Haier Electronics : PRE-CONDITIONAL PROPOSAL FOR PRIVATISATION OF HAIER ELECTRONICS GROUP CO., LTD. ("HEG") BY HAIER SMART HOME CO., LTD. ("HSH") BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 99 OF THE COMPANIES ACT ANNOUNCEMENTS PUBLISHED ON THE SHANGHAI STOCK EXCHANGE

July 31, 2020 at 07:46 am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This Announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of HSH or HEG, nor is it an invitation or offer to or a solicitation of any offer to acquire, purchase or subscribe for securities of HSH or HEG in any jurisdiction in which such invitation, offer, solicitation or sale would be unlawful absent the filing of a registration statement or the availability of an applicable exemption from registration or other waiver. This Announcement is not for release, publication or distribution in or into any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

HAIER SMART HOME CO., LTD.*

海爾智家股份有限公司

(A joint stock company incorporated in the People's Republic of China with limited liability)

PRE-CONDITIONAL PROPOSAL FOR PRIVATISATION OF

HAIER ELECTRONICS GROUP CO., LTD. ("HEG")

BY HAIER SMART HOME CO., LTD. ("HSH")

BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 99 OF THE COMPANIES ACT

ANNOUNCEMENTS PUBLISHED ON THE

SHANGHAI STOCK EXCHANGE

Reference is made to the joint announcement issued by HSH and HEG on 31 July 2020 regarding the Privatisation Proposal pursuant to Rule 3.5 of the Takeovers Code (the "Joint Announcement"). Unless otherwise defined, capitalised terms used in this announcement have the same meanings as defined in the Joint Announcement.

HSH is a joint stock company incorporated in the PRC with limited liability, whose A shares are listed on the Shanghai Stock Exchange (stock code: 600690) and whose D shares are listed on the China Europe International Exchange AG D-Share Market on the Frankfurt Stock Exchange (stock code: 690D).

In compliance with the Measures for the Administration of the Material Asset Restructurings of Listed Companies (2020 Amendment) promulgated by the CSRC and other PRC rules and regulations relating to the material asset restructuring of HSH, HSH published on the Shanghai Stock Exchange on 31 July 2020:

a valuation assessment report published by Zheshang Securities Co., Ltd. (浙商證券股份有限公司) on the material asset acquisition by HSH (the "Zheshang Securities Opinion"); (ii) a material asset acquisition report (the "MAA Report") and (iii) other relevant information relating to the material asset acquisition by HSH pursuant to the abovementioned rules and regulations (the "Other Information").

The original Chinese versions and the English translations of the full text of the Zheshang Securities Opinion and an extract of the relevant parts of the MAA Report and Other Information containing material information with Takeovers Code implications are attached to this announcement in Appendices I, II and III respectively. The full text of the Zheshang Securities Opinion, the MAA Report and the Other Information are published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

Shareholders and potential investors of HSH and HEG are advised to refer to the announcements and other documents published by HSH and/or HEG on the website of the Stock Exchange for information regarding the Privatisation Proposal.

WARNING: Shareholders and potential investors of HSH and HEG should be aware that the making of the Privatisation Proposal is subject to the satisfaction of the Pre-Conditions. Even if the Privatisation Proposal is made, the implementation of the Privatisation Proposal (including the effectiveness of the Scheme), is subject to the satisfaction or waiver (as applicable) of the Conditions, and therefore the Privatisation Proposal may or may not be implemented and the Scheme may or may not become effective. Shareholders and potential investors of HSH and HEG should therefore exercise caution when dealing in the securities of HSH and HEG. Persons who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors or other professional advisers.

By order of the Board of Directors

Haier Smart Home Co., Ltd.*

Liang Haishan

Chairman

31 July 2020

As of the date of this announcement, the directors of HSH are Liang Haishan, Tan Lixia, Wu Changqi, Li Hua Gang, Yan Andrew Y, Lin Sui Martin, Chien Da-Chun, Dai Deming and Wong Hak Kun.

The directors of HSH jointly and severally accept full responsibility for the accuracy of the information contained in this announcement, and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

* For identification purposes only

APPENDIX I

ZHESHANG SECURITIES OPINION

(English translation version)

Valuation Assessment Report by Zheshang Securities Co., Ltd. on the Material Asset

Acquisition of Haier Smart Home Co., Ltd.

Statement

As the independent financial adviser and valuation institution for the privatisation of Haier Electronics Group Co., Ltd. ("HEG") by issuing of H shares and through the scheme of arrangement by Haier Smart Home Co., Ltd. (hereinafter referred to as "HSH" or the "Company"), Zheshang Securities Co., Ltd. (hereinafter referred to as "Zheshang Securities") has complied with the PRC laws and regulations, and followed the principles of independence, objectivity and fairness during the assessment process. According to the information obtained by Zheshang Securities in the assessment process, the contents stated in this report are objective.

This report is issued in line with the requirements of the relevant regulations and normative documents related to major assets restructuring of listed companies such as the Measures for the Administration of the Material Asset Restructurings of Listed Companies and the Guidelines No. 26 for Contents and Formats of Information Disclosure by Companies Offering Securities to the Public - Material Asset Restructuring of Listed Companies (2018 Revision) for the A share investors' reference. This report does not constitute a proposal, recommendation or compensation to any third party.

Since the analysis, judgments and conclusions in this report are limited by the assumptions and limitations of the report, users shall take into full account the assumptions and limitations specified in the report and their impact upon the conclusions.

IV. With regard to the public information mentioned in the report, this report does not constitute any guarantee of its accuracy, completeness or appropriateness.

This report does not provide a comprehensive analysis of the business, operations, and financial position of the target company or its subsidiaries or branches, nor does it express any opinion on the future development prospects in terms of financials, business operations or other aspects of the target.

VI. During the preparation of this report, no investment objectives, financial position, tax position, risk preferences or individual circumstances of any particular investor were considered. Since different investors have different investment purposes and portfolios, they shall consult their respective stockbrokers, lawyers, accountants, tax advisers or other professional advisers on their investment portfolios in a timely manner, if specific suggestions are needed.

VII. The opinions in this report are based solely on the analysis of the disclosed public financial information, with no other factors such as the business, law, tax and regulatory environment taken into account. This report also makes no valuation of the transaction value of the target company or share price of HEG after the completion or failure of the acquisition. The aforementioned factors are beyond the scope of investigation and responsibilities of this report.

VIII. There is currently no comparable company in the market that is entirely the same as the target company in the following aspects: market location, business composition, business scale, risk condition, asset scale, valuation method, accounting policy, historical performance, future expectations, market space, political risk, regulatory environment, etc. Investors should note that the comparative analysis with comparable companies can only be used as a schematic analysis of the potential value of the target company as of July 29 2020.

IX. There are certain differences between the relevant comparable transactions and this transaction in the following aspects: business scope, profitability, strategic value and synergy of the target company, market positions of the two parties, industrial conditions upon occurrence of the transaction, political and regulatory environment, etc. Investors should note that there is no transaction that is completely comparable to this transaction in all aspects, and that the analysis of relevant comparable transactions is only for reference of the investors.

Unless otherwise defined in this report, the abbreviations used in this report shall have the meanings stipulated in the Report on the Material Asset Acquisition and Related Transactions of Haier Smart Home Co., Ltd (Draft).

Abstract

For the reference of the board of directors of HSH (the "Board") only, this report analyses whether the transaction pricing is fair and reasonable, and whether there is any situation that harms the interests of the Company and its shareholders. This report does not constitute a proposal, recommendation or compensation to any third party. Market price data cited in this report is dated as July 29 2020.

This report adopts the methodologies of comparable companies and comparable transactions, together with premium analysis of privatisation precedents of listed companies on the Hong Kong Stock Exchange to assess the reasonableness and fairness of the transaction pricing. Based on valuation multiples of comparable companies and comparable transactions, taking into account the strategic value of this transaction for HSH, as well as the premium of the share exchange privatisations completed on the Hong Kong Stock Exchange announced from 1 January 2008 to the issuance date of this report, the transaction pricing is considered fair and reasonable, and will not impinge the interests of HSH and its shareholders.

This report can only be used for the purpose and usage stated in this report. In addition, this report demonstrates whether the pricing of this transaction is reasonable against the purpose stated herein, without consideration given to the impact to the asset price by changes of the country's macroeconomic policies, natural forces and other force majeure. Upon change of the aforementioned conditions and the assumptions of continuing operations made by the report, conclusions of this report would normally become invalid. The agency assumes no legal responsibility for the invalidation of the report results due to such changes.

Contents

Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5
Chapter I: Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6
I.	Purpose of the Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6
II.	Benchmark Date of the Report . . . . . . . . . . . . . . . . . . . . . . . . . .	6
Chapter II: Valuation Approach and Method . . . . . . . . . . . . . . . . . . . . .	6
I.	Comparison of Valuation Approach and Methods . . . . . . . . . . . . . . . . . . .	6
II.	Comparable Company Method . . . . . . . . . . . . . . . . . . . . . . . . . .	7
III.	Comparable Transaction Method . . . . . . . . . . . . . . . . . . . . . . . . .	16
IV.	Discounted Cash Flow Method . . . . . . . . . . . . . . . . . . . . . . . . . .	26
V.	Privatisation Premium of Listed Companies in Hong Kong . . . . . . . . . . . . . . .	26
Chapter III: Valuation Assumptions . . . . . . . . . . . . . . . . . . . . . . . . .	27
I.	General Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	27

Special Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Chapter IV: Report Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . .	28
I.	Report Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	28
II.	Report Use Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	28

Chapter I: Background

Purpose of the Report
On 30 July 2020, the 10th meeting of the 10th session of the Board approved the proposal and related matters of the transaction, and relevant transaction documents and information disclosure documents involved in the transaction. For the Board's reference only, this report analyses whether the Share Exchange Ratio and the Cash Payment to be made by HEG of this transaction (together, "Transaction Return") is fair and reasonable, and whether there is any situation that harms the interests of the Company and its shareholders. This report does not constitute a proposal, recommendation or compensation to any third party.

Benchmark Date of the Report
The first meeting of the Board for this transaction was held on July 30 2020. The market price data cited in this report is as of July 29 2020.

Chapter II: Valuation Approach and Method

Comparison of Valuation Approach and Methods
From a practical perspective of analysing M&A transactions, whether the Transaction Return is fair and reasonable can generally be assessed through the comparable company method, comparable transaction method and discounted cash flow method, etc.
The comparable company method would take the valuation multiples of the comparable listed companies as a reference and utilise relevant financial indicators and valuation multiples in the secondary market to analyse the Transaction Return based on the characteristics of target companies.
With the comparable transaction method, companies in the same industry with the target company that have been invested, merged or acquired in a proper timeframe prior to the transaction will be chosen to evaluate whether the Transaction Return is reasonable based on the pricing reference of the precedent financing or M&A transactions.
The basic steps of the discounted cash flow method are as follows: firstly, establish and use a financial model to forecast financial data including future net profit and free cash flow; then, select a reasonable discount rate (i.e. weighted average cost of capital, WACC) to discount the free cash flow and estimate the present value of expected future earnings, thus calculate the Company's valuation based on the expected earnings.
The advantages, disadvantages, and applicability of the above three methods are as follows:
The advantage of the comparable company method is that it is based on the effective market assumption, i.e. the transaction price reflects all available information - industrial trend, business risk, development speed and profitability etc., and relevant parameters could easily be obtained. The disadvantage is that it is difficult to accurately adjust the business and financial differences across comparable companies, or to take into account factors such as mergers and acquisitions and governmental supervision in the industry.

The advantage of the comparable transaction method is that the valuation is relatively determined and easily attainable since the method is based on actual price of recently completed transactions. The disadvantage is that there are certain difficulties in selecting relatively comparable transactions and determining appropriate valuation multiples based on the latest business conditions of related companies.

The advantages of the discounted cash flow method include (1) it is theoretically the most comprehensive valuation method that takes into account the company's operations from an overall perspective; (2) it is less susceptible to short-term volatility of the market and other non-economic factors; (3) it can integrate the business strategies and synergies of the merged business into the valuation approach; and (4) it can deal with most of the complicated cases. Its disadvantages include

relatively more variables and assumptions in the financial model; (2) since the valuation is based on and relatively sensitive to future assumptions, the accuracy of the forecast will possibly be affected due to high competitiveness and great volatility of the industry; and (3) difficulty of obtaining adequate reference for certain determinations of parameters.

Taking into account of the actual circumstances of this case, this report will choose the appropriate method from the said three methods to examine and analyse whether the Transaction Return is fair and reasonable.

Comparable Company Method
1. Selecting comparable companies
  Since HEG is mainly engaged in white goods manufacturing business (e.g. washers, water heaters etc.), the selection of comparable companies follows the principles set out below:
2. - the comparable companies selected shall specialise in home appliances, with washers, water heaters, water purifiers and other white goods as their main products, and shall have fairly good brand reputation and a comparable business nature to HEG;
  - the comparable companies selected shall be large-scale home appliance manufacturers to ensure they are comparable in size with HEG; and
  - the comparable companies selected shall be listed to ensure availability, reliability and comparability of their data.

Based on the above principles, this report selected the following 7 companies as HEG's comparable companies worldwide, namely HSH, Midea, Gree, Whirlpool, A.O. Smith, Arçelik and Electrolux, which represent an exhaustive list based on the aforementioned selection criteria and publicly available information.

Basics of comparable companies
All comparable companies selected are globally known white goods manufacturers, which feature relatively high popularity in their respective segments or regional markets. As medium/large- sized enterprises, they are all listed with a market capitalisation ranging from RMB1,000 million to RMB45,000 million. They are thus compliant with the principles for selecting comparable companies of this report. The basic information of the comparable companies is listed in the table below:

Company	Listing		Market
Company Profile	Capitalisation
Name	Location
	(RMB million)


		Established in 1989, HSH is the world's
		leading provider of better life solutions, mainly
		engages in research and development (R&D),
		manufacturing sales and integrated-channel
		services of products including refrigerators/
		freezers, washing machines, air-conditioners,
HSH	China	water heaters, kitchen appliances, small home	116,320
		appliances, and U-home smart home products.
		HSH runs world-class brands including Haier,
		Casarte, Tongshuai, GE Appliances (USA),
		Fisher & Paykel (New Zealand), AQUA
		(Japan) and Candy (Italy), products of which
		are sold world-wide.

		Established in 1968, Midea Group has
		developed into a conglomerate centering
		around home appliance manufacturing, with
Midea Group	China	its main products such as washers, household	443,503
air conditioners, commercial air conditioners,

		refrigerators, microwaves, fans, dishwashers
		and induction cookers sold to the domestic and
		overseas markets.

		Incorporated in 1989, Gree Electric Appliances
		is a professional AC manufacturer integrating
Gree Electric	China	R&D, production, sales and service all in one,	350,390
Appliances	with its AC products sold to over 160 countries

		and regions, taking a considerable share of the
		markets at home and abroad.

Company	Listing								Market
	Company Profile			Capitalisation
Name	Location
							(RMB million)


		Founded in 1911, Whirlpool is a company
		that manufactures and sells large household
		appliances; its main products include washers,
Whirlpool	United States	refrigerators,	ACs,		cooking	appliances,	60,016
		dishwashers, blenders and other small
		household appliances. It is the largest home
		appliance brand in America.

		Established in 1874, A.O. Smith is a company
		dedicated to manufacturing household and
A.O. Smith	United States	commercial	water	heaters	with	its	main	55,122
products such as gas water heaters, electric

		water heaters, water purifiers and air purifiers
		sold all around the globe.

		Founded in 1955, Arçelik is an enterprise
		dedicated to manufacturing and selling white
		goods, with its main products including
Arçelik	Turkey	washers, household	ACs,	refrigerators,	13,262
		microwaves, fans, dishwashers and induction
		cookers, sold in Turkey and exported to the
		European continent, UK and Tunisia.

		Electrolux, founded in 1919, is a world-
		famous household and commercial appliance
		manufacturer,	with	its	main	products	such
Electrolux	Switzerland	as washers, refrigerators, kitchen appliances,	36,830
		dishwashers, dust collectors, small home
		appliances, air conditioners and water heaters,
		sold to markets in 150 countries.

Notes:

Data source: Bloomberg, financial reports of the companies and other public information;
Market capitalization as of the average of the 30 trading days prior to 29 July 2020;
The latest exchange rate as of 29 July 2020 is adopted.

The EBITDA, net profit, enterprise value and market value of all comparable companies are shown in the table below.1

			Unit: RMB million
	Enterprise	Market
Company Name	Value (EV)2	Value3	EBITDA	Net Profit4
Midea Group	464,498	443,503	31,122	24,211
Gree Electric Appliances	231,973	350,390	30,663	24,696
HSH5	127,888	116,320	11,976	6,715
Whirlpool	91,138	60,016	13,357	5,924
A.O. Smith	53,521	55,122	3,802	2,589
Electrolux	40,146	36,830	5,543	1,452
Arçelik	20,854	13,262	3,313	918

Notes:

Data source: Bloomberg and financial reports of the companies; financial data as of the end of fiscal year 2019
Enterprise value (EV) = market value - cash and cash equivalent (restricted cash excluded) - transactional financial assets and other short-term financial assets (e.g. wealth management product) - long term equity investments + debts with interests + preference shares + minority equity; financial information as of 31 December, 2019
Market capitalization as of the average of the 30 trading days prior to 29 July 2020
Net profit from continuing operations attributable to parent
HSH's financial information is audited FY2019 data
The latest exchange rate as of 29 July 2020 is adopted.

Value ratio of comparable companies
Common valuation indicators mainly include price-earnings ratio (P/E), enterprise value ratio (EV/ EBITDA), price-to-book ratio (P/B) and market-to-sales ratio (P/S). Comparison of advantages and disadvantages of the said valuation indicators, and whether they are applicable to the target company are listed in the table below:

Valuation

Applicable to target

Advantage

Disadvantage

company or not,

Indicator

and reasons

The profitability measured

Earnings per share can be

Applicable.

earnings

per

negative,

which

makes

is a

relatively

common

the price-earnings ratio

The

target

company

factor that determines the

meaningless;

have

maintained

stable

investment value;

profitability level

and

steady

Net

profit

fluctuates

improvement of

net

profit

2. The price-earnings ratio

violently, and

is affected

after deducting non-recurring

Price-earnings

indicator is widely used in

various

factors, thus

profit and loss attributable to

ratio

the investment field;

making the price-earnings

the parent company in recent

(P/E)

ratio indicator unstable;

years, P/E is applicable for

Empirical

research shows

the

horizontal

comparison

that

there's

obvious

Net

profit

easily

with comparable companies.

correlation

between

the

manipulated

the

difference in the price-

management.

earnings

ratio

and

the

difference in the long-term

average stock return.

Valuation

Applicable to target

Advantage

Disadvantage

company or not,

Indicator

and reasons

The enterprise value ratio

1. The Company's free cash

Applicable.

indicator

helpful

for

flow is more theoretically

companies

with large

the

valuation

B e c a u s e

c o m p a r a b l e

difference

financial

than

EBITDA,

and

companies

have

different

leverage;

therefore precision of EV/

financial

leverages,

the

EBITDA

ratio

depends

enterprise

value

ratio

can

The enterprise value ratio

on the extend to which

be used to eliminate this

indicator

helpful

for

EBITDA

approximates

difference,

and

EBITDA

evaluating companies with

free cash flow.

can more

truly

reflect

the

heavy assets

and

high

operating

profitability of

the

depreciation rate;

2. If in a relatively short

target company.

period of time net working

Enterprise

3. The EBITDA is usually

capital

accumulates

positive.

CAPEX

increases

value ratio

aggressively,

EBITDA

(EV/EBITDA)

would

overestimate

free

cash

flow, undermining

the

effectiveness of

this

ratio

3. If a period observes a large amount of operating, but non-recurring, non- cash expenses, EBITDA would underestimate free cash flow, undermining the effectiveness of this ratio

4. Empirical research shows that the price-to-bookratio is helpful in explaining the long-termstock return differences.

3. Net assets per share are more stable than earnings per share. Therefore, when earnings per share fluctuates violently, the P/B indicator is normally more useful;

Valuation

Applicable to target

Advantage

Disadvantage

company or not,

Indicator

and reasons

This

ratio

The price-to-book

ratio

Not applicable.

applicable

asset-

may

misleading

intensive industries where

when

companies

are

The target company belong to

the book value of the

significantly

different

the home appliance industry,

assets

can

reliably

size;

which

has a strong cash

measured,

e.g.

natural

flow and does not emphasise

resources,

manufacturing,

Differences

in accounting

on asset's book value. P/B

financial services;

policies

may

cause

cannot

effectively reflect the

shareholders

wrongly

companies' profitability.

N e t

a s s e t

i s

a n

judge the companies' true

accumulative

value

investment value with the

and

normally

positive.

price-to-book ratio;

Therefore,

when

the

Price/book

ratio

indicator fails,

P/B

Inflation and technological

indicator

normally

can

changes

may

cause

value ratio

still be used;

significant

difference

(P/B)

between

the

asset's

book

value and the fair value.

Valuation

Applicable to target

Advantage

Disadvantage

company or not,

Indicator

and reasons

The

P/S

ratio

still

High

sales

revenue does

Not applicable.

applicable

to companies

not

necessarily

lead

operating at a loss;

high

operating

profits,

Different

companies feature

and therefore the market-

varying

cost

structures and

Unlike earnings per share

to-sales ratio does not

net profit rate, the market-to-

and the book value, sales

reflect

the

cost

structure

sales rate cannot accurately

Price-to-sales

revenue

often

difficult

differences

between

reflect

the

Company's

manipulated

different companies;

profitability.

ratio

twisted;

(P/S)

Although

not

Empirical

research shows

easy to be distorted as

that

the

difference

profits,

the

method

market-to-sales ratio is

sales

revenue

recognition

significantly related to the

may still distort the sales

difference in long-term

forecasts.

average stock returns.

Based on the analysis above, among the common valuation indicators, EV/EBITDA and P/E are suitable for the target company. Since no financial forecast is made for the target company in the assessment process, it is more appropriate to choose the historical indicators. According to relevant analysis and calculation, the EV/EBITDA and P/E of comparable companies are shown in the table below:

Comparable Companies	EV/EBITDA	P/E
Midea Group	14.9x	18.3x
Gree Electric Appliances	7.6x	14.2x
HSH	10.7x	17.3x
Whirlpool	6.8x	10.1x
A.O. Smith	14.1x	21.3x
Electrolux	7.2x	25.4x
Arçelik	6.3x	14.4x

Median value	7.6x	17.3x


Average value	9.7x	17.3x


Weighted average of market value	11.2x	16.6x

Notes:

Data source: Bloomberg, and data as of 29 July 2020; and
For HSH, the EBITDA and net profit (profit and loss from continuing operations attributable to the parent company) are audited FY2019 data; the difference between equity value and Enterprise Value is calculated as of December 31, 2019. For other companies, the EBITDA and net profit (profit and loss from continuing operations attributable to the parent company) are FY2019 data; the difference between equity value and Enterprise Value is calculated as of December 31, 2019.

(IV)Analysis conclusion of the comparable company method

According to the valuation report of Platinum Securities Company Limited, the independent valuer appointed by HSH, on the value of HSH H Shares as of publication date of the report (the "HSH H Share Valuation Report"), the value of HSH H Shares ranges from RMB16.45 to

16.90 (approximately HKD18.23 to 18.72)1. Based on the aforementioned valuation, and taking into account the share exchange ratio and the cash payment to Scheme Shareholders under the Privatisation Proposal, the theoretical total value of HEG's total issued capital as of publication date of the HSH Share Valuation Report is approximately RMB79,123 million-81,136 million (HKD87,644 million-89,873 million) with a median value of RMB80,130 million (HKD88,759 million). Taking into account HEG's interest-bearing debt, cash and equivalents, transactional financial products and other short-term financial assets, minority interest and long-tern equity investments as of 31 December 2019, the enterprise value of HEG for the Privatisation Proposal is RMB56,875 million (HKD63,000 million).

According to the financial report prepared by Ernst & Young Hua Ming LLP,1 HEG recorded an EBITDA of RMB4.586 billion in 2019, a net profit attributable to the parent company of RMB4.1 billion. Therefore, the EV/EBITDA of this transaction is 12.40x, and the P/E is 19.55x, with relevant indicators listed in the table below:

	Net profit
	attributable to
EBITDA	continuing operation	EV/EBITDA	P/E
(RMB million)	business of the

	parent company
	(RMB million)

4,585.86	4,099.52	12.40	19.55

Note:

1. Data source: Auditor's Report (EY Huaming (2020) Zhuan No. 60464982_J01)

According to the valuation of comparable companies, the EV/EBITDA shows a median value of 7.6x, an average value of 9.7x, and a weighted average market value of 11.2x, and the P/E shows a median value of 17.3x, an average value of 17.3x, and a weighted average market value of 16.6x. The EV/EBITDA and P/E of this transaction are within a reasonable range comparing to the valuation of comparable companies.

In summary, given that this transaction has certain strategic value for HSH, and based on the valuation of comparable companies, the Transaction Return is reasonable and fair.

Comparable Transaction Method
1. Choose comparable transactions
  The selection of comparable transactions in this report follows the principles set out below:
  Based on the business scope and industry in which HEG is engaged in, the comparable transactions are selected based on the principles set out below:
2. - the comparable transactions selected shall be announced and completed in the last ten years (2010-2019);
  - target company of the comparable transactions selected shall be large scale white goods (refrigerators, washing machines, air conditioners etc.) manufacturers (excluding black goods manufacturers) similar in business nature with HEG;
  - the comparable transactions selected shall involve a significant transfer of interests and be considerable in size

This report selected the following 9 transactions as comparable transactions, which represent an exhaustive list of comparable transactions based on the above selection criteria and publicly available information:

Midea Group's acquisition of a 43.77% equity interest in Little Swan;
Qingdao Haier's acquisition of 100% equity interest in Candy, an Italian home appliance manufacturer;
Hisense Group's acquisition of a 62.46% equity interest in Gorenje, a Slovenian home appliance manufacturer;
Qingdao Haier's acquisition of GEA, the home appliance operations under General Electric of the US;
US home appliance manufacturer Middleby Corporation's acquisition of 100% equity interest in the British home appliance manufacturer Aga Rangemaster Group;
Whirlpool's acquisition of 100% equity interest in the Italian home appliance manufacturer Indesit;
BSH Hausgeräte GmbH's acquisition of 100% equity interest in the Polish small home appliance manufacturer Zelmer;
Haier Group's acquisition of 80% equity interest of the New Zealand home appliance brand Fisher & Paykel; and
Electrolux's acquisition of 100% equity interest in Compania Tecno Industrial, a Chilean home appliance manufacturer.

Overview of comparable transactions
Comparable Transaction 1: Midea Group Co., Ltd. (hereinafter referred to as "Midea Group") acquired 47.33% of equity interest in Wuxi Little Swan Co., Ltd. (hereinafter referred to as "Little Swan")
On 23 October 2018, Midea Group issued shares to all shareholders of Little Swan (Stock Abbreviation: Little Swan A and Little Swan B, and Stock Code: 000418.SZ, 200418.SZ) except for those of Midea Group and TITONI in exchange of their Little Swan A and Little Swan B shares, with the target shares accounting for 47.33% of the total share capital of Little Swan. Upon completion of this absorption and merger by way of share exchange with Midea Group, Little Swan had its listing status terminated and its corporate capacity cancelled, and Midea Group and its wholly-owned subsidiaries overtook all the assets, liabilities, businesses, personnel, contracts and all other rights and obligations of Little Swan.
The predecessor of Little Swan was founded in 1958 and listed on the Shenzhen Stock Exchange in 1997. Little Swan was one of the best sellers in domestic market, with its products exported to more than 80 countries and regions. Its sales reached RMB21.385 billion in 2017.
In this transaction, the enterprise value of Little Swan was approximately RMB28.684 billion, corresponding to an EV/EBITDA of 13.02x. The details of the transaction are shown in the table below:

							Unit: RMB million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Midea	Little Swan	47.33%	14,383.2	28,684.8	Issuing	EBITDA	Net Profit	Net Asset

Group	Shares
2,202.7	1,506.4	7,047.1

Notes:

Source of data: Announcements and financial reports of the target company; and
The transaction was announced on 23 October 2018, and the accounting dates for EBITDA and net profit of the target company were from 1 January 2017 to 31 December 2017. Net asset of the target company refers to the equity of the parent company as of 30 June 2018.

Comparable Transaction 2: Qingdao Haier acquired 100% of equity interest in Candy, an Italian home appliance manufacturer

On 28 September 2018, Qingdao Haier proposed to, through its wholly-owned overseas subsidiary Haier Europe Appliance Holding B.V., to acquire 100% of equity interest in the Italian company Candy S.p.A (hereinafter referred to as "Candy") as jointly owned by Beppe Fumagalli, Aldo Fumagalli and Albe Finanziaria S.r.l for a consideration of EUR475 million (equivalent to around RMB3.805 billion calculated based on the average RMB exchange rate in the inter-bank foreign exchange market announced by the People's Bank of China on 28 September 2018).

Founded in 1945, Candy is an international manufacturer of household appliances in Italy. Its five major business segments include washing machines, stand-alone embedded kitchen appliances, small home appliances, refrigerators and after-sales services. In 2017, it achieved a net income of EUR1.16 billion. Among the major business segments, the washing machine sector is the main revenue source for Candy, accounting for about 49% of the overall revenue. With its business reach extended to Europe, the Middle East, Asia, and Latin America, Candy has 6 professional production bases and more than 45 subsidiaries and offices in Europe and Asia, more than 2,000 after-sales service centres, and more than 6,000 service specialists.

The transaction was completed in January 2019, when the enterprise value of Candy was approximately EUR629 million, corresponding to an EV/EBITDA of 8.24x.

The details of the transaction are shown in the table below:

							Unit: EUR million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Qingdao	Candy	100%	475.00	629.00	Cash	EBITDA	Net Profit	Net Asset

Haier
76.30	2.20	100.00

Notes:

Data source: Announcement of the acquirer, and Dealogic
The transaction was announced on 28 September 2018, and the accounting dates for EBITDA and net profit of the target company were from 1 January 2017 to 31 December 2017. Net asset of the target company refers to the equity attributable to the shareholders of the parent company as of 31 December 2017.

Comparable Transaction 3: Hisense Group acquired a 62.46% of equity interest in the Slovenian home appliance manufacturer, Gorenje, d.d. (hereinafter referred to as "Gorenje")

Hisense Group, through its Hisense Luxembourg Home Appliance Holding, acquired a 62.46% of equity interest in the Slovenian home appliance manufacturer Gorenje Home Appliances from 29 May to 26 June 2018 in the form of tender offer at an offer price of EUR12 per share, with 5,165 shareholders holding 15,254,871 shares altogether accepted Hisense Group's offer.

Established in 1950, the Slovenian home appliance manufacturer Gorenje is one of the four major home appliance groups in Europe, its main products covering kitchen appliances, refrigerators, washing machines and dishwashers. Gorenje's sales reached EUR802 million in 2017.

The transaction was completed in October 2018, when the enterprise value of Gorenje was approximately EUR701 million, corresponding to an EV/EBITDA of 9.17x.

The details of the transaction are shown in the table below:

							Unit: EUR million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Hisense	Gorenje	62.46%	183.06	700.51	Cash	EBITDA	Net Profit	Net Asset

Group
76.37	0.47	354.08

Notes:

Data source: Annual reports and announcements of the target company
The transaction was announced on 29 May 2018, and the accounting dates for EBITDA and net profit of the target company were from 1 January 2017 to 31 December 2017. Net asset of the target company refers to the equity attributable to the shareholders of the parent company as of 31 December 2017.

Comparable Transaction 4: Qingdao Haier acquired GEA, the home appliance operations under General Electric (USA) ("GE")

On 14 January 2016, Qingdao Haier announced that it would acquire the home appliance business asset held by GE and its subsidiaries (hereinafter referred to as "GEA") for a cash consideration of USD5.4 billion.

GE had developed its home appliance business for more than 100 years, and its product offerings cover refrigerators, washing machines, air conditioners, water heaters, and kitchen appliances. Up to now, GE has developed into a comprehensive household appliance manufacturer of kitchen appliances, refrigeration products, laundry products, dishwashers and home care products. Offering consumers several thousand models of leading home appliances in 30 categories, it has accumulated rich industrial experience. Attributing to its leading R&D technology, powerful strategic marketing network and world-class logistic and allocation capacity, it has secured an influential and competitive position in the industry.

The transaction was completed in June 2016, when the enterprise value of GEA was approximately USD5.58 billion, corresponding to an EV/EBITDA of 10.11x.

The details of the transaction are shown in the table below:

							Unit: USD million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Haier	GEA	100%	5,580.00	5, 580.00	Cash	EBITDA	Net Profit	Net Asset

(Qingdao)
552.00	222.93	2,085.00

Notes:

Data source: News release of GEA and pro-forma financial statements of Haier (Qingdao)
The transaction was announced on 14 January 2016, and EBITDA of the target company is based on the data disclosed in the valuation report. The accounting dates for net profit of the target company were from 1 January 2014 to 31 December 2015. Net asset of the target company refers to the equity of the parent company as of 31 December 2015.

Comparable Transaction 5: Middleby Corporation acquired 100% of equity interest in the British household appliance manufacturer Aga Rangemaster Group

On 15 July 2015, the US electric appliance manufacturer Middleby Corporation announced its acquisition of a 100% of equity interest in the Aga Rangemaster Group (UK) for GBP129 million.

Aga Rangemaster Group, established in 1939, is a holding company listed on the London Stock Exchange, which mainly manufactures and sells a variety of cookware and kitchen appliances, including stoves, kitchen ventilators, ovens, and refrigerators, and runs brands such as AGA, Mercury, Rayburn, Grange, Fired Earth, Divertimenti, AGA Marvel, Leisure and Stanley. With its headquarters set up in UK and production bases established in UK, North America, France, Canada and Ireland, Aga Rangemaster Group completed a sales volume of GBP261 million in 2014.

The transaction was completed in September 2015. The enterprise value of Aga Rangemaster Group was approximately GBP133 million, corresponding to an EV/EBITDA of 7.80x.

The details of the transaction are shown in the table below:

							Unit: GBP million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Middleby	Aga					EBITDA	Net Profit	Net Asset
Rangemaster	100%	129.2	132.6	Cash

Corporation	17.0	-3.2	104.1
	Group

Notes:

Data source: SEC8-K file, and financial reports of the target company;
The transaction was announced on 15 July 2015, and the accounting dates for EBITDA and net profit of the target company were from 1 July 2014 to 30 June 2015. Net asset of the target company refers to the equity of the parent company as of 30 June 2015.

Comparable Transaction 6: Whirlpool acquired 100% of equity interest in the Italian home appliance manufacturer Indesit

On 10 July 2014, the US home appliance manufacturer Whirlpool Corporation (hereinafter referred to as "Whirlpool") announced that its wholly-owned subsidiary, Whirlpool Italia Holdings S.r.l. (based in Italy), acquired in the form of assignment agreement the approximately 60.4% shares held jointly by Fineldo S.p.A. and Merloni as issued by the Italian home appliance manufacturer Indesit Company S.p.A (hereinafter referred to as "Indesit"). Afterwards, Whirlpool Italia Holdings S.r.l. acquired all remaining shares of Indesit through tender offer. Upon completion of the transaction, Whirlpool held 100% of Indesit is equity indirectly. The total consideration of the transaction reached EUR1.135 billion.

Indesit is a well-known Italian household appliance manufacturer. It has been in existence for more than 40 years since its establishment in 1975. The company was listed in Milan in 1987. Indesit is main products include washing machines, dryers, dishwashers, refrigerators, freezers, cooking utensils, and microwave ovens. It secured a sales volume of EUR2.67 billion in 2013. It has 8 industrial bases around the world, which are located in Italy, Poland, the United Kingdom, Russia and Turkey. Its annual production capacity of refrigeration products exceeds 4 million sets, the annual production capacity of washing machines and dryers reaches 5 million sets, and the annual production capacity of kitchenware products comes to 3.5 million sets.

The transaction was completed in December 2014, when the enterprise value of Indesit was approximately EUR1.632 billion, corresponding to an EV/EBITDA of 8.45x. The details of the transaction are shown in the table below:

							Unit: EUR million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Whirlpool	Indesit	100%	1,134.5	1,632.1	Cash	EBITDA	Net Profit	Net Asset

193.2	19.5	481.5

Notes:

Data source: SEC8-K file, and financial reports of the target company;
The transaction was announced on 10 July 2014, and the accounting dates for EBITDA and net profit of the target company were from 1 July 2013 to 30 June 2014. Net asset of the target company refers to the equity of the parent company as of 30 June 2014.

Comparable Transaction 7: Bosch und Siemens Hausgeraete GmbH acquired 100% of equity interest in the Polish small household appliance manufacturer Zelmer SA (hereinafter referred to as "Zelmer")

On 14 November 2012, Bosch und Siemens Hausgeraete GmbH announced that through its subsidiary in Poland, it proposed to acquire the entire equity of the Polish appliance manufacturer Zelmer at a price of PLN40 per share, for a total consideration of PLN608 million.

Founded in 1951 and listed on the Warsaw Stock Exchange, Zelmer is a famous manufacturer of small home appliances in Poland, with its products covering vacuum cleaners, dishwashers, air purifiers, and coffee machines exported to European and American countries such as Russia, Germany, USA and Canada.

The transaction was completed in March 2013. Zelmer's enterprise value was approximately PLN672 million, corresponding to an EV/EBITDA of 9.04x. The details of the transaction are shown in the table below:

							Unit: PLN million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Bosch und						EBITDA	Net Profit	Net Asset
Siemens	Zelmer	100%	608.0	672.3	Cash

Hausgeraete	74.4	37.1	302.8

GmbH

Notes:

Data source: Dealogic, Bloomberg, and financial reports of the target company;
The transaction was announced on 14 November 2012, and the accounting dates for EBITDA and net profit of the target company were from 1 October 2011 to 30 September 2012. Net asset of the target company refers to the equity of the parent company as of 30 September 2012.

Comparable Transaction 8: Haier Group acquired 80% of equity interest in the New Zealand appliance brand Fisher & Paykel

On 11 September 2012, Haier Group issued a comprehensive acquisition offer to Fisher & Paykel Appliances Holdings Limited (hereinafter referred to as "Fisher & Paykel") through Haier New Zealand Investment Holding Company Limited. It proposed to acquire by means of consideration in cash all remaining shares other than the 20% held by Haier Group of Fisher & Paykel, at a transaction price of NZD1.28 per share and a total transaction amount of approximately NZD742 million.

Fisher & Paykel is a treasure-like home appliance brand of New Zealand, operating in 50 countries and regions around the globe with production bases distributed in New Zealand, China, Thailand, Mexico and Italy. The stoves, refrigerators, washing machines and dishwashers produced by Fisher

Paykel are popular in the New Zealand market, and its drawer-type dishwashers also have a good market performance in the United States.

The transaction was completed in November 2012. Fisher & Paykel's enterprise value was approximately NZD983 million, corresponding to an EV/EBITDA multiple of 12.56x. The details of the transaction are shown in the table below:

							Unit: NZD million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Haier Group	Fisher &	80%	741.60	982.50	Cash	EBITDA	Net Profit	Net Asset

Paykel
78.20	18.40	605.20

Notes:

Data source: Dealogic, Bloomberg, and financial reports of the target company;
The transaction was announced on 11 September 2012, and the accounting dates for EBITDA and net profit of the target company were from 1 April 2011 to 31 March 2012. Net asset of the target company refers to the equity of the parent company as of 31 March 2012.

Comparable Transaction 9: Electrolux acquired 100% of equity interest in Compania Tecno Industrial (hereinafter referred to as "CTI"), a Chilean home appliance manufacturer

On 22 August 2011, Electrolux AB announced that it would acquire 100% of equity interest in the Chilean home appliance manufacturer CTI at a price of approximately CLP249.809 billion.

Founded in 1905, CTI is a local home appliance manufacturer in Chile, running three brands of Fensa, Mademsa and Somela. CTI manufactures and sells a variety of home appliances including refrigerators and washing machines.

The transaction was completed in October 2011. CTI's enterprise value was approximately CLP261.271 billion, corresponding to an EV/EBITDA of 7.43x.

The details of the transaction are shown in the table below:

							Unit: CLP million

	Target	Proportion	Transaction		Payment	Financial Indicators of
Acquirer	of Equity	EV
Company	Consideration	Method	Target Company
	Acquired


Electrolux	CTI	100%	249,808.7	261,270.7	Cash	EBITDA	Net Profit	Net Asset

35,145.6	22,059.0	76,741.1

Notes:

Data source: Dealogic and Bloomberg;
The transaction was announced on 22 August 2011, and the accounting dates for EBITDA and net profit of the target company were from 1 July 2010 to 30 June 2011. Net asset of the target company refers to the equity of the parent company as of 30 June 2011.

Value ratio of comparable transactions
As overseas M&A transactions are usually priced in EV/EBITDA, it is difficult to obtain complete P/E data for comparable transactions. Therefore, EV/EBITDA is selected as the analysis multiple in the analysis with the comparable transaction method. According to relevant analysis and calculation, the EV/EBITDAs of the said 9 comparable transactions are listed below:

Target Company for Comparable Transactions	EV/EBITDA
Little Swan	13.02x
Candy	8.24x
Gorenje	9.17x
GEA	10.11x
AGA Rangemaster	7.80x
Indesit	8.45x
Zelmer	9.04x
Fisher & Paykel	12.56x
CTI	7.43x

Median value	9.04x


Mean value	9.54x

Note: LTM refers to the financial data for the 12 months before the latest financial report issued by the target company prior to the transaction announcement

(IV)Analysis conclusion with comparable transaction method

According to the assessment of comparable transactions, the median value of EV/EBITDA is 9.04x, and the average value is 9.54x. For the multiples of this transaction, please refer to Chapter II "II. Comparable Company Method (IV) Analysis results with comparable company method". The EV/EBITDA of this transaction is within a reasonable range in light of comparable transactions.

In summary, taking into account the fact that this transaction has certain strategic values for HSH, and based on the valuation of comparable transactions, the transaction return in relation to assets related to HEG in this transaction is reasonable and fair.

IV. Discounted Cash Flow Method

This transaction is carried out by way of scheme of arrangement. Due to the rules for listed companies supervision and commercial confidentiality restrictions, no detailed forecasts of future profit and cash flow can be provided until the completion of the acquisition. Meanwhile, given the fierce competition in the white goods industry, and the large number of variables and presumptions in the valuation model of the discounted cash flow method, the accuracy of the forecast may be directly compromised. Therefore, no profit and cash flow forecasts are made in this transaction.

Privatisation Premium of Listed Companies in Hong Kong
The consideration of privatisation transactions can generally be paid in two ways: cash consideration or share exchange. According to the purpose of this assessment, HSH will privatise HEG by issuing H shares as the consideration for the present transaction which constitutes a share exchange privatisation.
Share exchange privatisations completed on the Hong Kong Stock Exchange announced from 1 January 2008 to issuance date of this report (excluding those transactions which involved a distribution in specie or a cash consideration option) and their respective premiums are listed in the table below for comparison with and analysis on the implied premium of the Proposed Transaction. The share exchange privatisation precedents so identified represent an exhaustive list of share exchange privatisation precedents we were able to identify from the Hong Kong Stock Exchange's website satisfying the above selection criteria.

First	Target Company	Offeror	Premium Rate
Announcement Day


			Closing	Average closing
			price of the	price of the 30
			trading day	trading days
			before the first	before the first
			announcement	announcement

2017/9/8	Sinoma Limited	China National	19.19%	31.18%
Building Materials


2014/12/30	CNR	CSR	13.30%	23.85%

2010/5/19	Denway Motors	GAC	18.47%	27.09%

2008/6/2	China Netcom	China Unicom	3.02%	17.25%

	Mean value		13.50%	24.84%

	Median value		15.89%	25.47%

Note:

1. The share exchange based privatisation transactions of Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited are excluded, because these are not pure share exchange based privatisation transactions as they involve specie distribution

In the share exchange privatisation cases, the mean value of premium rates of the offer price in comparison with the closing price on the day before the first announcement, and the average closing price of the previous month are 13.50% and 24.84%, and the median values are 15.89% and 25.47% respectively.

According to the HSH H Share Valuation Report, as of publication date of the valuation report, the valuation of each H Share ranges from RMB16.45 to RMB16.90 (equivalent to HK$18.23 to HK$18.72). On the basis of the valuation above, and share exchange ratio and cash payment under the privatisation proposal, the privatisation valuation of this transaction corresponds to a premium rate of 17.35% and 28.34% of HEG's average closing price for the 1 day and 30-day period prior to the transaction announcement. Based on the premium of the share exchange privatisation transactions of the Hong Kong Stock Exchange from 2008 to the present, the premium of this transaction is fair and reasonable.

Chapter III: Valuation Assumptions

General Assumptions
1. Open market assumption
  The open market assumption presumes that for assets being or to be traded on the market, both parties concerning the transaction share equal positions and enjoy equal opportunities and time to obtain adequate market information so as to make rational judgment of the functionality, usage and transaction value of the assets. The open market assumption is based on the fact that assets can be bought and sold publicly in the market.
2. Continuing operations assumption

The continuing operations assumption presumes that under the premise of continuing and normal operations of the enterprise, it will continue its operations at the current scale and status, without termination or massive deduction of its business in the foreseeable future.

Special Assumptions
1. This report assumes that the external economic environment remains unchanged, and the country's current macroeconomic situation does not change significantly on the reporting base date.
2. There are no major changes in the social and economic environment in which the enterprise is located, and in the taxes and tax rates implemented.
3. The management of relevant companies will perform its duties in the future operating period and continue to maintain the current operation management model for continuous operation.
4. No other force majeure or unforeseen factors will have a significant adverse impact on the enterprise.
5. This report assumes that the relevant basic information, financial information and public information are true, accurate and complete.

When any of the above conditions changes, the analysis in this report will generally become invalid.

Chapter IV: Report Conclusions

Report Conclusions
Based on the foregoing analysis, this report mainly uses comparable company method and comparable transaction method, combined with the privatisation premium rate of Hong Kong listed companies, as a reference for the assessment of HEG. Through analysis of the fairness of the transaction consideration, it considers that the Transaction Return is fair and reasonable and will not impinge the interests of HSH and its shareholders.

Report Use Restrictions
This report can only be used for the purpose and usage stated in this report. In addition, this report demonstrates whether the pricing of this transaction is reasonable against the purpose stated herein, without consideration given to the impact to the asset price by changes of the country's macroeconomic policies, natural forces and other force majeure. Upon change of the aforementioned conditions and the assumptions of continuing operations made by the report, conclusions of this report would normally become invalid. The agency assumes no legal responsibility for the invalidation of the report results due to such changes.
The prerequisite for availability of this report is that this economic action complies with relevant provisions of the national laws and regulations, and has been approved by relevant departments.
Without the consent and review of the agency, all or part of the content of this report shall not be excerpted, quoted or disclosed in public media, unless otherwise stipulated by laws, regulations and relevant parties.
The opinions expressed by the agency in the report are based on the market situation, economic situation, financial position and other information collected as of July 29 2020. This report does not consider the events and circumstances that occur after the above date. Investors shall pay attention to relevant announcements or events that will be released after the base date. For the purpose of this report, this report does not consider the future trading activities and share price performance of relevant companies.
The validity period of this report is 12 months: from July 29 2020 to July 28 2021. Signed by Wang Feng and Wang Jian
Zheshang Securities Co., Ltd. 30 July 2020

ZHESHANG SECURITIES OPINION

(Chinese version)

浙商證券股份有限公司

關於海爾智家股份有限公司

重大資產購買

之

估值分析報告

2020年7月

聲明

一、浙商證券股份有限公司（下稱「浙商證券」）作為海爾智家股份有限公司（下稱「海爾智家」或「公司」）以協議安排的方式發行H股私有化海爾電器的獨立財務顧問及估值機構，在執行估值過程中，遵循了相關中國法律法規，恪守獨立、客觀和公正的原則；根據浙商證券在估值分析工作過程中收集的資料，本報告陳述的內容是客觀的。

二、本報告為浙商證券根據《上市公司重大資產重組管理辦法》、《公開發行證券的公司信息披露內容與格式準則第26號 - 上市公司重大資產重組（2018年修訂）》等上市公司重大資產重組相關法規和規範性文件的要求出具，供A股投資者使用。本報告不構成對任何第三方的建議、推薦或補償。

三、本報告中的分析、判斷和結論受報告中假設和限定條件的限制，使用者應當充分考慮報告中載明的假設、限定條件及其對結論的影響。

四、就報告中所涉及的公開信息，本報告不構成對其準確性、完整性或適當性的任何保證。

五、本報告未對標的公司及其子公司、分支機構的業務、運營、財務狀況進行全面分析，亦未對標的公司未來財務、業務或其他方面的發展前景發表任何意見。

六、在形成本報告的過程中，並沒有考慮任何特定投資者的投資目標、財務狀況、納稅狀況、風險偏好或個體情況。由於不同的投資者有不同的投資目的和組合，如需要具體的建議，投資者應及時就其投資組合諮詢其各自的股票經紀人、律師、會計師、稅務顧問或其他專業顧問。

七、本報告的觀點僅基於已披露的公開財務信息分析，未將商業、法律、稅務、監管環境等其他因素納入考慮。本報告亦不對收購完成或失敗後標的公司的交易價值或海爾電器的股價做出評價。上述因素超出了本報告的考察範圍和職責範圍。

八、目前市場上並無可比公司與標的公司在以下方面完全相同：市場地域、業務組成、業務規模、風險情況、資產規模、估值方法、會計政策、歷史表現、未來預期、市場空間、政治風險及監管環境等。投資者應注意與可比公司的比較分析僅能作為截至2020年7月29日對標的公司潛在價值的示意性分析。

九、相關可比交易與本次交易在以下方面存在一定差異：標的公司的業務範圍、盈利能力、戰略價值、協同效應、交易雙方的市場地位、交易發生時的行業狀況、政治及監管環境等。投資者應注意並無與本次交易在各方面完全可比的可比交易，相關可比交易分析僅為投資者提供參考。

十、除非本報告中另有定義，本報告中所使用的術語簡稱應具有《海爾智家股份有限公司重大資產購買暨關聯交易報告書（草案）》對該等術語所規定的含義。

摘要

本報告僅為海爾智家董事會提供參考，目的為分析本次交易的定價是否公允、合理以及是否存在損害公司及其股東利益的情形。本報告不構成對任何第三方的建議、推薦或補償。本報告所引用的市場價格數據截至2020年7月29日。

本報告主要採用可比公司法和可比交易法，並結合香港上市公司私有化溢價率情況作為本次交易的定價參考。基於可比公司、可比交易的估值情況，考慮到本次交易對於海爾智家的戰略價值，以及2008年1月1日至本報告出具日公告的香港聯交所已完成的換股私有化交易溢價率水平，本報告認為本次交易的估值定價具有合理性與公允性，不存在損害海爾智家及其股東利益的情況。

本報告只能用於本報告載明的目的和用途。同時，本報告是在報告所述目的下，論證本次交易價格是否合理，未考慮國家宏觀經濟政策發生變化以及遇有自然力和其他不可抗力對資產價格的影響。當前述條件以及本報告遵循的持續經營假設等條件發生變化時，本報告結論一般會失效。本機構不承擔由於這些條件的變化而導致報告結果失效的相關法律責任。

	目錄
聲明 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
摘要 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
目錄 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
第一章背景情況介紹 . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
一、報告目的. . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
二、報告基準日 . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
第二章估值思路及方法 . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
一、估值思路及方法比較 . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
二、可比公司法 . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
三、可比交易法 . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
四、現金流折現法 . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
五、香港上市公司私有化溢價情況 .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
第三章估值假設 . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
一、一般假設. . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
二、特殊假設. . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
第四章報告結論 . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
一、報告結論. . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
二、報告使用限制 . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

第一章背景情況介紹

一、報告目的

2020年7月30日，海爾智家第十屆董事會第10次會議審議通過了本次交易的具體方案及相關事宜、本次交易涉及的相關交易文件及信息披露文件。本報告僅為海爾智家董事會提供參考，分析本次交易的定價是否公允、合理以及是否存在損害公司及其股東利益的情形。報告不構成對任何第三方的建議、推薦或補償。

二、報告基準日

本次交易首次董事會召開日為2020年7月30日。本報告所引用的市場價格數據截至 2020年7月29日。

第二章估值思路及方法

一、估值思路及方法比較

從併購交易的實踐操作來看，一般可以通過可比公司法、可比交易法、現金流折現法等方法進行交易價格合理性分析。

可比公司法是根據標的公司的特點，選取與其可比的上市公司的估值倍數作為參考，其核心思想是利用二級市場的相關指標及估值倍數對本次交易定價進行分析。

可比交易法是挑選與標的公司同行業、在本次交易前一段合適時期內被投資、併購的公司，基於融資或併購交易的定價依據作為參考，據此評估本次交易的定價是否合理。

現金流折現法的基本步驟如下：首先，建立、利用財務模型，對未來淨利潤、現金流等財務數據進行預測；其次，針對相關公司的特點，選取合理的折現率（即「加權平均資本成本」，WACC），對自由現金流進行貼現，以預期收益為基礎，通過估算未來預期收益的現值，得到企業價值。

以上三種方法的優點、缺點以及適用性如下所述：

可比公司法的優點在於，該方法基於有效市場假設，即假設交易價格反映包括行業趨勢、業務風險、發展速度、盈利能力等全部可以獲得的信息，相關參數較為容易獲得。其缺點在於，很難對可比公司業務、財務上的差異進行準確調整，較難將行業內併購、監管等因素納入考慮。

可比交易法的優點在於，該方法以可比公司近期已完成的實際交易價格為基礎，估值水平比較確定且容易獲取。其缺點在於，如何選取相對可比的交易、如何根據相關公司最新經營情況選取適當的參數並進行估值比較具有一定的難度。

現金流折現法的優點在於，從整體角度考察業務，是理論上最為完善的方法；受市場短期變化和非經濟因素影響少；可以把合併後的經營戰略、協同效應結合到模型中；可以處理大多數複雜的情況。其缺點在於，財務模型中變量較多、假設較多；估值主要基於關於未來假設且較敏感，由於行業處於高度競爭狀態，波動性較大，可能會影響預測的準確性；具體參數取值難以獲得非常充分的依據。

本報告將結合本次交易的實際情況，從以上三種方法中選擇合適的方法對本次交易定價的合理性予以考察和分析。

二、可比公司法

（一）選擇可比公司

海爾電器主要從事白色家電業務（洗衣機、熱水器等），本次可比公司的選取遵循如下原則：

可比公司需以家電為主營業務，且其產品以洗衣機、熱水器、淨水器以及其他白色家電為主，品牌具有一定的知名度，在業務性質上與海爾電器可比；
可比公司需為大型家電企業，以保證其在規模上與海爾電器可比；
可比公司需為上市公司，以保證數據的可獲得性、可靠性與可比性。根據以上原則，本報告最終選擇以下7家公司作為海爾電器全球範圍內的可比公司，分別為海爾智家、美的集團、格力電器、惠而浦、AO史密斯、阿塞利克和伊萊克斯。以上可比公司為符合上述限制條件下基於公開數據可獲得的全口徑可比公司列表。

（二）可比公司基本情況

可比公司均為全球知名的白色家電製造企業，在各自的細分領域或地區市場均享有較高的知名度，且均為上市企業，市值在100億元至4,500億元之間，在規模上均屬於大中型家電企業，符合本報告對可比公司的篩選原則，可比公司的基本信息如下表所示：

公司名稱	上市地點	公司簡介		市值
	（百萬人民幣）


		海爾智家成立於1989年，是一家全球領
		先的美好生活解決方案服務商，主要
		從事冰箱╱冷櫃、洗衣機、空調、熱水
		器、廚電、小家電、U-home智能家居
海爾智家	中國	產品等的研發、生產和銷售以及渠道	116,320
綜合服務業務。公司擁有海爾、卡薩

		帝、統帥、美國GE Appliances 、新西蘭
		Fisher & Paykel 、日本AQUA 、意大利
		Candy等七大世界級品牌，產品銷往全
		球。
		美的集團成立於1968年，是一家以家電
		製造業為主的大型綜合性企業集團，主
美的集團	中國	要家電產品有洗衣機、家用空調、商用	443,503
		空調、冰箱、微波爐、風扇、洗碗機、
		電磁爐等，產品在海內外均有銷售。

公司名稱	上市地點	公司簡介		市值
	（百萬人民幣）


		格力電器成立於1989 年，是一家集研
		發、生產、銷售、服務於一體的專業化
格力電器	中國	空調企業，其空調產品銷往160多個國	350,390
		家和地區，在國內外市場均佔有較高的
		份額。
		惠而浦成立於1911年，是一家製造並銷
		售大型家電的企業，主要產品包括洗衣
惠而浦	美國	機、冰箱、空調設備、烹飪器具、洗碗	60,016
		機、攪拌器及其他小型家電，為美國第
		一大家電品牌。
		AO史密斯成立於1874年，是一家致力
		於製造住宅和商用熱水器的公司，主要
AO史密斯	美國	產品包括煤氣熱水器、電熱水器、淨水	55,122
		器以及空氣淨化器，在世界各地均有其
		產品銷售。
		阿塞利克成立於1955年，是一家致力於
		製造及銷售白色家電的企業，主要產
阿塞利克	土耳其	品包括洗衣機、冰箱、家用空調、商用
空調、大型中央空調、微波爐、風扇、	13,262
		洗碗機、電磁爐等，其產品在土耳其
		銷售，並出口至歐洲大陸、英國和突尼
		斯。
		伊萊克斯成立於1919年，是一家全球著
		名的家電與商用電器企業，主要產品包
伊萊克斯	瑞士	括廚電、冰箱、洗碗機、洗衣機、吸塵	36,830
		器、小家電、空調、熱水器等，銷售遍
		及150個國家市場。

註：

1、數據來源：Bloomberg 、公司財報和其他公開資料；

2、市值為截至2020年7月29日前30個交易日的平均數據；

3、匯率為1港元：0.90278人民幣。

各可比公司的EBITDA 、淨利潤、企業價值和市值數據如下表所示1。

單位：百萬人民幣

公司名稱	企業價值	市值	3	EBITDA	淨利潤	4
(EV)2
美的集團	464,498	443,503	31,122	24,211

格力電器	231,973	350,390	30,663	24,696

海爾智家5	127,888	116,320	11,976	6,715
惠而浦	91,138	60,016	13,357	5,924

A. O. 史密斯	53,521	55,122	3,802	2,589

伊萊克斯	40,146	36,830	5,543	1,452

阿塞利克	20,854	13,262	3,313		918

註：

1、數據來源：Bloomberg 、公司財報；財務數據為2019年年度財務數據

2、企業價值(EV) = 市值 - 現金及現金等價物（不包含限制性現金）、交易性金融資產及其他短期金融資產（如理財產品）- 長期股權投資 + 付息債務 + 優先股 + 少數股東權益；財務數據截至於2019年 12月31日；

3、市值為截至2020年7月29日前三十個交易日平均數據；

4、持續經營歸母淨利潤口徑；

5、海爾智家財務數據為經審計2019財年數據；

6、匯率為截止於2020年7月29日的最新交易匯率。

（三）可比公司價值比率

常用的估值指標主要包括市盈率(P/E) 、企業價值比率(EV/EBITDA) 、市淨率 (P/B) 、市銷率(P/S)等，以上估值指標的利弊比較及是否適用於標的公司如下表所示：

估值指標	優點	缺點	是否適合標的
公司及原因


	1、以每股收益來衡	1、每股收益可以為	適合。
	量盈利能力，是	負數，將使得市
	較為常見決定投	盈率失去意義；	近年來標的公司
	資價值的因素；	2、淨利潤波動較為	盈利水平穩定，
	2、市盈率指標在投	扣非歸母淨利潤
市盈率	劇烈，且受多種	水平隨業務發展
資領域被廣泛使	因素影響，導致	穩步提升，適合
P/E	用；	市盈率指標不穩	使用P/E與可比公
	3、實證研究顯示市	定；	司進行橫向比較。

	盈率差異與長期	3、淨利潤容易被管
	平均股票回報差	理層操縱。
	異具有顯著關聯
	關係。

估值指標	優點	缺點	是否適合標的
公司及原因


	1、企業價值比率指	1、公司自由現金流	適合。
	標對於計算財務	量比息稅折舊攤
	槓桿差異較大的	銷前利潤在估值	由於可比公司的
	公司具有幫助；	理論上更加相	財務槓桿各有不
	2、企業價值比率指	關，因此企業價	同，因此用企業
	值比率的準確性	價值比率能夠消
	標對於評估重資	取決於息稅折舊	除這一差異，
	產高折舊的公司	攤銷前利潤對自	EBITDA能夠較為
	具有幫助；	由現金流的解釋	真實的反映標的
	3、息稅折舊攤銷前	程度；	公司的運營盈利
		情況。
	利潤通常為正。	2、如果短期內淨運
		營資本持續積累
企業價值比率		或資本支出大量
	增加，則會導致
EV/EBITDA		息稅折舊攤銷前
		利潤高估自由現
		金流，降低企業
		價值比率的準確
		性；
		3、如果期間出現營
		運相關的較大額
		非經常性損益或
		非現金支出，則
		會導致息稅折舊
		攤銷前利潤低估
		自由現金流，降
		低企業價值比率
		的準確性。

估值指標	優點	缺點	是否適合標的
公司及原因


	1、對於實體性資產	1、當公司具有顯著	不適合。
	較多且資產賬面	規模差異時市淨
	價值能可靠計量	率可能具有誤導	標的公司處於家
	的行業，例如資	性；	電行業，屬於強
	源類、製造業、		現金流行業，並
	金融類企業等，	2、會計政策差異可	不關注賬面資產
	市淨率較為適	能導致股東運用	價值且P/B不能有
	用；	市淨率對於公司	效反映企業的盈
	2、淨資產為累計數	真實投資價值的	利能力。
	判斷錯誤；
	值且通常為正，
	因此當市盈率指	3、通貨膨脹和技術
市淨率	標失效時往往市	變革可能導致資
淨率指標仍可使	產的賬面價值與
P/B
用；	公允價值之間差

	3、每股淨資產比每	異顯著。

	股收益更加穩
	定，因此當每股
	收益劇烈波動時
	市淨率指標往往
	更加有用；
	4、實證研究顯示市
	淨率對於解釋長
	期股票回報差異
	時具有幫助。
	1、市銷率對於經營	1、高額的銷售收入	不適合。
	虧損的公司依舊	並不一定意味
	適用；	著高額的營業利	由於各家公司的
	2、與每股收益和賬	潤，因此市銷率	成本結構不同，
	並不反應不同公	淨利潤率也各不
市銷率	面價值不同，銷	司之間的成本結	相同，用市銷率
售收入往往難以	構差異；	無法準確反映公
P/S
被操縱或扭曲；		司的盈利能力。
	2、儘管不像利潤那
	3、實證研究顯示市
	樣容易被扭曲，
	銷率的差異與長	但銷售收入的確
	期平均股票回報	認方式仍可能扭
	差異顯著相關。	曲銷售預測。

綜合上表分析，常用的估值指標中，EV/EBITDA和P/E是適合標的公司的估值指標。由於本次估值分析過程中不對標的公司進行任何的財務預測，因此選擇歷史指標較為合適。根據相關分析計算，可比公司的EV/EBITDA和P/E如下表所示：

可比公司	EV/EBITDA	P/E

美的集團	14.9x	18.3x
格力電器	7.6x	14.2x
海爾智家	10.7x	17.3x
惠而浦	6.8x	10.1x
A. O. 史密斯	14.1x	21.3x
伊萊克斯	7.2x	25.4x
阿塞利克	6.3x	14.4x
中值	7.6x	17.3x

均值	9.7x	17.3x

市值加權均值	11.2x	16.6x

註：

1、數據來源：Bloomberg截至2020年7月29日的數據；

2、海爾智家的EBITDA 、淨利潤（持續經營業務歸母口徑）為經審計2019年年度數據，股權價值與企業價值的差額計算基於2019年12月31日數據。其餘公司EBITDA 、淨利潤（持續經營業務歸母口徑）為2019年年度數據，股權價值與企業價值的差額計算基於2019年12月31日數據。

（四）可比公司法分析結果

根據百德能出具的《H股估值報告》，截至《H股估值報告》出具之日，海爾智家 H股價值的預估範圍為16.45元╱股-16.90元╱股（約等於18.23港元╱股-18.72港元╱股）1。基於上述估值、換股比例及現金付款金額，與截至本報告出具之日的海爾電器已發行的總股份數量，海爾電器在私有化提議下的理論總價值約為791.23億元-811.36億元（約等於876.44億港元-898.73億港元，中值為人民幣801.30億元（約等於887.59億港元）。考慮截至2019年12月31日的海爾電器付息債務、現金及現金等價物、交易性金融資產及其他短期金融資產、少數股東權益及長期股權投資，海爾電器在本次私有化提議下的企業價值為人民幣568.75億元（約等於630.00億港元）。

1 根據百德能出具的《H股估值報告》，海爾智家H股價值的預估範圍保留五位小數的數值為16.45465 元 ╱ 股-16.90118元╱股（約等於18.22664港元╱股-18.72116港元╱股），本報告書相關計算以上述數據為基礎。

除利息、稅項、折舊及攤銷前盈利（"EBITDA"）根據營業收入減去主營業務成本、銷售費用、管理費用、稅費及附加以及研發費用，並加上折舊及攤銷總額計算：

	歸屬於母公司的
EBITDA	持續經營業務	EV/EBITDA	P/E
（百萬元）	淨利潤

	（百萬元）

4,585.86	4,099.52	12.40	19.55

註：

1、數據來源：安永華明(2020)專字第60464982_J01號《審計報告》。

根據可比公司的估值情況，EV/EBITDA的中值為 7.6x ，平均值為 9.7x ，市值加權均值為11.2x；P/E的中值為17.3x ，平均值為17.3x ，市值加權均值為 16.6x 。本次交易的EV/EBITDA 、P/E與可比公司估值水平相比，處於合理區間內。

綜上，基於可比公司的估值情況，考慮到本次交易對於海爾智家有一定的戰略價值，本次交易中海爾電器相關資產的交易作價具有合理性與公允性。

三、可比交易法

（一）選擇可比交易

根據海爾電器的經營範圍及所處行業，本次估值中可比交易的選取遵循如下原則：

最近十年（2010年-2019年）內公告並完成的交易
標的公司為大型白色家電（冰箱、洗衣機、空調等）生產企業（不包括黑電生產企業），且與海爾電器業務範圍相似；
可比交易涉及重要股權轉讓且交易價值可觀

本報告最終選擇以下9個交易作為本次估值分析的可比交易（代表符合上述限制條件下基於公開數據可獲得的全部可比交易列表：

美的集團收購小天鵝43.77%股權；
青島海爾收購意大利家電製造商Candy 100%股權；
海信集團收購斯洛文尼亞家電製造商Gorenje 62.46%股權；
青島海爾收購美國通用電器家電業務資產GEA；

美國家電製造商Middleby Corporation收購英國家電製造商Aga Rangemaster Group 100%股權；
惠而浦收購意大利家電製造商Indesit 100%股權；
博世 - 西門子家用電器集團收購波蘭小家電製造商Zelmer 100%股權；
海爾集團收購新西蘭家電製造商斐雪派克80%股權；
伊萊克斯收購智利家電製造商Compania Tecno Industrial 100%股權。

（二）可比交易基本情況

1. 可比交易1：美的集團股份有限公司（以下簡稱「美的集團」）收購無錫小天鵝股份有限公司（以下簡稱「小天鵝」）47.33%股權

2018年10月23日，美的集團向小天鵝（股票簡稱：小天鵝A 、小天鵝B ，股票代碼：000418.SZ 、200418.SZ）除美的集團及TITONI外的所有換股股東發行股票，交換該等股東所持有的小天鵝A股股票及小天鵝B股股票，目標股比佔小天鵝總股本的47.33% 。美的集團本次換股吸收合併完成後，小天鵝終止上市並註銷法人資格，美的集團或其全資子公司承繼及承接小天鵝的全部資產、負債、業務、人員、合同及其他一切權利與義務。

小天鵝前身創立於1958年，並於1997年在深圳證券交易所上市。小天鵝洗衣機銷量在國內市場較為領先，產品出口至80多個國家和地區，小天鵝 2017年銷售額達到213.85億元。

此次交易中，小天鵝的企業價值約為286.84億人民幣，對應的EV/EBITDA 為13.02x 。交易的具體情況如下表所示：

單位：百萬人民幣

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


美的集團	小天鵝	47.33%	14,383.2	28,684.8	發行股份	EBITDA	淨利潤	淨資產
2,202.7	1,506.4	7,047.1

註：

1、數據來源：標的公司公告，標的公司財報；

2、交易宣佈日期為2018年10月23日，標的公司的EBITDA和淨利潤對應會計日期為2017年1月1

日至2017年12月31日，標的公司淨資產指截至2018年6月30歸屬於母公司股東的權益。

2. 可比交易2：青島海爾收購意大利家電製造商Candy 100%股權

2018年9月28日，青島海爾擬通過境外全資子公司Haier Europe Appliance Holding B.V.支付4.75億歐元（根據中國人民銀行公佈的2018年9月28日銀行間外匯市場人民幣匯率中間價計算，折合人民幣約38.05億元）收購Beppe Fumagalli 、Aldo Fumagalli及Albe Finanziaria S.r.l合計持有的意大利公司 Candy S.p.A（以下簡稱「Candy」）100%的股份。

Candy成立於1945年，是意大利的國際家用電器製造商。旗下五大板塊包括洗衣機、獨立式嵌入式廚房電器、小家電、冰箱和售後服務與其他業務， 2017年實現淨收入11.6億歐元。其中，洗衣機板塊是Candy收入的最主要來源，約佔整體收入的49% 。Candy公司業務遍佈歐洲、中東、亞洲及拉美等地區，擁有位於歐洲和亞洲的6大專業生產基地、超過45個子公司和代表處，以及2,000多個售後服務中心與6,000餘名服務專員。

該交易於2019 年1 月完成，Candy的企業價值約為6.29 億歐元，對應的EV/ EBITDA為8.24x 。

交易的具體情況如下表所示：

單位：百萬歐元

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


青島海爾	Candy	100%	475.00	629.00	現金	EBITDA	淨利潤	淨資產
76.30	2.20	100.00

註：

1、數據來源：收購方公告，Dealogic

2、交易宣佈日期為2018年9月28日，標的公司的EBITDA和淨利潤對應會計日期為2017年1月1日

至2017年12月31日，標的公司淨資產指截至2017年12月31日歸屬於母公司股東的權益。

3. 可比交易3：海信集團收購斯洛文尼亞家電製造商Gorenje, d.d（. 以下簡稱「Gorenje」）62.46%的股權

海信集團通過旗下海信盧森堡家電控股公司在2018年5月29日至6月26日以要約收購形式收購斯洛文尼亞家電製造商Gorenje家電公司的62.46%股權，要約價格為每股12歐元，共有持股總額為15,254,871股的5,165名股東接受了海信集團的收購要約。

Gorenje誕生於1950 年，斯洛文尼亞家電製造商，是歐洲四大家電集團之一，主要產品包括廚電、冰箱、洗衣機以及洗碗機等。Gorenje 2017年銷售額達到8.02億歐元。

該交易於2018年10月底完成，Gorenje的企業價值約為7.01億歐元，對應的 EV/EBITDA為9.17x 。

交易的具體情況如下表所示：

單位：百萬歐元

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


海信集團	Gorenje	62.46%	183.06	700.51	現金	EBITDA	淨利潤	淨資產
76.37	0.47	354.08

註：

1、數據來源：標的公司年報、公告

2、交易宣佈日期為2018年5月29日，標的公司的EBITDA和淨利潤對應會計日期為2017年1月1日

至2017年12月31日，標的公司淨資產指截至2017年12月31日歸屬於母公司股東的權益。

4. 可比交易4：青島海爾收購美國通用電器家電業務資產GEA

2016年1月14日，青島海爾宣佈將以54億美元的現金對價收購通用電氣及其子公司所持有的家電業務資產（以下簡稱「GEA」）。

通用電氣旗下家電業務已有長達100多年的發展歷史，涵蓋冰箱、洗衣機、空調、熱水器、廚房電器等多種家電產品。截至目前，通用電氣已發展成為一個集廚電產品、製冷產品、洗衣產品、洗碗機和家庭護理產品於一體的綜合型家用電器製造商，為消費者提供約30種不同類別、數千款不同型號的領先家用電器產品，在業內積累了豐富深厚的行業經驗、領先的研發水平和技術、強大的戰略營銷網絡和世界級的物流和分撥能力，擁有極具影響力和競爭力的行業地位。

該交易於2016 年6 月完成，GEA的企業價值約為55.80 億美元，對應的EV/

EBITDA為10.11x 。

交易的具體情況如下表所示：

單位：百萬美元

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


青島海爾	GEA	100%	5,580.00	5,580.00	現金	EBITDA	淨利潤	淨資產

552.00	222.93	2,085.00

註：

1、數據來源：GEA新聞公告與青島海爾備考財務報表

2、交易宣佈日期為2016年1月14日（美國東部時間），標的公司的EBITDA為基於估值報告披露的數據。標的公司的淨利潤對應會計日期為2014年1月1日至2015年12月31日，標的公司淨資產指截至2015年12月31日歸屬於母公司股東的權益。

5. 可比交易5：美國電器製造商Middleby Corporation收購英國家電製造商Aga Rangemaster Group 100%股權

2015年7月15日，美國電器製造商Middleby Corporation宣佈以1.29億英鎊的價格收購英國Aga Rangemaster Group的100%股權。

Aga Rangemaster Group成立於1939年，是一家在英國倫敦證券交易所上市的控股公司，主要製造和銷售各種炊具及廚電產品，包括爐具、油煙機、烤箱、冰箱等，旗下品牌包括AGA 、MERCURY 、RAYBURN 、GRANGE 、

FIRED EARTH 、DIVERTIMENTI 、AGA MARVEL 、LEISURE 、STANLEY 等。Aga Rangemaster Group的總部設在英國，並在英國、北美、法國、加拿大和愛爾蘭均擁有生產基地，其2014年的銷售額達到2.61億英鎊。

該交易於2015年9月完成，Aga Rangemaster Group的企業價值約為1.33億英鎊，對應的EV/EBITDA為7.80x 。

交易的具體情況如下表所示：

單位：百萬英鎊

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


Middleby	Aga				現金	EBITDA	淨利潤	淨資產
Rangemaster	100%	129.2	132.6
Corporation	17.0	-3.2	104.1
Group

註：

1、數據來源：SEC8-K文件，標的公司財報；

2、交易宣佈日期為2015年7月15日，標的公司的EBITDA和淨利潤對應會計日期為2014年7月1日

至2015年6月30日，標的公司淨資產指截至2015年6月30日的歸屬於母公司股東的權益。

6. 可比交易6：惠而浦收購意大利家電製造商Indesit 100%股權

2014 年7 月10 日，美國家電製造商Whirlpool Corporation（以下簡稱「惠而浦」）宣佈其位於意大利的全資子公司Whirlpool Italia Holdings S.r.l.以協議轉讓方式收購意大利家電製造商Indesit Company S.p.A（以下簡稱「Indesit」）發行在外的由Fineldo S.p.A.和Merloni家族合計持有的約60.4%股權，隨後 Whirlpool Italia Holdings S.r.l.通過要約收購方式收購Indesit全部剩餘股份。交易完成後，惠而浦間接持有Indesit 100%的股權，此次交易總對價達11.35 億歐元。

Indesit是意大利著名家電製造商，自1975年成立至今已有40餘年歷史，公司於1987年在米蘭掛牌上市。Indesit旗下主要產品包括洗衣機、乾衣機、洗碗機、冰箱、冷櫃、炊具、微波爐等，2013年全年銷售額為26.7億歐元。其在全球擁有8個工業基地，分別位於意大利、波蘭、英國、俄羅斯和土耳其，製冷產品年產能超過400萬套，洗衣機、乾衣機年產能達到500萬套，廚具產品年產能達到350萬套。

該交易於2014年12月完成，Indesit的企業價值約為16.32億歐元，對應的EV/ EBITDA為8.45x 。交易的具體情況如下表所示：

單位：百萬歐元

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


惠而浦	Indesit	100%	1,134.5	1,632.1	現金	EBITDA	淨利潤	淨資產
193.2	19.5	481.5

註：

1、數據來源：SEC8-K文件，標的公司財報；

2、交易宣佈日期為2014年7月10日，標的公司的EBITDA和淨利潤對應會計日期為2013年7月1日

至2014年6月30日，標的公司淨資產指截至2014年6月30日的歸屬於母公司股東的權益。

7. 可比交易7：博世 - 西門子家用電器集團收購波蘭小家電生產商Zelmer SA （以下簡稱「Zelmer」）100%股權

2012年11月14日，博世 - 西門子家用電器集團(Bosch und Siemens Hausgeraete GmbH)宣佈通過其在波蘭的子公司擬以每股40茲羅提的價格要約收購波蘭家電生產商Zelmer的全部股權，交易對價為6.08億茲羅提。

Zelmer成立於1951年並在華沙證券交易所上市，是波蘭著名的小家電生產商，其產品涵蓋吸塵器、洗碗機、空氣淨化器、咖啡機等，並出口至俄羅斯、德國、美國、加拿大等諸多歐美國家。

該交易於2013年3月完成，Zelmer的企業價值約為6.72億茲羅提，對應的EV/ EBITDA為9.04x 。交易的具體情況如下表所示：

單位：百萬茲羅提

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


博世 -						EBITDA	淨利潤	淨資產
西門子	Zelmer	100%	608.0	672.3	現金

家用電器	74.4	37.1	302.8
集團

註：

1、數據來源：Dealogic ，Bloomberg ，標的公司財報；

2、交易宣佈日期為2012年11月14日，標的公司的EBITDA和淨利潤對應會計日期為2011年10月 1日至2012年9月30日，標的公司淨資產指截至2012年9月30日歸屬於母公司股東的權益。

8. 可比交易8：海爾集團收購新西蘭家電製造商斐雪派克80%股權

2012年9月11日，海爾集團通過Haier New Zealand Investment Holding Co Ltd

向Fisher & Paykel Appliances Holdings Ltd（以下簡稱「斐雪派克」）發出全面收購要約，擬以現金支付對價方式收購其除海爾集團所持有的20%股權以外的全部剩餘股份，交易價格為每股1.28新西蘭元，該項交易總金額約為 7.42億新西蘭元。

斐雪派克是新西蘭國寶級電器品牌，其在全球50個國家和地區均有運營，生產基地遍佈新西蘭、中國、泰國、墨西哥和意大利。斐雪派克生產的爐灶、冰箱、洗衣機和洗碗機在新西蘭市場廣受歡迎，其開發的抽屜式洗碗機在美國也擁有良好市場。

該交易於2012年11月完成，斐雪派克的企業價值約為9.83億新西蘭元，對應的EV/EBITDA倍數為12.56x 。交易的具體情況如下表所示：

單位：百萬新西蘭元

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


海爾集團	斐雪派克	80%	741.60	982.50	現金	EBITDA	淨利潤	淨資產

78.20	18.40	605.20

註：

1、數據來源：Dealogic ，Bloomberg ，標的公司財報；

2、交易宣佈日期為2012年9月11日，標的公司的EBITDA和淨利潤對應會計日期為2011年4月1日

至2012年3月31日，標的公司淨資產指截至2012年3月31日歸屬於母公司股東的權益。

9. 可比交易9：伊萊克斯收購智利家電製造商Compania Tecno Industrial（以下簡稱「CTI」）100%股權

2011年8月22日，伊萊克斯(Electrolux AB)宣佈將以約2,498.09億智利比索的

價格要約收購智利家電製造商CTI的100%股權。

CTI成立於1905年，是智利本土的家用電器製造商，旗下品牌包括Fensa 、 Mademsa和Somela 。CTI生產並銷售包括冰箱和洗衣機在內的多種家電產品。

該交易於2011年10月完成，CTI的企業價值約為2,612.71億智利比索，對應的EV/EBITDA為7.43x 。

交易的具體情況如下表所示：

單位：百萬智利比索

收購方	標的公司	收購股權	交易對價	EV	支付方式	標的公司財務指標
比例


伊萊克斯	CTI	100%	249,808.7	261,270.7	現金	EBITDA	淨利潤	淨資產
35,145.6	22,059.0	76,741.1

註：

1、數據來源：Dealogic, Bloomberg；

2、交易宣佈日期為2011年8月22日，標的公司的EBITDA和淨利潤對應會計日期為2010年7月1日至2011年6月30日，標的公司淨資產指截至2011年6月30日歸屬於母公司股東的權益。

（三）可比交易的價值比率

由於海外併購交易通常以EV/EBITDA定價，可比交易P/E數據難以完整取得，因此在可比交易法分析時選取EV/EBITDA作為估值分析倍數。根據相關分析計算，上述9宗可比交易的EV/EBITDA：

可比交易標的公司	EV/EBITDA

小天鵝	13.02x

Candy	8.24x

Gorenje	9.17x

GEA	10.11x

AGA Rangemaster	7.80x

Indesit	8.45x

Zelmer	9.04x

斐雪派克	12.56x

CTI	7.43x

中值	9.04x

平均值	9.54x

註： LTM是指截至在交易公告前標的公司發佈的最近一期財報前12個月的財務數據

（四）可比交易法分析結果

根據可比交易的估值情況，EV/EBITDA的中值為9.04x ，平均值為9.54x 。本次交易的倍數情況請見本文第二章「二、可比公司法之（四）可比公司法分析結果」。本次交易的EV/EBITDA與可比交易的估值水平相比，處於合理區間內。

綜上，基於可比交易的估值情況，考慮到本次交易對於海爾智家有一定的戰略價值，本次交易中海爾電器相關資產的交易作價具有合理性與公允性。

四、現金流折現法

本次交易採用協議安排方式，在交易完成之前，受上市公司監管及商業保密限制不能提供詳細的未來盈利及現金流預測，同時由於白電行業市場目前處於競爭較為激烈的狀態，而現金流折現法的估值模型中變量和假設較多，可能會直接影響預測的準確性，因此本次交易未進行盈利及現金流預測。

五、香港上市公司私有化溢價情況

私有化交易對價一般可採用現金或者換股兩種支付方式，根據本次估值目的，海爾智家將使用新發行H股作為交易對價換股私有化海爾電器，屬於換股私有化交易。

以下選取了2008年1月1日至本報告出具日公告的香港聯交所已完成的換股私有化交易（不包含實物分派及現金對價選擇權的交易），以對比分析本次交易穩含溢價率的合理性及公允性。以下換股私有化交易案例代表符合上述限制條件下基於香港聯交所網站查詢可獲得的全口徑交易列表。

	標的公司	收購方	溢價率

首次公告日			首次公告	首次公告
		前1交易日	前30交易日

			收盤價	收盤均價

2017/9/8	中材股份	中國建材	19.19%	31.18%

2014/12/30	中國北車	中國南車	13.30%	23.85%

2010/5/19	駿威汽車	廣州汽車	18.47%	27.09%

2008/6/2	中國網通	中國聯通	3.02%	17.25%

	均值		13.50%	24.84%

	中值		15.89%	25.47%

註1：未包含長江實業與和記黃埔的換股私有化交易，主要原因為該交易涉及實物分派，非純換股私有化交

易

在換股私有化案例中，私有化價格相比首次公告前一日交易收盤價、前一月交易收盤均價的溢價率均值為13.50% 、24.84% ，中值為15.89% 、25.47% 。

根據百德能出具的《H股估值報告》，截至《H股估值報告》出具之日，海爾智家H股價值的預估範圍為16.45元╱股-16.90元╱股（約等於18.23港元╱股-18.72港元╱股）。基於上述估值、換股比例及現金付款金額，計劃股東每股在私有化提議下可獲得的海爾智家H股股份及現金付款的理論總價值對應本次交易公告前1交易日以及前30 交易日海爾電器平均收盤價溢價率分別為17.35%以及28.34% 。基於香港聯交所2008

年1月1日至本報告出具日的換股私有化交易的溢價率水平，本次交易溢價率具有合理性與公允性。

第三章估值假設

一、一般假設

1、公開市場假設

公開市場假設，是假定在市場上交易的資產，或擬在市場上交易的資產，資產交易雙方彼此地位平等，彼此都有獲取足夠市場信息的機會和時間，以便於對資產的功能、用途及其交易價格等作出理智的判斷。公開市場假設以資產在市場上可以公開買賣為基礎。

2、持續經營假設

持續經營假設是指以企業持續、正常的生產經營活動為前提，在可以預見的未來，企業將會按當前的規模和狀態持續經營下去，不會停業，也不會大規模削減業務。

二、特殊假設

1、本報告假設報告基準日外部經濟環境不變，國家現行的宏觀經濟不發生重大變化。

2、企業所處的社會經濟環境以及所執行的稅賦、稅率等政策無重大變化。

3、相關公司在未來經營期內的管理層盡職，並繼續保持目前的經營管理模式持續經營。

4、無其他人力不可抗拒因素及不可預見因素對企業造成重大不利影響。

5、本報告假設相關的基礎資料、財務資料和公開信息是真實、準確、完整的。

當上述條件發生變化時，本報告中的分析一般會失效。

第四章報告結論

一、報告結論

基於前述分析，本報告主要採用可比公司法和可比交易法，結合香港上市公司私有化溢價率情況，作為海爾電器估值參考，並對本次交易對價的合理性進行分析，認為本次交易的估值定價具有合理性與公允性，不存在損害海爾智家及其股東利益的情況。

二、報告使用限制

本報告成立的前提條件是本次經濟行為符合國家法律、法規的有關規定，並得到有關部門的批准。

未徵得本機構同意並審閱相關內容，本報告的全部或者部分內容不得被摘抄、引用或披露於公開媒體，法律、法規規定以及相關當事方另有約定的除外。

本機構在報告中發表的意見均基於截至2020年7月29日收集的市場情況、經濟形勢、財務狀況等信息。本報告未考慮上述日期後發生的事件及情況。投資者應關注基準日後續發佈的相關公告或事件。根據本報告目的，本報告未考慮相關公司未來的交易活動及股價表現。

本報告的使用有效期為12個月：自2020年7月29日至2021年7月28日使用有效。

（本頁無正文，為《浙商證券股份有限公司關於海爾智家股份有限公司重大資產購買之估值分析報告》之簽字蓋章頁）

估值人員：

王鋒王建

浙商證券股份有限公司

2020年7月30日

APPENDIX II

EXTRACTS OF THE MAA REPORT1

(English translation version)

Relevant financial information
- Reminder of major matters - IV. The impact of this transaction on the Company - (3) The impact on the main financial indicators of the Company (pages 12-13 of the MAA Report)
- Section 10 - Management Discussion and Analysis - IV. The impact of this transaction on the Company - (3) Analysis of the impact of this transaction on financial and non-financial indicators of the Company - 1. The impact of this transaction on the financial indicators of the Company (pages 59-60 of the MAA Report)

According to the 2019 annual report of Haier Smart Home Co., Ltd. ("HSH" or the "Company") and the Pro Forma Review Report of Haier Smart Home Co., Ltd ("(Hexin (2020) No. 000512)") issued by Hexin Certified Public Accountants LLP ("Hexin"), the comparisons of main financial data of the Company before and after the merger are shown in the following table:

		31 December 2019
Item
Before the	After the	Change (%)
	transaction	transaction


Total assets (RMB in ten thousand)	18,745,423.63	18,745,423.63	2.17%

Total liabilities (RMB in ten thousand)	12,246,437.60	12,511,719.89	2.17%

Equity attributable to owners of the
Parent Company (RMB in ten thousand)	4,788,831.98	6,062,891.49	26.60%

Debt to assets ratio (%)	65.33	66.75	2.17%

Operating revenue (RMB in ten thousand)	20,076,198.33	20,076,198.33	-

Operating cost (RMB in ten thousand)	14,086,839.87	14,086,839.87	-

Total profit (RMB in ten thousand)	1,463,060.88	1,463,060.88	-

Net profit attributable to owners of the
Parent Company (RMB in ten thousand)	820,624.71	1,211,800.01	47.67%

Net profit attributable to owners of the
Parent Company after deduction of
non-recurring profit or loss
(RMB in ten thousand)	576,516.47	757,229.51	31.35%

Gross profit margin	29.83%	29.83%	-

Basic earnings per Share (RMB/share)	1.286	1.375	6.92%

Basic earnings per share after deducting
non-recurring gains and losses
(RMB/share)	0.903	0.859	-4.87%

1 The full text of the MAA Report is published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

Before this transaction, HSH and its persons acting in concert directly or indirectly hold a total of 57.64% shares of HEG as the controlling shareholder of HEG, which has been included in the consolidated statement of HSH. Therefore, this transaction has no direct impact on the total assets, operating revenue, operating cost, total profit, and gross profit margin of HSH.

After the completion of this transaction, the equity and profit and loss of Haier Electronics Group Co., Ltd. ("HEG") shareholders except HSH will be converted into HSH's equity attributable to the parent company and the net profit attributable to the owners of the parent company, respectively. HSH's equity attributable to the parent company at the end of 2019 and the net profit attributable to the owners of the parent company in 2019 will increase significantly. This transaction involves the new issuance of H shares, after the completion of this transaction, HSH's annual basic earnings per share in 2019 will increase, and the basic earnings per share after deducting non-recurring gains and losses in 2019 will decrease. With the synergy effects between HSH and HEG in the future, the Company will have better operating efficiency and development prospects in the future.

Major Risk Warning - I. Risks related to this transaction - (6) Risks of dilution of immediate returns exposed to this transaction (pages 32 of the MAA Report)
Before this transaction, the basic earnings per share of the Company in 2019 were 1.286 yuan per share, the basic earnings per share after deducting non-recurring gains and losses in 2019 is 0.903 yuan per share. After the completion of this transaction, the company's total equity will be expanded compared to before this transaction. According to the 2019 annual report of the Company and the Pro Forma Consolidated Financial Statement Review Report of Haier Smart Home Co., Ltd (Hexin (2020) No. 000512) issued by Hexin, after the completion of this transaction, annual basic earnings per share in 2019 will increase, and the basic earnings per share after deducting non- recurring gains and losses in 2019 will decrease. Investors are hereby drawn to the risk of diluting immediate returns in this transaction.
In response, the company formulated measures to compensate the dilution of earnings per share, while the company's directors and senior managers undertake to faithfully and diligently perform their duties and safeguard the legitimate rights of the company and all shareholders.
Section 10 - Management Discussion and Analysis - IV. The impact of this transaction on the Company - (3) Analysis of the impact of this transaction on financial and non- financial indicators of the Company - 2. The impact of this transaction on the future capital expenditures and financing plans of HSH (pages 231 of the MAA Report)
After the completion of this transaction, with the constant development of business, it is expected that the Company will have certain capital expenditures in business integration, product research and development and industrial upgrading. After the business integration, the funds of HEG will be used more effectively, and the overall fund management efficiency of the Company will be significantly improved. The Company will raise the required funds scientifically and reasonably through its own currency funds, refinancing of listed companies, direct financing instruments, and bank loans based on the actual needs of business development, its own financial status, asset and liability structure, financing costs and other factors to meet the needs of future capital expenditures and formulate financing plans based on actual conditions.

Section 11 - Financial Accounting Information - II. Pro Forma Financial Statements of the Company (pages 238-242 of the MAA Report)
Basis of preparation of the pro forma financial statements Preparation of financial statements is based on the following:
According to the public offering security companies information disclosure and format guidelines no. 26 - the material assets reorganization of listed companies (revised in 2018) issued by China Securities Regulatory Commission, 2019 pro forma financial report is created for the material assets reorganization of the Company, including pro forma consolidated balance sheet and pro forma consolidated income statement.
The consolidated pro forma financial statements are prepared in accordance with the Accounting Standards for Business Enterprises promulgated by the Ministry of Finance and its application guidelines, explanations and other relevant provisions (collectively referred to as "Accounting Standards for Business Enterprises"). In addition, the Company also discloses the relevant financial information in accordance with the The Preparation and Reporting of Corporate Information On Public Offerings No. 15 - General Provisions on Financial Reports issued by China Securities Regulatory Commission. The preparation hypothesis of the pro forma report is as follows:
1. The consolidated pro forma financial statement assumes that the material asset reorganization has been completed at the beginning of the reporting period (i.e. January 1, 2019) and that Haier Electronics has become a wholly-owned subsidiary of HSH and has been delisted from the Hong Kong Stock Exchange.
2. The consolidated pro forma financial statements are prepared on the basis of the equity structure after the completion of this reorganization, and are attributed to the increase of the equity of the owner of the parent company and the decrease of the equity of the minority shareholders, as well as the increase of the net profit of the owner of the parent company and the decrease of the profit and loss of the minority shareholders.
3. The consolidated pro forma financial statements do not take into account the exercise of the options of HEG stock option holders and the implementation of the restricted stock incentive plan after December 31, 2019, as well as the exercise of the equity exchange of HSH convertible bond holders.
4. The consolidated pro forma financial statements do not take into account the issuance expenses, related taxes and other expenses that may be incurred in the reorganization.
5. The consolidated pro forma financial statements do not take into account the financial impact of the EB-to-CB Proposal after the completion of this reorganization.
6. The pro forma consolidated financial statement assumes that the Cash Payment paid by HEG to the Scheme Shareholders of HK$1.95 per Scheme Share in cash is listed in the "other payable" line item, which is only a hypothetical transitional current account and does not represent the actual payment of the company's Cash Payment. It is converted at the exchange rate of HK $0.83231 on January 1, 2018, without taking into account the financing cost of the related liability.

(1) Pro forma consolidated balance sheet

Unit: RMB in ten thousand

Items	31 December	31 December
2019	2018


Current assets:

Money funds	3,617,881.57	3,837,091.65

Transactional financial assets	30,813.50	177,564.84

Derivative financial assets	1,915.81	9,672.32

Notes receivable	1,395,141.99	1,430,018.61

Accounts receivable	1,101,587.11	1,053,349.90

Prepayments	127,292.15	59,446.30

Other receivables	216,351.78	165,605.66

Inventories	2,822,860.10	2,241,097.36

Contract assets	42,273.84	45,678.14

Hold assets for sale		14,409.12

Other current assets	698,596.61	507,967.47

Total current Assets	10,054,714.46	9,541,901.37

Non-current assets:

Long-term receivables	30,758.82	24,579.13

Long-term equity investment	2,046,076.39	1,399,375.02

Investment in other equity instruments	139,595.99	140,031.65

Other non-current financial assets	29,454.74	32,735.88

Investment property	2,940.27	3,087.91

Fixed assets	2,118,005.72	1,739,308.55

Projects under construction	239,136.47	387,364.81

Usufruct	275,506.66	0.00

Intangible assets	1,068,707.18	924,631.47

Development expenditure	19,328.58	53,838.23

Goodwill	2,335,172.98	2,123,872.70

Long-term deferred expenses	43,758.69	23,151.23

Deferred income tax assets	157,890.19	182,210.31

Other non-current assets	184,376.50	233,068.90

Total non-current assets	8,690,709.17	7,267,255.79

Total assets	18,745,423.63	16,809,157.16

Items	31 December	31 December
2019	2018


Current liabilities:

Short-term borrowing	858,504.92	629,850.49

Transactional financial liabilities	4,279.92	21,874.83

Derivative liability	9,954.89	3,560.38

Notes payable	1,930,853.88	2,003,801.63

Accounts payable	3,375,056.70	2,789,949.66

Unearned revenue		1,468.15

Contract liability	558,300.84	551,807.90

Wages payable	315,557.24	267,497.08

Tax payable	211,705.64	184,629.95

Other payables	1,780,921.55	1,542,298.13

Hold liabilities for sale		3,236.23

Non-current liabilities due within one year	731,713.89	465,520.67

Other current liabilities	49,406.57	42,711.77

Total current liabilities	9,826,256.04	8,508,206.87

Non-current liabilities:

Long-term borrowing	1,327,645.29	1,554,146.63

Bonds payable	700,458.58	919,189.63

Lease liability	198,027.18

Long-term payables	14,234.27	10,676.32

Employee compensation payable on a long-term basis	112,235.02	93,497.47

Estimated debts	139,887.77	120,661.55

Deferred revenue	70,527.26	64,355.20

Deferred income tax liabilities	115,441.33	40,534.38

Other non-current liabilities	7,007.15	182,386.67

Total non-current liabilities	2,685,463.85	2,985,447.85

Total liabilities	12,511,719.89	11,493,654.72

Shareholders' Equity:

Total equity attributable to the parent company	6,062,891.49	5,030,595.21

Minority equity	170,812.23	284,907.23

Total shareholders' Equity	6,233,703.72	5,315,502.44

Total liabilities and shareholders' equity	18,745,423.61	16,809,157.16

(2) Pro forma consolidated income statement

Unit: RMB in ten thousand

Items	2019	2018

Total operating revenue	20,076,198.33	18,410,848.20

Less: operating costs	14,086,839.87	13,045,508.69

Taxes and surcharges	80,204.50	86,808.71

Selling expense	3,368,212.63	2,892,314.49

Administrative expenses	1,011,326.33	840,515.18

R&D expenses	626,693.65	510,464.73

Financial expenses	89,301.76	93,159.16

Including: Interest expenses	174,710.77	146,586.57

Interest income	55,022.47	48,474.26

Plus: Other benefits	128,221.30	93,226.11

Investment income (loss marked with "-")	547,953.95	192,457.12

Income from changes in fair value (loss marked with "-")	7,671.70	-14,519.17

Credit impairment loss (marked with "-")	-15,037.03	-9,963.24

Impairment loss of assets (marked with "-")	-86,057.87	-76,251.44

Income from asset disposal (loss marked with "-")	48,572.76	26,775.24

Operating profit (loss marked with "-")	1,444,944.39	1,153,801.85

Plus: Non-operating income	39,097.15	47,979.68

Minus: non-operating expenses	20,980.66	23,632.03

Gross profit (total loss marked with "-")	1,463,060.88	1,178,149.50

Less: Income tax expense	229,621.63	188,184.31

Net profit (net loss marked with "-")	1,233,439.25	989,965.20

Classified by business continuity

Net profit from continuing operations	902,152.72	953,238.57

Termination of net profit	331,286.53	36,726.63

According to ownership classification

Net profit attributable to shareholders of the parent company	1,211,800.01	959,978.29

Profit and loss of minority shareholders	21,639.25	29,986.90

Net after tax of other comprehensive income	56,927.67	84,346.31

After-tax net of other comprehensive earnings attributable
to the shareholders of the parent company	58,678.89	85,094.89

Items	2019	2018

Other comprehensive income that cannot be reclassified
into profit and loss	-2,300.61	4,070.26

Remeasure changes in the defined benefit plan	-951.57	8,003.94

Changes in the fair value of other equity instruments	-1,349.04	-3,933.68

Other comprehensive income reclassified into
	profit and loss	60,979.50	81,024.62

Other comprehensive income that is transferable
	under the equity method	10,257.52	17,634.16

Cash flow hedging reserve	-3,616.94	-594.62

Translation balance of foreign currency financial statements	54,338.92	63,985.08

After-tax net of other comprehensive earnings
attributable to minority shareholders	-1,751.22	-748.57

Aggregate income	1,290,366.92	1,074,311.51

The total amount of comprehensive income attributable
to the shareholders of the parent company	1,270,478.90	1,045,073.18

The total amount of comprehensive income attributable
	to minority shareholders	19,888.02	29,238.33

Valuation-relatedinformation
- Reminder of major matters - II. Valuation assessment of the underlying assets of this transaction (pages 7-7 of the MAA Report)
- Section 1 - The transaction plan - III. The valuation and transaction price of the underlying assets of the transaction (page 52-52 of the MAA Report)
  The Company has engaged Zheshang Securities as the valuation institution to evaluate the transaction subject and to issue the Zheshang Securities Opinion with 29 July 2020 as the assessment benchmark date and analyse the fairness of the transaction return from the perspective of an independent valuation institution. The valuation institution used comparable companies method and comparable transactions method respectively in combination with the privatisation premium of Hong Kong listed companies as reference for the valuation assessment of HEG, and analysed the fairness of the transaction return. According to the Zheshang Securities Opinion, the return of this transaction is reasonable and fair.

- Reminder of major matters - XIII. Arrangements of this restructuring for the protection of the rights and interests of small and medium investors - (1) To ensure the fair and just pricing of the asset acquired through this transaction (pages 22-22 of the MAA Report)
- Section 14 - Other important matters - I. Arrangements for the protection of the rights and interests of small and medium investors in this transaction - (1) Ensure fair and fair pricing of assets purchased by issuing shares (pages 258-258 of the MAA Report)
  According to the provisions of the Restructuring Measures, in order to verify the fairness and reasonableness of the transaction price of this transaction, the Company has engaged an accounting firm to audit the underlying assets. The accounting firm that provides auditing services for this transaction is qualified for securities and futures business. At the same time, the Company has engaged the relevant intermediary organisation to value the target company and issue the Zheshang Securities Opinion and analyse the fairness of the transaction return from the perspective of an independent valuation institution. The board of directors and independent directors of the Company have expressed their opinions on the fairness of the valuation assessment and the transaction return of this transaction.
Dividend policy related information
- Reminder of major matters - XIII. Arrangements of this restructuring for the protection of the rights and interests of small and medium-sized investors - (7) Cash dividend policy and shareholders return plan (pages 25-25 of the MAA Report)
  In order to further improve the company's profit distribution policy and provide shareholders with a continuous, stable and reasonable return on investment, as at July 30th 2020, the Company convened the 10th meeting of the 10th session of the board of directors to review and approve the Haier Smart Home Co., Ltd.'s Shareholder Return Plan for the Next Three Years (2021-2023) according to the Guideline No. 3 for the Supervision of Listed Companies - Cash Dividends of Listed Companies (CSRC Announcement [2013] No. 43), Notice on Further Implementation of Issues Related to Dividends of the Listed Company of the China Securities Regulatory Commission (Zheng Jian Fa [2012] No. 37), Guidelines of the Shanghai Stock Exchange on Distribution of Cash Dividends (Shang Zheng Gong Zi [2013] No. 1) and related regulation of the Articles of Association. For details of the cash dividend policy and corresponding arrangements, please refer to "Section 14. Other Important Matters/VII. The cash dividend policies and corresponding arrangements of the Company after this transaction" in the MAA Report.
- Section 10 - Management Discussion and Analysis - IV. The impact of this transaction on the Company - (1) Analysis of the impact of this transaction on the continuous operation ability of the listed company (pages 226-226 of the MAA Report)
  After the completion of this transaction and with the improvement in the efficiency of capital use and operating capacity, the Company plans to gradually increase the dividend rate to 40% within 3 years to enhance the return of all shareholders.

Section 14 - Other Important Matters - VII. The cash dividend policies and corresponding arrangements of the Company after this transaction (pages 266-267 of the MAA Report)
Haier Smart Home Co., Ltd.'s Shareholder Return Plan for the Next Three Years (2021-2023)was reviewed and approved by the 10th meeting of the 10th Board of Directors of the Company and will be reviewed on the 2nd Extraordinary General Meeting of Shareholders for 2020. The detailed contents are as follows:
1. Detailed shareholder return plan for the next three years (2021-2023)
2. 1. The main profit distribution policy of the Company is cash dividends. The Company may distribute dividends through cash, shares, or a combination of cash and shares. In the event that both the cash and shares dividends are available, priority shall be given to cash dividends.
  2. In accordance with the provisions of the Articles of Association, the Company formulated the cash dividend plan for the next three years (2021-2023) as follows: in the event that the capital requirements for the normal production and operation of the Company are satisfied and there are no major investment plans or major cash expenditures, the profit the Company distributed in cash in 2021, 2022 and 2023 shall be no less than 33%, 36% and 40% of the net profit attributable to owners of the parent company respectively.
  3. On the condition that there will be sufficient cash dividend distribution, the Company may distribute profits through scrip dividends.
  4. If the conditions of cash dividends are satisfied, the Company shall in principle make a cash dividend once every fiscal year, and the board of the Company may propose an interim cash dividend based on the profitability and funding needs of the Company.

After the completion of this transaction, the Company will continue to attach importance to the reasonable return on investment of the public shareholders and safeguard the rights of the public shareholders. The provision of the Company's current Articles of Association on dividend distribution is as follows:

Profit distribution policy of the Company
In the event that the capital requirements for the normal production and operations of the Company are satisfied and there are no major investment plans or major cash expenditures, the annual cash dividend ratio of the Company in the future shall in principle not be lower than 20% of the distributable profit attributable to the shareholders of the Company achieved by the Company that year and shall not be lower than 50% according to the actual situation each year.

IV. Conclusive Opinions of Related Parties

Section 15 - Conclusive Opinions of Independent Directors of HSH and Intermediaries on the Transaction (pages 270-273 of the MAA Report)
1. Opinions of Independent Directors
  Independent directors of the Company issued the following independent opinions after carefully reviewing the relevant materials relating to the transaction and detailed analysis based on independent judgment:
2. 1. Independent opinions on this major asset restructuring
  2. 1. This major asset restructuring will help improve the company's asset quality, further enhance the company's operational efficiency and business performance, and improve the company's ability to resist risks. It is in line with HSH's strategic development goals and is conducive to promoting the sustainable development of Haier Zhijia , In line with the long-term interests of all shareholders of HSH.
    2. The "Report on Major Asset Purchases and Related Transactions of Haier Smart Home Co., Ltd. (Draft)" formulated by the company for this transaction and its summary meet the requirements of Chinese laws and regulations and relevant regulatory rules, and are in the interests of the company and all shareholders.
    3. This major asset reorganization has been reviewed and approved at the 10th meeting of the 10th Board of Directors held by HSH on July 30, 2020. The convening, voting procedures and methods of this meeting are in compliance with relevant laws. According to regulations and the "Articles of Association of Haier Smart Home Co., Ltd.", related directors have avoided voting.
    4. The related matters and overall arrangement of this transaction are in compliance with relevant national laws, regulations and regulatory documents. We agree to the relevant proposals of this transaction and agree that the board of directors will submit proposals related to this transaction to the company's general meeting of shareholders, the A-share class general meeting, and the D-share class general meeting for deliberation.
  3. Independent opinions on the independence of the valuation agency of the transaction, the reasonableness of the valuation assumptions, the relevance of the valuation method and the valuation purpose, and the fairness of the transaction pricing
  4. 1. Zheshang Securities Co., Ltd. (hereinafter referred to as "Zheshang Securities"), the valuation institution of this transaction, has securities business qualifications. Except for the normal business relationship, there is no related relationship between Zheshang Securities and its handling personnel, the company and the parties involved in this transaction, and there is no actual and expected interest relationship other than professional fees. The valuation agency is independent.

1. The valuation assumptions and restrictions set by the valuation agency are implemented in accordance with the relevant national laws and regulations, follow the common market practices or guidelines, and comply with the actual situation of the valuation target, and no contradiction to the valuation assumptions is found The fact exists, and the premise of the valuation assumption is reasonable.
2. The purpose of this valuation is to provide fairness analysis for the pricing of this transaction. The actual valuation agency's asset range is consistent with the entrusted valuation asset range; the valuation agency implemented corresponding valuations during the valuation process. The value procedure follows the principles of independence, objectivity, scientificity, and impartiality, and uses valuation methods that are compliant and in line with the actual situation of the target asset, and the selected reference data and materials are reliable; the valuation value of the target asset is fair and accurate; The valuation method is selected appropriately, the valuation conclusion is reasonable, and the valuation method is consistent with the valuation purpose.
3. In this valuation process, the valuation agency implemented the necessary valuation procedures based on the principles of independence, objectivity, and fairness. The valuation method is appropriate. The valuation value analysis principle, the selection of comparable companies and value ratios are important The valuation parameters are in line with the actual conditions of the valuation target on the valuation base date, the valuation basis and valuation conclusion are reasonable, the price of this transaction is fair, and there is no situation that harms the interests of the listed company and its shareholders.
Opinions of the Independent Financial Adviser of HSH
The Company has engaged Zheshang Securities Co., Ltd. as the independent financial advisor for the transaction. The independent financial adviser issued the following verification opinions of the independent financial adviser after careful review of the matters involved in the transaction:
1. The transaction is in compliance with the Company Law, Securities Law and Administrative Measures for Restructuring and other laws, regulations and regulatory documents;
2. After the transaction, the Company still meets the requirements for listing;
3. The target assets involved in the transaction are priced reasonably;
4. The ownership of the target asset of this transaction is clear. There is no legal obstacle to transfer the target asset. This transaction complies with the substantive conditions stipulated in the Restructuring Measures and other relevant laws and regulations;

The transaction upon completion will help enhance the asset quality of the Company, improve the Company's financial condition and enhance its operational efficiency and business performance. The transaction will be conducive to the continuous development of the Company and there will be no harm to the legitimate rights and interests of shareholders;
After the completion of the transaction, the Company will remain independent from the actual controller and related parties in terms of business, assets, finance, personnel, organisation, etc. It is in compliance with the relevant regulations of the CSRC on the independence of listed companies. The corporate governance mechanism is still in compliance with relevant laws and regulations. The completion of the transaction will help the Company establish or maintain a sound and effective corporate governance structure;
The transaction constitutes a related party transaction;
No non-operating capital of the asset to be acquired was occupied by the counterparty and its related parties in the transaction; and
The transaction fully takes into account the protection of the interests of the small and medium-sized shareholders. The Company has fully disclosed the possible risks of the transaction in the MAA Report and related documents, which helps all shareholders and investors to make objective judgments on the transaction.

Others
- Reminder of major matters - XI. The principle-based opinions of the controlling shareholder of the Company on the restructuring (pages 21 of the MAA Report)
  The actual controller of the listed company, Haier Group Corporation, the controlling shareholder, Haier Electric Appliances, and its parties acting in concert including Haier VC, Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership) and HIC have issued a "Letter of Opinions on the Transaction" and agree in principle to this transaction.
- Reminder of major matters - XII. The shareholding reduction plan of shareholders and their concerted parties, directors, supervisors, and senior management of the Company during the period from the resumption date of the restructuring to the completion of implementation (pages 21 of the MAA Report)
  According to the explanations issued by the controlling shareholder Haier Electric Appliances, the actual controller Haier Group Corporation ("Haier Group") and its concerted parties, Haier Group, Haier Electronic Appliances, Haier VC, Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership) and HIC have no intention and plan to reduce their shareholdings in HSH, and will not reduce their shareholdings in any way during the period from the date of issuance of the explanatory statement to the completion of the transaction.

According to the explanations issued by the directors, supervisors and senior management of HSH, the directors, supervisors and senior management of HSH have no intention and plan to reduce their shareholdings in HSH (if any), and will not reduce their stakes in any way during the period from the date of issuance of the explanatory statement to the completion of the transaction.

Reminder of major matters - XIII. Arrangements for the protection of the rights and interests of small and medium-sized investors in the restructuring - (V) Remedial arrangements for dilution of current earnings per share in the restructuring (pages 22-25 of the MAA Report)
Section 14 - Other Important Matters - The arrangement for the protection of the rights and interests of small and medium investors in this transaction - (V) The arrangement for the reorganization to dilute the current earnings per share (pages 259-261 of the MAA Report)
After the completion of the transaction, the total share capital of the Company will be enlarged as compared to before the transaction. According to the 2019 annual report of the Company and the Pro Forma Review Report of Haier Smart Home Co., Ltd. (Hexin Shen Zi (2020) No.000512) issued by Hexin, the basic earnings per share of the Company in 2019 will increase and the basic earnings per share after deducting non-recurring gains and losses in 2019 will decrease after the completion of the transaction. In order to reduce the dilution of the Company's current return caused by the implementation of the transaction, the Company proposes to take various measures to increase the current return to shareholders, as follows:
1. Giving full play to the synergies between the businesses of the Company and enhancing competitiveness of the Company in the market
  After the completion of the transaction, the Company will operate all product categories formerly belonging to the two listed companies, better carry out internal deep integration, accelerate the transformation of the management model of integrating all product categories and the entire industry chain, and realise coordinated development of all product categories and coordinated management of brands, which will be conducive to accelerating the implementation of the IoT-based smart home ecosystem strategy. The Company is expected to further exert scale effects, improve the operational efficiency and business performance of the Company after the merger and enhance shareholder returns.
2. Improving the corporate governance structure and providing institutional safeguard for the Company's development
  The Company will strictly comply with the requirements of the Company Law, Securities Law and Code of Corporate Governance of Listed Companies and other laws, regulations and regulatory documents, continuously improve the corporate governance structure, and ensure that shareholders can fully exercise their rights, that the Board can exercise their functions and powers in compliance with the provisions of laws, regulations and the Articles of Association and make scientific, prompt and prudent decisions, and that independent directors can perform their duties earnestly, safeguard the overall interests of the Company, especially the legitimate rights and interests of the small and medium-sized shareholders, so as to provide institutional safeguard for the Company's development.

Further improving the profit distribution mechanism and strengthening the investor return mechanism
The Company has formulated a continuous, stable and scientific dividend distribution policy by constantly paying attention to reasonable return on investment to shareholders and taking into account its sustainable development. The Company will continue to revise and improve the Articles of Association in accordance with the Notice on Further Implementing Matters concerning Cash Dividends of Listed Companies as issued by the CSRC, the Guideline No. 3 for the Supervision of Listed Companies - Cash Dividends of Listed Companies and other regulations. The Company convened the 10th meeting of the 10th session of the board of directors to review and approve the Haier Smart Home Co., Ltd.'s Shareholder Return Plan for the Next Three Years (2021-2023). The Company will maintain the continuity and stability of the profit distribution policy. The Company attaches importance to reasonable return on investment to shareholders in its profit distribution policy, especially small and medium- sized investors. The Company will fully listen to the opinions of investors and independent directors, effectively protect shareholders' rights to enjoy investment income in accordance with laws, and demonstrate the Company's long-term development concept of positive return to shareholders after the merger.
The undertakings of the controlling shareholder, actual controller, all directors, and senior management of the Company on remedial measures for dilution of current return in the major asset restructuring of the Company
In order to effectively protect the legitimate rights and interests of small and medium-sized investors, and to ensure that the Company's remedial measures for dilution of current return in the transaction can be effectively implemented, the controlling shareholder, actual controller, all directors, and senior management of the Company has made relevant undertakings as follows in accordance with the Guiding Opinions on Matters concerning the Dilution of Current Return in Initial Public Offering, Refinancing and Material Asset Restructuring (Announcement No. 31 [2015] of the China Securities Regulatory Commission):
1. The undertaking of the controlling shareholder, actual controller of the Company on remedial measures for dilution of current return in the material asset restructuring of the Company
  In order to ensure the effective implementation of remedial measures for the restructuring and safeguard the legitimate rights and interests of the Company and all shareholders, the controlling shareholder, actual controller of the Company undertakes that:
  "I. We undertake not to exceed the authority to intervene in the operations and management of the Company, nor to encroach on the interests of the Company.
  II. If the CSRC makes additional regulatory requirements on the remedial measures and their undertakings after this undertaking is issued and before the completion of the transaction, and the above undertakings may not meet the requirements of the CSRC, we undertake to issue a supplementary undertaking in accordance with the latest regulations of the CSRC.

We promise to fulfil the remedial measures for dilution of current return the Company made and all undertakes we made for remedial measures. If we breach these undertakings and cause losses to the Company or investors, we will be liable for compensation according to laws.

As one of the parties responsible for the remedial measures, if we breach or refuse to fulfil these undertakings, we agree that securities regulatory agencies and self-regulatory agencies shall impose penalties on us or take relevant regulatory measures in accordance with relevant regulations and rules formulated or issued by them.

The undertakings of directors and senior management of the Company on remedial measures for dilution of current return in the major asset restructuring of the Company
In order to ensure the effective implementation of the remedial measures for the restructuring and to safeguard the legitimate rights and interests of the Company and all shareholders, directors and senior management of the Company undertake as follows:

"I. I undertake not to transfer benefits to other entities or persons for free or under unfair conditions, nor will I otherwise harm the Company's interests;

II. I undertake to restrict job-related consumption;

I undertake not to use the Company's assets for investment and consumption unrelated to the performance of my duties;

IV. I undertake that the remuneration system established by the Board or the remuneration committee will be linked to the implementation of the Company's remedial measures;

V. If the Company implements the share incentive plan in the future, I undertake that the option exercise conditions of the share incentive plan published by the Company will be linked to the implementation of the Company's remedial measures;

VI. If the CSRC requires me to adjust the undertakings made by me, I will adjust the relevant undertakings according to CSRC's requirements;

VII. After this undertaking is issued and before the completion of the transaction, if the CSRC makes additional regulatory requirements on the remedial measures and relevant personnel's undertakings, and the above undertakings may not meet the requirements of the CSRC, I undertake to issue a supplementary undertaking in accordance with the latest regulations; and

VIII. If we breach or refuse to fulfil these undertakings, I will explain and apologize at the general meeting of the Listed Company or on the newspaper specified by the CSRC; Shanghai Stock Exchange and China Association for Public Companies can impose self-regulatory measures on me; the CSRC can impose regulatory measures on me in accordance with laws and make records in my integrity files; if I breach these undertakings and cause losses to the Company or investors, I will be liable for compensation according to laws."

Major Risk Warning - I. Risks related to the transaction (pages 30-31 of the MAA Report)
Section 13 - Risk Factors - 1. Risks related to this transaction (page 258 of the MAA Report)
1. The transaction involves the risk of approval for the privatisation of HEG

There are uncertainties as to whether the transaction may successfully obtain the above- mentioned relevant approvals or filings and the timing of the approvals or filings, which leads to uncertainty about whether the transaction may be executed.

(II) The transaction involves the risk of approval for the H shares issuance and listing

There are uncertainties as to whether the transaction may successfully obtain the above- mentioned relevant approvals and the timing of the approvals, which leads to uncertainty about whether the transaction may be executed.

(III) The transaction involves the risk of shareholder's approval

EXTRACTS OF THE MAA REPORT2

(Chinese version)

財務相關部分
- 重大事項提示 - 四、本次交易對於上市公司的影響 -（三）對上市公司主要財務指標的影響（重組報告書第12-13頁）
- 第十節 - 管理層討論與分析 - 四、本次交易對上市公司的影響 -（三）本次交易對上市公司財務指標和非財務指標影響的分析 - 1、本次交易對海爾智家財務指標的影響（重組報告書第59-60頁）

根據上市公司2019年年度報告以及和信出具的《海爾智家股份有限公司備考合併財務報表審閱報告》（和信審字(2020)第000512號），本次交易前後，上市公司主要財務數據比較如下表所示：

			2019年12月31日
	項目
交易前	交易後	變化率
		（幅度）


	資產總額（萬元）	18,745,423.63	18,745,423.63	2.17%

	負債總額（萬元）	12,246,437.60	12,511,719.89	2.17%

	歸屬於母公司所有者	4,788,831.98	6,062,891.49	26.60%
	權益（萬元）

	資產負債率（%）	65.33	66.75	2.17%

			2019年年度
	項目
	交易前	交易後	變化率
		（幅度）

	營業收入（萬元）	20,076,198.33	20,076,198.33	-
	營業成本（萬元）	14,086,839.87	14,086,839.87	-
	利潤總額（萬元）	1,463,060.88	1,463,060.88	-
	歸屬於母公司所有者	820,624.71	1,211,800.01	47.67%
	的淨利潤（萬元）

	扣除非經常性損益後
	歸屬於母公司所有者	576,516.47	757,229.51	31.35%
	的淨利潤（萬元）
	毛利率	29.83%	29.83%	-
	基本每股收益	1.286	1.375	6.92%
（元╱股）

	扣除非經常性損益後
	的基本每股收益	0.903	0.859	-4.87%
	（元╱股）

2 The full text of the MAA Report is published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

本次交易前，海爾智家及其一致行動人直接或間接持有海爾電器合計57.64%的股份，為海爾電器的控股股東，海爾電器已納入海爾智家合併報表範圍。因此，本次交易對海爾智家資產總額、營業收入、營業成本、利潤總額、毛利率等無直接影響。

本次交易完成後，海爾電器除海爾智家外其他股東享有的權益和損益將分別轉為海爾智家歸屬於母公司所有者權益和歸屬於母公司所有者的淨利潤，海爾智家2019年末歸屬於母公司權益及2019年度歸屬於母公司所有者的淨利潤等得以顯著增長。本次交易涉及新增H股股份發行，本次交易完成後海爾智家2019年度基本每股收益有所增加，2019年度扣除非經常性損益後的基本每股收益有所下降。隨着未來海爾智家和海爾電器之間整合協同效應的釋放，後續上市公司將具有更好的運營效率和發展前景。

‧ 重大風險提示 - 一、與本次交易相關的風險 -（六）本次交易可能攤薄即期回報的風險（重組報告書第32頁）

本次交易前，上市公司2019年度基本每股收益為1.286元╱股，2019年度扣除非經常性損益後的基本每股收益為0.903元╱股。本次交易完成後，公司的總股本規模較本次交易前將有所擴大。根據上市公司2019年年度報告以及和信出具的《海爾智家股份有限公司備考合併財務報表審閱報告》（和信審字((2020))第 000512號），本次交易完成後上市公司2019年度基本每股收益有所增加，2019年度扣除非經常性損益後的基本每股收益有所下降。特此提請投資者關注本次交易可能攤薄即期回報的風險。

對此，公司制定了填補每股收益攤薄的措施，同時公司董事、高級管理人員承諾忠實、勤勉地履行職責和維護公司和全體股東的合法權利。

‧ 第十節 - 管理層討論與分析 - 四、本次交易對上市公司的影響 -（三）本次交易對上市公司財務指標和非財務指標影響的分析 - 2、本次交易對海爾智家未來資本性支出的影響及融資計劃（重組報告書第231頁）

本次交易完成後，隨着業務的不斷發展，預計上市公司將在業務整合、產品研發和產業升級等方面存在一定的資本性支出。整合後海爾電器的資金將得以更有效的利用，上市公司整體資金管理效率顯著提升，上市公司將根據業務發展的實際需要、自身的資金狀況、資產負債結構及融資成本等因素，科學、合理的通過自有貨幣資金、上市公司再融資、直接融資工具、銀行貸款等方式籌集所需資金，滿足未來資本性支出的需要並根據實際情況制定融資計劃。

‧ 第十一節 - 財務會計信息 - 二、上市公司備考財務報表（重組報告書第238-242 頁）

備考財務報表編製基礎如下：

根據中國證監會頒布的《準則第26號》的規定，本公司為本次重大資產重組之目的，編製了2019年度的備考合併財務報表，包括2019年12月31日的備考合併資產負債表，2019年度的備考合併利潤表以及備考合併報表附註。

備考合併財務報表按照財政部頒佈的企業會計準則及其應用指南、解釋及其他有關規定（統稱「企業會計準則」）編製。此外，本公司還按照中國證監會《公開發行證券的公司信息披露編報規則第15號-財務報告的一般規定》披露有關財務信息。備考合併財務報表不單獨列示股本金額及每股收益的金額。備考報表編製假設如下：

1、備考合併財務報表假設本次重大資產重組已於報告期初（即2018年1月1日）已經完成，且海爾電器成為海爾智家全資子公司，並從香港聯交所退市。

2、備考合併財務報表以本次重組完成後的股權架構為基礎進行編製，相應歸屬母公司所有者權益增加及少數股東權益減少，以及歸屬母公司所有者淨利潤增加及少數股東損益減少。

3、備考合併財務報表不考慮2019年12月31日之後海爾電器股票期權持有人的期權行使情況和限制性股票激勵計劃的實施情況。

4、備考合併財務報表未考慮本次重組中可能產生的發行費用、相關稅費及其他費用。

5、備考合併財務報表假設EB轉CB方案生效，且EB轉CB後的會計處理無實質性變化。

6、備考合併財務報表假設海爾電器向計劃股東以現金方式按照1.95 港元╱ 股支付的現金付款在「其他應付款」科目中列示，該科目僅為假設性過渡往來科目，不代表公司現金付款的實際支付情況。公司在計算所支付的現金付款總額時，以2019年12月31日為基準日，假設在該基準日全部計劃股東的1,518,667,186股股份已按照重組方案確定的1:1.6的換股比例取得了 2,429,867,498股H股。同時該現金付款以2019年12月31日的港幣兌人民幣匯率0.8958進行折算。不考慮該筆支付款項的融資費用。

本公司認為上述假設和編制基礎是合理的，但是由於備考合併財務報表的編制基礎具有某些能夠影響信息可靠性的固有限制，因此備考合併財務報表所附財務信息未必真實反映本公司在備考合併財務報表期間或未來期間的財務狀況和經營成果。

（一）備考合併資產負債表

		單位：萬元
項目	2019年12月31日	2018年12月31日

流動資產：
貨幣資金	3,617,881.57	3,837,091.65
交易性金融資產	30,813.50	177,564.84
衍生金融資產	1,915.81	9,672.32
應收票據	1,395,141.99	1,430,018.61
應收賬款	1,101,587.11	1,053,349.90
預付款項	127,292.15	59,446.30
其他應收款	216,351.78	165,605.66
存貨	2,822,860.10	2,241,097.36
合同資產	42,273.84	45,678.14
持有待售資產		14,409.12
其他流動資產	698,596.61	507,967.47
流動資產合計	10,054,714.46	9,541,901.37

非流動資產：
長期應收款	30,758.82	24,579.13
長期股權投資	2,046,076.39	1,399,375.02
其他權益工具投資	139,595.99	140,031.65
其他非流動金融資產	29,454.74	32,735.88
投資性房地產	2,940.27	3,087.91
固定資產	2,118,005.72	1,739,308.55
在建工程	239,136.47	387,364.81
使用權資產	275,506.66	0.00
無形資產	1,068,707.18	924,631.47
開發支出	19,328.58	53,838.23
商譽	2,335,172.98	2,123,872.70
長期待攤費用	43,758.69	23,151.23
遞延所得稅資產	157,890.19	182,210.31
其他非流動資產	184,376.50	233,068.90
非流動資產合計	8,690,709.17	7,267,255.79
資產總計	18,745,423.63	16,809,157.16

項目	2019年12月31日	2018年12月31日

流動負債：
短期借款	858,504.92	629,850.49
交易性金融負債	4,279.92	21,874.83
衍生金融負債	9,954.89	3,560.38
應付票據	1,930,853.88	2,003,801.63
應付賬款	3,375,056.70	2,789,949.66
預收款項		1,468.15
合同負債	558,300.84	551,807.90
應付職工薪酬	315,557.24	267,497.08
應交稅費	211,705.64	184,629.95
其他應付款	1,780,921.55	1,542,298.13
持有待售負債		3,236.23
一年內到期的非流動負債	731,713.89	465,520.67
其他流動負債	49,406.57	42,711.77
流動負債合計	9,826,256.04	8,508,206.87

非流動負債：
長期借款	1,327,645.29	1,554,146.63
應付債券	700,458.58	919,189.63
租賃負債	198,027.18
長期應付款	14,234.27	10,676.32
長期應付職工薪酬	112,235.02	93,497.47
預計負債	139,887.77	120,661.55
遞延收益	70,527.26	64,355.20
遞延所得稅負債	115,441.33	40,534.38
其他非流動負債	7,007.15	182,386.67
非流動負債合計	2,685,463.85	2,985,447.85

負債合計	12,511,719.89	11,493,654.72

股東權益：
歸屬於母公司股東權益合計	6,062,891.49	5,030,595.21
少數股東權益	170,812.23	284,907.23
股東權益合計	6,233,703.72	5,315,502.44

負債和股東權益總計	18,745,423.61	16,809,157.16

（二）備考合併利潤表

		單位：萬元
項目	2019年度	2018年度

營業收入	20,076,198.33	18,410,848.20

減：營業成本	14,086,839.87	13,045,508.69
稅金及附加	80,204.50	86,808.71
銷售費用	3,368,212.63	2,892,314.49
管理費用	1,011,326.33	840,515.18
研發費用	626,693.65	510,464.73
財務費用	89,301.76	93,159.16
其中：利息費用	174,710.77	146,586.57
利息收入	55,022.47	48,474.26
加：其他收益	128,221.30	93,226.11
投資收益（損失以「-」號
填列）	547,953.95	192,457.12
公允價值變動收益
（損失以「-」號填列）	7,671.70	-14,519.17
信用減值損失（損失以「-」號
填列）	-15,037.03	-9,963.24
資產減值損失（損失以「-」號
填列）	-86,057.87	-76,251.44
資產處置收益（損失以「-」號
填列）	48,572.76	26,775.24
營業利潤（虧損以「-」號填列）	1,444,944.39	1,153,801.85

加：營業外收入	39,097.15	47,979.68
減：營業外支出	20,980.66	23,632.03
利潤總額（虧損總額以「-」號
填列）	1,463,060.88	1,178,149.50
減：所得稅費用	229,621.63	188,184.31
淨利潤（淨虧損以「-」號填列）	1,233,439.25	989,965.20

按經營持續性分類

持續經營淨利潤	902,152.72	953,238.57
終止經營淨利潤	331,286.53	36,726.63
按所有權歸屬分類
歸屬於母公司股東的淨利潤	1,211,800.01	959,978.29
少數股東損益	21,639.25	29,986.90
其他綜合收益的稅後淨額	56,927.67	84,346.31
歸屬母公司股東的其他綜合
收益的稅後淨額	58,678.89	85,094.89

項目	2019年度	2018年度

不能重分類進損益的其他
綜合收益	-2,300.61	4,070.26

重新計量設定受益計劃
變動額	-951.57	8,003.94
其他權益工具投資公允價值
變動	-1,349.04	-3,933.68
將重分類進損益的其他綜合
收益	60,979.50	81,024.62

權益法下可轉損益的其他
綜合收益	10,257.52	17,634.16
現金流量套期儲備	-3,616.94	-594.62

外幣財務報表折算差額	54,338.92	63,985.08

歸屬於少數股東的其他綜合
收益的稅後淨額	-1,751.22	-748.57
綜合收益總額	1,290,366.92	1,074,311.51

歸屬於母公司股東的綜合
收益總額	1,270,478.90	1,045,073.18
歸屬於少數股東的綜合
收益總額	19,888.02	29,238.33

估值相關部分
- 重大事項提示 - 二、本次交易標的資產的估值情況（重組報告書第7-7頁）
- 第一節 - 本次交易方案 - 三、本次交易標的資產的估值及交易價格（重組報告書第52-52頁）
  公司已聘請浙商證券作為估值機構，以2020年7月29日為估值基準日對交易標的進行估值並出具估值分析報告，從獨立估值機構的角度分析本次交易價格的公允性。估值機構本次分別採用可比公司法和可比交易法，結合香港上市公司私有化溢價率情況，作為海爾電器估值參考，並對本次交易對價的合理性進行分析。根據估值分析報告，本次交易標的作價具有合理性和公允性。
- 重大事項提示 - 十三、本次重組對中小投資者權益保護的安排 -（一）確保本次交易定價公平、公允（重組報告書第22-22頁）
- 第十四節 - 其他重要事項 - 一、本次交易對中小投資者權益保護的安排 - （一）確保發行股份購買資產定價公平、公允（重組報告書第258-258頁）

根據《重組辦法》的規定，為驗證本次交易的交易價格的公平合理，公司已聘請會計師事務所對標的資產進行審計，為本次交易提供審計的會計師事務所具有證券期貨業務資格，同時，公司已聘請相關中介機構對標的公司進行估值並出具估值分析報告，從獨立估值機構的角度分析本次交易回報的公允性。公司董事會及獨立董事已對本次交易涉及的評估分析以及回報的公允性發表意見。

分紅政策相關部分
- 重大事項提示 - 十三、本次重組對中小投資者權益保護的安排 -（七）現金分紅政策及股東回報規劃（重組報告書第25-25頁）
  為進一步完善和健全公司利潤分配制度，為股東提供持續、穩定、合理的投資回報，根據中國證監會《上市公司監管指引第3號 - 上市公司現金分紅》（證監會公告[2013]43號）《關於進一步落實上市公司分紅有關事項的通知》（證監發 [2012]37號）及、《上海證券交易所上市公司現金分紅指引》（上證公字[2013]1號）以及《公司章程》的相關規定，2020年7月30日，上市公司召開第十屆董事會第十次會議審議通過了《關於〈海爾智家股份有限公司未來三年（2021-2023年度）股東回報規劃〉的議案》。現金分紅政策及相應安排詳見重組報告書「第十四節、其他重要事項╱七、本次交易後上市公司的現金分紅政策及相應的安排」。
- 第十節 - 管理層討論與分析 - 四、本次交易對上市公司的影響 -（一）本次交易對上市公司的持續經營能力影響的分析（重組報告書第226-226頁）
  本次交易完成後，隨着資金使用效率及經營能力提升，公司計劃在3年內將分紅率逐步提升至40% ，以增強全體股東回報。
- 第十四節 - 其他重要事項 - 七、本次交易後上市公司的現金分紅政策及相應的安排（重組報告書第266-267頁）

上市公司第十屆董事會第十次會議審議通過了《海爾智家股份有限公司未來三年（2021-2023年度）股東回報規劃》，待2020年第二次臨時股東大會審議，具體內容如下：

（三）未來三年（2021年度-2023年度）的具體股東回報規劃

1、公司主要利潤分配政策為現金分紅。公司可以採取現金、股票或者現金與股票相結合的方式分配股利；在同時符合現金及股票分紅條件的情況下，應當優先採取現金分紅方式。

2、公司當依照《公司章程》的規定，制定未來三年（2021年度-2023年度）現金分紅規劃如下：在滿足公司正常生產經營的資金需求，且無重大投資計劃或重大現金支出等事項發生的情況下，公司於2021年度、2022年度、2023 年度以現金方式分配的利潤分別不少於公司當年實現的歸屬於上市公司股東的淨利潤的33% 、36% 、40% 。

3、在確保足額現金股利分配的前提下，公司可以採取股票股利的方法進行利潤分配。

4、在滿足現金分紅條件的情況下，公司原則上每個會計年度進行一次現金分紅，公司董事會可以根據公司盈利情況及資金需求狀況提議公司進行中期現金分紅。

本次交易完成後，上市公司將繼續重視社會公眾股東的合理投資回報，維護社會公眾股東權益。上市公司現行有效的《公司章程》對股利分配的規定如下：

（一）上市公司利潤分配政策

在滿足上市公司正常生產經營的資金需求，且如無重大投資計劃或重大現金支出等事項發生的情況下，未來公司每年度現金分紅比例原則上不低於公司當年實現的歸屬於上市公司股東的可供分配利潤的百分之二十，根據每年實際情況，最低不低於百分之五十。

IV. 相關方結論性意見

‧ 第十五節 - 海爾智家獨立董事及中介機構對本次交易的結論性意見（重組報告書第270-273頁）

一、獨立董事意見

上市公司獨立董事基於獨立判斷的立場，在仔細審閱了本次交易的相關材料後，經審慎分析，發表如下獨立意見：

1、關於本次重大資產重組的獨立意見

本次重大資產重組有助於提高公司資產質量，進一步增強公司的運營效率和發展前景，提高公司的抗風險能力，符合海爾智家的戰略發展目標，有利於促進海爾智家的可持續發展，符合海爾智家全體股東的長遠利益。
公司為本次交易制定的《海爾智家股份有限公司重大資產購買暨關聯交易報告書（草案）》及其摘要符合中國法律法規及有關監管規則的要求，符合公司和全體股東的利益。
本次重大資產重組已經海爾智家於2020年7月30日召開的第十屆董事會第十次會議審議通過，本次會議的召開、表決程序及方式符合相關法律法規和《海爾智家股份有限公司章程》的規定，關聯董事已迴避表決。
本次交易的相關事項及整體安排符合國家相關法律、法規及規範性文件的規定。我們同意本次交易的相關議案並同意董事會將與本次交易相關的議案提交公司股東大會、A股類別股東大會、D 股類別股東大會審議。

2、關於本次交易估值機構的獨立性、估值假設前提的合理性、估值方法與估值目的的相關性以及交易定價的公允性的獨立意見

本次交易的估值機構浙商證券股份有限公司（以下簡稱「浙商證券」）具有證券業務資格。除正常業務關係外，浙商證券及經辦人員與公司及本次交易相關方之間均不存在關聯關係，不存在除專業收費外的現實的和預期的利害關係。估值機構具有獨立性。

估值機構所設定的估值假設前提和限制條件按照國家有關法規和規定執行、遵循了市場通用的慣例或準則、符合估值對象的實際情況，未發現與估值假設前提相悖的事實存在，估值假設前提具有合理性。
本次估值目的是為本次交易定價提供公允性分析，估值機構實際估值的資產範圍與委託估值的資產範圍一致；估值機構在估值過程中實施了相應的估值程序，遵循了獨立性、客觀性、科學性、公正性等原則，運用了合規且符合標的資產實際情況的估值方法，選用的參照數據、資料可靠；標的資產估值價值公允、準確；估值方法選用恰當，估值結論合理，估值方法與估值目的相關性一致。
本次估值過程中，估值機構本著獨立、客觀、公正的原則實施了必要的估值程序，估值方法適當，估值價值分析原理、選取的可比公司和價值比率等重要估值參數符合估值基準日估值對象的實際情況，估值依據及估值結論合理，本次交易定價公允，不存在損害上市公司及其股東利益的情形。

二、海爾智家獨立財務顧問的意見

公司已聘請浙商證券股份有限公司擔任本次交易的獨立財務顧問。獨立財務顧問通過對本次交易涉及事項進行審慎核查後，發表了以下獨立財務顧問核查意見：

1、本次交易符合《公司法》、《證券法》、《重組辦法》等法律、法規和規範性文件的規定；

2、本次交易後上市公司仍具備股票上市的條件；

3、本次交易所涉及的交易標的資產定價合理；

4、本次交易的標的資產權屬清晰，標的資產過戶或者轉移不存在法律障礙，本次交易符合《重組辦法》等相關法律法規規定的實質性條件。

5、本次交易完成後有利於提高上市公司資產質量、改善公司財務狀況和增強運營效率和發展前景，本次交易有利於上市公司的持續發展、不存在損害股東合法權益的問題；

6、本次交易完成後上市公司在業務、資產、財務、人員、機構等方面與實際控制人及關聯方將繼續保持獨立，符合中國證監會關於上市公司獨立性的相關規定；公司治理機制仍舊符合相關法律法規的規定；有利於上市公司形成或者保持健全有效的法人治理結構；

7、本次交易構成關聯交易；

8、本次交易不存在交易對方及其關聯方對擬購買資產的非經營性資金佔用；

9、本次交易充分考慮到了對中小股東利益的保護。對本次交易可能存在的風險，上市公司已經在重組報告書及相關文件中做了充分揭示，有助於全體股東和投資者對本次交易的客觀判斷。

五、其他

‧ 重大事項提示 - 十一、上市公司控股股東對本次重組的原則性意見（重組報告書第21頁）

上市公司實際控制人海爾集團、控股股東海爾電器國際及其一致行動人海爾創投、海創智、HIC已就本次交易出具《關于本次交易的原則性意見函》，原則性同意本次交易。

‧ 重大事項提示 - 十二、上市公司控股股東及其一致行動人、董事、監事、高級管理人員自本次重組復牌之日起至實施完畢期間的股份減持計劃（重組報告書第21頁）

根據控股股東海爾電器國際、實際控制人海爾集團及其一致行動人出具的說明，海爾集團、海爾電器國際、海爾創投、海創智及HIC自說明函出具之日起至本次交易實施完畢期間，對其所持海爾智家股份不存在減持意向和計劃，不會以任何方式減持。

根據海爾智家董事、監事、高級管理人員出具的說明，海爾智家董事、監事、高級管理人員，自說明函出具之日起至本次交易實施完畢期間，對其所持海爾智家（如有）不存在減持意向和計劃，不會以任何方式減持。

‧ 重大事項提示 - 十三、本次重組對中小投資者權益保護的安排 -（五）本次重組攤薄當期每股收益的填補回報安排（重組報告書第22-25頁）

‧ 第十四節 - 其他重要事項 - 一、本次交易對中小投資者權益保護的安排 - （五）本次重組攤薄當期每股收益的填補回報安排（重組報告書第259-261頁）

本次交易完成後，公司總股本規模較本次交易前將有所擴大，根據上市公司 2019年年度報告以及和信出具的《海爾智家股份有限公司備考合併財務報表審閱報告》（和信審字(2020)第000512號），本次交易完成後上市公司2019年度基本每股收益有所增加，2019年度扣除非經常性損益後的基本每股收益有所下降。為降低本次交易實施後導致的對公司即期回報的攤薄，公司擬採取多種措施提高對股東的即期回報，具體如下：

1、充分發揮上市公司各業務之間的協同，增強上市公司市場競爭力

本次交易完成後，公司將經營原分屬兩家上市公司的全部品類，更好地開展內部深度整合，加速推進全品類、全產業鏈一體化的管理模式轉變，實現全品類的協同發展和品牌的協同管理，有利於加速推進「物聯網智慧家庭生態品牌戰略」的落地。公司有望進一步發揮規模效應，提升合併後公司的運營效率和發展前景，增強股東回報。

2、完善公司治理結構，為公司發展提供制度保障

公司將嚴格遵循《公司法》《證券法》《上市公司治理準則》等法律、法規和規範性文件的要求，不斷完善公司治理結構，確保股東能夠充分行使權利，確保董事會能夠按照法律、法規和《公司章程》的規定行使職權，做出科學、迅速和謹慎的決策，確保獨立董事能夠認真履行職責，維護公司整體利益，尤其是中小股東的合法權益，為公司發展提供制度保障。

3、進一步完善利潤分配制度，強化投資者回報體制

公司持續重視對股東的合理投資回報，同時兼顧公司的可持續發展，制定了持續、穩定、科學的分紅政策。公司將根據中國證監會《關於進一步落實上市公司現金分紅有關事項的通知》《上市公司監管指引第3號 - 上市公司現金分紅》等規定持續修改和完善《公司章程》；公司第十屆董事會第十次會議已審議通過《海爾智家股份有限公司未來三年（2021-2023年度）股東回報規劃》，公司將保持利潤分配政策的連續性和穩定性。公司的利潤分配政策重視對投資者尤其是中小投資者的合理投資回報，將充分聽取投資者和獨立董事的意見，切實維護股東依法享有投資收益的權利，體現合併後公司積極回報股東的長期發展理念。

4、公司控股股東、實際控制人、全體董事、高級管理人員關於公司本次重大資產重組攤薄即期回報採取填補措施的承諾

為切實保護中小投資者合法權益，確保公司本次交易攤薄即期回報事項的填補回報措施能夠得到切實履行，公司控股股東、實際控制人以及公司全體董事、高級管理人員根據《關於首發及再融資、重大資產重組攤薄即期回報有關事項的指導意見》（中國證券監督管理委員會公告[2015]31號）作出了相關承諾，承諾內容如下：

公司控股股東、實際控制人關於公司本次重大資產重組攤薄即期回報採取填補措施的承諾
公司控股股東、實際控制人，為確保本次重組填補回報措施的切實履行，維護上市公司及全體股東的合法權益，承諾如下：

「一、不越權干預上市公司經營管理活動，不侵佔上市公司利益。

二、自本承諾出具日至上市公司本次交易實施完畢前，若中國證監會作出新的關於填補回報措施及其承諾的監管規定，且上述承諾不能滿足中國證監會該等規定，本公司承諾屆時將按照中國證監會的最新規定出具補充承諾。

三、本公司承諾切實履行上市公司制定的有關填補回報措施以及本公司對此作出的任何有關填補回報措施的承諾，若本公司違反該等承諾並給上市公司或者投資者造成損失的，本公司願意依法承擔對上市公司或者投資者的補償責任作為填補回報措施相關責任主體之一，若本公司違反上述承諾或拒不履行上述承諾，本公司同意證券監管機構及自律機構按照其制定或發佈的有關規定、規則，對本公司作出處罰或採取相關監管措施。」

公司董事、高級管理人員關於公司本次重大資產重組攤薄即期回報採取填補措施的承諾公司董事、高級管理人員為確保本次重組填補回報措施的切實履行，維護上市公司及全體股東的合法權益，承諾如下：

「一、本人承諾不無償或以不公平條件向其他單位或者個人輸送利益，也不採用其他方式損害上市公司利益；

二、本人承諾對本人的職務消費行為進行約束；

三、本人承諾不動用上市公司資產從事與本人履行職責無關的投資、消費活動；

四、本人承諾由董事會或薪酬委員會制定的薪酬制度與上市公司填補回報措施的執行情況相掛鈎；

五、上市公司未來若實施股權激勵計劃，則本人承諾上市公司擬公佈的股權激勵的行權條件與上市公司填補回報措施的執行情況相掛鈎；

六、若中國證監會在審核過程中要求對本人出具的承諾進行調整的，則根據中國證監會的要求對相關承諾事項進行相應調整；

七、本承諾出具日至上市公司本次交易實施完畢前，若中國證監會作出新的關於填補回報措施及相關人員承諾的監管規定，且上述承諾不能滿足中國證監會該等新的監管規定時，本人承諾屆時將按照中國證監會的最新規定出具補充承諾；

八、本人若違反上述承諾或拒不履行上述承諾的，本人將在股東大會及中國證監會指定報刊公開作出解釋並道歉，上海證券交易所、中國上市公司協會可以對本人採取相應的自律監管措施；中國證監會可以依法給予本人相應監管措施，並記入本人誠信檔案；本人違反承諾給上市公司或者股東造成損失的，本人將依法承擔補償責任。」

‧ 重大風險提示 - 一、與本次交易相關的風險（重組報告書第30-31頁）

‧ 第十三節 - 風險因素 - 一、本次交易相關的風險（重組報告書第258頁）

（一）本次交易涉及私有化海爾電器的審批風險

本次交易能否順利取得上述相關的批准或備案以及最終取得批准或備案的時間均存在不確定性，從而導致本次交易是否能夠實施存在不確定性。

（二）本次交易涉及H股發行上市的審批風險

本次交易能否順利取得上述相關批准以及最終取得批准的時間均存在不確定性，從而導致本次交易是否能夠實施存在不確定性。

（三）本次交易涉及的股東審批風險

本次交易能否順利取得上述相關審批以及最終取得審批的時間均存在不確定性，從而導致本次交易是否能夠實施存在不確定性。

APPENDIX III

OTHER INFORMATION

(English translation version)

Zheshang's opinion on HSH's diluted current return and remedial measures for this material asset restructuring and related party transaction
After verification, the independent financial advisor is of the view that HSH's analysis of the diluted earnings per share for the financial year 2019 in respect of the current material asset acquisition is reasonable, and the remedial measures for the return for the financial year 2019 and the undertakings made by relevant undertaking entities are in compliance with the relevant provisions relating to protecting the legitimate interests of small and medium investors in the Opinion by General Office of the State Council on the work of further protecting the legitimate interests of small and medium investors in the capital markets, Several Opinions of the State Council on Further Promoting the Healthy Development of Capital Markets, and Guiding Opinions on Matters Concerning Initial Public Offering and Refinancing, and Major Asset Restructuring Diluting Current Returns.

OTHER INFORMATION

(Chinese version)

一、浙商證券股份有限公司關於海爾智家股份有限公司本次重大資產購買暨關聯交易攤薄即期回報及填補措施的核查意見

經核查，本獨立財務顧問認為：海爾智家本次重大資產購買對攤薄2019年度每股收益的分析合理、填補回報措施和相關承諾主體的承諾事項符合《國務院辦公廳關於進一步加強資本市場中小投資者合法權益保護工作的意見》、《國務院關於進一步促進資本市場健康發展的若干意見》和《關於首發及再融資、重大資產重組攤薄即期回報有關事項的指導意見》中關於保護中小投資者合法權益的相關規定。

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Haier Electronics Group Co. Ltd. published this content on 31 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2020 11:46:04 UTC

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