证券日报网讯2月13日，TCL智家（002668）在互动平台回答投资者提问时表示，公司重视投资者关系 管理工作，与投资者的深度交流是传递公司长期投资价值的重要桥梁。根据《深圳证券交易所上市公司 自律监管指引第1号——主板上市公司规范运作》第7.1.2条"上市公司开展投资者关系管理活动，应当以 已公开披露信息作为交流内容"，公司尊重并平等对待不同类型投资者，对机构及个人投资者交流内容 保持一致。后续公司将在遵守信息披露规则要求前提下，着力围绕投资者重点关注议题提升信息披露质 量与加强投资者交流，积极传递公司价值。 ...

证券代码:002668 证券简称:TCL智家 == = 公告编号:2026-003 广东 TCL 智慧家电股份有限公司 关于公司与高榕资本重大诉讼进展暨达成和解的公告 二、案件一的基本情况及判决结果 特别提示: (一) 当事人及诉讼请求 公司与高榕资本因 2017年 4 月 7 日签订的《关于中融金(北京) 科技有限 公司之股权转让协议》发生争议。公司向深圳中院提起诉讼,请求判令高榕资本 返还股权转让款本金及利息 158,581,174.51元,请求判令赵国栋承担连带责任, 即案件一;高榕资本向南山法院提起诉讼,请求判令公司支付剩余股权转让款及 滞纳金 55,048,515.06元,即案件二。 2026年2月4日,公司与高榕资本就案件一及案件二的所有争议达成和解 并签署了《和解协议》,主要内容为:公司于2月5日前按照案件二南山法院一 审判决向高榕资本支付股权转让款本金23,519,980.80元,利息 3,297,404.65元(总 计 26.817,385.45 元);公司与高榕资本就中融金《股权转让协议》项下所有争 议解决完毕,法院判决视为全部履行完毕,双方均不得再提起上诉。公司已于2 月5日完成款项支付 ...

Group 1 - The white goods sector increased by 2.29% on February 4, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the white goods sector showed varied performance, with Whirlpool rising by 7.62% to a closing price of 12.00 [1] Group 2 - The net inflow of main funds in the white goods sector was 629 million yuan, while retail funds saw a net outflow of 378 million yuan [1] - Midea Group had a main fund net inflow of 296 million yuan, but also experienced a retail net outflow of 205 million yuan [2] - Gree Electric experienced a main fund net inflow of 168 million yuan, with a retail net outflow of 118 million yuan [2]

Market Overview - The white goods sector increased by 0.05% on February 3, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Stock Performance - Whirlpool (600983) closed at 11.15, with a rise of 2.39% and a trading volume of 77,200 shares, amounting to a transaction value of 85.91 million yuan [1] - Snowball Electric (001387) closed at 14.80, up by 1.86%, with a trading volume of 34,200 shares and a transaction value of 50.25 million yuan [1] - Hisense Home Appliances (000921) closed at 23.94, increasing by 1.70%, with a trading volume of 76,300 shares and a transaction value of 182 million yuan [1] - Haier Smart Home (600690) closed at 25.20, up by 0.80%, with a trading volume of 388,500 shares and a transaction value of 977 million yuan [1] - Midea Group (000333) closed at 77.91, with a slight increase of 0.08%, trading 345,000 shares for a total of 2.692 billion yuan [1] - Other notable performances include Gree Electric (000651) down by 0.47% and TCL Smart Home (002668) down by 0.81% [1] Capital Flow - The white goods sector saw a net inflow of 137 million yuan from institutional investors, while retail investors experienced a net outflow of 61.62 million yuan [1] - The capital flow for major stocks indicates that Midea Group had a net inflow of 26.3 million yuan from institutional investors, but a net outflow of 79.25 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 38.57 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Gree Electric experienced a significant net outflow of 143 million yuan from institutional investors [2] - Deep Kangjia A (000016) faced a substantial net outflow of 15.33 million yuan from institutional investors, while retail investors had a net inflow of 1.22 million yuan [2]

来源：新浪证券-红岸工作室 2月3日，TCL智家跌0.81%，成交额1.48亿元，换手率1.39%，总市值105.92亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 区间今日近3日近5日近10日近20日主力净流入-265.40万-1395.13万-2189.66万-5466.31万-9410.96万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3447.56万，占总成交额的5.96%。 技术面：筹码平均交易成本为10.45元 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 5、2023年4月7日互动易回复：公司在AI语音控制、AI智能双变频技术等方面已有布局，公司产品智能 化水平可以满 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite challenges from rising raw material prices and market competition [1][5][11]. Raw Material Price Impact - Recent increases in copper and aluminum prices have raised concerns about the profitability of leading white goods manufacturers. However, historical analysis shows that the negative impact of raw material cost increases on gross margins has diminished over time. For instance, during previous cycles from 2008 to 2022, the maximum quarterly gross margin decline for leading white goods companies was 5-7 percentage points in 2009-2011, around 5 percentage points in 2016-2017, and only about 2 percentage points in 2020-2022. The current price increases are expected to have a lesser impact, with an anticipated gross margin decline of less than 2 percentage points [1][17][18]. Production and Demand Trends - In January and February 2026, the total production of white goods in China was 23.79 million units, reflecting a year-on-year decline of 22.1%. However, the cumulative production decline for the first two months is expected to be around 5%. The production performance has shown signs of recovery compared to a more than 10% decline in Q4 2025. The demand is expected to stabilize due to the effects of national subsidy policies [2][24]. Retail Market Performance - The retail market for home appliances in China is projected to decline by 4.3% in 2025, with a total retail scale of 893.1 billion yuan. Specific categories such as air conditioners and refrigerators are expected to see declines of 0.4% and 11.5%, respectively, while small kitchen appliances are expected to grow by 3.8% [2][31]. Investment Recommendations - The report recommends several companies for investment based on their performance and market position. For white goods, companies like Midea Group, Haier Smart Home, TCL Home, and Hisense Home Appliances are highlighted. In the small appliance sector, Stone Technology, Bear Electric, and New Treasure are recommended. For black goods, TCL Electronics and Hisense Visual are suggested [3][12][50]. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating that Midea Group is expected to have an EPS of 5.84 yuan in 2025 and 6.43 yuan in 2026, with a PE ratio of 13 for 2025. Haier Smart Home is projected to have an EPS of 2.27 yuan in 2025 and 2.53 yuan in 2026, with a PE ratio of 11 for 2025 [4][50].

Core Viewpoint - TCL Smart Home (002668) indicates that the rise in copper prices has not significantly impacted its operations due to the low proportion of copper in its raw materials [1] Group 1: Company Operations - The company reports that its raw material inventory and production operations are normal [1] - TCL maintains good relationships with its main raw material suppliers, which provides a scale advantage in procurement [1] Group 2: Market Strategy - The company plans to closely monitor market trends and implement measures such as technological improvements, production process optimization, and lean management to enhance its scale effect advantages [1] - These strategies aim to mitigate the impact of rising raw material prices [1]

Market Overview - The white goods sector experienced a decline of 0.14% on February 2, with the Shanghai Composite Index closing at 4015.75, down 2.48%, and the Shenzhen Component Index at 13824.35, down 2.69% [1] Individual Stock Performance - Aokema (600336) closed at 7.88, up 1.42% with a trading volume of 252,000 shares and a turnover of 202 million yuan - Midea Group (000333) closed at 77.85, up 0.34% with a trading volume of 345,900 shares and a turnover of 2.696 billion yuan - Gree Electric (000651) closed at 38.54, down 0.41% with a trading volume of 367,200 shares and a turnover of 1.424 billion yuan - Haier Smart Home (600690) closed at 25.00, down 0.44% with a trading volume of 471,000 shares and a turnover of 1.189 billion yuan - Deep Kangjia A (000016) led the decline, closing at 4.48, down 10.04% with a trading volume of 93,400 shares and a turnover of 41.824 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 402 million yuan from institutional investors, while retail investors experienced a net outflow of 158 million yuan [1] - Midea Group had a net inflow of 508 million yuan from institutional investors, but a net outflow of 328 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 29.328 million yuan from institutional investors, with a net outflow of 37.224 million yuan from retail investors [2] - Deep Kangjia A experienced a significant net outflow of 20.7661 million yuan from institutional investors, while retail investors had a net inflow of 15.3664 million yuan [2]