Core Viewpoint - The launch of the Wanhe Smart App based on Huawei's HarmonyOS NEXT marks a significant innovation and strategic advancement in the smart home industry, enhancing user experience within the Huawei ecosystem [1][7]. Group 1: Product Features and Compatibility - The HarmonyOS NEXT version of the Wanhe Smart App offers full functionality consistent with Android and iOS versions, leveraging Harmony's native performance for a smoother, safer, and more energy-efficient user experience [3][4]. - The app supports all product models, including both legacy and new smart devices, ensuring seamless management and scenario linkage across the entire IoT product line [5]. Group 2: Technical Innovations - A key technical highlight is the unified plugin page design, allowing developers to create a single codebase compatible with Android, iOS, and HarmonyOS NEXT, significantly reducing development costs and iteration cycles [4]. - The app's high-quality migration of practical features from Android and iOS to HarmonyOS ensures a consistent and efficient user experience across platforms [4]. Group 3: Ecosystem Integration - Wanhe's products are deeply integrated with Huawei's ecosystem, enabling users to control Wanhe's Harmony-connected devices through Huawei's smart living app or voice assistant, enhancing the overall smart home experience [6]. - The strategy of "zero fragmentation" in the ecosystem ensures long-term value for existing users while providing a solid foundation for the expansion of new products [5]. Group 4: Strategic Significance and Future Outlook - The release of the Wanhe Smart App on HarmonyOS NEXT signifies an enhancement in the technical depth and ecological breadth of Wanhe's IoT strategy, showcasing the brand's forward-looking approach to future operating system ecosystems [7]. - Wanhe aims to deepen its strategic cooperation with Huawei, promoting multi-brand and multi-scenario smart interconnectivity, exploring innovative and sustainable ecological paradigms in the global smart home industry [8].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on non-operating fund occupation and the performance of its main business segments [1][2]. Group 1: Non-operating Fund Occupation - The company reported a total of 32.61 million yuan in non-operating fund occupation with its controlling shareholder, involving loans provided to a subsidiary [1][6]. - The controlling shareholder, Tibet Longsheng Energy Management Co., Ltd., has a registered capital of 1 million yuan and generated revenue of 10.59 million yuan in 2024 [2][3]. - The company has taken corrective measures, including the return of all occupied funds and interest, and has strengthened internal controls to prevent future occurrences [7][8]. Group 2: Main Business Performance - The company achieved a total revenue of 5.079 billion yuan in 2024, with solar water heater sales contributing 2.202 billion yuan, a 44.42% increase despite a 25% decline in sales volume [11][12]. - Other product categories, including kitchen and bathroom products, saw revenue declines ranging from 24% to 50% due to market conditions [11][12]. - The company operates under a dual sales model of direct sales and distribution, with distribution accounting for 72.38% of total revenue [24][25]. Group 3: Special Operating Projects - The company is involved in several special operating projects in Tibet, with significant investments and expected long-term returns, although these projects have not yet generated operational income [28][30]. - The company has established a joint venture for a clean energy heating project in Tibet, which is currently in the trial operation phase [28][29]. - The accounting treatment for these projects aligns with relevant accounting standards, recognizing construction service income as intangible assets [27][30].

Core Viewpoint - The home appliance giants in China are increasingly engaging in overseas acquisitions, with Midea Group recently announcing a strategic cooperation agreement with Hydronic Group to enhance its HVAC business layout [2][3]. Group 1: Overseas Revenue Growth - The combined overseas revenue of China's "three giants" in home appliances exceeded 341 billion yuan last year, marking a nearly 10% year-on-year growth [5]. - Midea Group led with an overseas revenue of 169.03 billion yuan, followed by Haier Smart Home at 143.81 billion yuan and Gree Electric Appliances at 28.20 billion yuan [5]. - Gree Electric Appliances experienced the highest year-on-year growth rate at 13.25%, while Midea Group and Haier Smart Home saw increases of 12.01% and 5.43%, respectively [5]. - Haier Smart Home's overseas revenue accounted for over half of its total revenue, while Midea Group and Gree Electric Appliances had overseas revenue shares of 41.52% and 14.91%, respectively [5]. Group 2: Strategic Acquisitions and Market Trends - Midea's acquisition of Hydronic Group includes the purchase of existing operations in China, covering manufacturing, sales networks, and core technologies [3]. - The partnership allows Midea to continue using Hydronic's four major brands in China, enhancing its multi-brand strategy [3]. - The integration of technologies in heating and cooling sectors is expected to reshape the competitive landscape of the HVAC industry [3]. - Industry experts believe that the global HVAC market presents significant growth opportunities over the next 5-10 years, driven by quality living demands and green consumption trends [3][4]. - The trend of overseas acquisitions among major home appliance manufacturers is shifting from horizontal expansion to deepening the supply chain and exploring new growth avenues in various sectors [5].

Group 1 - Major home appliance companies are increasingly engaging in overseas acquisitions, with Midea Group recently announcing a strategic cooperation agreement with the IDEAL Group to enhance its HVAC business [2][3] - Last year, the combined overseas revenue of China's "three giants" in home appliances exceeded 341 billion yuan, marking a nearly 10% year-on-year growth [5][6] - The focus of acquisitions has shifted from horizontal expansion to deepening the supply chain, as companies aim to strengthen their competitiveness in global markets [2][8] Group 2 - Midea's acquisition of IDEAL's existing business in China includes manufacturing, sales networks, and core technologies, while maintaining the use of IDEAL's four major brands in the Chinese market [3][4] - The global HVAC market is expected to present significant growth opportunities in the next 5-10 years, driven by quality living demands and green consumption trends [3][4] - The overseas revenue of Midea Group, Gree Electric Appliances, and Haier Smart Home reached 341 billion yuan, with Midea leading at 169 billion yuan, followed by Haier at 143 billion yuan and Gree at 28 billion yuan [5][6]