Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [3] Core Views - The company's revenue performance in both domestic and international markets has been strong, driving overall growth [5][9] - The company has initiated its first mid-year dividend, amounting to 2.5 billion, with a dividend payout ratio of 21%, which is part of an expected 50% payout for the year [5] - The growth in revenue and profit is attributed to domestic policy support, recovery in air conditioning sales, and strong performance in the Casarte brand [9] Revenue and Profit Performance - In Q2 2025, the company reported revenue of 77.4 billion (up 10%) and a net profit attributable to shareholders of 6.5 billion (up 16%) [5] - For the first half of 2025, total revenue reached 156.5 billion (up 10%) and net profit was 12 billion (up 16%) [5] - The gross profit margin for Q2 2025 was 28.4%, with a stable expense ratio of 18% [8] Business Segmentation - Domestic sales in Q2 2025 grew by high single digits, with air conditioning sales up 10%, refrigerators showing double-digit growth, and washing machines up 10% [6] - International sales in Q2 2025 experienced double-digit growth, with significant contributions from emerging markets and stable performance in North America [6] Future Outlook - The company expects stable growth in North America and continued high growth in Europe driven by new refrigerator products in the second half of 2025 [9] - Forecasts for 2025 and 2026 indicate net profits of 21 billion and 23.1 billion respectively, with year-over-year growth rates of 12% and 10% [9]