在场景化布局方面，门店设立了多个品牌高规格体验厅，包括海尔、卡萨帝、海信等头部家电品牌的旗 舰展示区。开业期间，多款新品集中亮相，如海尔麦浪系列全空间保鲜冰箱、卡萨帝致境系列冰箱等创 新产品，让消费者能够直观感受高端家电的性能优势。 星沙街道相关负责人表示，该店的落地提升了星沙区域的家电消费层级，其"场景体验+科技赋能"的创 新模式，也为传统零售业转型提供了新样本。下一步，星沙街道也将助力苏宁易购持续优化消费场景和 服务体验，助力区域消费市场高质量发展。 来到苏宁易购Plus旗舰店，记者看到，为提升线下购物体验，该店在一楼中庭打造了"全景沉浸式巨幕 大屏"交互空间，可用于品牌新品发布，还将承办电竞赛事、美食沙龙、艺术鉴赏等多元化活动，构建 融合科技与社交的体验场。 "这里折叠屏手机、智能穿戴设备等前沿品类一应俱全！"开业期间，不少市民在产品体验区感受华为、 苹果、三星等全球知名3C品牌的最新产品。同时，门店还推出"1V1家电管家"服务，从产品选购到场景 设计、送装售后，提供全流程专业指导，实现"一站式家庭场景解决方案"。据门店负责人介绍，该店还 作为政府指定的"以旧换新"重点承接单位，苏宁易购整合"国补+苏宁 ...

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [1] Core Views - The company has achieved a historical first interim dividend of over 2.5 billion RMB, distributing 2.69 RMB per 10 shares to shareholders, reflecting a commitment to shareholder returns [1] - For the first half of 2025, the company reported revenue of 156.49 billion RMB, a year-on-year increase of 10.2%, and a net profit attributable to shareholders of 12.03 billion RMB, up 15.6% [1] - The company is expected to see continued growth in net profit, with projections for 2025-2027 being 21.35 billion, 23.83 billion, and 26.12 billion RMB respectively, with corresponding EPS of 2.28, 2.54, and 2.78 RMB [1] Summary by Sections Domestic and Overseas Sales Growth - Domestic revenue for H1 2025 increased by 8.8%, with the Casarte brand growing over 20% and Leader brand revenue up over 15% [2] - Overseas revenue rose by 11.7%, with significant growth in emerging markets: South Asia up 33%, Southeast Asia up 18%, and Middle East & Africa up 65% [2] Product Category Performance - Refrigeration segment revenue reached 42.85 billion RMB, a 4.2% increase, with Casarte's premium refrigerator sales doubling [2] - Kitchen appliances generated 20.67 billion RMB, with Casarte's kitchen appliance revenue growing over 40% [2] - Laundry segment revenue was 32.01 billion RMB, with a 7.6% increase, maintaining a 46.4% market share in the domestic offline market [2] - Air energy solutions achieved 32.98 billion RMB in revenue, up 12.8%, with home air conditioning revenue growing over 10% [2] Profitability and Financial Metrics - The gross margin for H1 2025 was 26.9%, a decrease of 3.7 percentage points due to accounting changes [3] - The net profit margin was 8.0%, an increase of 0.2 percentage points, indicating improved profitability despite the decline in gross margin [3] - As of June 30, 2025, inventory turnover days were 70.0 days, a reduction of 6 days, reflecting efficient inventory management [3] Financial Summary and Valuation Indicators - Projected revenue for 2025 is 308.73 billion RMB, with a year-on-year growth of 8.0% [4] - The projected net profit for 2025 is 21.35 billion RMB, with a year-on-year growth of 13.9% [4] - The company’s P/E ratio is expected to decrease from 14.0 in 2023 to 10.9 in 2025, indicating a potentially attractive valuation [4]