downgrade, leading to a need for brands to adapt their strategies [5][6]. - The Z generation, now a major consumer group, prioritizes price and practicality over brand prestige, making it essential for brands to address this demographic's preferences [5][7]. Group 2: Strategic Responses - Gree has initiated the launch of its sub-brand Jinghong to penetrate the low-price segment, following the successful strategies of competitors like Midea and Haier, which have already established sub-brands targeting younger consumers [3][7]. - Haier and Midea have both developed sub-brands to cover the entire price spectrum, with Haier's Casarte targeting high-end markets and Midea's Hualing focusing on high cost-performance for younger consumers [6][7]. - The strategy of using sub-brands to capture lower-end markets allows high-end brands to maintain their premium image while expanding their market share [8]. Group 3: Future Outlook - The introduction of sub-brands is seen as a strategic necessity for high-end brands to sustain growth in a mature market, as neglecting the low-end segment could limit overall market scale [8]. - Gree's strategy to leverage its strong manufacturing capabilities to offer high-quality, cost-effective products under the Jinghong brand is expected to resonate well with the Z generation [8].

Core Viewpoint - Zhang Ruimin, the founder of Haier, re-emerged in public after a long absence to celebrate the 20th anniversary of the "Ren-Dan-He-Yi" model, emphasizing the importance of this model in Haier's transformation and future direction [1][3][4] Group 1: Historical Context and Transformation - Haier has undergone significant changes over the past 40 years, transitioning from a traditional manufacturing company to a platform for entrepreneurship and innovation [3][5] - The "Ren-Dan-He-Yi" model, proposed in 2005, focuses on aligning employee value with user value, encouraging employees to directly engage with users to create value [4][5] - Over the past 20 years, Haier has eliminated over 10,000 middle management positions, achieving a flat and networked organizational structure [5] Group 2: Business Performance and Strategy - Haier's subsidiary, Haier Smart Home Co., Ltd., achieved a revenue of $39.746 billion in 2025, ranking 390th on the Fortune Global 500 list, an increase of 109 places since its first entry in 2018 [5] - The company's growth is driven by four key strategies: high-end product development, international expansion, diversification into new industries, and smart technology innovation [5] - Haier has maintained a strong position in the domestic home appliance market, consistently ranking among the top three [5][6] Group 3: Innovation and Market Relevance - Zhang Ruimin highlighted the importance of aligning technology with real-world scenarios, using the example of Haier's recently launched "three-tub washing machine" that addresses consumer needs effectively [7][8] - The innovative washing machine achieved significant sales milestones, with over 10,000 units sold within 48 minutes of its launch and generating over 100 million yuan in sales within 16 hours [8] Group 4: Leadership and Succession - Zhang Ruimin, now 76, has transitioned leadership to Zhou Yunjie but remains deeply invested in the company's future [10] - He advocates for an "ecological succession" model, which empowers every employee to contribute creatively, contrasting with traditional hierarchical succession models [10]