与谷歌的深度合作是典型案例。自2017年成为中国首批获得Google Android TV认证的企业，至2023年成为全 球首家获得Google TV投影产品认证的ODM，华曦达借此确保了核心产品能无缝接入全球主流的智能电视生 态。 这一认证资质不仅是技术门槛的体现，更直接转化为市场通行证。此外，获得Netflix、Amazon Prime Video等 内容巨头的官方授权，使华曦达硬件在电信运营商集采中具备显著优势，能够提供即开即用的合规内容服 务，这构成了公司解决方案的"软性"竞争力。 全球智慧家庭解决方案市场正经历结构性增长。弗若斯特沙利文数据显示，该市场规模预计将以21.9%的年复 合增长率，从2024年的886亿美元扩张至2029年的2380亿美元。在这一广阔市场中，面向企业客户（主要为电 信运营商、内容平台及房地产前装市场）的细分赛道，因其规模化、标准化特性，成为产业基础设施的关键 组成部分，约占据14.7%的市场份额。 在此背景下，深圳市华曦达科技股份有限公司（下文简称：华曦达）的商业模式呈现出清晰的定位差异。公 司不直接面向终端消费者推出自有品牌产品，而是作为智慧家庭解决方案提供商，为全球企业 ...

Group 1: Shenzhen Tech Companies Going Public - Seven technology innovation companies from Shenzhen are pushing for IPOs in the Hong Kong market during the first week of December, covering fields such as robotics, AI chips, and semiconductors [2] - Ledong Robotics, a global leader in perception-based intelligent robotics, has re-applied for IPO after a previous application lapsed, showcasing over 6 million units of smart robots equipped with visual perception technology expected to be shipped in 2024 [2] - Transsion Holdings, already listed on A-shares, aims for a dual listing in Hong Kong, with a projected global smartphone market share of 8.6% in 2024, ranking fourth globally [2] - Xihua Technology, a leader in edge AI chips, ranks second in the global scaler industry and first in the ASIC scaler industry by shipment volume in 2024, indicating strong growth momentum [2] - Other notable companies include Dazhu CNC, ranked first in revenue among Chinese PCB manufacturing equipment suppliers with a market share of 10.1%, and Basic Semiconductor, a benchmark in China's third-generation semiconductor power devices, ranking sixth in the carbon-silicon power module market with a 2.9% market share [2] Group 2: Marine New Productivity Conference - The "Marine New Productivity Conference" was held in Shenzhen, focusing on the integration of marine technology, industry, and communication [3] - Multiple agreements were signed to promote marine talent cultivation and industry-academia-research cooperation, including partnerships between the Dapeng New Area Management Committee and Shenzhen Ocean University [3] Group 3: National-Level SME Cooperation Zone - The Luohu District Asia-Pacific SME Cooperation Zone has been selected as the only representative from Guangdong Province in the national list of SME cooperation zones for 2025 [4] - The cooperation zone focuses on artificial intelligence and new materials, leveraging Luohu's financial and trade industry foundation [4] Group 4: Global 3D Printing Factory in Shenzhen - Tuo Zhu Technology and Huili Technology plan to deploy 15,000 3D printing devices in Shenzhen by Q1 2026, creating the world's largest 3D printing production base [5] - Approximately 5,000 devices have already been deployed, with the global 3D printing market expected to reach about $24.6 billion in 2024, and a significant demand growth in China, with a 40.5% year-on-year increase in equipment production in the first three quarters [5]

华曦达是面向企业客户的智慧家庭解决方案提供商，致力推动AI技术在家庭空间场景的落地应用。公 司的收益主要来自销售硬件产品，即数字视讯设备及网络通信设备。 今年5月的港股IPO申请资料失效后，华曦达再次向港交所递表。华曦达聚焦智能家居领域，此前曾计 划在北交所上市。不过，2024年，公司撤回在北交所上市的申请，并于今年5月转向港交所上市。 智慧家庭解决方案指一套连接及管理全屋智能设备的综合家庭生态系统，可实现全屋网络覆盖和设备交 互。公司主要客户包括全球电信运营商、贸易公司及电子产品零售商，业务遍及全球多个国家和地区。 招股书显示，此次港股IPO筹集资金将用于提升公司的市场地位及开发新产品、投入AI Home相关技 术、全球扩张、投资在（包括但不限于）AI及算法领域具有强大潜力的上下游市场参与者，以及用作 运营资金及一般企业用途。 值得一提的是，华曦达业务收入主要来自海外市场，销售区域覆盖欧洲、美洲、亚洲等地区。2022年、 2023年及2024年，公司来自海外市场的收入分别约为24.53亿元、22.69亿元和24.06亿元，分别占总收入 的97.0%、95.8%和94.7%。 公司毛利率方面，自2023年达到 ...

今年5月的港股IPO申请资料失效后，华曦达再次向港交所递表。华曦达聚焦智能家居领域，此前曾计 划在北交所上市。不过，2024年，公司撤回在北交所上市的申请，并于今年5月转向港交所上市。 华曦达是面向企业客户的智慧家庭解决方案提供商，致力推动AI技术在家庭空间场景的落地应用。公 司的收益主要来自销售硬件产品，即数字视讯设备及网络通信设备。 公司毛利率方面，自2023年达到21.1%后，2024年公司毛利率下滑至19.0%，2025年上半年进一步降至 17.6%。公司毛利率下降主要由于销售数字视讯设备的毛利率下降。招股书资料显示，数字视讯设备的 平均售价2022年为265元/件，2024年该产品均价降至202元/件。与此同时，原材料价格波动对公司毛利 率也影响较大。公司表示，以更具竞争力的价格采购关键原材料的能力会影响其毛利率及盈利能力。 智慧家庭解决方案指一套连接及管理全屋智能设备的综合家庭生态系统，可实现全屋网络覆盖和设备交 互。公司主要客户包括全球电信运营商、贸易公司及电子产品零售商，业务遍及全球多个国家和地区。 财务资料显示，2022年、2023年及2024年，华曦达实现营业收入分别约25.29亿元、23 ...

招股书显示，此次港股IPO筹集资金将用于提升公司的市场地位及开发新产品、投入AIHome相关技 术、全球扩张、投资在（包括但不限于）AI及算法领域具有强大潜力的上下游市场参与者，以及用作 运营资金及一般企业用途。 财务资料显示，2022年、2023年及2024年，华曦达实现营业收入分别约25.29亿元、23.67亿元、25.41亿 元。2022年、2023年及2024年，公司分别实现净利润2.51亿元、1.91亿元、1.37亿元。2023年公司的净 利润下滑超23%，2024年再下滑超28%。 对于2023年业绩下降的原因，公司表示，主要由于研发成本增加。2024年业绩下降主要由于毛利下降， 加上销售及营销开支、行政开支及研发成本增加。 今年5月的港股IPO申请资料失效后，华曦达再次在港交所提交了上市申请。 华曦达聚焦智能家居领域，此前曾计划在北交所上市。不过，2024年，公司撤回在北交所上市的申请， 并于今年5月转向港交所上市。 聚焦智能家居赛道 华曦达是面向企业客户的智慧家庭解决方案提供商，致力推动AI技术在家庭空间场景的落地应用。公 司的收益主要来自销售硬件产品，即数字视讯设备及网络通信设备。 智慧家庭 ...

今年 5 月的港股 IPO 申请资料失效后，华曦达再次在港交所提交了上市申请。 华曦达聚焦智能家居领域，此前曾计划在北交所上市。不过， 2024 年，公司撤回在北交所上市的申请，并 于 今年 5 月转向港交所上市。 聚焦智能家居赛道 华曦达是面向企业客户的智慧家庭解决方案提供商，致力推动AI技术在家庭空间场景的落地应用。公司的收 益主要来自销售硬件产品，即数字视讯设备及网络通信设备。 智慧家庭解决方案指一套连接及管理全屋智能设备的综合家庭生态系统，可实现全屋网络覆盖和设备交互。公 司主要客户包括全球电信运营商、贸易公司及电子产品零售商，业务遍及全球多个国家和地区。 招股书显示，此次港股IPO筹集资金将用于提升公司的市场地位及开发新产品、投入AIHome相关技术、全球 扩张、投资在（包括但不限于）AI及算法领域具有强大潜力的上下游市场参与者，以及用作运营资金及一般 企业用途。 财务资料显示，2022年、2023年及2024年，华曦达实现营业收入分别约25.29亿元、23.67亿元、25.41亿元。 2022年、2023年及2024年，公司分别实现净利润2.51亿元、1.91亿元、1.37亿元。2023年公司的净 ...

Core Viewpoint - Haier Smart Home has demonstrated positive market signals through executive share purchases and company buybacks, indicating confidence in its growth prospects [2][9]. Buyback and Executive Purchases - The company has repurchased shares totaling 1.017 billion yuan, exceeding the lower limit of its buyback plan [3][8]. - Nine executives, including Chairman and CEO Li Huagang, collectively invested 21.061 million yuan to purchase 985,800 shares, surpassing the planned minimum [4][8]. Financial Performance - Haier Smart Home has shown robust growth, with a compound annual growth rate of over 10% in net profit from 2021 to 2024 [4]. - In the first half of 2025, the company achieved a record net profit of 12.033 billion yuan, reflecting a year-on-year increase of 15.59% [4][11]. - The company's revenue for the first half of 2025 reached 156.494 billion yuan, marking a 10.22% year-on-year growth [11]. Research and Development Investment - The company is committed to R&D, with an investment of 6.017 billion yuan in the first half of 2025, a 12.30% increase year-on-year [5][12]. - R&D expenditures have been consistently increasing, with total investments from 2021 to 2024 amounting to 41.16 billion yuan [12]. Market Position and Strategy - Haier Smart Home is one of the leading players in the global home appliance market, holding the top position in retail volume for large home appliances for 16 consecutive years [11]. - The company has a diverse brand portfolio, including Haier, Casarte, Leader, GE Appliances, Candy, Fisher&Paykel, and AQUA [11]. - The company is also a pioneer in smart home solutions, focusing on innovative home scenarios and user-centric services [11]. Market Capitalization - As of October 10, 2025, Haier Smart Home's market capitalization reached 227.073 billion yuan, slightly surpassing that of Gree Electric [14].

Core Viewpoint - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies for their performance in innovation, returns, responsibility, growth, brand influence, and globalization [1] Award Categories and Winners - The awards included categories such as Best Innovative Listed Company, Best Shareholder Return Listed Company, Most Socially Responsible Listed Company, Best Employer Award, Most Growth Potential Listed Company, Most Brand Influential Listed Company, Best Global Business Contribution Listed Company, Best Overseas Globalization Case, and Best IPO Company [1] - Six companies were awarded the title of "Most Brand Influential Listed Company": China Railway Construction Corporation, China Pacific Insurance, Guangzhou Baiyunshan Pharmaceutical, Yiling Pharmaceutical, Master Kong, and Haier Smart Home [1][3] Company Highlights - **China Railway Construction Corporation**: Recognized for its significant role in the "Belt and Road" initiative, operating in over 140 countries, and has been listed among the Fortune Global 500 for 19 consecutive years. The company emphasizes high-quality development and innovation in infrastructure [5][6] - **Master Kong**: Acknowledged for its long-term respect for consumers and commitment to quality. The company aims to promote Chinese culinary culture globally while focusing on technological upgrades and cultural heritage [8][9] - **China Pacific Insurance**: The company has a strong brand value and influence, providing comprehensive protection to 180 million customers. It has been ranked among the top five global insurance brands for several years [11] - **Guangzhou Baiyunshan Pharmaceutical**: As a World Fortune 500 company, it emphasizes high-quality products and social responsibility, with a brand value of 31.79 billion yuan, leading the pharmaceutical health sector in China [13] - **Haier Smart Home**: Transitioned from a home appliance leader to a smart living pioneer, serving over 1 billion users globally. The company focuses on technological innovation and sustainable development, holding the highest number of smart home invention patents for 13 consecutive years [15][16] - **Yiling Pharmaceutical**: Known for its innovative traditional Chinese medicine products, with 17 patented drugs, 11 of which are included in the national medical insurance directory. The company has successfully expanded its market presence in over 50 countries [17][18]

Core Viewpoint - The financial struggles of listed companies often stem from a lack of strategic vision rather than mere cash flow issues, indicating that a clear and innovative strategic direction is essential for attracting capital [2][3]. Group 1: Root Causes of Financial Issues - Many companies have impressive strategic plans that resemble ornamental bonsai rather than robust growth strategies, leading to a disconnect between planning and market realities [3]. - A notable example is a once-prominent new energy company that failed to adapt to technological changes after initially thriving on subsidies, resulting in significant financial distress [3][4]. - Companies that focus solely on current business without considering future innovations or market trends risk temporary financial relief without sustainable growth [3]. Group 2: Successful Companies and Strategic Innovation - Companies like Huawei and BYD have successfully navigated market challenges by investing heavily in research and development and maintaining a focus on innovation, which has created competitive advantages [4][5]. - Strategic innovation should focus on the company's unique capabilities and market needs rather than following trends blindly, ensuring that the strategy is grounded in the company's core strengths [5][6]. Group 3: Balancing Value Creation - A company's financial outlook is influenced by a balance of production value, market value, and reputation, which must work in harmony to create a sustainable "money landscape" [8][9]. - Companies that prioritize production value at the expense of profitability or reputation risk long-term viability, as capital markets will eventually recognize unsustainable practices [8]. Group 4: Leveraging Strategic Investments - The value of strategic investments is often exponential rather than linear, where small adjustments can unlock significant potential and create competitive advantages [10][11]. - New Oriental's pivot to live streaming during a downturn exemplifies how leveraging existing resources and capabilities can lead to substantial market value recovery [10][11]. Conclusion - The focus for companies should be on identifying and cultivating their "money landscape," which is essential for attracting capital and ensuring long-term success [12].

Core Insights - The smart building market in China is projected to reach a scale of 675.397 billion yuan in 2024, with segments including smart residential buildings at 232.752 billion yuan, smart public buildings at 156.376 billion yuan, and smart industrial buildings at 286.269 billion yuan [1][10] - The demand for smart buildings is driven by the application of smart technologies in new constructions and the intelligent renovation of existing buildings [10][12] - The global smart building market is expected to grow to 335.637 billion USD in 2024, with a year-on-year increase of 1.54% [8] Smart Building Industry Classification and Characteristics - Smart buildings integrate building equipment, office automation, and communication network systems to provide a safe, efficient, comfortable, and convenient environment [2][4] - The technological foundation of smart buildings includes building automation, communication automation, office automation, fire safety automation, and security automation [2] Current Development Status of the Smart Building Industry - The smart building sector has expanded from office buildings to residential areas, utilizing modern control technologies and integrating various systems [4][10] - The market is characterized by increasing competition, with both international brands and domestic companies actively participating [4][10] Smart Building Industry Development Trends - The future of smart buildings is focused on sustainable development technologies, with innovations in eco-friendly materials, advanced energy management, and the integration of AI and IoT [25] - The industry is expected to continue growing, driven by technological advancements that enhance efficiency and improve living quality [25] Smart Building Industry Competitive Landscape - Major international players like Johnson Controls, Honeywell, and Schneider dominate the high-end market, while domestic companies such as Huawei, Haier Smart Home, and Dashi Intelligent focus on mid to low-end markets [18][20] - The competition encompasses various dimensions, including technology, pricing, branding, and ecosystem development [18] Key Companies in the Smart Building Sector - Haier Smart Home reported a global revenue of 285.981 billion yuan in 2024, with a year-on-year growth of 4.29% [21] - Dashi Intelligent achieved a total revenue of 3.171 billion yuan in 2024, with significant contributions from its smart space solutions [23]