在一轮牛市中，投资者真正能赚到钱，必须抓住"股价站得住"的公司——基本面扎实、盈利稳 定、管理优秀，而不是单靠情绪上涨的标的。 图1：沪深300上半年涨幅有限，下半年走势显著好转 导读：从今年A股的整体表现来看，市场结构正经历明显转变——由上半年以主题投资为主的行 情，逐步过渡到下半年高质量龙头公司的回归。 以沪深300指数为例，上半年指数走势趋缓，而下半年以来涨幅已达18.09%。经历第一轮估值修 复后，资金正流向真正具备盈利能力的企业，而海尔智家正是其中的典型。 资料来源：Wind，数据截至2025年11月13日 连续五年唯一双位数增长的家电企业 利润是衡量企业经营价值的直观的指标。从这个指标来看，海尔智家实现连续5年前三季度利润 双位数增长，分别为57.68%、17.26%、12.71%、15.27%、14.7%。期间，海尔智家的净利率 保持不断增长。 图2：过去5年海尔智家三季度利润增速均保持双位数增长 资料来源：海尔智家财报 很多投资者可能不懂这个成就的含金量，实际上全A股像海尔智家这样连续5年保持两位数增长的 公司数量是相当稀少的。根据Wind数据，截至2025年前三季度，同期能保持连续5年归母净 ...

Core Viewpoint - Haier Smart Home has reported better-than-expected Q3 results, with revenue and profit reaching new highs, driven by a successful digital transformation and effective product strategies [1][2]. Group 1: Financial Performance - The company has achieved a three consecutive decline in rates, indicating significant progress in its digital transformation efforts [2]. - Haier's net profit margin has increased for three consecutive years, showcasing its ability to enhance profitability even amid global market pressures [2]. Group 2: Product Strategy - The company focuses on creating "explosive products" by deeply understanding user needs and real-life scenarios, exemplified by the success of the Leader Lazy Three-Tub Washing Machine, which sold over 200,000 units by the end of September [8][11]. - Haier has introduced multiple product series, such as Casarte and Haier, which emphasize high-value solutions and aesthetic design, with sales proportions for Casarte increasing to 36% and Haier to 15% [11]. Group 3: Digital Transformation - The digital transformation has enabled Haier to optimize costs and improve operational efficiency, addressing inventory turnover pressures in the appliance industry [13][14]. - By implementing digital inventory systems and enhancing the efficiency of its distribution channels, the company has significantly reduced operational costs for local stores [15][17]. Group 4: Global Expansion - Haier's overseas revenue surpassed domestic revenue as early as 2022, with Q3 2025 showing an 8.25% year-on-year growth in international sales [20][21]. - The company adopts a localized approach to its global strategy, tailoring products to meet the specific needs of different markets, such as high-temperature air conditioners for Pakistan and leveraging local manufacturing in North America [22][24]. Group 5: Future Outlook - The positive financial signals indicate that Haier's compounding effects are likely to yield even greater results in the future [25].

Core Viewpoint - The global home appliance industry is facing significant challenges due to intensified competition domestically and increasing external uncertainties, yet Haier Smart Home has reported better-than-expected financial results for the first three quarters of 2025, achieving a revenue of 234.05 billion yuan, a year-on-year increase of 10% [1][3]. Group 1: Business Performance - Haier Smart Home's revenue for the first three quarters of 2025 reached 234.05 billion yuan, reflecting a 10% year-on-year growth [1]. - The company has demonstrated strong operational resilience, attributed to three major transformations: enhancing product competitiveness, advancing AI and digital transformation, and optimizing operational efficiency [3][5]. Group 2: Product Strategy - The company has focused on creating popular products and suite offerings, achieving the top market share in China through multi-brand collaboration to meet diverse consumer needs [3]. - The "Lazy Washing" series has sold over 200,000 units, ranking first in the three-tub washing machine category, while the "Haier Mairang" refrigerator has also seen significant sales growth [5]. Group 3: Digital Transformation - Haier Smart Home has continued to push its digital transformation strategy, optimizing its cost structure by 0.2 percentage points in the first three quarters of 2025 [5][7]. - The company has implemented a digital inventory model, enhancing operational efficiency across the entire process, with direct delivery orders to users increasing to 74% by the end of September [5]. Group 4: International Expansion - Despite challenges such as high inflation and weak demand in developed countries, Haier Smart Home's overseas revenue grew by 10.5%, with notable growth in South Asia (over 25%) and Southeast Asia (over 15%) [7]. - The company has focused on localization in its global operations, launching energy-efficient products that exceed local standards and enhancing service responsiveness through a comprehensive network [7].

Core Insights - Haier Smart Home Co., Ltd. reported a strong performance for the first three quarters of 2025, achieving a revenue of 234.05 billion yuan, a year-on-year increase of 10%, and a net profit of 17.37 billion yuan, up 14.7%, marking a historical high [1] - The company attributes its success to three major transformations: enhancing the competitiveness of popular and suite products, advancing AI and digital transformation, and focusing on localized operations to upgrade its global operational system [1] Group 1: Product Strategy - Haier Smart Home has secured the top domestic market share by strengthening the competitiveness of popular products and enhancing suite offerings, resulting in a 9.5% revenue growth in the Chinese market for the first three quarters [2] - The company’s popular product series, such as the Lazy Washing Series, achieved sales of over 200,000 units, making it the top-selling model in its category, while the Leader brand saw revenue growth exceeding 25% [2][3] - Suite products like Casarte and Haier's offerings have significantly contributed to revenue, with Casarte suite sales accounting for 36% and Haier suite sales for 15% of total revenue [3] Group 2: Digital Transformation - The steady growth in performance is supported by ongoing digital transformation strategies across all processes, including R&D, manufacturing, supply chain, marketing, logistics, and services [5] - The company has improved operational efficiency by implementing a digital inventory model, with direct delivery orders to customers increasing to 74% [5] - Haier Smart Home has enhanced its digital marketing capabilities, resulting in a 17% year-on-year increase in its A3 user base and a 13% improvement in marketing ROI [5] Group 3: Global Operations - Despite challenges in developed markets, Haier Smart Home's overseas revenue grew by 10.5%, with stable operations in North America and expanding market share in Europe [6][7] - The company focuses on localized product development, launching energy-efficient appliances that exceed local standards, such as refrigerators and washing machines in Europe [7] - Haier Smart Home is enhancing its service and supply chain networks to improve local market responsiveness and customer experience, including the establishment of a major manufacturing base in Thailand [7]

Core Viewpoint - The upcoming National Day and Mid-Autumn Festival are expected to trigger a surge in home appliance consumption, prompting Suning to launch a "Super Supplement" plan to preemptively meet consumer demand ahead of the Double Eleven shopping festival [1] Group 1: Company Initiatives - Suning is initiating a "Super Supplement" plan with 930 home appliance discount days to cater to consumer expectations [1] - Major brands like Haier, Midea, Hisense, Bosch, Panasonic, TCL, and others are collaborating with Suning to launch new products and exclusive deals during this event [1][3] - Midea plans to offer a comprehensive range of smart living solutions through Suning, emphasizing a one-stop shopping experience [3] - Haier is providing discounts of up to 20% on flagship product lines during the event [3] - Hisense is focusing on core life scenarios with subsidies of up to 20% and additional purchase discounts [3] - Panasonic is highlighting its high-end product launches and offering 20% subsidies on selected items [3] - Boss Electric is committing resources to support product availability and promotional activities for key appliances [4] - Bosch is emphasizing technological innovation and substantial discounts in collaboration with Suning [4] - TCL is offering significant subsidies and promotional gifts for its new products during the event [4] Group 2: Pricing and Promotions - Suning is redefining low-price benchmarks with significant discounts on various appliances, such as a 1.5 HP inverter air conditioner priced at 1399 yuan and an 85-inch quantum dot TV at 3999 yuan [7] - The promotional activities are set to start on September 30, aiming to create a shopping atmosphere akin to Double Eleven [7] - The event is designed to provide consumers with exceptional value, making high-quality appliances accessible at competitive prices [7]