刷到一条又一条"沉浸式冰箱收纳"的视频，不少人感叹：要是家里冰箱也能像博主家的那样就好 了。 人们对冰箱不再仅仅停留在"存放食物"的需求，而是更加关注健康、保鲜与智能体验。 8月22日播出的《海尔新声浪》冰箱专场，便以年轻大学生的视角切入，通过真实生活场景与创 意表达，呈现出消费者对冰箱的多样化需求，也让观众看到了海尔麦浪冰箱如何以科技解决生活 痛点。 这场"五进二"的晋级赛以"感味生活"为主题，选手通过视觉、味觉、听觉、触觉、嗅觉这"五 感"与观众对话，将海尔冰箱的核⼼科技功能转化为可感知、可共情、可传播的情感叙事。 01 谁来为冰箱发声？ 冰箱，从来不止是冰冷的生活工具，更像一个沉默的情感容器，承载着人类的温情与文明的印 记，塞满的不是冰箱而是父母对你的牵挂。 想必很多人都有这样的记忆：小时候家里那台老冰箱，用了许多年，即便早已到了报废的年 纪，却依旧被视为家庭的一员，谁也舍不得丢弃。 这台带着岁月痕迹的"老古董"，肚子里藏着的何止是冰镇的汽水与水果，那是一整个闪闪发光 的童年，更是长辈们未曾言说、却细水长流的爱。 可面对家中这台承载回忆的老冰箱，每个人心里大抵都藏着些复杂的滋味。 老人节俭惯了，剩饭剩菜 ...

Core Viewpoint - Haier is enhancing user experience through a comprehensive upgrade from "product exchange" to "experience exchange," focusing on high-quality home appliances and services to meet consumer demands for improved living standards [1][2]. Group 1: Good Products - Haier is committed to providing high-quality home appliances, featuring innovative technologies such as magnetic preservation in refrigerators and AI-driven washing machines that significantly reduce washing time and water usage [1][3]. - The newly launched Haier gas water heater boasts an efficiency improvement to 107.2%, while the water purifier ensures safe drinking water from the first cup [1][3]. Group 2: Good Services - Haier aims to establish a benchmark service system, transitioning from "after-sales service" to "lifecycle service," ensuring a seamless experience from purchase to usage [4]. - The company offers comprehensive installation and delivery services, with a commitment to 24/7 customer support for immediate assistance [4]. Group 3: Good Quality - Quality is a cornerstone of Haier's sustainable development, with strict controls over materials and manufacturing processes to ensure high standards [5]. - Haier emphasizes green manufacturing and recycling, achieving over 95% recycling rate for old appliances, and extends its services to rural areas to enhance accessibility [5].

Core Insights - The 618 shopping festival has evolved into a marathon event, running from mid-May to mid-June, becoming a battleground for user acquisition among brands [1][2] - Haier Smart Home achieved comprehensive first place across multiple categories and platforms, showcasing its strength in AI technology, user interaction, and service guarantees [1][5] Category Performance - Haier Smart Home secured the top market share in various categories including refrigerators, washing machines, water heaters, and freezers, with air conditioners sharing the market [2] - Specific products like the Haier W5000SPro dishwasher and Haier washing machine series topped sales charts on platforms like Tmall and JD [2][4] Brand Development - Haier's brand engagement saw a 35% increase in active members, with significant product visibility and sales, particularly among younger consumers [4] - The premium brand Casarte experienced a 55% growth in brand asset value, leading searches on major platforms [4] Technological Strengths - Haier's AI technology enhances user experience, with innovations like the AI full-space preservation technology in the Haier麦浪 refrigerator, keeping fruits and vegetables fresh for up to 7 days [5] - The Haier washing and drying set can clean clothes in as little as 15 minutes, catering to busy consumers [5] User Interaction Strategies - Haier engaged users through live streaming events featuring executives, focusing on user stories and product demonstrations without direct sales pitches [7][9] - Interactive campaigns and themed events targeted diverse user groups, enhancing brand recall and engagement [9] Service Guarantees - Haier provided comprehensive service support throughout the purchasing process, achieving a 100% customer service response rate during the 618 period [10] - The company implemented a recycling program for old appliances, with 70% of users participating in the trade-in program [10] Conclusion - Haier Smart Home's success during the 618 festival reflects its commitment to user-centric values, leveraging technology, interaction, and service to achieve market leadership [10]

Core Viewpoint - The article discusses the overwhelming influence of advertising on consumer behavior and the need for a return to a slower, more mindful lifestyle, exemplified by the "Slow People Festival" organized by Xiaohongshu, which emphasizes genuine human connections and experiences over commercialism [2][24]. Group 1: Advertising and Consumer Behavior - The current market is saturated with similar products, leading brands to resort to aggressive advertising strategies to capture consumer attention [3][24]. - The phenomenon of "slow living" has gained popularity as a counter to the fast-paced, consumer-driven lifestyle, allowing individuals to reconnect with their senses and experiences [4][22]. Group 2: Xiaohongshu and Community Engagement - Xiaohongshu serves as a platform for sharing authentic life experiences, fostering a sense of community among users who seek genuine connections and emotional resonance [22][26]. - The "Slow People Festival" is a community-driven event that celebrates slow living, featuring art, music, and local culture, which enhances user engagement and brand connection [9][30]. Group 3: Brand Strategy and Value - Brands are recognizing the importance of emotional connection and trust with consumers, moving beyond mere product sales to establish a lifestyle narrative that resonates with their audience [25][42]. - The festival provides brands with a unique opportunity to integrate their marketing efforts with user-generated content, enhancing brand visibility and fostering long-term consumer relationships [34][36].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Views - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is expected to see a notable increase in air conditioning operations in 2025, with retail growth outpacing the industry [5] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% for 2025-2026 [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational efficiency [5][11] - The company is focusing on digital marketing and inventory reforms to improve efficiency and brand recognition [6] Financial Performance - The company forecasts a net profit of 21.5 billion CNY for 2025, with a projected growth rate of 14.82% [10] - Revenue is expected to reach 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [10] Market Position - Haier's air conditioning retail volume has increased significantly, with online and offline sales growing by 76% and 25% respectively in early 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales [5] Digital Transformation - The launch of Haier Smart Home AI Data Cloud has improved customer interaction and product offerings [6] - The company is replicating its successful digital strategies from the Chinese market to its overseas operations [6] Dividend and Share Buyback - The company plans to repurchase up to 10% of its H shares and 30% of its D shares, with a total buyback amount between 1 billion and 2 billion CNY [7] - The expected dividend yield for 2025 is 4.8% based on a projected net profit of 21.5 billion CNY [7]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is experiencing strong growth in both domestic and international markets, with a notable increase in market share [5][6] - The digital marketing and inventory reforms are enhancing operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in 2025-2026 [7] Summary by Sections Financial Performance - Revenue for 2025 is projected at 307.31 billion CNY, with a growth rate of 7.46% [10] - The net profit for 2025 is estimated to be 21.52 billion CNY, reflecting a growth rate of 14.82% [10] - The expected earnings per share (EPS) for 2025 is 2.29 CNY [10] Market Position - Haier's air conditioning retail sales significantly outperformed the industry, with online and offline retail volumes increasing by 76% and 25% respectively in the first four months of 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales and 1.0 percentage points in offline sales [5] Digital Transformation - The launch of the Haier Smart Home AI Data Cloud in Q1 2025 has improved customer interaction and product offerings [6] - The digital inventory model has reduced operational costs for clients, with over 60 new clients introduced to the POP model, resulting in a retail sales increase of over 100% [6] Management and Governance - A new board of directors and executive team has been established, with key appointments including Kevin Nolan for North America and Song Yujun for air conditioning [5][11] - The board has been authorized to repurchase up to 10% of H shares and 30% of D shares [5] Valuation and Forecast - The report maintains profit forecasts for 2025-2027 at 215 billion CNY, 243 billion CNY, and 273 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [7][10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company has seen substantial growth in both domestic and international markets, with a notable increase in retail sales and market share in the air conditioning sector [5][6] - The digital marketing and inventory reforms have enhanced operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in the coming years [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational focus across various regions and product lines [5][11] Financial Performance - The company reported a significant increase in air conditioning retail sales, outperforming the industry average [5] - The expected net profit for 2025 is projected at 21.5 billion CNY, with a consistent growth trajectory in subsequent years [7][10] Digital Transformation - The launch of AI data cloud has improved customer interaction and product offerings, leading to successful new product launches [6] - The digital inventory model has reduced operational costs for clients, resulting in a substantial increase in retail sales through new channels [6] Dividend Policy - The company maintains a high dividend payout, with a projected dividend yield of 4.8% for 2025, supported by a robust cash flow [7][10] Valuation Metrics - The report forecasts a price-to-earnings (P/E) ratio of 11 for 2025, indicating a favorable valuation compared to historical performance [7][10][14]

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [1][4] Core Views - The company reported a revenue of 79.12 billion RMB in Q1 2025, representing a year-on-year increase of 10.1%. The net profit attributable to shareholders was 5.49 billion RMB, up 15.1% year-on-year [4] - The company has launched a share repurchase plan worth 1-2 billion RMB to reward shareholders. The performance remains stable, and profit forecasts for 2025-2027 are maintained at 21.09 billion, 23.68 billion, and 25.95 billion RMB respectively, with corresponding EPS of 2.25, 2.52, and 2.77 RMB [4] - The overseas revenue grew by 12.6% year-on-year in Q1 2025, with significant growth in North America and emerging markets [4] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.4%, and the net profit margin was 7.1%, reflecting a slight improvement [4] - The company’s operating cash flow for Q1 2025 was 22.28 billion RMB, an increase of 32.5% year-on-year [4] Revenue Breakdown - Domestic revenue increased by 7.8% year-on-year, with the Casarte brand seeing over 20% growth. The home air conditioning sector's retail sales grew over 100% [4] - In North America, high-end brand revenue saw double-digit growth, while HVAC business revenue increased by triple digits. In Europe, market share for refrigerators and washing machines improved in Italy, France, the UK, and Spain [4] Future Projections - Revenue projections for 2025-2027 are set at 306.43 billion, 325.02 billion, and 342.12 billion RMB, with expected growth rates of 7.2%, 6.1%, and 5.3% respectively [6] - The company anticipates a steady increase in net profit margins, with projections of 7.2%, 7.6%, and 7.9% for the years 2025 to 2027 [6]

Core Viewpoint - The article highlights the resilience and growth of Haier Smart Home in the face of a slowing home appliance market, emphasizing its innovative strategies and strong performance in both domestic and international markets [1][4][11]. Group 1: Market Overview - In Q1 2025, the retail scale of the home appliance market (excluding 3C) reached 179.8 billion yuan, showing a year-on-year growth of 2.1%, which is a slowdown of nearly 5 percentage points compared to the same period in 2024 [1]. - The global home appliance industry is experiencing structural differentiation, with developed markets facing stagnant demand while emerging markets are witnessing consumption expansion [4]. Group 2: Haier Smart Home Performance - Haier Smart Home reported record-breaking revenue and net profit in Q1 2025, with figures of 79.12 billion yuan and 5.49 billion yuan, respectively, reflecting year-on-year growth of 10% and 15% [1]. - The company's overseas revenue grew by 13% in Q1 2025, an increase of over 8 percentage points compared to the same period in 2024, showcasing its strong global presence [5]. Group 3: Strategic Initiatives - Haier Smart Home employs a "three-in-one localization + AI technology upgrade" strategy, integrating global R&D, supply chain, and marketing to better understand and meet consumer needs [5][20]. - The company has established a robust manufacturing presence in North America, with 11 factories, which helps mitigate risks from market fluctuations [7][8]. Group 4: Emerging Market Growth - In Q1 2025, Haier Smart Home's revenue in the Middle East and Africa grew by over 50%, while South Asia and Southeast Asia saw increases of over 30% and 20%, respectively [8]. - The company holds leading market shares in several countries, such as 22.8% in Vietnam for refrigerators and 14% in Thailand for overall white goods [8]. Group 5: Policy and Market Dynamics - The Chinese market for Haier Smart Home grew by 7.8% in Q1 2025, with high-end brand Casarte seeing significant growth of over 20% [11]. - Recent government policies, including a 300 billion yuan special bond for consumer upgrades, are expected to create a stable external environment for the home appliance industry [12][13]. Group 6: Technological Advancements - The trend towards smart home appliances is shifting from passive to active, requiring companies to better sense user needs [15]. - Haier Smart Home has actively engaged with consumers through social media, leading to successful product launches like the "Leader" washing machine [16]. - The company is advancing towards a smart appliance ecosystem, exemplified by the launch of the Casarte AI artist appliance series, which actively understands user needs [18]. Group 7: Operational Efficiency - Haier Smart Home's AI technology has enhanced operational efficiency across various processes, with a 9.1% improvement in SKU efficiency and a 25% increase in user satisfaction [20]. - The company is strategically positioned to leverage both domestic and international market opportunities through its comprehensive AI integration and global localization strategy [20].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by digital transformation and market expansion strategies [4][5][7]. Financial Performance - In Q1 2025, the company achieved revenue of 79.118 billion yuan, a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 5.487 billion yuan, up 15.09% [4]. - The gross profit margin for Q1 2025 was 25.4%, an increase of 0.1 percentage points compared to the same period in 2024 [9]. Market Performance Domestic Market - Revenue in the Chinese market grew by 7.8% year-on-year, with the Casarte brand experiencing over 20% growth [5]. - The company implemented digital inventory and marketing transformations to enhance retail efficiency and customer engagement [6]. Overseas Market - Overall revenue from overseas markets increased by 12.6% year-on-year, with significant growth in North America and emerging markets [7][8]. - In North America, high-end brand revenue saw double-digit growth, while in emerging markets like South Asia and Southeast Asia, revenue growth exceeded 30% and 20%, respectively [8]. Cost and Expense Management - The sales expense ratio for Q1 2025 was 9.6%, optimized by 0.1 percentage points compared to the previous year [10]. - The management expense ratio was 3.1%, also improved by 0.1 percentage points, reflecting enhanced operational efficiency through digital tools [10]. Cash Flow and Capital Expenditure - The net cash flow from operating activities in Q1 2025 was 2.285 billion yuan, an increase of 300 million yuan year-on-year [14]. - Capital expenditures for Q1 2025 totaled 1.961 billion yuan, with investments in domestic and overseas facilities and digital infrastructure [15]. Debt and Financial Health - The company's debt-to-asset ratio at the end of Q1 2025 was 57.4%, a decrease of 1.8 percentage points from the end of 2024, indicating improved financial health [16].