Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [1] Core Views - The domestic sales market is under pressure in 2025, while the overseas sales show a steady improvement. The company is expected to achieve revenue of 879.3 billion yuan in 2025, a year-on-year decrease of 5.2%, with a net profit attributable to the parent company of 31.9 billion yuan, down 4.8% [1] - The company has adjusted its profit forecasts for 2026-2027 and added a new forecast for 2028, expecting net profits of 32.1 billion yuan, 35.3 billion yuan, and 38.2 billion yuan for 2026, 2027, and 2028 respectively [1] - The company maintains a good profitability despite rising raw material prices, and the overseas business continues to perform well [1] Financial Performance Summary - In 2025, the HVAC business generated revenue of 388.3 billion yuan, down 3.6%, with a gross margin of 27.4%, a decrease of 2.1 percentage points. The company holds over 23% market share in the central air conditioning sector [2] - The ice washing business achieved revenue of 312.0 billion yuan, an increase of 1.2%, with a gross margin of 17.6%, up 1.1 percentage points. The retail market share for Hisense refrigerators reached 17.0% [2] - Domestic revenue was 454.1 billion yuan, down 5.4%, primarily due to the low prosperity of the domestic real estate industry and price wars. In contrast, overseas revenue was 379.2 billion yuan, up 6.4%, with significant growth in various regions [2] Profitability and Cost Structure - The overall gross margin for 2025 was 21.3%, an increase of 0.5 percentage points, while the expense ratio rose to 16.7%, up 0.7 percentage points. The net profit margin for 2025 was 5.4%, a slight decrease of 0.1 percentage points [3] - In Q4 2025, the gross margin improved to 22.3%, while the expense ratio increased to 19.5%, leading to a net profit margin of 4.0% [3] - The company implemented a dividend of 1.75 billion yuan in 2025, accounting for 54.9% of the annual net profit attributable to the parent company [3] Financial Projections - Revenue projections for 2026-2028 are as follows: 94.4 billion yuan in 2026, 99.9 billion yuan in 2027, and 105.9 billion yuan in 2028, with corresponding net profits of 32.1 billion yuan, 35.3 billion yuan, and 38.2 billion yuan [4] - The expected EPS for 2026, 2027, and 2028 are 2.31 yuan, 2.55 yuan, and 2.76 yuan respectively, with the current P/E ratios at 11.9, 10.8, and 10.0 times [4]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨海信家电（000921.SZ） [Table_Title] 营收阶段回落，毛销差同比提升 报告要点 [Table_Summary] 2025 年公司实现营业收入 879.28 亿元，同比下滑 5.19%，实现归母净利润 31.87 亿元，同比 下滑 4.82%，实现扣非归母净利润 24.45 亿元，同比下滑 6.18%；其中，2025Q4 公司实现营 业收入 163.96 亿元，同比下滑 26.03%，实现归母净利润 3.75 亿元，同比下滑 32.46%，实现 扣非归母净利润 1.18 亿元，同比下滑 62.79%。在此基础上，公司拟向全体股东每 10 股派发 现金红利 12.65 元（含税），对应分红率 54.95%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 海信家电（000921.SZ） cjzqdt11111 [Table_Title2] 营收阶段回落，毛销差同比提升 [Table_Summary2] 事件描述 [Tabl ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 26.38 CNY for the next six months [4]. Core Views - Hisense Home Appliances reported a revenue of 87.93 billion CNY for 2025, a year-on-year decrease of 5.2%, and a net profit attributable to shareholders of 3.19 billion CNY, down 4.8% year-on-year. The Q4 performance showed a significant decline, with revenue of 16.4 billion CNY, down 26.0% year-on-year, and a net profit of 370 million CNY, down 32.5% year-on-year [1][2]. - The company is focusing on enhancing shareholder returns, proposing a cash dividend of 12.65 CNY per 10 shares, totaling approximately 1.75 billion CNY, which represents 54.9% of the net profit for 2025, an increase of 4.1 percentage points year-on-year [3]. Summary by Sections Financial Performance - Q4 gross margin improved to 22.3%, up 2.6 percentage points year-on-year, attributed to better capacity utilization in overseas factories and improved product mix [3]. - Q4 net profit margin was 2.3%, down 0.2 percentage points year-on-year, mainly due to increased expense ratios across sales, R&D, finance, and management [3][9]. - The company expects to improve profitability as operational efficiency in overseas factories increases and product structure continues to optimize [3]. Market Dynamics - Domestic sales were pressured in Q4 due to a sluggish real estate market, impacting central air conditioning revenue, which saw a decline of 2.9% year-on-year for domestic sales [2]. - The home air conditioning segment faced challenges with domestic sales down 21.7% and exports down 51.2% year-on-year [2]. - In contrast, the overseas markets showed promising growth, with revenue from white goods in South America, Europe, and the Asia-Pacific regions increasing by 28%, 22%, and 15% respectively [2]. Future Outlook - The company is accelerating its digital transformation and enhancing smart manufacturing capabilities, which are expected to lead to sustained improvements in production efficiency [4]. - EPS projections for 2026, 2027, and 2028 are 2.64 CNY, 2.89 CNY, and 3.12 CNY respectively, indicating a positive growth trajectory [4][10].

Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [1] Core Views - The domestic sales market is under pressure in 2025, while the overseas sales show a steady improvement. The company is expected to achieve revenue of 87.93 billion yuan in 2025, a year-on-year decrease of 5.2%, with a net profit attributable to the parent company of 3.19 billion yuan, down 4.8% [1] - The company has adjusted its profit forecasts for 2026-2027 and added a new forecast for 2028, expecting net profits of 3.21 billion yuan, 3.53 billion yuan, and 3.82 billion yuan for 2026-2028, respectively [1] - The company maintains a good profitability despite rising raw material prices, and the overseas business continues to perform well [1] Financial Performance - In 2025, the HVAC business generated revenue of 38.83 billion yuan, down 3.6%, with a gross margin of 27.4%, a decrease of 2.1 percentage points [2] - The ice washing business achieved revenue of 31.20 billion yuan, an increase of 1.2%, with a gross margin of 17.6%, up 1.1 percentage points [2] - The company’s total revenue from domestic sales was 45.41 billion yuan, down 5.4%, while overseas revenue reached 37.92 billion yuan, up 6.4% [2] Profitability Metrics - The overall gross margin for 2025 was 21.3%, an increase of 0.5 percentage points, while the expense ratio rose to 16.7%, up 0.7 percentage points [3] - The net profit margin for 2025 was 5.4%, a slight decrease of 0.1 percentage points [3] - The company implemented a dividend of 1.75 billion yuan in 2025, accounting for 54.9% of the net profit attributable to the parent company [3] Valuation Metrics - The projected earnings per share (EPS) for 2026-2028 are 2.31 yuan, 2.55 yuan, and 2.76 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 10.8, and 10.0 [4] - The company’s return on equity (ROE) is expected to decline from 26.5% in 2025 to 17.7% in 2028 [4] - The price-to-book (P/B) ratio is projected to decrease from 2.5 in 2025 to 1.5 in 2028 [4]

Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [7] Core Views - The company reported a revenue of RMB 87.93 billion for 2025, a decrease of 5.19% year-on-year, and a net profit attributable to shareholders of RMB 3.19 billion, down 4.82% year-on-year. The decline in total revenue was primarily due to a significant drop in other business income [1] - Despite the overall revenue and profit pressure, the core business showed resilience, with cash flow from operating activities improving by 12.94% year-on-year [1] - The company continues to pay dividends, distributing RMB 12.65 per 10 shares [1] Summary by Sections HVAC Business - The HVAC segment remains the largest revenue source, generating RMB 38.83 billion in 2025, down 3.61% year-on-year, with a gross margin of 27.43%, a decrease of 1.12 percentage points [2] - The company holds over 23% market share in the domestic multi-split air conditioning market, maintaining industry leadership despite weak real estate and public construction projects [2] - Domestic sales of household air conditioners increased by 9.6%, outperforming the industry growth rate by 8.9 percentage points [2] Refrigeration and Washing Business - The refrigeration and washing segment achieved revenue of RMB 31.20 billion in 2025, an increase of 1.16% year-on-year, with a gross margin of 17.63%, up 0.07 percentage points [3] - The company is focusing on product upgrades in health preservation and vacuum preservation, with market share in refrigerator retail rising to 17.0% [3] - The washing machine segment has seen rapid growth in global revenue, supported by new product launches [3] Profitability - The overall gross margin for the company in 2025 was approximately 21.3%, an increase of 0.53 percentage points, driven by a faster decline in costs compared to revenue [4] - The total expense ratio increased by 0.65 percentage points, primarily due to a rise in financial expenses [4] Future Outlook - EPS forecasts for 2026 and 2027 have been adjusted to RMB 2.66 and RMB 2.94, respectively, reflecting a downward revision of 8.3% and 9.7% [5] - The target price for A-shares is set at RMB 26.60, based on a 10x PE ratio for 2026 [5]

Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [5]. Core Views - The company reported a total revenue of 879.28 billion yuan for 2025, a decrease of 5.19% year-on-year, and a net profit attributable to shareholders of 31.87 billion yuan, down 4.82% year-on-year. In Q4 2025, the revenue was 163.96 billion yuan, a decline of 26.03% year-on-year, with a net profit of 3.75 billion yuan, down 32.46% year-on-year [1][2]. - The dividend payout ratio for 2025 increased to 54.95%. The gross profit margin improved by 0.53 percentage points to 21.31%. The net profit margin slightly decreased by 0.14 percentage points to 5.38% [2]. - Operating cash flow for 2025 was 57.96 billion yuan, an increase of 12.94% year-on-year, with cash received from sales amounting to 803.26 billion yuan, up 4.90% year-on-year [2]. Financial Summary - For 2025, the company achieved total revenue of 879.28 billion yuan and a net profit of 31.87 billion yuan. The projected net profits for 2026, 2027, and 2028 are 32.12 billion yuan, 34.97 billion yuan, and 37.49 billion yuan, reflecting year-on-year growth rates of 0.8%, 8.9%, and 7.2% respectively [2][4]. - The earnings per share (EPS) for 2025 is reported at 2.30 yuan, with projections of 2.32 yuan, 2.52 yuan, and 2.71 yuan for the following years [4]. - The return on equity (ROE) is expected to decline from 18.2% in 2025 to 13.7% by 2028 [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 背景 本公司第十二屆董事會 2025 年第一次會議以及 2024 年股東周年大會已分別於 2025 年 3 月 28 日以及 2025 年 6 月 25 日審議批准了本公司《關於以自有閒置資金進行委託理財的議案》， 同意本公司在控制投資風險的前提下，以提高資金使用效率、增加現金資產收益為原則，使 用自有閒置資金合計不超過人民幣 230 億元委託商業銀行、信託公司、證券公司、基金公司、 保險公司、資產管理公司等金融機構進行短期中低風險投資理財。 茲提述該等金谷信託理財協議，關於本公司及其附屬公司（作為認購方）於 2025 年 10 月 14 日至 2025 年 12 月 19 日期間向金谷信託（作為發行人）認購理財產品。詳情請參閱本公司於 2025 年 12 月 19 日在香港聯合交易所網站（http://www.hkexnews.hk）刊發的公告。 HISENSE HOME APPLIANCES GRO ...

承董事會命 海信家電集團股份有限公司 董事長 高玉玲 HISENSE HOME APPLIANCES GROUP CO., LTD. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 《海信家電集團股份有限公司關於以自有閒置資金購買中低風險固定收益類產品的公 告》已刊載於深圳證券交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參 閱。 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 海外市場監管公告 中國廣東省佛山市，2026 年 3 月 30 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女 士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生； 及本公司的職工代表董事為殷必彤先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 海外市場監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 HISENSE HOME APPLIANCES GROUP CO., LTD. 《海信家電集團股份有限公司關於 2025 年度利潤分配預案的公告》已刊載於深圳證券 交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參閱。 中國廣東省佛山市，2026 年 3 月 30 日 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 海信家電集團股份有限公司 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女 士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生； 及本公司的職工代表董事為殷必彤先生。 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 海外市場監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 《海信家電集團股份有限公司關於購買董事、高級管理人員責任險的公告》已刊載於深 圳證券交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2026 年 3 月 30 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女 士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生； 及本公司的職工代表董事為殷必彤先生。 ...