要在欧洲这个家电发源地站稳脚跟，仅靠产品创新远远不够，海尔持续深耕本土，加速渗透高端橱柜渠 道布局。比如与最大的厨房家具平台Veneta战略合作，铺货门店超过250家。2025年新增ELDIS SRL、 Nova Inox等50多个高端橱柜渠道，并以极致的用户体验，推动Titanium系列实现三年3倍速增长。在波 兰，Titanium系列强势进驻超过100家核心门店，全面覆盖华沙、格但斯克、克拉科夫等主要城市黄金 商圈，将高端体验融入用户日常生活。 嵌入式冰箱不仅是产品技术的较量，更是品牌高端化能力和本地化运营的试金石。在欧洲这个每年高达 2000万台容量、增长稳定的高端市场，海尔已经证明了自己的实力。从安装革命到保鲜传承，海尔冰箱 正以"欧洲智慧"重新定义高端厨房生态，成为越来越多的欧洲消费者的首选。 全球冰箱行业的头部品牌，围绕技术、渠道与用户体验的竞争还在持续升温。作为该领域的领军品牌， 海尔冰箱已连续17年荣膺全球零售量冠军。其中，在竞争白热化的欧洲市场，海尔冰箱的表现依旧抢 眼：根据欧睿国际数据显示，海尔以10.7%的市场份额位居中国品牌首位。 在欧洲高端冰箱领域，海尔也位列中企第一。欧洲高端冰箱市 ...

Core Insights - The global refrigerator market showed slight growth in Q1 2025, with a market size of 32 billion and sales of 9.96 million units, reflecting a year-on-year increase of 3.8% and 2.7% respectively, despite facing significant challenges [1] - Haier has maintained its position as the global sales leader for 17 consecutive years, achieving growth in a challenging market environment, indicating a strong underlying business strategy [1] Group 1: Market Dynamics - The refrigerator industry is experiencing intense competition, with sales volume increasing but sales value declining, highlighting the pressure on pricing [2] - Haier has achieved market leadership in key regions such as the US, Australia, Southeast Asia, and South Asia, with significant growth rates in countries like Vietnam, Thailand, and the Philippines exceeding 40% [4] Group 2: Strategic Approaches - Haier's differentiation strategy focuses on "high-end branding" amidst a price war, leading to a market share of over 40% for multi-door refrigerators in Europe, with a price index above 140 [4] - The company has established three core capabilities: strong technological innovation with 2,392 global patents, leadership in international standards for refrigerator preservation, and unique AI manufacturing capabilities [5][6] Group 3: Future Directions - Haier is leveraging AI technology to enhance its product offerings, such as the "smart eye" system that reduces energy consumption by 15% while optimizing food storage [7] - The company is integrating a comprehensive ecosystem through partnerships with over 2,000 resource providers, creating a closed-loop service from ingredient procurement to recipe recommendations [7] Group 4: Lessons and Outlook - Haier's success illustrates the effectiveness of a user-demand-driven and localized innovation model, emphasizing that high-end strategies reflect technological value rather than luxury [8][10] - The approach to localization is seen as an opportunity for deep innovation rather than mere adaptation, while smart technology redefines lifestyle rather than just adding features [9][10]

Group 1 - The core viewpoint of the article highlights the acceleration of China's green transformation in the economy, with a focus on the "old-for-new" policy that promotes low-carbon initiatives and encourages the adoption of energy-efficient appliances [1][12][19] - The "old-for-new" policy has led to significant energy savings for consumers, with new air conditioning units demonstrating a drastic reduction in energy consumption compared to older models, saving consumers approximately $943 million annually [7][9][19] - The shift towards energy-efficient products is evident as manufacturers are increasingly focusing on producing first-level energy efficiency appliances, with a reported 70% of television products shipped being of this category [16][18] Group 2 - The article discusses the impact of government subsidies on the adoption of energy-efficient appliances, with first-level energy efficiency products receiving a 20% subsidy and second-level products a 15% subsidy, driving both consumer and manufacturer engagement [14][19] - Equipment upgrades in traditional industries such as steel and cement are being supported by a special long-term national bond fund of 200 billion yuan, facilitating energy-saving transformations and enhancing green productivity [19][25] - The implementation of smart mining projects and energy-efficient upgrades in mining operations has resulted in significant reductions in energy consumption and increased production efficiency, showcasing the benefits of technological advancements in traditional sectors [25][27]

Industry Overview - The global smart home market is experiencing rapid growth, driven by advancements in IoT technology and increasing consumer demand for quality of life [1] - According to Statista, the global smart home market size is projected to reach approximately $154.37 billion in 2024, with a compound annual growth rate (CAGR) of 9.55% from 2025 to 2028, potentially exceeding $231.57 billion by 2028 [1] Company Performance - Haier Smart Home has launched the hOn APP for European users, which has surpassed 10 million users, showing a year-on-year growth of over 40% [1][2] - The hOn APP has achieved a total of 900 million interactions annually, with a stable daily active user count of around 130,000 [1] - Haier's strategy focuses on a "whole-home smart ecosystem," integrating products from Haier, Candy, and Hoover to break down category barriers and achieve cross-device collaboration [1] Market Impact - The smart solutions provided by the hOn APP enhance user experience and drive market growth across Haier's various product lines in Europe [2] - In Spain, Haier's refrigerators hold the top market share, while in Italy, Haier's white goods rank second, with Candy leading the washing machine market [2] - In France, Haier's differentiated three-door Combi refrigerators are the best-selling in the €700 price segment [2] Competitive Position - The hOn APP's user milestone reflects Haier Smart Home's successful global implementation of its smart strategy and showcases the international competitiveness of Chinese brands in the smart home sector [2] - The transition from product export to smart ecosystem export indicates that Chinese brands are collaboratively building a seamless smart home experience with global users [2]

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY [2][8]. Core Views - The recent allocation of 69 billion CNY in national subsidies is expected to positively impact Haier's air conditioning business, particularly in northern China and the European and American markets, leading to improved revenue and profit [2][8]. - The company is anticipated to benefit from high temperatures in major cities, which have reached an average maximum of 31.1°C, the highest in five years, driving demand for air conditioning [8]. - The report highlights that Haier's air conditioning sales in the northeast region have seen a significant increase, with retail sales growth exceeding 300% in early July due to the heat [8]. - The U.S. real estate market is expected to improve, which may positively influence demand for home appliances, as there is a strong correlation between real estate and appliance sales [8]. - The report emphasizes that Haier's management has shown confidence in the company's future by increasing their shareholdings, indicating a positive outlook for the second half of the year [8]. Financial Summary - Total revenue is projected to grow from 285,981 million CNY in 2024 to 354,115 million CNY in 2027, with year-on-year growth rates of 9.4%, 8.4%, 7.2%, and 6.5% respectively [4]. - Net profit attributable to shareholders is expected to increase from 18,741 million CNY in 2024 to 26,426 million CNY in 2027, with growth rates of 12.9%, 13.0%, 12.2%, and 11.3% [4]. - Earnings per share (EPS) are forecasted to rise from 2.00 CNY in 2024 to 2.82 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 13 to 9 [4][8].

Core Insights - The Thai white goods market is experiencing a downturn, with an overall decline of 8.3% from January to May 2025, while Haier's white goods segment has achieved a remarkable growth of 26%, outperforming the industry and competitors [1] - Haier's success in Thailand is attributed to its localized innovation, high-end product offerings, and collaborative supply chain strategies, which have allowed it to capture significant market share [2][3] Market Performance - The overall Thai white goods market is down by 8.3% in early 2025, while Haier's white goods have grown by 26% [1] - In the refrigerator segment, Haier achieved a 40% increase despite a 4.2% decline in the overall market [1] - Haier's washing machines saw a 72% growth, significantly outpacing the market's 5.8% increase [1] - The air conditioning market declined by 21.1%, yet Haier's air conditioning segment maintained a stable performance [1] Product Innovation - Haier has introduced a 520-liter T-door ice water refrigerator in Thailand, featuring Smart Ice technology, which caters to local preferences for ice [2] - The air conditioning units have been optimized for health, energy efficiency, and ease of installation, enhancing market competitiveness [2] High-End Market Strategy - Haier launched three high-end washing machine models in Bangkok, targeting the premium segment traditionally dominated by Japanese and Korean brands [3] - The company is actively engaging with local culture through events like international marathons and badminton championships to strengthen brand recognition [3] Supply Chain Development - Haier's Spring Valley air conditioning industrial park has begun trial production, with a planned capacity of 6 million units, covering a wide range of air conditioning products [3] - This facility is positioned as Haier's largest overseas air conditioning manufacturing base and the first 5G-connected factory in Southeast Asia, enhancing efficiency and supply chain reliability [3] Future Outlook - As Chinese brands continue to gain influence in Southeast Asia, the dominance of Japanese and Korean brands is expected to diminish, providing Haier with further growth opportunities [3]

Group 1 - The core issue in home appliance performance lies in the production process rather than just design and specifications [1][3] - Companies focusing solely on aesthetics and flashy parameters may attract users initially, but fail to deliver superior user experience [3][5] - The difference in appliance performance, such as air conditioning and refrigeration, is attributed to innovative technologies and deep user insights [5] Group 2 - Haier's air conditioning units utilize innovative technologies like the cooling core bridge heat exchanger and AI-driven vacuum prediction models, achieving rapid cooling in 15 seconds even in high temperatures [3] - Haier's refrigerators employ a unique five-gun injection foaming technology, enhancing insulation and extending the freshness of stored fruits and vegetables for up to 7 days [5] - The emphasis on user-centered design and technological innovation in production processes is crucial for companies to meet market demands and ensure customer satisfaction [5]

Group 1 - The core viewpoint is that Haier refrigerators are successfully penetrating the international market, particularly in Spain, achieving significant sales growth and market share [1][2] - In May, Haier's refrigerator sales share reached 13.3%, making it the top player in the refrigerator industry, with notable performance in both high-end and mainstream markets [1] - Haier's multi-door refrigerators excel in the high-end segment, capturing 35% market share with a premium positioning index (PI) of 146, driven by innovative features such as advanced preservation technology [1] Group 2 - The success of Haier refrigerators in Spain exemplifies the company's globalization strategy, focusing on local R&D, manufacturing, and service to enhance market integration [2] - Haier aims to continue deepening its presence in the Spanish market by offering higher quality products and services to solidify and expand its leading position [2]

Core Points - The sixth Multinational Corporation Leaders Qingdao Summit signed 40 key projects with a total amount of $5.93 billion, covering industries such as high-end equipment, new energy materials, and next-generation information technology [2][7] Group 1: Summit Overview - The summit took place from June 18 to 20, focusing on the theme "Multinational Corporations and China - Linking the World for Win-Win Cooperation" [2] - A record 570 leaders from 465 multinational companies across 43 countries and regions attended the summit, including 26 global CEOs and 56 global vice presidents from Fortune 500 companies [3] Group 2: New Trends and Opportunities - The summit highlighted the "first-release economy," where consumers are increasingly willing to pay for unique experiences and products [5] - A new "First-Release Show" was established to provide a global platform for multinational companies to launch new products and technologies [5] Group 3: Investment Projects - The 40 signed projects involved investment from countries including the USA, UK, Germany, Japan, South Korea, Australia, Singapore, and Malaysia, focusing on high-end chemicals, high-end equipment, new energy materials, and modern financial services [7] - AstraZeneca announced a total investment of $750 million for a new inhalation aerosol production base in Qingdao, set to be a "zero-carbon factory" by 2028 [7] Group 4: International Cooperation - Haier Group signed a deal to build a home appliance industrial park in Algeria, showcasing the summit's role in promoting international collaboration [7] - The summit invited Xinjiang as a guest province and facilitated cooperation activities with 21 provincial business departments and 128 enterprises [8]

Core Viewpoint - Haier's management transformation, termed "Human-Order Integration," represents a significant shift from traditional hierarchical structures to a networked ecological organization, aligning with quantum thinking and challenging Western management theories [2][3][4]. Group 1: Haier's Transformation and Performance - Haier's "Human-Order Integration" transformation has proven effective over 16 years, yet lacks a systematic theoretical foundation to explain its operational framework [3][4]. - The company has achieved substantial market leadership, with global market shares of 21.4% in refrigerators and 22.1% in washing machines as of 2018, and has consistently ranked among the top in global appliance sales [5][6]. - In 2022, Haier reported global revenues of 350.6 billion yuan, a 5.4% increase, with ecological revenue reaching 45 billion yuan, up 16.3% [5][6]. Group 2: Limitations of Western Management Theories - Traditional Western management theories, rooted in a mechanistic worldview, fail to adequately explain Haier's ecological growth and management practices [4][8]. - The mechanistic view, which treats employees as tools, has led to systemic flaws in management, neglecting the human aspects of motivation and creativity [11][12][13]. - Haier's approach contrasts sharply with these theories by prioritizing human value and agency, fostering a culture where employees are seen as integral to the company's success [21][22]. Group 3: Quantum Management Principles - Haier's management model aligns with quantum management principles, emphasizing the dynamic, interconnected nature of business operations and the importance of human agency [42][44]. - The transformation reflects a shift towards a decentralized, platform-based structure where employees operate as independent entrepreneurs, enhancing creativity and responsiveness [22][30]. - The company's innovative practices, such as ecological revenue generation and self-organizing teams, illustrate the application of quantum principles in a business context [38][39]. Group 4: Future Implications and Theoretical Foundations - Establishing a theoretical framework for Haier's management practices could provide insights into replicable methodologies for other organizations [3][43]. - The exploration of quantum management as a theoretical basis for Haier's practices may offer new directions for understanding modern organizational dynamics [44][54]. - Haier's success in integrating quantum principles into its management approach positions it as a potential model for future business practices in an increasingly complex and interconnected world [54].