Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and export sales due to high base effects, with October retail sales down 15% and exports down 13% [2][5][19]. - The small appliance segment is performing slightly better compared to larger appliances, with a smaller decline in sales [3][20]. - Air conditioning sales saw a significant drop of 20% in October, with production pressures continuing into December [4][45]. - Despite the challenges, leading companies in the industry are expected to maintain resilience and profitability due to ongoing cost reduction and efficiency improvements [14][15]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - In October, the retail sales of home appliances and audio-visual equipment fell by 14.6% year-on-year, while the overall retail sales in China grew by 2.9% [3][20]. - The report notes a relative performance of +1.47% for the home appliance sector compared to the broader market [5][60]. 3. Sales and Production Data - October saw a 20.1% year-on-year decline in total air conditioning sales, with domestic sales down 21.3% and exports down 19% [4][45]. - The report highlights that the export value of home appliances decreased by 13.3% in October, with washing machines and vacuum cleaners showing stable performance [5][47]. 4. Price Tracking - The report tracks raw material prices, noting a decrease in LME copper and aluminum prices by 1.4% and 2.2% respectively [60][62]. - The cold-rolled steel price increased by 1.9% week-on-week [62]. 5. Company Announcements and Industry Dynamics - The report includes updates on company management changes and highlights industry trends, such as the growth of the sweeping robot market led by Ecovacs [78][82].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Core Viewpoint - Hisense Home Appliances has engaged in multiple financial product agreements with Yongcheng Insurance Asset Management, totaling RMB 1.738 billion, utilizing idle funds from the group [1] Group 1: Company Performance - As of November 21, 2025, Hisense Home Appliances' stock closed at 26.04 yuan, down 0.8% from the previous trading day, with a total market capitalization of 36.062 billion yuan [1] - The stock opened at 26.0 yuan, reached a high of 26.5 yuan, and a low of 25.99 yuan, with a trading volume of 2.61 billion yuan and a turnover rate of 1.09% [1] Group 2: Financial Product Agreements - The company entered into financial product agreements from March 6 to November 21, 2025, with a total subscription amount of RMB 1,738,000,000 [1] - The subscribing parties include the company and its subsidiaries, with the funds sourced from the group's own idle funds [1] - The financial products are classified as fixed-income types, with a risk rating of low to medium-low, and the expected annual yield is benchmarked against the central bank's one-year deposit rate [1]

股票代码：000921 股票简称：海信家电 公告编号：2025-068 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2025 年 11 月 21 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 11 月 21 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 認購的永誠保險理財協議的主要條款概述如下： | | | ...

Core Viewpoint - Hisense Home Appliances (00921.HK) announced a financial agreement to invest in insurance products amounting to RMB 1.738 billion during the period from March 6, 2025, to November 21, 2025 [1] Group 1 - The company and its subsidiaries, including air conditioning marketing, Hisense Mould Company, Kelon Mould Company, kitchen and bathroom company, refrigerator marketing company, and Rongsheng Plastics Company, are involved in the subscription of the insurance financial products [1] - The total subscription amount for the insurance financial products is RMB 1.738 billion [1]

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a financial investment in insurance products amounting to RMB 1.738 billion, indicating a strategic move to enhance financial stability and investment returns [1] Group 1: Investment Details - The investment period for the insurance financial products is set from March 6, 2025, to November 21, 2025 [1] - The total subscription amount for the insurance financial products is RMB 1.738 billion [1] Group 2: Involved Entities - The investment involves Hisense Home Appliances and its subsidiaries, including the air conditioning marketing company, Hisense Mould Company, Kelon Mould Company, kitchen and bathroom company, refrigerator marketing company, and Rongsheng Plastic Company [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription to a financial product from Yongcheng Insurance, with a total investment amounting to RMB 1.738 billion, scheduled between March 6, 2025, and November 21, 2025 [1] Group 1 - The company and its subsidiaries, including air conditioning marketing, mold companies, kitchen and bathroom companies, refrigerator marketing, and plastic companies, are involved in the subscription [1] - The total subscription amount for the financial product is RMB 1.738 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 3 月 6 日至 2025 年 11 月 21 日期間，本公司及本公司的附屬公司 空調營銷公司、海信模具公司、科龍模具公司、廚衛公司、冰箱營銷公司及容聲塑膠公司 （作為認購方）訂立永誠保險理財協議，以認購永誠保險理財產品，認購金額為人民幣 1,738,000,000 元。 本集團使用自有閒置資金支付該等永誠保險理財協議下的認購金額。 每份永誠保險理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然 而，根據上市規則第 14.22 條，當該等永誠保險理財協議下的認購金額合併計算時，相關適 用百分比率（定義見上市規則）超過 5%但低於 25%。因此，該等永 ...

Market Overview - The white goods sector increased by 0.54% on November 21, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Midea Group closed at 78.75, up 1.04% with a trading volume of 439,500 shares and a transaction value of 3.443 billion yuan [1] - Haier Smart Home closed at 27.02, up 0.86% with a trading volume of 528,300 shares and a transaction value of 1.427 billion yuan [1] - Gree Electric Appliances closed at 40.25, down 0.25% with a trading volume of 550,900 shares and a transaction value of 2.218 billion yuan [1] - Hisense Home Appliances closed at 26.04, down 0.80% with a trading volume of 99,600 shares and a transaction value of 261 million yuan [1] - TCL Smart Home closed at 10.50, down 1.04% with a trading volume of 143,300 shares and a transaction value of 152 million yuan [1] - Aucma closed at 7.43, down 1.33% with a trading volume of 213,100 shares and a transaction value of 159 million yuan [1] - Whirlpool closed at 9.83, down 3.06% with a trading volume of 29,200 shares and a transaction value of 29.104 million yuan [1] - Deep Kangjia A closed at 5.03, down 3.08% with a trading volume of 352,600 shares and a transaction value of 179 million yuan [1] - Changhong Meiling closed at 6.67, down 3.19% with a trading volume of 146,500 shares and a transaction value of 98.744 million yuan [1] - Snowman Electric closed at 13.25, down 5.49% with a trading volume of 39,300 shares and a transaction value of 53.1525 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 4.7305 million yuan [1] - Haier Smart Home had a net inflow of 64.2082 million yuan from institutional investors, while it faced a net outflow of 92.977 million yuan from speculative funds [2] - Whirlpool had a net inflow of 578,200 yuan from institutional investors, with a net outflow of 1.4406 million yuan from retail investors [2] - Aucma experienced a net outflow of 179,900 yuan from institutional investors, while it had a net inflow of 6.4482 million yuan from speculative funds [2] - Gree Electric Appliances faced a net outflow of 1.36 million yuan from institutional investors, while retail investors had a net inflow of 7.08976 million yuan [2]

Core Viewpoint - The launch of the first scheduled China-Europe freight train route from Jinan to Budapest marks a significant step in enhancing international logistics and trade cooperation between Shandong and Europe, with a focus on efficiency and reliability in transportation [1][2]. Group 1: Launch and Operations - The first scheduled China-Europe freight train, operated by Shandong High-speed Group, departed with 104 standard containers loaded with diverse goods, including home appliance parts and chemicals, and is expected to reach Budapest in approximately 12 days [1][2]. - The new route is part of the fourth batch of scheduled China-Europe freight trains announced by China Railway Group, which includes seven new routes, enhancing the connectivity and operational efficiency of freight services [1][2]. Group 2: Efficiency and Benefits - The "high-end version" of the China-Europe freight train enjoys a "three-priority" guarantee mechanism, which includes priority in train assembly, loading, and departure, significantly reducing waiting times at key operational points [2]. - The full transportation time from Jinan to Budapest is controlled at 12 days and 3 hours, which is over 7 days faster than regular freight trains, providing a more reliable and efficient logistics option for import and export businesses [2]. Group 3: Economic Impact - In the first ten months of the year, Shandong's imports and exports to the EU reached 271.74 billion yuan, reflecting a year-on-year growth of 6%, indicating a growing demand for international logistics services [2]. - The operation of the scheduled freight train is expected to support Shandong enterprises in expanding their overseas markets, enhancing production planning, and reducing overall costs [3]. Group 4: Future Developments - The scheduled freight train from Jinan to Budapest will operate bi-weekly, aiming to expand door-to-door services and overseas regulatory warehouses for businesses [3]. - The establishment of a fixed schedule for the freight train network is anticipated to improve Jinan's status as a logistics hub, facilitating quick distribution of goods to neighboring countries through Budapest's extensive transport network [3][4].