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]

Core Insights - The article highlights the increasing pressure of high consumer prices in shopping malls, making it difficult for even middle-income earners to afford basic items [2][5][41] - There is a noticeable shift in consumer behavior towards online shopping due to better price-performance ratios and convenience [14][29][43] Group 1: High Prices in Malls - Shopping mall prices have become unaffordable for many, with even middle-class individuals feeling the strain of high costs [5][10] - A significant price discrepancy exists between online and mall prices, with some items marked up by over 100% in physical stores [6][8] - High operational costs, including rent and employee wages in prime locations, contribute to the elevated prices in malls [6][8] Group 2: Shift to Online Shopping - Online shopping is becoming the preferred choice for consumers seeking better value, as it often offers lower prices due to direct sourcing from manufacturers [14][18] - Promotional activities, such as subsidies and coupons, further enhance the affordability of online purchases, making them more attractive to consumers [22][24] - The convenience of online shopping, including home delivery and easy return policies, aligns well with the needs of busy consumers [26][28] Group 3: Changing Consumer Mindset - There is a growing awareness among consumers regarding the importance of value over brand prestige, leading to more rational purchasing decisions [31][39] - Consumers are increasingly prioritizing product quality and practicality, rather than being swayed by high prices or brand names [35][41] - This shift in mindset is prompting brands to focus more on online channels and offer competitive pricing to meet consumer demands [37][43]

【环球网科技综合报道】你们家的空调，是不是一到夏天就"众口难调"？一台空调，一个温度，似乎永远无法让全家人同时满意。这背后，是整个行业持续 数十年的技术惯性，但改变正在发生。 形象地说，客厅被无形划分为两个"温区"。 比如沙发区环绕26℃凉风，几步之外的区域则是28℃暖风。这不是风向调节，而是真实的空气温差。 实现"双温区"看似简单，背后却需要空调具备精准的感知与执行能力。这项技术通过优化送风系统，能将舒适气流最远送达16米，并将全屋水平温差控制在 ±0.5℃以内，从而缓解了"冷风直吹"和"远近不均"的老问题。 与此同时，另一项获奖技术则悄然改变了空调的"心脏"——风机的设计方式。 过去，设计一个更安静、更省电的风机，依赖的是工程师的经验与反复试错。如今，海尔构建了一个能自主学习的"风机智能设计平台"。它就像一位吸收了 无数经验的"老师傅"，能在海量的历史数据中，快速找出叶片与风道的最佳组合方案。 结果直接可感：新风机的运行噪音显著降低，耗电减少，将复杂的算法转化为用户每晚都能体验到的静谧与节能。 从 " 一风吹全家 " 到 " 一人一风 " 在2025年第34届全国建材与家居行业年会上，海尔空调凭借一项能让 ...

Core Insights - Haier Air Conditioning received dual top certifications, "User Satisfaction Level Evaluation Five-Star Certification" and "Market Quality Credit AAA Level Certification," at the "2025 Satisfaction China Conference," marking it as the only home appliance company to achieve this in 2023 [1] - This recognition validates Haier's long-term strategy of "creating the best user reputation" [1] Group 1: User Satisfaction Management - Haier has transformed user feedback into a systematic management process, establishing "creating the best user reputation" as a guiding principle [4] - The management loop includes user cloud platforms, global R&D networks, smart lighthouse factories, and "four comprehensive" star-level services, ensuring end-to-end coverage from demand insight to service implementation [4] Group 2: Performance Metrics - Haier's service satisfaction rate has exceeded 99.9% for three consecutive years, with a continuous decline in user complaints and an increase in profits, demonstrating the conversion of reputation into commercial value [5] Group 3: AI Integration - AI technology is deeply integrated across the entire process, enhancing efficiency [7] - In R&D, AI big data captures user pain points and predicts demand trends, leading to innovations like the world's first 12-decibel ultra-quiet air conditioner [8] - AI simulations and algorithms have significantly shortened technical validation cycles and accelerated product iterations [8] - A "User Reputation Committee" has been established to analyze online feedback in real-time, triggering immediate improvement processes [8] - The "Smart Home Brain" platform anticipates user needs, enabling proactive service management [8] Group 4: Industry Implications - Haier's approach serves as a reference for the industry on how to systematically operate user experience, shifting competition from product functionality to comprehensive user experience design and management [9] - The focus on user satisfaction is evolving into a dynamic process that fosters continuous optimization and innovation [9] - Haier aims to deepen the integration of AI and user services, building a more resilient brand moat in an era where trust is increasingly valuable [9]

Core Insights - Haier Air Conditioning has achieved the highest dual certifications in the home appliance industry, namely the "User Satisfaction Level Evaluation Five-Star Certification" and the "Market Quality Credit AAA Level Certification," validating its long-term strategy of creating the best user reputation [1] Group 1: User Satisfaction and Management System - Haier Air Conditioning has transformed user feedback into a systematic management process, establishing "creating the best user reputation" as a guiding principle [2] - The management closed-loop includes user cloud platforms, global R&D networks, smart lighthouse factories, and "four comprehensive" star services, ensuring end-to-end coverage from demand insight to service implementation [2] - The results show a service satisfaction rate exceeding 99.9% for three consecutive years, a decline in user complaints, and an increase in profits, demonstrating the conversion of reputation into commercial value [2] Group 2: AI Integration and Process Improvement - The efficient operation of the system is attributed to the deep integration of AI technology across the entire chain, enabling precise identification of user pain points and demand forecasting [4] - AI simulations and smart algorithms have significantly shortened technical validation cycles and accelerated product iterations, with a "User Reputation Committee" established to analyze online evaluations in real-time [4] - The "Smart Home Brain" platform anticipates user needs, such as filter cleaning and material replacement, aiming for proactive service rather than reactive maintenance [4] Group 3: Shift in Competitive Focus - Haier Air Conditioning's practices provide a reference model for systematic operation of user experience, indicating a shift in competition from product functionality to comprehensive user experience design and meticulous management [5] - The achievement of dual certifications signals a new phase in the home appliance industry, where the core competition is moving towards "experience co-win" [5] - Haier plans to continue deepening the integration of AI with user services, optimizing the closed-loop of "creating the best user reputation" to build a more resilient brand moat in an era where trust is increasingly valuable [5]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4]. Core Insights - The consumer sector is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information regarding fundamentals is increasing, and companies are focusing more on dividends and buybacks [1][12]. - The "Redemption+" strategy is recommended as a short-term stable allocation strategy, with a focus on high-quality global assets and marginal recovery in specific sectors like beer and dairy [1][12]. - The report emphasizes the importance of new consumer groups and market segments, particularly the "Z Generation" and "New Middle Class," which are driving long-term structural growth in domestic demand [2][12]. Summary by Sections 1. Fundamental Outlook - The domestic consumer sector is entering a low-growth phase, with opportunities primarily in dividend-type investments and those showing marginal improvements [12]. - The "Z Generation" and "New Middle Class" are identified as key consumer groups with strong payment willingness and consumption characteristics [13][16]. - Retail channel transformations are leading to increased concentration of upstream brands, with new retail brands like "October Rice Field" showing significant growth potential [19][24]. 2. Investment Outlook for Key Sectors in 2026 - Baijiu - Guizhou Moutai's prices are nearing the bottom, indicating a long-term investment value. The current valuation corresponds to a 20x PE for 2025, with a dividend yield exceeding 3.7% [29][33]. - Jinhuijiu is gaining market share within the province, with a focus on product structure improvement and healthy inventory levels [35][39]. 3. Investment Outlook for Key Sectors in 2026 - Consumer Goods - The consumer goods sector has undergone significant cleaning of fundamentals, with no inventory burdens remaining for categories like dairy and beer [40]. - Companies like China Resources Beer and Mengniu Dairy are highlighted for their potential for improvement and growth in earnings [44]. 4. Investment Outlook for Key Sectors in 2026 - White Goods - Haier is noted for its organizational efficiency improvements and market adjustments, positioning it well for future growth [20][21]. 5. Investment Outlook for Key Sectors in 2026 - Technology Consumption - Companies like Anker and Ecovacs are recognized for their innovative platform development and operational resilience, indicating strong growth potential [22][23]. 6. Investment Outlook for Key Sectors in 2026 - Medical Aesthetics - Companies like Juzhi Biotechnology and Jinbo Biotechnology are highlighted for their technological leadership and platform upgrades, driving value reassessment [25][26]. 7. Investment Outlook for Key Sectors in 2026 - Overseas Quality Assets - Companies like Westair and Kingworld are gaining attention from domestic funds due to their strong competitive positions and growth potential in overseas markets [27][28].

11月28日，海尔空调第二届"海巧精工杯"全球服务技能大赛在合肥举行，吸引了来自14个国家和地区的 三万余名服务师参与。这场赛事不仅是技能的较量，更是海尔将数字化服务战略推向全球一线的重要实 践。 服务的比拼，往往藏在那些看不见的细节里。从故障的迅速排查，到管线的整洁布置，再到接口的牢固 处理，每一个环节都直接影响着用户的使用感受。海尔正是希望通过这样贴近实战的演练，让每一次上 门服务都能成为一次可靠而温暖的交付。 如今，数字化工具已深度融入服务全流程。服务师能够提前诊断问题、精准调配物料，用户也能实时查 看服务进度，这种"全程可视"的体验，让安心服务触手可及。 支撑这一切的，是海尔空调构建的"智慧服务大脑"。这一覆盖设计、安装与运维的全流程数字化平台， 不仅能即时响应需求，更能结合天气与地域数据主动规划，从容应对服务高峰。在中央空调等复杂安装 中，海尔严格执行"七星服务"标准，通过七个环节的精细管控，确保一次到位。2024年，海尔空调服务 满意度达99.99%，预约准时率达93.76%，"一次就好"正逐渐成为用户服务的日常。 从中国到世界，海尔空调持续推动着服务标准的进化，致力于让更多用户享受到贴心、专业的 ...

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 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]