Principal Activities

The Group is mainly engaged in the R&D, manufacturing and marketing of refrigerators, household air-conditioners, central air-conditioners, freezers, washing machines, kitchen appliances and other electrical products, as well as of moulds, automotive air conditioner compressors and integrated thermal management systems, and provides fullscenario smart home solutions centered on intelligent upgrading of household appliances.

Latest Results

1Q results for the 3 months ended 31-03-2026. No dividend was declared. (Announcement Date: 28 Apr 2026)

Business Review - For the year ended December 31, 2025

Hisense Home Appliances is principally engaged in the research and development, manufacturing and marketing of electrical products such as refrigerators, household air-conditioners, central air-conditioners, freezers, washing machines, kitchen appliances, etc., as well as moulds, automotive air conditioner compressors and integrated thermal management systems, and provides full-scenario smart home solutions centered on the intelligent upgrade of home appliances.Leveraging its diversified and internationalized brand matrix comprising eight major brands, namely“Hisense”,“Ronshen”,“KELON”,“HITACHI”,“YORK”,“gorenje”,“ASKO”and“SANDEN”, the Company enjoys a solid market foundation and excellent brand reputation.Focusing on long-term capacity building and fully acting on the requirements for transformation and upgrading toward high-quality development, the Company adheres to a user-centric approach, continuously deepening its global layout across R&D, production and sales channels while

strengthening the synergistic efficiency of R&D, production and marketing. Meanwhile, the Company actively expands its global customer and channel networks and deeply applies AI technology to empower product innovation. By continuously launching high-end, product suite, intelligent and home-integrated product portfolios, the Company has significantly enhanced its market competitiveness, committing to creating a comfortable, smart and sustainable life for global users and building a diversified and steadily growing global business footprint.

1. Heating, Ventilation and Air-conditioning (“HVAC”) Business

(1) Central air-conditioner business

In 2025, facing the dual challenges of the persistent downturn in the real estate market and the contraction of public construction projects, the Company actively responded to the country’s call for carbon neutrality. Adhering to a market orientation centered on user demand, the Company accurately deployed segmented industries and led the HVAC industry towards intelligence and integration. During the Reporting Period, the market share of domestic multi-connected machine exceeded 23%, continuing to lead the industry’s progress.

(i) In terms of home fit-out business, the Company remained user-centric and focused on the three major directions of“functional integration, intelligent interaction, and energy efficiency,”tailoring technology to meet human living requirements.

Currently, users’demand for a“comprehensive air experience”that is healthy, comfortable and intelligent is continuously upgrading. Hitachi’s home fit-out business continued to lead the trend of systematization and integration, revolutionary launching the“Home-feel 3.0”smart air customization system. Based on the synergy of top-freon and floor-water systems, this solution achieves deep integration across six dimensions, including temperature, humidity and oxygen content, striving to create an ultimate“regionally customized optimal air”experience for users.Meanwhile, Hitachi strengthened its high-end positioning through new product series such as Total-Effect II and Water Comfort. Leveraging brand activities such as partner conferences and nationwide investment roadshows, 252 new large-scale stores were established, further enhancing its high-end image. In 2025, the service NPS reached 96.0%, and the brand was recognized as the“Preferred Brand for Multi-connected Machine User Coverage”and retained the title of“Preferred Supplier in the Supply Chain,”maintaining its top position in the heat pump dual-supply market, with its high-end recognition and market status further enhanced.

Hisense’s home fit-out multi-connected machine continued to optimize the smart and healthy air experience, launching the“ThinkAir Active Health Management System”centered on 5G+ Honor Home, setting a new benchmark for smart air management. According to the White Paper on the Development of 5G Central Air-conditioning Industry published by AVC, Hisense 5G central air-conditioners ranked first in the industry with a user satisfaction score of 9.0. Furthermore, Hisense actively developed its heat pump business to build a“second growth curve”for its brand business. Its popular Red Flame III series achieved Class-1 energy efficiency across the entire range and realized powerful heating at -35℃, winning the“Gold Award”for Innovative Products at the

2025 HPE China Heat Pump Exhibition, establishing a high-end brand benchmark for Hisense in the heat pump industry.

York VRF pioneered the elevation of the industry’s broad recognition of“Five-constant”to a top-tier standard of“Six-dimensional Nine-constant,”and launched the Six-dimensional Nine-constant Full-Air System. This system provides integrated premium air ecosystem solutions for high-end households, achieving technological leadership and value positioning in the high-end market. Leveraging the launch of Six-dimensional Nine-constant Full Air System, York VRF’s high-end dual-fan product scale grew by nearly 20% in 2025, significantly enhancing its influence in the high-end market.

() In terms of engineering business, the Company actively deployed segmented industries, with commercial multi-connected machine product technology continuing to lead the industry, while deeply cultivating the water chiller business to create a new benchmark for intelligent water chiller manufacturing.

Targeting the high-value engineering market, Hitachi adhered to the dual-wheel drive of technological innovation and scenario-based cultivation, achieving continuous breakthroughs in key areas such as high-end buildings, medical clean environments and renewal and renovation, creating a series of landmark exemplary projects. For renewal and building renovation scenarios, the Company launched the SET-FREE RIII series refresh machines with a 25% energy efficiency improvement, alongside a series of high-efficiency products and solutions such as water-source multi-connected machine systems for existing water chiller projects. The SET-FREE RIII series refresh machines leverage innovative piping self-adaptation + pressure self-adaptation technologies to achieve reuse of old pipes and a 50% reduction in construction time, leading renovation projects with a high APF of 6.1 and winning the Innovation Product Award at the 2025 Refrigeration Exhibition. During the Reporting Period, the industry’s first dual-layer 360°airflow 4-way cassette indoor unit was launched, providing breeze-free cooling comfort and efficient floor-level heating, comprehensively enhancing spatial comfort. In the property fitting-out furnishing market industry, the Hitachi brand reached a market share of 30.2%, ranking first in the industry.

Hisense focused on segmented industries, with commercial multi-connected machine products continuing to lead the technological frontier. Its representative M3 series realized operation across an ultra-wide temperature range from -30℃to 58℃, adapting to extreme environments. This series of commercial multi-connected machines was applied in a new campus of a Grade-A tertiary hospital, leveraging its wide temperature range operation capability to ensure year-round uninterrupted temperature control for critical areas such as operating rooms and ICUs, earning the evaluation of“Guardian of Medical Environment Stability”from the hospital. At the same time, the Company deepened the application of“photovoltaic-storage-direct current-flexible”technology. In a low-carbon demonstration park project in the Yangtze River Delta, Hisense’s“photovoltaic-storage-direct current-flexible”integrated technology solution achieved a 40% reduction in building energy consumption and was awarded the National Three-star Green Building Certification, promoting the development of green buildings and demonstrating industry leadership.

York deeply focused on full-scenario engineering demands, tailoring efficient heating and cooling solutions for eight major fields: healthcare, smart campuses, smart catering, green industry, high-end offices, star-rated hotels, comfort renovation and elderly care. During the Reporting Period, the Company launched the YES-superⅢseries, YES-YZM series and other products, with APF values reaching up to 6.45, ranking as the industry’s top1 energy efficiency.

() In terms of new business areas, the Company focused on expanding key segmented industries. Water chiller products continued to build advantages on the positive-pressure, liquid-floating, oil-free platform, while the Smart HVAC ECO-B 2.0 System won wide industry recognition for its efficient full-category HVAC management capabilities.

During the Reporting Period, the ECO-B 2.0 local industrial computer was successfully implemented in over 30 projects throughout the year, with its remote version significantly improving operation and maintenance efficiency by 40%. The multi-connected machine energy consumption commitment management platform has been launched, supporting energy consumption betting models with deviation controlled within 10%. The water chiller operation and maintenance platform effectively reduced unplanned downtime by 30% through a three-level diagnosis mechanism. Furthermore, an energy management solution for third-party air conditioners was officially released, achieving centralized management of three mainstream brands, with the development of fault pre-diagnosis models significantly exceeding the target by 280%.

In the water chiller segment, the Company gained high recognition from customers in segmented industries through its self-developed permanent magnet direct-drive variable-frequency centrifugal technology and the industry’s first 10kV high-voltage positive-pressure, liquid-floating, oil-free variable-frequency centrifugal technology. Focusing on the“4+2”key segmented industries, the Company leveraged the synergy of water and fluorine systems to utilize the advantages of different products in various scenarios, completing the delivery and implementation of landmark projects such as the Foxconn Central China Zone 5 Industrial Park, Weichai FinDreams Battery and the Sinosteel low-carbon metallurgy high-temperature heat pump project. During the Reporting Period, Hisense water chillers achieved a year-on-year revenue growth of 69% in the data center industry and 15% in the industrial sector, serving numerous industry clients such as Foxconn Industrial Internet, BYD and China Resources Gas.

(2) Household air-conditioner business

Taking“reshaping air value with leading technology and providing trustworthy full-scenario air solutions for global users”as the mission in the household air-conditioner business, the Company focused on upgrading the technologies and products of Hisense and Kelon. According to the production and sales data from Industry Online, the Company’s domestic sales volume of household air-conditioners increased by 9.6% year-on-year in 2025, which was 8.9 percentage points higher than the industry growth rate.

(i) Hisense Air Conditioner is committed to building a“smart home air management hub,”leveraging breakthroughs in core technologies such as bidirectional fresh air and edge-cloud

AI to empower a healthy and comfortable life with cutting-edge technology.

Hisense Air Conditioner strengthened breakthroughs in core technologies for fresh air intelligent air conditioners, accelerated the construction and industrialization of edge-cloud collaborative AI control systems, and overcame key technologies such as simultaneous detection of multiple pollutants, magnetic levitation motors, bidirectional fresh air, and water ions. It launched a fresh air product matrix including the X3Pro, X5, X7Pro, and TRSOR U6, taking the lead in upgrading traditional air conditioners into a“smart home air management hub.”According to monitoring data from AVC, Hisense’s brand index reached 106.4 in 2025, up 2.9 points year-on-year, with its fresh air air-conditioner retail sales share reaching 44.5%, achieving a rapid year-on-year growth of 11.0% and solidifying its position as“Number 1 in fresh air sales in 2025.”Meanwhile, Hisense released the Inverter S Architecture (with core chips, semiconductor devices, and inverter algorithms all being self-developed). The Deep Sleep X3Pro, equipped with this architecture, was honored with the“Annual Innovative Product Achievement”by the China Household Electric Appliance Research Institute for its effect of“quiet operation with oxygenation, an extra hour of sleeping with deep sleeping one night.”The X7Pro won the 2025 AWE Innovation Award and the“Nanshan Award”for Technological Innovation Product, leveraging the industry’s first bidirectional fresh air exchange technology (simultaneous air intake and exhaust without expanding holes) and multiple purification technologies certified under maternal and infant-grade cleanliness standards.On the occasion of the first exhibition of the genuine FIFA World Cup Trophy in China after more than 10 years, the globally debuted Hisense TRSOR Air Conditioner U6 became the world’s first fresh air air-conditioner equipped with Near Link SLP human-sensing 2.0 technology. It ranked among the offline sales TOP 20 in its first month of launch and was recognized as one of the“Top Ten Innovative Products of the Year in China’s Air-conditioning Industry 2025.”

(ii) Kelon Air Conditioner consolidated its 42-year dual-high efficiency product heritage, incorporating magnetic levitation technology to enhance energy-saving, quiet operation, and durability, improving the sleep and comfort experience of the younger generation through ultimate product strength.

Kelon Air Conditioner focused on magnetic levitation technology to comprehensively enhance the quiet experience and durability of its products. The energy efficiency ratio of the“quiet operation and energy-saving Max”and Ultra series exceeded 6.26, with performance reaching the industry's peak level, earning the“ultra-high energy efficiency”certification from the China Household Electric Appliance Research Institute and the title of“Leading Brand in Quiet and Energy-saving”at the China Air Conditioning Industry Summit Forum. In the multi-brand cross-testing initiated by the China Academy of Building Research (CABR), the Yunduomao (雲朵貓) Ultra achieved stable cooling in the extreme environment of the flaming mountains with a surface temperature of 80°C, passing the certification as a“Supporting Unit for Research on the Adaptability of Air Conditioners and Heat Pumps in Harsh Natural Environments (嚴酷自然環境空調熱泵適應性研究支撐單位).”Following a comprehensive review by multiple departments including the NDRC, the Ministry of Commerce, and the MIIT, Kelon was selected for the“2025 China Consumer Famous Brands -

Products of the Era (2025年度中國消費名品時代優品).”Based on product strength and through integrated full-chain operation both on and off the platform, the proportion of young purchased users aged 26-30 for Yunduomao Ultra on the JD.com channel increased to 27.76%. The annual sales volume of mid-to-high-end products reached 66,000 units, of which the sales of Max and Ultra series reached 19,900 units, with the proportion increasing by 3.1 percentage points year-on-year.

2. Refrigerator, Washing Machine and Kitchen Appliance Business

(1) Refrigerator and Freezer Business

In 2025, the refrigerator and freezer business, grounded in the dual-brand strategy of Ronshen and Hisense, focused on the core tenets of healthy freshness preservation and vacuum technology, continuously deepening technological advancements to create a user-centric product system.According to the omni-channel monitoring data from AVC, in 2025, the retail sales share of Hisense-branded refrigerators reached 17.0%, representing a year-on-year increase of 0.6 percentage points, while the market share of mid-to-high-end and high-end segments significantly increased by 2.8 percentage points year-on-year.

(i) Ronshen refrigerator, revolutionizing the household preservation experience with nature-inspired freshness technology

Ronshen is guided by the directions of“freshness preservation, health, and dual-system,”propelling business upgrades through product innovation and standards setting. According to monitoring data from AVC, the market share of Ronshen refrigerators in the mid-to-high-end and high-end segments increased by 2.1 percentage points year-on-year in 2025.

To address consumers’concerns regarding the loss of nutrients in ingredients, odor cross-contamination, and the instability of the preservation environment, the Company has launched the Xiwang (曦望) 650 Freshness Preservation Refrigerator to match high-end consumer demand.Equipped with an upgraded version of the WILL Natural Fresh Preservation System, the model features a new AI Seasonal Light function, which automatically adjusts light colors according to seasonal changes to effectively enhance the retention rate of nutrients such as Vitamin C, lutein, and reducing sugar in fruits and vegetables. Combined with the smart dynamic water mist humidification system, it maintains a 70% golden humidity level. The refrigeration and freezing zones utilize independent cooling systems, fundamentally eliminating the risk of odor cross-contamination among ingredients. The innovatively equipped 3D Blue Light Ultra-clean Ice-making System can rapidly complete the ice-making process within 60 minutes while achieving -31℃deep-freeze rapid freezing. Focusing on users’needs regarding residual odors and health hazards from bacterial growth, two products under the brand, the Dual Clean Cube 506P60 and 516P60, are equipped with the core i-Smell Smart Sensing Dual Clean Max Technology.Leveraging the dual advantages of“intelligent odor identification + high-efficiency purification and sterilization,”these models can precisely identify over 100 types of odors in the refrigerator and actively release negative ions at a concentration of 30 million per cm, achieving comprehensive and efficient purification and sterilization of the internal space. With its 9-in-1 core purification capability, the system fully ensures a healthy preservation environment.

(ii) Hisense refrigerator, pioneering a high-end fresh-storage revolution with vacuum technology

Hisense Refrigerator has spent fifteen years in the vacuum preservation field, accumulating over 440 patent technologies. The innovatively developed vacuum magnetic field preservation technology creates a constant temperature, low-pressure, and low-oxygen environment, pioneering a dual preservation mechanism of“vacuum oxidation prevention + magnetic field enzyme activity suppression,”which has strongly propelled the innovation and upgrading of vacuum preservation technology. In 2025, it achieved the top position in sales in the domestic vacuum preservation industry.

To address users’storage needs for long-term freshness of ingredients, the Company launched the 565 series Vacuum Headliner fully embedded refrigerator. With vacuum preservation 4.0 technology as its core, it captures freshness at the cellular level, reducing the oxygen content in the vacuum cabin to 15.8% (industry average >21%), effectively inhibiting enzyme activity and delaying the decay process at the molecular level, truly achieving“first-class freshness after seven-day sealed storage.”Addressing the demand for differentiated temperature and humidity storage for various ingredients, the Hisense Tresor series features an innovative zoned temperature control system. The refrigeration zone, vacuum drawer, full-width variable temperature zone, and freezing chamber each have independent zoned temperature control, achieving exquisite segregated storage. The full-width variable temperature zone supports independent temperature control from 5℃to -20℃, allowing for seamless switching between freezing and refrigeration for flexible freshness preservation. The market share of Tresor series products has increased for six consecutive years, and the series has successively won the AWE Excellent Product Award, the China Design Red Star Award, and the iF Design Award.

(2) Washing Machine Business

Washing Machine Business concentrates its efforts on innovation to drive global growth. During the Reporting Period, the global main business revenue of the washing machine achieved rapid growth, and its operating quality continued to improve. In 2025, Hisense washing machines won industry awards such as“Top 10 Brands in the Washing Machine Industry,”“Pioneer of Triple-drum Washing Machines,”and“Leading Brand in Healthy Washing and Care.”Furthermore, it was authoritatively certified by Euromonitor International as the fastest-growing company among the global TOP 10 over the past five years (2021-2025).

With the continuous improvement of user demand for health and quality life, partitioned washing and care has become an important trend in the home appliance market. In 2025, Hisense washing machines launched the revolutionary Cotton Candy Ultra Family Drum—the world’s first 4-in-1 heat pump washer-dryer. This product adopts a forward-looking modular split design, allowing users to freely choose from various installation methods such as stacking, splitting, and embedding, to combine personalized solutions of five, seven, or even more drums. The main drum of the Hisense Family Drum is equipped with a 13kg large-capacity washing zone. Combined with Hisense’s self-developed Zeus integrated heat pump drying system, it achieves 42℃low-temperature gentle drying, caring for fabric fibers while efficiently handling large loads of laundry, with a drying effect comparable to a dedicated dryer. Since its launch, this series has won multiple heavyweight honors, including the“Annual Product Innovation Achievement Award (年度品創新成果獎)”and“Healthy Washing and Care Pioneer Award (健康洗護先鋒獎)”from the China Household Electric Appliance Research Institute, the“2024-2025 Trend Product Yunding Award (2024-2025年度趨勢品雲鼎獎)”from AVC, and the“Heat Pump Washing and Care Pioneer Product (熱泵洗護先鋒品)”from the website of China Household Electrical Appliances Association (www.cheaa.com), leveraging its hardcore technological innovation. Its market performance was equally impressive, with sales exceeding 100,000 units since its launch in June 2025, achieving a historic breakthrough in sales for Hisense washing machine products in the RMB10,000+ price segment. During the Double 11 period, the Hisense Cotton Candy series ranked TOP 1 in the heat pump washer-dryer category on the JD.com platform and received AVC certification for“Number 1 in sales at the main offline price points for heat pump washer-dryers (熱泵洗烘一體機下主銷價位銷量第一),”gaining dual recognition from both the industry and the market.

To meet the increasingly refined laundry needs of consumers, Hisense washing machines have improved their product lines through a diversified product layout, steadily strengthening the brand’s core competitiveness. In the field of heat pump washer-dryers, the Cotton Candy E8Q launched by Hisense washing machines was the first to achieve the standard size of 845mm (height)×600mm (depth), supporting in-situ replacement for users, which enhances installation convenience and achieves seamless integration with the home environment. Under the industry trend of growth in the washer-dryer category and accelerated penetration of large-capacity washing machines, Hisense washing machines launched the 12kg large-capacity Cotton Candy U6Q washer-dryer and the U7S washing and drying set in the second half of the year, quickly winning market recognition and consumer popularity. In the field of intelligence, Hisense washing machine products are equipped with an AI laundry housekeeper, which can automatically generate integrated solutions covering scenarios such as“washing, drying, care, reservation, and partitioning.”Users do not need to manually adjust complex parameters; they only need to state their laundry needs to start an exclusive laundry program, easily solving laundry challenges. Through the deep integration of intelligent technology and life scenarios, Hisense AI home appliances have greatly facilitated people’s lives and were awarded the“AI Agent Innovation Case of the Year (年度家電智能體創新案例)”in the 2025 Smart Life awards.

(3) Kitchen Appliance Business

Hisense Kitchen Appliance Business adheres to a user-centric approach and upholds the concept of technological innovation, driven by the dual-track strategy of mid-to-high-end and innovation to steadily promote high-quality business development. In 2025, Hisense kitchen appliances’domestic revenue increased by 31% year-on-year, with offline revenue surging by 43%, demonstrating strong growth momentum.

In terms of product technology and iteration, the Company mastered large air duct technology in the range hood segment. The Wind-Eye U5 (風眼U5) quiet range hood adopts 0°sliding opening and closing technology to achieve 45dB quiet operation, passing dual Class-1 certifications for quietness and smoke purification. This drove the revenue proportion of mid-to-high-end products to 60%, successfully creating a blockbuster product in the kitchen and bathroom industry. In the dishwasher segment, the Company developed high-quality bacteria-free products such as S7 and W8 to meet household health needs, winning multiple industry honors. Core products were awarded authoritative prizes such as the iF Design Award, Red Dot Award, and AWE Innovation Award. In 2025, Hisense kitchen appliances spearheaded the formulation of the industry standard Technical Specification for Top and Side Suction Range Hoods (《頂側雙吸吸油煙機技術規範》) as the group leader, and won multiple honors including Top 10 Brands in the Kitchen and Bathroom Industry and Innovative Retail Case in China’s Home Appliance Industry, with brand influence continuing to rise.

3. Automotive Air Conditioner Compressor and Integrated Thermal Management System Business

Sanden Company proactively adjusted its business strategy and accelerated its transition from a compressor-centric parts supplier to a comprehensive thermal management system provider for new energy vehicles. Capitalizing on the strategic opportunities brought by the comprehensive electrification and intelligent transformation of the automotive industry, it continued to provide efficient, energy-saving, intelligent and reliable thermal management solutions for global automakers.

(1) Adhering to the product strategy for new energy electrification and expanding integrated thermal management solutions

In terms of integrated thermal management systems, Sanden Company completed the research on key technologies for the next-generation ITMS highly integrated refrigerant integration unit (CRU) platform. By deeply integrating subsystems such as refrigeration, heating (including ultra-low temperature heat pumps), and battery thermal management, it can reduce the winter range degradation of vehicles by 25%. This addresses the differentiated demand for natural refrigerants and cost issues of thermal management systems for new energy vehicles under the“dual carbon”goals and PFAS environmental regulation restrictions. In terms of electric compressors, the fifth-generation electric compressor platform adopts a modular architecture as its core. Through the collaborative design of scroll compression mechanisms, motors, and inverter systems, the development of a family-based platform was completed. Based on the modular design scheme, it achieved compatibility with multiple refrigerants such as R1234yf, CO (a potential environmentally friendly refrigerant), and R290 (a hydrocarbon refrigerant), achieving a dual breakthrough in“high energy efficiency and low noise.”In terms of air handling unit technology, significant progress was made in quietness, temperature control, and energy efficiency control technologies. Meanwhile, important breakthroughs were achieved in the fields of dual-mixing small air conditioners and comprehensive air conditioners combining double-layer flow and zoned temperature control technologies.

(2) Being firmly centered on“customer needs”for marketing strategy, consolidating business foundation and expanding key increments.

Sanden Company adhered to the strategy of“focusing on strategic customers and strengthening advantageous products”, strengthened collaboration with key global customers, highlighted the advantages of mechanical compressor products, and increased the promotion of thermal management systems and compressor products. In 2025, both the amount of new franchises and new orders increased by more than 30%: In the European market, leveraging traditional product advantages, it successfully secured large orders for mechanical compressors from core strategic customers, further expanding its leading position in mechanical compressors in the European market; In Japan, it obtained electric compressor franchises from important global automakers, laying a foundation for subsequent business expansion with Japanese automakers; In the Americas, it achieved a breakthrough by securing automotive air conditioner orders, becoming the number one supplier for that customer’s automotive air conditioner business; In the Chinese market, in addition to continuing to deeply cultivate the automotive air conditioner and thermal management markets, it fully leveraged global technical synergy and supply chain cost advantages to establish an R&D center and supply chain management headquarters serving global customers.

4. Overseas Business

During the Reporting Period, Hisense sponsored the FIFA Club World Cup 2025, deepened localisation efforts, and capitalized on sports marketing, leading to the continuous improvement of the overseas popularity and influence of its self-owned brands.

(1) Europe Region

Hisense’s Europe Region promoted brand and product operations through multi-dimensional synergy, focusing on resource investment in core markets and top channels, accelerating the upgrade of mid-to-high-end product matrix, and comprehensively driving the growth of home appliance business scale and the improvement of market share. In 2025, the revenue from Hisense’s European white goods business increased by 22% year-on-year. Among which, the sales of refrigerators increased by 15% year-on-year. According to GFK data, the market share in terms of sales of Hisense-branded refrigerators reached 11.4%, representing a year-on-year increase of 1.2 percentage points; the revenue from the household air-conditioner business increased by 8% year-on-year; the washing machine business deeply cultivated strategic markets and focused on advantageous categories such as washer-dryers, achieving a 38% year-on-year revenue growth.

(2) North America Region

Hisense’s North America Region proactively responded to tariff challenges, captured structural opportunities, dynamically optimized production capacity and supply layout, and achieved rapid scale growth by leveraging the localisation advantages of the Monterrey factory; meanwhile, it

accelerated breakthroughs in key channels, improved product portfolios, and continuously promoted brand value enhancement. In 2025, the revenue from the home appliance business in the North America Region increased by 13% year-on-year, among which the refrigerator business achieved a 19% year-on-year revenue growth by focusing on core channels; the revenue from the commercial freezer business increased by 86% year-on-year; the revenue from the dishwasher business increased by 56% year-on-year.

(3) South America Region

In 2025, the South America Region continued to promote business localisation while accelerating product structure adjustments to achieve an improvement in the market share of the Hisense brand.In 2025, the revenue from Hisense’s South American white goods business increased by 28% year-on-year, among which the refrigerator business took the core channels of South American countries as its foundation and continuously deepened the localisation level of key markets; in 2025, the revenue from refrigerators in the Central and South America Region increased by 43% year-on-year; the washing machine business achieved doubled growth in 2025 driven by the synergistic effect of multiple categories.

(4) Middle East and Africa (MEA) Region

During the period, Hisense’s MEA Region shaped brand appeal through sporting event sponsorships, the“Middle East KOLs’Trip to China,”and community marketing, focusing on top-end stores. Brand strength and channel efficacy consistently improved, resulting in a 9% year-on-year increase in revenue for 2025. Among which, refrigerators further deepened their layout in high-end channels such as flagship stores, with revenue increasing by 14% year-on-year.The sales volume of refrigerator and freezer products ranked first in the market for five consecutive years. Specifically, the market share of Hisense-branded refrigerators in the South African market reached 38.4%, representing a year-on-year increase of 3.6 percentage points, ranking first in the market for three consecutive years. The air-conditioner business focused on the R&D and application of technologies such as inverters, R32, and six-stage current control, with self-owned brand business revenue increasing by 16% year-on-year and revenue from core inverter categories increasing by 32% year-on-year. Revenue from washing machines increased by 21% year-on-year.

(5) Asia-Pacific Region

Hisense’s Asia-Pacific Region continuously enhanced its market influence through the restructuring of brand value, strengthening of channel construction, and innovation in product technology. In 2025, the revenue from the white goods business in the Asia-Pacific Region increased by 15% year-on-year, among which dishwashers and small appliances in the Australian market achieved rapid growth, and the air-conditioner business vigorously expanded professional channels, achieving a 70% year-on-year revenue growth; the Japanese market focused on differentiation and product strength enhancement, strengthening channel synergy and terminal display. The revenue proportion of self-owned brand business increased by 8 percentage points, and profitability improved significantly. The channel acceptance and market recognition of Hisense-branded air conditioners continued to rise; meanwhile, localised investment was increased for potential markets such as Bangladesh, Pakistan, South Korea, and the Hong Kong, Macau, and Taiwan regions, leading to a significant improvement in operational quality.

(6) ASEAN Region

During the period, the ASEAN Region focused on breakthroughs in brand business, balanced layout across multiple categories, comprehensive entry into chain channels, and expansion of traditional channels. In 2025, revenue from self-owned brands in Hisense’s ASEAN Region increased by 23.5% year-on-year. The household air-conditioner business continuously enriched its product lineup in areas such as smart connectivity and sterilization health, with its retail share in the Malaysian household air-conditioner market reaching the top for the first time, and breakthroughs were achieved in markets such as Singapore and the Philippines. The refrigerator and freezer business gained deep insights into user needs and improved product types, with self-owned brand revenue increasing by 28% and market shares in Thailand and Malaysia increasing by 1.7 percentage points and 0.6 percentage points, respectively. Among which, revenue from side-by-side refrigerators increased by 48% year-on-year, and the market share of the side-by-side category in Thailand increased by 4.8 percentage points year-on-year, with the product structure continuously optimized. The washing machine business focused on breakthroughs in functional products such as“health”and“sterilization + high-efficiency washing,”as well as washer-dryer categories.Self-owned brand business revenue increased by 60% year-on-year, with revenue from washer-dryer products increasing by 90%. Market shares of the washer-dryer category in Thailand and Malaysia increased by 2 percentage points and 5.4 percentage points, respectively, driving continuous improvement in the sales structure.

5. Driving Consumption Upgrade and Experience Leap with Policy Dividends and Digital Technology to Build an Omni-channel Smart Service Ecosystem

(1) Seizing the Opportunities of the“Two New”Policies to Lead Industrial and Consumption Upgrades

The Company proactively responded to the government’s“trade-in”initiative by increasing R&D investment in low-carbon, green and smart products, and launching multiple products that align with policy and market demands. Concurrently, the Company actively launched joint promotional campaigns with government and channels, offering consumer benefits through subsidies and package purchase discounts. Driven by the“trade-in”and other policies, the Company has continuously achieved product mix upgrades, with trends in high-end, intelligent, and green development becoming prominent. Among which, the Cotton Candy Ultra Family Drum washing machine successively won multiple honors such as the“Best Design Award”at IFA Germany and the“Annual Product Innovation Achievement Award”from the China Household Electric Appliance Research Institute, ranking Top 1 in the heat pump segment. The installation completions of fresh air conditioner grew 49% year-on-year throughout the year, and the Tresor premium product series delivered strong performance with annual revenue growing 24% year-on-year.

(2) Deepening Omni-channel Synergy to Transform Retail Model Driven by Data

The Company continued to drive innovation in its omni-channel new retail ecosystem, accelerating the integration of online and offline sales channels across its nationwide distribution network to achieve synergistic efforts across all channels and high-quality growth. Self-operated channels maintained strategic focus, focusing on the upgrade of dual-channel integration, with emphasis on enhancing capabilities in scenario-based experience, localised services, and brand trust building.The number of new specialist stores opened in 2025 reached a record high, with revenue from these stores showing steady growth. Emerging channels continued to focus on ecosystem collaboration with content-driven e-commerce platforms, integrating omni-channel traffic resources to precisely reach high-net-worth individuals, thereby achieving scaled growth and quality improvement.

In terms of digital transformation of channels, on the one hand, it integrated local lifestyle services through traffic platforms such as Douyin, Meituan, and Gaode, enabling full-chain innovation in user interaction, transactions, and fulfillment, driving rapid growth in annual sales of local lifestyle services. On the other hand, by advancing transformation initiatives in digital channels, digital stores, and digital marketing, it accelerated the implementation of AI technology applications and launched intelligent agents such as new media marketing and AI sales champion trainers, thereby expediting the evolution of its retail model and enhancing channel operational efficiency and the return on marketing investments.

(3) Deepening User Operation Transformation and Upgrading Full-scenario Intelligent Services to Create Efficient and Convenient User Experience

The Company adheres to a user-centric approach in carrying out user operation transformation and service upgrades. It launched an industry-leading intelligent agent for user voice insights, achieving full-chain integration from authentic user voices to demand mining and closed-loop experience improvement. Taking the Hisense AiHome app as the core interaction stronghold for members, the Company leveraged top sports IPs such as the Club World Cup to deeply interact with members, resulting in an 18% year-on-year increase in member scale and a 55% year-on-year increase in monthly active users. Relying on omni-channel data and AI platforms, the Company created a new generation of AI intelligent customer service that“understands, answers accurately, and serves fast,”covering four core scenarios. It has cumulatively incubated over 50 intelligent agents and 3 domain-specific large models, with hotline and text intelligent services available 24/7, significantly improving user satisfaction. The Company continued to expand the coverage of integrated delivery and installation and synchronized delivery and installation services, prioritizing the deployment of service providers localised partial renovation capabilities in core areas to meet consumers' differentiated scenario needs. Through unified warehousing and distribution of spare parts and direct delivery to engineers, the Company met maintenance needs in advance, ensuring that maintenance services are completed in one go and comprehensively enhancing the user experience.

6. Hisense Smart Home: Building a Full-scenario Intelligent Service System with AI Technology Foundation to Achieve Industry Upgrade from Smart Devices to Smart Companions

Along with the rising demand for whole-house smart solutions, the integration of AI large models and the Internet of Things (IoT) has become the key to the intelligent upgrade of home appliances.The Company has built the Xinghai + multi-parameter specification model matrix to construct an intelligent home appliance system that can“perceive, understand, decide, and execute.”Through the Xinghai model matrix, the Company achieved three major experience upgrades: firstly, interactive response speed increased by 40%; secondly, intelligent device synergy was realized; and thirdly, the knowledge enhancement engine achieved an industry retrieval accuracy of over 95%.Based on multi-source perception fusion and driven by a unified IoT Thing model, the Company innovatively created a proactive service mode where“service finds people.”The Company implemented its core technologies in the AI Life Housekeeper system, creating three major intelligent agents—air, food, and laundry—covering core home appliances such as air conditioners, refrigerators, and washing machines to build full-scenario smart services:

AI air housekeeper: Through the coordination of multiple sensors and large models, it senses and analyzes the whole-house environment and user behavior preferences in real-time, providing automatic regulation and proactive services in life scenarios such as sleeping, sports viewing, and removing formaldehyde to meet personalized air demands;

AI food housekeeper: It intelligently identifies over 800 types of ingredients, manages storage, and provides proactive reminders for items nearing expiration; based on over 200,000 personalized nutritional recipes, it provides customized recommendations, achieving scenario integration from storage and planning to recommendation and purchasing; and

AI laundry housekeeper: Through voice and text interaction, it identifies clothing materials and stains and intelligently recommends washing and care programs, solving users’difficulties in washing and regulation, and upgrading the smart washing and care experience for users with “instant response.”

Through proactive service and scenario linkage, Hisense Smart Life transforms technology into an intuitive and convenient experience. Leveraging the innovation of the three major intelligent agents and proactive service scenarios, Hisense AI Life Housekeeper was awarded the“Annual Innovative Case of Home Appliance Agent”in the 2025 Smart Life awards by The Beijing News, with its industry influence and user value once again gaining recognition.

7. Hisense Global Supply Chain: Driving Efficiency Leap and Risk Control with Digital Intelligence to Build a Global Efficient Supply Chain Ecosystem

The Company is committed to building an efficient, agile, transparent and sustainable global supply chain system centered on users, deepening category management and regional integrated procurement, and continuously strengthening the competitiveness of the resource pool to lay a solid foundation for global business development. During the Reporting Period, the Company actively promoted high-quality domestic suppliers into overseas markets and enhanced the supply of overseas localised resources, forming a hierarchical overseas supply system. In 2025, the coverage rate of the overseas resource pool achieved a significant breakthrough, with the supply chain coverage rate of air conditioners in Thailand and refrigerators in Mexico reaching over 90%, providing strong support for the increase in the proportion of localised procurement.

Concurrently, by laying out a global resource network, the Company introduced top-tier international supplier resources to multiple factories in Mexico, Europe, and Southeast Asia, effectively responding to international trade barriers; adhered to the dual-track backup strategy for chips, and continuously improved the risk prevention mechanism of the overseas supply chain; VMI supply model improved by 38% year-on-year, significantly enhancing supply chain resilience;through digital intelligence operations, the fulfillment cycle of orders improved by 22% year-on-year, achieving a significant leap in the overall fulfillment capability of the supply chain;promoted the green and sustainable development of the supply chain, collaborated with suppliers to deepen the construction of the ESG system, and built a transparent supply chain management system through digital means.

8. Hisense Advanced Manufacturing: Driving Efficiency Leap and Global Benchmark Leadership with“AI + Digital Intelligence”to Build a Resilient Supply Chain Network

In 2025, the Company continuously deepened its“AI-empowered advanced manufacturing”strategy, systematically enhancing manufacturing efficiency and sustainable development capabilities through the application of world-leading technological innovations and a highly synergistic global manufacturing layout. At the technological innovation level, the Company comprehensively promoted the integrated application of advanced technologies such as big data analysis, AI, digital twins, and 5G to reduce abnormal losses such as equipment failures and improve the first-pass yield of products, driving a 21% year-on-year increase in manufacturing efficiency across its global factories. Its outstanding manufacturing capabilities have gained international authoritative recognition. The Huangdao factory of Hisense Hitachi, following its recognition as a World Economic Forum (WEF)“Lighthouse Factory for Manufacturing Excellence”in 2024, further received the world’s first“Sustainable Lighthouse Factory”certification in the multi-connected machine air-conditioning industry during the Reporting Period, becoming the only benchmark factory in the global air-conditioning industry to simultaneously hold both“Manufacturing Excellence”and“Sustainability”lighthouse certifications. Furthermore, the Company’s intelligent manufacturing strength received national-level recognition, with 3 additional factories rated as National Level 4 Intelligent Manufacturing Factories, 1 factory rated as a National 5G Factory, and 1 factory rated as a National Excellence Factory, fully demonstrating the Company’s leading position in the field of intelligent manufacturing.

In terms of global manufacturing network construction, the Company adopted a parallel strategy of“new construction + upgrading”(new capacity + upgrading and renovation) to continuously strengthen the resilience and responsiveness of its global supply chain. In September 2025, the Thailand Intelligent Manufacturing Industrial Park, positioned as a regional intelligent manufacturing base for Southeast Asia, officially commenced construction. The first phase of the park plans to build intelligent production lines for refrigerators, washing machines, and air conditioners, fully benchmarking against lighthouse factory standards to create advanced production lines with full-process digitalization and intelligence. In December 2025, the Changsha Home Appliance Industrial Park was completed and put into operation as scheduled, with its first-phase commercial air-conditioning intelligent manufacturing base focusing on high-end products such as water chillers and multi-connected machines. Through an efficient multi-base capacity synergy mechanism, this base has effectively enhanced the Company’s responsiveness to customer order demands. The smooth progress of project construction and operation of the two key bases in Thailand and Changsha mark the“Global 7+1”manufacturing network layout of Hisense Home Appliances (a global manufacturing system covering Asia-Pacific, ASEAN, North America, Central and South America, MEA, Europe, India, and China). This layout serves as the core pivot of the Company’s globalization strategy, effectively enhancing supply chain resilience and localised responsiveness, and providing solid capacity support for the Company’s continuous expansion in the global market.

Business Outlook - For the year ended December 31, 2025

The Company will adhere to its customer- and user-centred approach, and cultivate competitive advantages for our brand and products. We will focus on user experience and product excellence to develop leading comprehensive smart living solutions. In 2026, we will focus on core capacity building and strategic implementation, accelerate globalization layout and digital transformation, strengthen operational quality and risk control, and promote the Company’s sustainable and high-quality development. We will expedite strategic transition from a“product-centric hardware manufacturer”to a“user-centric smart living service partner”, and use AI to reshape growth engine.

The specific business highlights are as follows:

1. Deepening R&D innovation to lead product upgrades and cost competitiveness

The Company will adhere to the“technology-driven enterprise”philosophy, strengthen user-centric product planning and the transformation of forward-looking technology research, and promote the upgrade of products from“smart devices”to“smart companions”to continuously enhance user experience and product competitiveness, and gradually transform products into AI companion devices capable of providing emotional connection and proactive services. We will fully implement the user-centric integrated product development (“IPD”) process, accelerate R&D digital transformation, deepen IPD iteration, and deeply explore the application potential of AI in the entire R&D process to improve R&D efficiency and responsiveness. Meanwhile, the Company will promote standardization reform across the entire value chain, particularly strengthening cost control capabilities in the R&D stage to build core competitiveness in cost leadership.

2. Driving marketing breakthroughs and brand upgrades to achieve synergistic growth in domestic and overseas sales

The Company will accelerate the transformation of its business model from“selling products”to“managing user relationships”and adopt a service-oriented, sustained approach to user engagement.By delivering services, content and interactions covering the entire user journey and lifecycle, it seeks to establish, maintain and deepen user relationships, thereby upgrading its business model from one-off transactions to sustained value creation. In the domestic market, the Company will deeply cultivate channel upgrades and efficiency improvements, optimize the omni-channel layout of online and offline, promote the creation of benchmark stores, and improve the operational efficiency of individual stores. We will precisely gain insights into high-end user needs, improve the layout of high-end product lines, and deepen the promotion of IPMS to achieve precise reach of brand and product marketing, thereby enhancing the brand's high-end image and market share in the mid-to-high-end segment. In terms of overseas market expansion, the Company will develop customized product lines for different regional market needs to enhance product adaptability and competitiveness overseas. Leveraging sports marketing resources, we will actively build six regional growth engines in Europe, North America, Central and South America, MEA, Asia-Pacific, and ASEAN to continuously enhance global brand influence. Concurrently, the Company will promote DTC model reform and accelerate the transformation of self-owned channels toward efficient retail to improve overall marketing efficiency.

3. Promoting lean procurement to ensure global supply chain resilience and efficiency

Drive the transformation of procurement models centered on“quality, cost, and service,”reshape the supplier value management system, and enhance supply chain responsiveness and stability;implement refined management through supplier classification and grading, optimize procurement resource allocation, and deepen category management to reduce costs and increase efficiency.Upgrade informatization platforms and strengthen supplier source management and quality capacity building. Meanwhile, align domestic and overseas procurement certification standards, complete the

dual-track backup layout of global resources for key categories, strengthen global procurement synergy, optimize global supply chain costs, and enhance overall efficiency and cost competitiveness.

4. Strengthening intelligent manufacturing and global layout to support end-to-end cost optimization

Deepen the digital transformation of the manufacturing side to support the continuous optimization of product lifecycle costs and help achieve category cost reduction targets. Accelerate the construction of the Changsha Home Appliance Industrial Park, improve the operational efficiency of the Monterrey Home Appliance Industrial Park in Mexico, and accelerate the development of Thailand Home Appliance Industrial Park to expand global capacity and strengthen efficient synergy across multiple global bases. Concurrently, actively respond to the national“dual carbon”strategy, continue to promote green manufacturing practices, strive to build industry“lighthouse factories,”and enhance sustainable development capabilities.

5. Focusing on operational quality improvement to continuously create shareholder value

Place shareholder value creation at the core, and continuously improve the Company’s overall operating efficiency and investment return levels by enhancing operational efficiency, optimizing resource allocation, and strengthening profitability.

6. Consolidating organizational and digital guarantees to stimulate organizational vitality

Deepen data governance and knowledge management, accelerate the improvement of core business process-orientation and online rates, and empower efficient business development through digitalization. Continuously optimize talent introduction and cultivation mechanisms, stimulate organizational innovation vitality, optimize long-term incentive mechanisms, and enhance team cohesion and combat effectiveness to provide a solid organizational guarantee for strategic implementation.

Source: Hisense HA (00921) Annual Results Announcement