Core Insights - Haier has maintained its position as the world's largest home appliance brand by retail volume for 17 consecutive years, with significant growth in market share from 6.3% to 12.1% since 2009, demonstrating strong resilience and stability [1] - The company's growth is attributed to its smart home strategy, transitioning from merely selling appliances to providing a platform service ecosystem that enhances user experience through software-defined scenarios [1] Group 1: Performance and Strategy - Haier's global market share has seen a consistent increase, achieving five consecutive years of growth [1] - The "126" strategy focuses on user-centric innovation, establishing a smart home channel, two major platforms for customer engagement, and six core capabilities including globalization and digitalization [3][4] Group 2: Globalization and High-End Positioning - Haier's globalization involves enhancing capabilities across sales, marketing, service, logistics, procurement, R&D, and manufacturing, with successful product iterations tailored to local markets [4] - The high-end strategy is exemplified by successful product launches, such as the "Lazy Three-Tub Washing Machine," which achieved over 1 million units sold in three quarters [6] Group 3: Digitalization and Smart Technology - Haier aims for "extreme efficiency" through full-process digital transformation, improving operational efficiency and customer satisfaction with 80% of products delivered directly to users [6] - The company is advancing from product intelligence to scenario intelligence, integrating AI capabilities into home appliances for enhanced user interaction [7] Group 4: Ecosystem and Sustainability - Haier's smart home ecosystem connects over 66 million resources, providing comprehensive services across various life scenarios, including a new "people-car-home" ecosystem [9] - The company is committed to ESG principles, with initiatives aimed at achieving carbon neutrality by 2050 and offering energy-efficient products that exceed current standards [9]

服务体系数字化获行业认可，经营端保持稳健。新华网报道公司服务体系再获行业认可，核心在于将线 下成熟的交付与售后能力通过数字化平台线上化、标准化、可追踪，有助于提升用户触达与服务响应效 率，并在一定程度上支撑渠道运营质量与口碑转化。落到当期经营表现看，公司25Q3 实现收入775.6 亿 元，同比+9.51%，延续25H1+10.2%的收入增速水平。其中，25Q3 国内业务收入同比+10.8%，家空单 三季度收入增长超30%。根据产业在线数据，海尔空调/冰箱/洗衣机内销份额同比增加3.7/-0.3/2.8pcts。 冰洗基本盘稳固，空调表现优于行业。我们认为，空调业务的高增一方面受益于国内北方地区高温天 气，而海尔在北方市场份额具备传统优势，拉动公司Q3 业绩；另一方面，公司运营模式变革，推进数 字营销，增加与客户的接触触点，提升客户的覆盖率，在国补退坡的情况下保持经营韧性。分品牌看， 公司前三季度高端品牌卡萨帝/Leader 收入增长18%/25%。海外市场25Q3 收入同比+8.3%，增速稳健。 南亚/东南亚/中东非25Q1-Q3 同比+25%/15%/+60%。我们预计单三季度，南亚/东南亚保持双位数增 ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) [1] Core Insights - Haier Smart Home has received multiple industry recognitions for its digital service system, which extends its offline service capabilities online and overseas, enhancing service efficiency and standardization [1] - The company reported a revenue of 77.56 billion yuan in Q3 2025, reflecting a year-on-year growth of 9.51%, consistent with the 10.2% growth in H1 2025 [8] - The domestic business revenue grew by 10.8% year-on-year, with the air conditioning segment seeing over 30% growth in Q3 [8] - The company’s profitability improved, with a net profit of 5.34 billion yuan in Q3 2025, up 12.7% year-on-year [8] - The operating cash flow for Q3 2025 was 6.352 billion yuan, which is 1.2 times the net profit [8] - Future growth is expected to continue, with a projected double-digit profit growth in 2026, supported by improving demand in domestic and international markets [8] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 285.981 billion, 309.930 billion, 328.665 billion, and 347.024 billion yuan respectively, with year-on-year growth rates of 9.4%, 8.4%, 6.0%, and 5.6% [3] - Net profit projections for the same years are 18.741 billion, 21.432 billion, 23.605 billion, and 26.101 billion yuan, with growth rates of 12.9%, 14.4%, 10.1%, and 10.6% respectively [3] - The target price is set at 33.8 yuan, with the current price at 26.54 yuan, indicating significant upside potential [4]

2025年12月18日，在越南胡志明市THISKYHALL会展中心，一场以"Play with the Number Ones(与冠军 同行)"为主题的海尔东南亚合作伙伴峰会，吸引了来自东南亚8个国家的500余名战略合作伙伴参加。现 场，海尔冰箱回顾了2025年业绩亮点并宣布2026年高端战略再升级，同时还带来了Horizon系列和Space Fit Pro系列高端冰箱，进一步夯实在东南亚市场的引领地位。 作为拥有超过6亿庞大人口的市场，东南亚一直是全球冰箱企业眼中的必争之地。激烈的竞争之下，不 少品牌都会陷入以价换量的消耗战，最终往往"杀敌一千，自损八百"。 另一高端系列产品Space Fit Pro冰箱同样精准满足冰饮需求。其搭载了Smart Ice智能制冰技术，全自动 箱体制冰机快速制冰，开放式冷饮空间高达230mm，能存放95%的常见饮料规格。它的外观设计同样亮 眼，将厨居美学及自由嵌入的理念引入东南亚，以594mm超薄零嵌实现与橱柜无缝融合。此外其还有 HCS控湿系统与Fresher Shield技术双管齐下，确保果蔬、肉类持久新鲜。目前，该产品已在泰国、马来 西亚、英国等国上市，并取得了首销即成为 ...

海尔冰箱的全球化，不是简单的把产品卖出去，而是能力和服务的全方位提升。海尔冰箱通过在当地核 心卖场优先布局"黄金展位"，把高端体验搬进用户的日常生活。同时，还通过在销售端全面强化顾问的 产品讲解能力，以专业服务提升了用户好感与品牌口碑。这份用心也换来了高端渠道的认可：700升法 式大冰箱登上英国高端百货John Lewis官方杂志。 从英国市场的突围，到17年蝉联全球冰箱品牌零售量冠军，海尔冰箱用实力赢得全球用户信赖，也将持 续为全球更多家庭带来更高品质的生活体验。 最新市场数据显示，继海尔法式大冰箱在法国市场夺冠后，英国又传来利好信息：700升大容量90MD 高端冰箱新品上市即爆，不仅成为9月热销榜TOP1，还助力海尔冰箱实现1-10月年累市场份额增速最 快。 这份成绩正是海尔冰箱聚焦高端化和全球化战略的成果。其通过持续的科技创新，给英国家庭提供高品 质的好产品、好体验。 海尔冰箱凭借高端化战略，正成为越来越多用户的高端首选。90MD高端冰箱新品自带"爆款基因"，700 升超大容积且拥有双制冰功能，满足当地家庭所需，高端玻璃外观更提升家装质感。70cm品类冰箱创 新抽屉式设计，更便于用户拿取冷冻食材，比传统 ...

Core Viewpoint - The article highlights the experiences of an Arab influencer, known as "Old Li," who has lived in China for 25 years and promotes Chinese products, particularly Haier's air conditioning units, through his social media platforms. His journey reflects the growing global interest in Chinese manufacturing and technology, especially in the home appliance sector. Group 1: Personal Experience and Background - "Old Li," originally from Egypt, has been living in China since he was 15 years old and has developed a deep appreciation for Chinese culture and products [5][7] - He has transitioned from studying international trade to becoming a self-media influencer, capturing the essence of Chinese life through short videos [7] - His family is proud of his work, and he aims to educate his audience in Arab countries about the advantages of Chinese products [7][8] Group 2: Promotion of Chinese Products - "Old Li" emphasizes the importance of air conditioning in his life, particularly highlighting the features of Haier's air conditioning units, such as low noise and AI technology [8][9] - He actively recommends Chinese home appliances to his family and friends in Arab countries, noting their availability and quality [8][9] Group 3: Insights into Haier's Manufacturing - The Haier Zhengzhou air conditioning interconnected factory has a production capacity of 4 million units annually, with a unit rolling off the line every 7 seconds during peak production [11] - The factory employs advanced automation and intelligent equipment to enhance production efficiency and energy savings, achieving a product first-pass rate of over 99.9% [11][12] - "Old Li" expresses admiration for the complexity and sophistication of the manufacturing process, indicating a strong understanding of why Chinese appliances are highly regarded globally [12]

Core Insights - The energy-saving home appliance market is experiencing continuous demand growth due to the global trend towards energy conservation and increasing consumer awareness of environmental protection [1][3][6] - The market size of China's energy-saving home appliance industry is projected to grow from 236.25 billion yuan in 2015 to 680.325 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.47% [1][10] - By 2025, the market size is expected to reach 744.3 billion yuan, driven by technological advancements and evolving consumer demands [1][10] Industry Overview - Energy-saving home appliances utilize advanced technologies such as variable frequency technology, high-efficiency compressors, and optimized insulation materials to significantly reduce energy consumption during use [1][3] - The industry includes various products such as air conditioners, refrigerators, washing machines, water heaters, televisions, and rice cookers [3] Market Dynamics - The Chinese government has implemented various policies to support the energy-saving appliance sector, including subsidies for replacing old appliances and promoting energy-efficient products [6][7][11] - The increasing focus on green consumption and energy efficiency among consumers is driving demand for energy-saving appliances [7][11] Industry Chain - The upstream of the energy-saving appliance industry includes raw materials and components such as steel, copper, plastics, rubber, electronic components, semiconductor materials, chemical materials, and insulation materials [8] - The midstream involves the production and manufacturing of energy-saving appliances, while the downstream encompasses sales channels including specialty appliance stores, home improvement markets, and various e-commerce platforms [8] Key Players - Major companies in the energy-saving appliance sector include Midea Group, Haier Smart Home, Gree Electric Appliances, Sichuan Changhong, Hisense, and others [1][13] - Midea Group reported a revenue of 167.201 billion yuan in its smart home business for the first half of 2025, reflecting a year-on-year growth of 13.32% [13] - Haier Smart Home achieved significant sales in its refrigerator, washing machine, and air conditioning segments, with respective revenues of 42.517 billion yuan, 31.645 billion yuan, and 31.645 billion yuan in the first half of 2025 [14][15] Development Trends - The industry is moving towards greater integration of artificial intelligence and IoT technologies, enabling autonomous energy management and optimization [16] - There is a focus on green design and circular economy principles, with an emphasis on using eco-friendly refrigerants and increasing the use of renewable materials [16] - Energy-saving appliances are evolving from single-function products to comprehensive, scenario-based solutions that optimize energy consumption across different home environments [17]

为用户而创新，收获国家级认可 科技创新的最终目的是为了用户，这一理念在海尔智家的获奖项目中得到了充分体现。 随着新一轮科技革命和产业变革不断深化，科技创新已成为推动轻工业高质量发展的核心引擎。 近日，在南京召开的"2025轻工业科技创新与绿色发展大会"上，海尔共有三个科技创新项目，入选"十 四五"轻工领域先进科技创新成果这一国家级奖项，数量行业最多。其中，海尔智家独占两项，充分体 现了其在轻工科技前沿的创新实力与行业引领地位。 随着高端生鲜需求不断扩大，用户对食材风味、口感也有了更高要求。在此次获奖的"温湿氧磁多维精 准控制家用保鲜电器技术创新与产业化"项目中，海尔冰箱通过温度、湿度、控氧、磁场四个不同的保 鲜技术方向，有效延长食材存储时间，最大程度保留营养成分，让用户吃得更健康。 时代在变，用户的需求也一直在变。为了能与时俱进，海尔智家搭建起全球领先的研发体系，通过打造 线下10+N开放式创新平台，线上HOPE平台协调各地研发资源，为每一项用户需求高效落地转化。 这样高效精准的创新，不仅满足了用户，也让海尔智家赢得了家电科技领域的领先地位。截至目前，海 尔智家已经拥有200余项引领行业的原创科技，而且在专利 ...

Core Insights - Haier has emerged as the fastest-growing refrigerator brand in Germany, surpassing local brands, driven by consumer trust and product quality [1][2] - The innovative drawer-style refrigerator design by Haier caters to the local preference for convenience and energy efficiency, significantly appealing to German consumers [2] Group 1: Market Performance - In the first half of the year, Haier's refrigerator sales in Germany have shown remarkable growth, indicating a shift in consumer preferences towards Chinese brands [1] - Haier's market share in Europe is leading among Chinese brands, with a 40% share in multi-door refrigerators, making it the fastest-growing brand in Italy, the UK, and Spain [2] Group 2: Product Innovation - The drawer-style refrigerator, first introduced in 2008, has undergone over ten iterations, integrating features like "embedded" and "partitioned freshness" to align with local kitchen culture [2] - The drawer design allows for easy access to frozen foods and has been certified by VDE to reduce energy consumption by 30% during daily use [2] Group 3: Consumer Trust - A local consumer, Mr. Schmidt, expressed high trust in Haier due to the durability of his previous Haier refrigerator, which operated without issues for 17 years [1] - The positive experience of long-term users like Mr. Schmidt contributes to the brand's reputation and willingness to recommend Haier to others [1]

Core Insights - The live streaming event by Haier and JD.com on November 11 not only boosted sales but also transformed the interaction logic between the brand and users [1] - The event showcased a shift in the live streaming industry from "traffic-driven" to "trust-driven" models, emphasizing innovative content and engagement [2] Group 1: Innovative Engagement - The appearance of four Haier executives was marked by a "wish-sharing" format, creating emotional connections with users by addressing seasonal pain points [2][3] - Interactive elements such as dialect-based product promotion and fun quizzes significantly enhanced user participation [2] - The product demonstration was transformed into a hands-on experience, showcasing product performance through experiments rather than traditional presentations [3] Group 2: Emotional Connection - The "CEO Wish Pool" segment allowed users to share creative ideas, reinforcing the emotional bond between the brand and its customers [3] - The event highlighted Haier's commitment to responding to user expectations, enhancing the brand's image and fostering deeper relationships with consumers [3] Group 3: Marketing Success - The live stream achieved a sales conversion of 12 million yuan and attracted over 3 million viewers, marking a dual success in brand exposure and sales [4] - A comprehensive online resource matrix was established, utilizing platforms like Douyin and Weibo for effective audience engagement and content dissemination [4][5] - The integration of online and offline experiences, including real-time interactions at JD.com stores, demonstrated the value of ecosystem collaboration [5]