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

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 (the "Joint Announcement") issued by HSH and HEG on 31 July 2020 regarding the Privatisation Proposal and the announcement of HSH (the "Announcement") published on the same day regarding certain announcements relating to the material asset restructuring of HSH which were published on the Shanghai Stock Exchange. Unless otherwise defined, capitalised terms used in this announcement have the same meanings as defined in the Joint Announcement.

As disclosed in the Announcement, HSH published on the Shanghai Stock Exchange on 31 July 2020, amongst other things, a material asset acquisition report (the "MAA Report") relating to the material asset restructuring of HSH. The Shanghai Stock Exchange issued its comment letter (the "Comment Letter") in respect of the MAA Report to HSH on 14 August 2020. In response to the Comment Letter, HSH published on the Shanghai Stock Exchange on 31 August 2020: (i) HSH's response to the Comment Letter (the "Response to Comment Letter") and (ii) a revised material asset acquisition report (the "Revised MAA Report") addressing the Comment Letter.

An extract of the relevant parts of the Response to Comment Letter and the Revised MAA Report containing material information with Takeovers Code implications are attached in the Appendix to this announcement. The full text of the Response to Comment Letter and the Revised MAA Report are published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

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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 August 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

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APPENDIX

EXTRACTS OF THE RESPONSE TO COMMENT LETTER

AND THE REVISED MAA REPORT1

(English translation version)

1. Integration measures after the transaction
2. 1. The specific impact of this transaction on HSH's governance structure, staff arrangement, related party transactions, business integration of various sectors, etc., HSH's intended specific integration measures and planning arrangements in the above areas, and the expected results
      Before this transaction, HEG is a non-wholly owned subsidiary of HSH. After the completion of this transaction, HEG will be delisted from the Hong Kong Stock Exchange and will become a wholly-owned subsidiary of HSH (assuming that the EB-to-CB Proposal becomes effective). The employees of HEG will continue to work in HEG in accordance with their labor contract. The management team composition is expected to remain stable. In respect of the board composition, HSH and HEG will both reserve the right to make changes after the completion of this transaction. It is expected that the integration will reduce the costs caused by the independent listing of HSH and HEG. In the future, the structure of the board of directors of the HSH will continue to comply with the regulatory requirements of A share, H share and D share. HSH will comply with the applicable information disclosure obligations if any adjustment is made.
      This transaction does not involve any employee arrangements and adjustments.
      This transaction is conducive to: 1) optimising HSH's shareholding and management structure, and improving corporate governance; 2) unifying the management and institutional settings currently belonging to the two listed companies, promoting management synergy and improving management efficiency; 3) reducing the additional management and compliance costs as HEG will no longer need to fulfill the regulatory requirements and decision-making process in respect of connected transactions for listed companies.; 4) integrating product categories, and strengthening the internal deep integration of "integration of all product categories" and the business system transformation of "digitalisation of the entire industry chain" under the smart home scenario.
   2. Verification opinions of the intermediaries
      After verification, the independent financial adviser and the financial adviser are of the view that this transaction is reasonable and necessary in terms of HSH's strategy, resource allocation, business coordination, market competition and operating performance. The transaction has positive influence on governance structure, personnel setting, related party transactions, and business integration of various sectors, and HSH has formulated integration measures and planning arrangements in the above areas.

1 The full text of the Response to Comment Letter and the Revised MAA Report are published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

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1. Transaction consideration
2. 1. The main consideration for cash payment made by HEG
      The main consideration for the cash payment made by HEG instead of HSH: According to Hong Kong securities regulatory requirements, cash payment should be paid in Hong Kong dollars. Based on the actual situation, this transaction needs to be financed overseas to meet the capital requirements for cash payment. Since HEG is an entity registered overseas, it is more convenient for HEG to carry out debt financing and make cash payment overseas, which is more conducive to the efficient and smooth progress of this transaction.
   2. Considerations for pricing
      So far as the factors relevant to pricing are concerned, in particular, the attractiveness of the theoretical total value per Scheme Share and the core components of the proposal (including the new HSH H Shares to be issued and the Scheme Shareholders will become HSH H Shareholders), the liquidity obtained by the Scheme Shareholders and the adequacy of the working capital to be retained by HSH, the premium rate of the theoretical total value assigned to each Scheme Share to the stock market price of HEG, the effect of the transaction plan on the dilution and increment of earnings per share of HSH and HEG, and capital situation of HSH and HEG are analyzed comprehensively in determining the share exchange ratio and the amount of cash payment.
   3. The impact of cash payment on HEG's total value and daily business
      In this transaction, the price of new HSH H shares and HEG's stock price did not consider the impact of cash payment. This is because cash payment has no substantial impact on the premium rate to be obtained by Scheme Shareholders in this transaction. The reason is as follows: current premium rate to be received by Scheme Shareholders includes the increase in the theoretical total value as a result of cash payments; conversely, if the H-share price and Scheme Share price exclude cash payments, the increase in the theoretical total value to be brought by cash payments should not be considered when calculating the premium rate.
      The total amount of cash payment in this transaction is approximately HK$2,984 million. The proportions of cash payment in the net assets attributable to owners of HSH and the market value of HEG and HSH are as follows, respectively:

Proportion in the	Proportion in the	Proportion in the	Proportion in the
net assets of HEG	net assets of HSH
market value	market value
attributable to owners	attributable to
of HEG	2	of HSH	4
of HEG1		owners of HSH3
9.09%	3.78%		5.48%	1.79%

Note 1: The net assets of HEG attributable to owners of HEG are calculated using the data as of 30 June 2020

Note 2: The market value of HEG is calculated based on the closing price on 28 August 2020

Note 3: HSH has not announced the interim report, so the net assets of HSH attributable to owners of HSH are calculated using the data as of 31 March 2020

Note 4: The market value of HSH is calculated based on the closing price on 28 August 2020

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Based on the above data, the amount of cash payment made by HEG to Scheme Shareholders in this transaction accounts for a small proportion of the net assets attributable to owners of HEG and HSH and the market value of HEG and HSH. Therefore, the impact of the cash payment on the issuance of H shares by HSH and the overall value of HEG is trivial.

Based on HEG's audited consolidated financial statements under the International Financial Reporting Standards, as of 30 June 2020, the analysis of the impact of HEG's cash payment for this transaction on related indicators of solvency is as follows:

	30 June 2020/
	January 2020 to June 2020
		Assuming
	Before the	upon the cash
Item	transaction	payment
Cash on book (RMB million)1	17,045	14,351
Wealth management products (RMB million)2	2,414	2,414
Interest-bearing liabilities (RMB million)3	141	141
Debt to assets ratio1	38.0%	40.3%
EBITDA interest coverage ratio4	627.84	627.84
Liquidity ratio5	1.97	1.81
Quick ratio5	1.52	1.36

Note 1: Assuming that after the transaction, HEG will make cash payment at HK$1.95 per share to Scheme Shareholders in cash on book, at an exchange rate of 0.90278 of Hong Kong dollars to RMB, and the total cash payment is approximately RMB2,694 million

Note 2: Including short-term wealth management products in financial assets held for trading and long-term wealth management products in other non-current assets

Note 3: Including short-term borrowings, long-term borrowings and lease liabilities

Note 4: EBITDA interest coverage ratio = EBITDA/interest expenses, EBITDA = Revenue - COGS - SG&A + D&A from continuing operations

Note 5: Liquidity ratio = current assets/current liabilities; quick ratio = (current assets - inventories)/current liabilities

Before this transaction, HEG had healthy long-term and short-term solvency indicators and strong cash payment capabilities. As of 30 June 2020, HEG had cash on book of RMB17,045 million, wealth management products of RMB2,414 million, interest-bearing liabilities of RMB141 million, debt to assets ratio of 38.0%, EBITDA interest coverage ratio of 627.84 times, liquidity ratio of 1.97, and quick ratio of 1.52.

As a part of the Privatisation Proposal, within seven business days (as defined in the Code on Takeovers and Mergers of Hong Kong) from the effective date of the Scheme of Arrangement, HEG will pay the Scheme Shareholders a cash payment of HK$1.95 per share. Assuming that HEG pays the above-mentioned cash payment with cash on book, HEG's cash on book will drop to RMB14,351 million, the debt to assets ratio will increase to 40.3%, and the liquidity ratio and quick ratio will drop to 1.81 and 1.36, respectively.

In general, this transaction has no significant impact on HEG's long-term and short-term solvency indicators. HEG's solvency is guaranteed and there is no solvency risk. This transaction will have no material impact on subsequent daily operations and future development.

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1. The difference between the H Share Valuation Report and the current market value of HSH and the reasons
2. 
   The range of market capitalisation of HSH's stock in the 3-month period (i.e. from 29 April to 29 July 2020) prior to the first trading day before the transaction announcement has a low end of RMB98,496 million (or RMB14.97 per share), a high end of RMB123,827 million (or RMB18.82 per share), with a median value of RMB110,208 million (or RMB16.75 per share) and an average value of RMB110,365 million (or RMB16.77 per share). Therefore, the estimated value range of HSH obtained in the H Share Valuation Report is within the range of HSH's market value before the transaction announcement, and the median of the estimated value range is largely in line with the median and average values of HSH's market value for a period of time prior to transaction announcement.
   In summary, the selection of comparable companies in the H Share Valuation Report is comprehensive and representative, the valuation methodology adopted is reasonable, and is consistent with the median and average market values of HSH during the 3 months period before the transaction announcement date, and is slightly lower than the market value of HSH on the first trading day before the transaction announcement date due to short-term fluctuations in the secondary market.
3. The difference between the theoretical total value of HEG under the privatisation proposal and the current market value of HEG
4. 
   The daily closing prices of HEG reported by the Hong Kong Stock Exchange during the 3-month period prior to the first trading day before the transaction announcement date (i.e. from 29 April to 29 July 2020) gives a median market value of HK$64,720 million (or HK$22.98 per share), and an average value of HK$64,741 million (or HK$22.98 per share). Therefore, the theoretical total value of HEG under the privatization proposal represents a premium of 37.14% and 37.10% respectively to the median and average market value based on the daily closing prices of HEG reported by the Hong Kong Stock Exchange during the 3-month period prior to the first trading day before the transaction announcement date.
5. Verification opinions of the intermediaries
6. 1. 
      After verification, the independent financial adviser and the financial adviser are of the view that
   2. the consideration arrangement whereby HSH issues H shares and HEG makes cash payment for the privatisation of HEG is reasonable; (2) comprehensive considerations have been given to multiple factors in the determination of the exchange ratio and the amount of cash payment per share to balance the interests of shareholders of both parties; (3) HEG's cash payment to Scheme Shareholders has a rather small impact on the H share issuance of HSH and the overall value of HEG. As HEG has a strong cash payment capability, this transaction will not have a substantial impact on subsequent daily operations; (4) the H Share Valuation Report is reasonable in its choice of valuation methods of HSH, selection of comparable companies or valuation parameters, valuation results and determination method, and the valuation result is not significantly different to the market value of HSH for the period of time before the transaction announcement; (5) the premium rate of the theoretical total value of HEG under the Privatisation Proposal comparing to HEG's market value is not significantly different than those of the historical comparable transactions, and falls within a reasonable range; (6) this transaction increased the basic earnings per share for the year of 2019 of HSH, but will be slightly dilutive to basic earnings per share for the year of 2019 after deducting non-recurring profit or loss.

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III.EB Proposal

1. Theoretical possibility of converting EB into delisted shares of HEG upon the completion of privatization
   Although there exists a theoretical possibility of converting EB into delisted shares of HEG after the completion of privatization, as the shares of HEG will be converted into the shares of unlisted company by the time, and there will be no liquidity or clear pathway for withdrawal of investments, the rational holders of EB are less likely to choose this method for economic and commercial reasons.
2. EB and CB conversion price adjustment mechanism
   It should be noted that EB and CB are two similar products with different structures: EB's underlying shares are issued shares and total number of underlying shares is the reference benchmark for EB (i.e. total number of shares underlying the entire principal amount of HK$8,000,000,000); the exchange price of EB is derived from dividing the EB principal amount by the total number of underlying shares. Based on this, when cash dividend is paid, the adjustment will be done with reference to the number of underlying shares, and the adjusted exchange price as a result of the cash dividend is derived from dividing the EB principal amount by the total number of underlying shares after the adjustment (i.e. "implied exchange price"). On the other hand, CB's underlying shares are to be issued upon CB conversion and the conversion price is the reference benchmark for CB; when cash dividend is paid in respect of the underlying shares, the conversion price will be changed directly.
   The conversion price adjustment mechanisms for EB and CB during the tenure of EB or CB as a result of cash dividend is different in certain aspects mainly because EB and CB are structurally different as two different financing products. The aforementioned conversion price adjustment mechanisms for EB and CB are in line with market conventions and are reasonable.
3. Whether the proposal is conducive to protecting the interests of HSH and minority investors
   In the process of transaction design and execution, HSH, as a listed company, needs to comprehensively consider the interests of shareholders and other types of investors (including bond investors), and make fair arrangements for all parties based on overall consideration.
   For bond investors: In November 2017, HSH obtained low-cost financing through the issuance of HK$8 billion of EB (with zero coupon and relatively high conversion price), which provided the required funds for HSH's overseas operation and development. When bondholders initially subscribed for EB with zero coupon and relatively high conversion premium, the potential for price appreciation of HEG's stock as a listed security was one of their core considerations. Under the circumstance that EB has more than two years to mature, if EB investors lose the ability to convert bonds into marketable securities under the original terms due to the occurrence of privatisation transactions, it will deviate from the original intention of bondholders. As a listed company, HSH needs to comprehensively consider the interests of shareholders and bondholders and maintain its image as a responsible issuer in the capital market in order to maximize HSH's flexibility in future financing. HSH believes that the current EB-to-CB Proposal will effectively protect the interests of EB holders.

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For shareholders: Considering that EB investors themselves can participate in the privatisation by means of share conversion by converting existing EB into HEG's shares and obtain H shares and HK$1.95 cash payment of a number the same as those of Scheme Shareholders under the existing terms of EB, the EB-to-CB Proposal will not give EB investors additional preferential treatments unfair to existing shareholders of HSH. In addition, the EB-to-CB Proposal provides bondholders with the option of EB-to-CB conversion in addition to requiring HSH to redeem their bonds in advance on 21 November 2020 and when HEG delists, which will help HSH continue to enjoy low-cost financing to support the development of overseas business, promote HSH's overall strategic development and create greater shareholder return.

In summary, the above-mentioned proposal is beneficial for protecting the interests of HSH and minority investors.

Potential risks associated with the EB-to-CB Proposal are as follows: if the EB-to-CB Proposal does not become effective (as mentioned above, the only EB-to-CB Conditions that is satisfied is (1) the approval of the Extraordinary Resolution of the EB-to-CB Proposal at the Bondholders meeting. If any of the other aforementioned EB-to-CB Conditions is not satisfied, the EB-to-CB Proposal will not become effective), the bondholders may require HSH to redeem their bonds, which may impose certain pressure on the capital position of HSH. If the EB-to-CB Proposal becomes effective, it would be possible for the bondholders to convert the CB to HSH H shares prior to the maturity date (November 21, 2022) of the CB (whether bondholders will convert will depend on a variety of factors including the difference between the then prevailing HSH H share price and the CB conversion price); if bondholders convert the CB, HSH will need to issue new HSH H shares correspondingly, which will cause certain dilution effects to HSH's existing shareholders.

4. Verification opinions of the intermediaries

After verification, the independent financial adviser and the financial adviser are of the view that (1) based on the basis for determining the conversion price of CB, the considerations for the relevant bondholders to obtain HSH's issued H shares before and after the change of the EB-to- CB Proposal are the same; (2) before and after the proposal change, the relevant terms of early redemption of bonds remained basically unchanged; (3) if the EB-to-CB Proposal is not passed or implemented eventually, bondholders will have different options for handling EB under different circumstances, and HSH will further consider subsequent arrangements according to the final situation; (4) the EB-to-CB Proposal has comprehensively considered the interests of shareholders and other types of investors (including bond investors), which is conducive to protecting the interests of HSH and minority investors.

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IV. The impact of HEG's daily business

1. After the completion of the transaction, HEG will be delisted from the Hong Kong Stock Exchange. Will it affect HEG's daily business development?
   Before the transaction, HEG is not only a Hong Kong listed company, it is also a business segment under HSH, a listed company of A shares and D shares. Upon completion of this transaction, HEG will be delisted from the Hong Kong Stock Exchange; HSH H Shares will be listed on the Hong Kong Stock Exchange; HEG will become a wholly-owned subsidiary of HSH (assuming that the EB-to-CB Proposal becomes effective); each business segment of HEG will continue to operate as the business under the HSH listed platform on the A shares, H shares and D shares markets, and HEG will be under the continuous supervision of the regulatory authorities, investors and the public. Therefore, upon the completion of this transaction, HEG's delisting from the Hong Kong Stock Exchange will not have a negative impact on its daily business development or capital operation.
   In addition, HEG now has a relatively large-scale related party procurement from HSH. Upon HEG's delisting from the Hong Kong Stock Exchange, the transaction between the two parties will no longer be a related party transaction subject to the supervision by the Hong Kong Stock Exchange. HEG will benefit from the efficiency improvement brought by the simplified decision- making process; in terms of capital utilisation, the capital transactions between HEG and HSH will no longer be subject to the regulatory restrictions by the Hong Kong Stock Exchange, which will help improve the efficiency of capital use and optimise the allocation of resources.
2. Verification opinions of the intermediaries
   After verification, the independent financial adviser and the financial adviser are of the view that, HSH has supplemented the disclosure on the corresponding upstream and downstream situations, production and sales volume, industry position and financial data (including operating income, operating costs and gross profit margin) of different business segments of HEG; and the delisting of HEG from the Hong Kong Stock Exchange will not have a negative impact on its daily business development.

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1. The impact of historical asset swap transactions on the valuation of HEG
2. 1. Background of historical asset swap transactions
      Based on the above, on 30 August 2018, Guanmei, a wholly-owned subsidiary of HEG, entered into an asset swap agreement with Haier Electric Appliances, a subsidiary of Haier Group, pursuant to which Guanmei intended to swap a 55% equity interest held by itself in Bingji with a 51% equity interest in Qingdao Haishi held by Haier Electric Appliances. The main purpose of the swap transaction is to further clarify the positioning of HEG's "water appliances + healthy home platform" and enhance HEG's long-term development potential, achieve strategic synergy through integrated management of the acquired water purifier business and water heater business, and dispose logistics business to achieve the optimisation and efficient use of resources, thereby improving overall operating efficiency. As the transaction price of the swap took the appraised value of the acquired assets and the disposed assets as the transaction price, both parties confirmed that the transaction price of the acquired assets and the disposed assets were both RMB1,073,523,786.00, which meant that the acquired assets and the disposed assets were swapped at equal amounts, without any impact on the valuation of HEG. Meanwhile, the valuation analysis of HEG in this transaction was based on its net profit from continuing operation attributable to owners of HEG, therefore the impact of the above asset swap transaction on the profit and loss of HEG had been eliminated.
   2. Verification opinions of the intermediaries
      After verification, the independent financial adviser and the financial adviser are of the view that the aforementioned asset swap of HEG is based on a reasonable industry background and its own development demands; and the accounting treatment of the asset swap complies with the provisions of the Accounting Standards for Business Enterprises and has no impact on the valuation of HEG in this transaction.

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EXTRACTS OF THE RESPONSE TO COMMENT LETTER

AND THE REVISED MAA REPORT2

(Chinese version)

一、關於交易完成後的整合措施

1、 本次交易對公司在治理結構、人員設置、關聯交易、各板塊業務整合等方面的 影響，公司在上述領域擬開展的整合措施、計劃安排，以及預期達到的效果

本次交易前，海爾電器為海爾智家的非全資子公司，本次交易完成後，海爾電 器將從香港聯交所退市，成為海爾智家的全資子公司（假設EB轉CB方案生效）， 海爾電器員工將按照其與海爾電器簽訂的聘用協議或勞動合同，繼續在海爾電 器工作，管理層預期將保持穩定。在董事會安排方面，本次交易完成後，海爾 智家和海爾電器都保留做出改變的權利，預期整合將減少兩家公司獨立上市的 相關成本，未來上市公司董事會的結構將持續符合三地上市的監管要求，如有 調整安排將及時履行信息披露義務。

本次交易不涉及職工安排與調整。

本次交易有利於：1）優化公司股權及管理架構、改善公司治理：2）統一目前分 屬兩家上市公司的管理層和機構設置，促進管理協同、提高管理效率；3）隨着 海爾電器將無需再履行上市公司關聯交易的監管要求和決策流程，降低由此帶 來的額外管理與合規成本；4）整合產品品類，加強智慧家庭場景下「全品類一 體化」的內部深度整合和「全產業鏈數字化」的業務系統變革。

2、 中介機構核查意見

經核查，獨立財務顧問和財務顧問認為，本次交易在公司戰略、資源配置、業 務協同、市場競爭、經營業績方面具有合理性和必要性；本次交易在治理結 構、人員設置、關聯交易、各板塊業務整合方面存在積極作用，且上市公司在 上述領域已制定了整合措施及計劃安排。

2 The full text of the Response to Comment Letter and the Revised MAA Report are published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn).

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二、關於交易對價

1、 現金付款由海爾電器支付的主要考慮

現金付款由海爾電器而非海爾智家支付的主要考慮為：根據香港證券監管要 求，現金付款應以港幣支付，基於實際情況本次交易需在境外進行融資以滿足 現金付款的資金要求，海爾電器為註冊地在境外的主體，由海爾電器在境外進 行債務融資並進行現金付款的支付更為便捷，更有利於本次交易的高效、順利 推進。

2、 針對定價的考慮因素

針對定價考慮因素，特別是每股計劃股份可獲得理論總價值的吸引力及方案 的核心組成部分（包括海爾智家新發行的H股及計劃股東將成為海爾智家H股股 東）、計劃股東所獲得的流動性與海爾智家可保留資金的充分性等，在考慮本 次換股比例、每股支付現金金額時綜合分析了每股計劃股份可獲得理論總價值 相對於海爾電器股票市場價格的溢價率、交易方案對海爾智家及海爾電器的每 股收益的攤薄和增厚影響、海爾電器與海爾智家的資金情況等因素。

3、 現金付款對海爾電器整體價值及日常經營的影響

本次交易中，H股價格及海爾電器股票價格未考慮現金付款的影響，是否考慮 現金付款對於本次交易中計劃股東獲得的溢價率無實質性影響，原因如下：目 前計劃股東獲得的溢價率中包含了現金付款對理論總價值的提升；反之，如H 股價格及計劃股份價格剔除現金付款，則在計算溢價率時不應再考慮現金付款 對理論總價值的提升。

本次交易現金付款金額合計約為29.84億港元，現金付款佔海爾電器及海爾智 家歸屬於母公司股東淨資產、市值比例情況分別如下：

佔海爾電器	佔海爾電器	佔海爾智家	佔海爾智家
歸屬於母公司	歸屬於母公司
市值比例	2	市值比例	4
淨資產比例1		淨資產比例3
9.09%	3.78%		5.48%	1.79%

註1： 海爾電器歸屬於母公司淨資產採用截至2020年6月30日數據計算

註2： 海爾電器市值採用2020年8月28日收盤價計算

註3： 海爾智家尚未公告半年報，故海爾智家歸屬於母公司淨資產採用截至2020年3月31日數據計算

註4： 海爾智家市值採用2020年8月28日收盤價計算

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基於上述數據，本次交易中海爾電器向計劃股東支付現金付款金額佔海爾電器 及海爾智家歸屬於母公司股東的淨資產、市值比例較小，因此現金付款對本次 海爾智家發行H股及海爾電器整體價值的影響較小。

基於海爾電器經審計國際財務報告準則下的合併財務報表，截至2020年6月30 日，海爾電器支付本次交易現金付款對償債能力相關指標的影響分析如下：

	2020年6月30日╱ 2020年1-6月
		假設支付
項目	本次交易前	現金付款後
賬面現金（億元）1	170.45	143.51
理財產品（億元）2	24.14	24.14
有息負債（億元）3	1.41	1.41
資產負債率1	38.0%	40.3%
息稅折舊攤銷前利潤利息保障倍數4	627.84	627.84
流動比率5	1.97	1.81
速動比率5	1.52	1.36

註1： 假設交易後，海爾電器以賬面現金向計劃股東按照1.95港元╱股支付現金付款，按港幣兌人民

幣匯率0.90278，現金付款總額約為人民幣26.94億元

註2： 包括交易性金融資產中的短期理財產品和其他非流動資產中的長期理財產品

註3： 包括短期借款、長期借款和租賃負債

註4： 息稅折舊攤銷前利潤利息保障倍數 = 息稅折舊攤銷前利潤╱利息支出，息稅折舊攤銷前利潤 =

營業收入 - 營業成本 - 管理費用 - 銷售費用 + 持續經營業務的折舊攤銷 註5：流動比率 = 流動資產╱流動負債；速動比率 =（流動資產 - 存貨）╱流動負債

本次交易前，海爾電器長短期償債能力指標健康，具有較強的現金支付能力。 截至2020 年6 月30 日，海爾電器賬面現金170.45 億元，理財產品24.14 億元，有 息負債1.41億元，資產負債率38.0% ，息稅折舊攤銷前利潤利息保障倍數627.84 倍，流動比率1.97，速動比率1.52。

作為私有化方案的一部分，協議安排計劃生效之日起七個工作日內，海爾電器 將向計劃股東以現金方式按照1.95港元╱股支付現金付款。假設海爾電器以賬 面現金支付上述現金付款，則海爾電器賬面現金降至143.51億元，資產負債率 提升至40.3% ，流動比率和速動比率分別降至1.81、1.36。

總體來看，本次交易對海爾電器長短期償債能力相關指標無顯著影響，海爾電 器的償債能力具有保障，不存在償債風險，本次交易對後續的日常經營及未來 發展不會構成實質影響。

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4、《H股估值報告》與目前公司市值的差異及原因

海爾智家股票於本次交易公告日前一個交易日的3個月區間內（即2020年4月29日

至7月29日）的收盤價對應市值低端為人民幣98,496百萬元（或每股14.97元），高 端為123,827百萬元（或每股18.82元），中值為110,208百萬元（或每股16.75元）， 均值為110,365百萬元（或每股16.77元）。因此，《H股估值報告》所得海爾智家估 計價值區間位於海爾智家於本次交易公告前市場價值的區間內，估計價值區間 中值與海爾智家於本次交易公告前一段時間內的市場價值中值、均值相符合， 不存在明顯差異。

綜上所述，本次《H股估值報告》的可比公司選取具有完整性和代表性、估值方 法合理，與海爾智家於本次交易公告日前3個月內的市場價值中值、均值相符 合，略低於本次交易公告日前一個交易日的海爾智家市值，系二級市場股價短 期波動所致。

5、 海爾電器在私有化提議下的理論總價值與目前海爾電器市值的差異情況

海爾電器股票於本次交易公告日前一個交易日的3個月區間內（即2020年4月29 日至7月29日）香港聯交所所報海爾電器每日收市價對應市值中值為64,720百萬 港元（或每股22.98港元），均值為64,741百萬港元（或每股22.98港元）。因此，上 述海爾電器在私有化提議下的理論總價值相比本次交易公告日前一個交易日

的3個月區間內香港聯交所所報海爾電器每日收市價對應市值中值的溢價率為

37.14% ，均值的溢價率為37.10% 。

6、 中介機構核查意見

經核查，獨立財務顧問和財務顧問認為，(1)本次對海爾電器進行私有化選擇由 公司發行H股股份、由海爾電器支付現金的主要考慮具有合理性；(2)本次換股 比例、每股支付現金金額的確定綜合考慮了多項因素，平衡雙方股東的利益；

(3)海爾電器向計劃股東支付現金付款對本次海爾智家發行H股及海爾電器整體 價值的影響較小，海爾電器具有較強的現金支付能力，本次交易對後續的日常 經營不構成實質影響；(4)《H股估值報告》對本次海爾智家價值的估值方法、可 比公司或估值參數的選取、估值結果及確定方法具有合理性，與上市公司於本 次交易公告前一段時間內的市場價值不存在明顯差異；(5)海爾電器在私有化 提議下的理論總價值與目前海爾電器市值的溢價率水平與歷史可比交易水平 差異較小，處於合理區間內；(6)本次交易對上市2019年度公司基本每股收益有 所增厚，對2019年度扣非後基本每股收益略有攤薄。

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三、關於可交換債券處理方案

1、 私有化完成後將EB兌換為退市後的海爾電器股票的理論可能性

雖然存在私有化完成後將EB兌換為退市後的海爾電器股票的理論可能性，但 屆時海爾電器股票將為非上市公司股票，不存在流動性以及明確退出路徑，理 性EB持有人出於經濟及商業角度選擇這一方式的可能性較低。

2、 EB與CB的轉股價格調整機制

需說明的是，EB和CB為兩種類似但結構有所差異的產品：EB對應的是已經發 行的股份、着眼於轉股標的總量（即，80億港幣面值總共對應多少數量的轉股 標的），轉股價格由EB面值與轉股標的數量相除倒算得出；基於此，當轉股標 的進行現金分派之時，EB項下改變的指標是EB對應的標的股票數量，改變後 的轉股價格由EB面值和改變後的標的股票數量相除計算得出（故稱為「隱含轉 股價格」）；CB對應的是尚未發行的股份、着眼於轉股價格本身；基於此，當轉 股標的進行現金分派之時，CB項下改變的直接為轉股價格。

EB與CB在存續期間因為現金分派而產生的轉股價格調整在結構上存在一定的 不同，主要因為EB與CB作為兩種融資產品具有性質上的差異性。上述EB及CB 的調價方式與同類型的EB及CB產品相比屬於市場常規的調整方法，具備合理 性。

3、 方案是否有利於保護公司及中小投資者利益

在交易設計及執行過程中，海爾智家作為上市公司需要綜合考慮股東以及其他 類型投資人的利益（包括債券投資人），在全盤考慮的基礎上做出對針對各方的 公平安排。

就債券投資人角度而言：2017年11月，公司通過發行80億港幣的EB ，獲得了低 成本的融資（EB零票息且具有較高的轉股價格），為公司境外運營發展提供了 所需資金。債券持有人在最初認購零票息、高轉股溢價的EB時，海爾電器股票 作為上市證券的升值空間，是其核心考慮因素之一。在EB還有兩年以上才會到 期的情況下，如因私有化交易的發生而使得EB投資人在原有條款之下失去了 將債券轉換為可上市流通的證券的能力，則將與債券持有人的投資初衷有所背 離。作為上市公司，海爾智家需要綜合考慮股東以及債券持有人的利益、維護 及鞏固在資本市場上作為負責任發行人的形象，以最大化公司未來融資的靈活 性。公司相信，當前的EB轉CB方案將有效保護EB持有人利益。

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就股東角度而言：考慮到在EB原有條款下，EB投資人本身就可以通過轉股方式 將原EB轉為海爾電器股份參與私有化，獲得與計劃股東同樣數量的H股和1.95 港幣現金付款，EB轉CB方案並未給與EB投資人額外的、對現有公司股東不公 允的優待。另外，EB轉CB方案為債券持有人在2020年11月21日及海爾電器退市 時要求公司提前贖回債券之外，提供EB轉CB的選項，有助於公司繼續享有低 成本融資支持境外業務發展，推動公司整體戰略發展並創造更大的股東回報。

綜上所述，上述方案有利於保護公司及中小投資者的利益。

就EB處理方案的相關風險，若EB轉CB方案未通過（如前所述，目前已滿足的EB 轉CB條件為(1) EB持有人大會批准；若上文所述其他EB轉CB條件未達成，即為 EB轉CB方案未通過），則EB持有人可能要求公司對其所持有的EB進行贖回，對 公司造成一定程度的資金壓力；若EB轉CB方案通過並實施，則在2022年11月21 日CB到期日之前，存在CB持有人轉股的可能性（是否轉股取決於多種因素，包 括屆時H股價格及CB轉股價格的對比），屆時公司將需要就轉股部分的CB新發 行H股，會對現有股東權益帶來一定程度的稀釋效果。

4、 中介機構核查意見

經核查，獨立財務顧問和財務顧問認為，(1)基於CB轉股價格的確定依據，EB 轉CB方案變更前後相關債券持有人分別取得公司發行H股的對價一致；(2)方案 變更前後，債券的提前贖回相關條款基本保持不變；(3)如果EB轉CB方案最終 沒有通過或沒有實施，債券持有人在不同情形下對EB的處理方法有不同的選 擇，上市公司將視後續的最終情形進一步考量後續安排；(4) EB轉CB方案綜合 考慮了股東以及其他類型投資人的利益（包括債券投資人），有利於保護上市公 司及中小投資者的利益。

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四、本次交易對海爾電器日常業務的影響

1、 本次交易完成後，海爾電器將從港交所退市，是否將對其日常業務開展產生影

響

本次交易前，海爾電器不僅是港股上市公司，其各業務板塊也作為A股和D股上 市公司海爾智家旗下業務開展運作。本次交易完成後，海爾電器將從香港聯交 所退市，海爾智家H股將在香港聯交所上市，海爾電器將成為海爾智家的全資 子公司（假設EB轉CB方案生效），海爾電器各業務板塊將繼續作為A股、H股、 D股三地上市公司旗下業務開展運作，並受到三地監管部門、投資者和社會公 眾的持續監督。因此本次交易完成後，海爾電器從港交所退市不會對其日常業 務開展或資本運作產生負面影響。

此外，目前海爾電器向海爾智家的關聯採購規模較大，海爾電器從香港聯交所 退市後，雙方之間的交易不再為關聯交易受到香港聯交所的監管，海爾電器將 受益於簡化決策過程帶來的效率提升；在資金利用方面，海爾電器與海爾智家 之間的資金往來將不再受到香港聯交所的監管限制，有利於提升資金的使用效 率，實現資源優化配置。

2、 中介機構核查意見

經核查，獨立財務顧問和財務顧問認為，上市公司已補充披露海爾電器不同 業務板塊對應的上下游情況、產銷量、所處行業地位，以及營業收入、營業成 本、毛利率等財務數據；海爾電器從港交所退市不會對其日常業務開展產生負 面影響。

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五、歷史資產置換交易對本次海爾電器估值的影響

1、 歷史資產置換交易背景簡介

綜上所述，2018年8月30日，海爾電器的全資子公司貫美公司與海爾集團子公 司海爾電器國際簽署了《資產置換協議》，貫美公司擬將其持有的冰戟公司55% 股權與海爾電器國際持有的青島海施51%股權進行置換。置換交易的主要目的 是為了進一步明晰海爾電器的「水家電+健康家平台」定位、提升海爾電器長期 發展潛力，通過對置入的淨水業務與熱水器業務等進行整合管理以實現戰略協 同，並置出物流業務實現資源的優化和高效利用，從而提升整體經營效率。由 於置換交易價格分別以置入資產及置出資產的評估值作為交易價格，交易雙方 確認，置入資產及置出資產的交易價格均為1,073,523,786.00元，即置入資產與 置出資產等值置換，不會對海爾電器的估值產生影響。同時，本次交易對於海 爾電器的估值分析基於其持續經營歸母淨利潤，已剔除了上述資產置換交易對 海爾電器損益的影響。

2、 中介機構核查意見

經核查，獨立財務顧問和財務顧問認為，海爾電器上述資產置換基於合理的行 業背景和自身發展訴求，資產置換的會計處理符合企業會計準則的規定，對本 次交易中海爾電器的估值水平沒有影響。

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