We do appreciate the resilience of Haier’s business, esp. when macro-level demand in China was weak. Going forward, we are confident that FY24E guidance will be achieved, thanks to the steady growth for Casarte, ramp-up of Haier’s Air-con businesses and reforms in the EU market, the potential subsidies, and other favorable macro policies, etc. We maintain BUY and raise TP to HK$31.24. Management remained confident about its competitiveness and re- affirmed its FY24E guidance. Management has maintained its FY24E guidance (MSD to HSD sales growth and 10%+ NP growth) and raised its dividend payout ratio to 45%+/ 50%+ for FY24E/ 25-25E, which should be highly appreciated by the investors given a weak macro environment and increased preference for dividends.