Investment Rating - The report maintains an "Accumulate" rating for Hisense Home Appliances (000921.SZ) with a current price of 25.40 CNY [1]. Core Views - The company's revenue for the first half of 2025 reached 49.34 billion CNY, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 2.08 billion CNY, up 3.0% year-on-year [5]. - Domestic sales are under pressure in the short term, while overseas sales continue to perform well, with a notable increase in revenue from the Americas and ASEAN markets [6]. - The company has seen improvements in gross margins for overseas sales, with a gross margin of 21.5% overall, and a significant increase in R&D investment [7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 24.50 billion CNY, a decrease of 2.6% year-on-year, and a net profit of 0.95 billion CNY, down 8.3% year-on-year [5]. - Domestic sales revenue was 25.25 billion CNY, a slight decline of 0.3% year-on-year, while overseas sales revenue was 20.45 billion CNY, an increase of 12.3% year-on-year [6]. Business Segments - The HVAC segment generated revenue of 23.69 billion CNY in H1 2025, up 4.1% year-on-year, with significant growth in overseas markets [6]. - The home appliance segment, excluding the subsidiary Hisense Hitachi, saw revenue of 13.04 billion CNY, a growth of 14.1% year-on-year, driven by national subsidies [6]. - The washing machine segment also performed well, with domestic revenue growth of 37.6% [6]. Profitability and Margins - The overall gross margin for H1 2025 was 21.5%, with domestic gross margin at 31.0% and overseas gross margin at 12.3% [7]. - The net profit margin for the company was 4.2%, reflecting a slight increase of 0.1 percentage points year-on-year [7]. Forecast and Valuation - The report adjusts the net profit forecast for 2025-2027 to 3.6 billion CNY, 4.0 billion CNY, and 4.5 billion CNY respectively, reflecting a downward adjustment of 5%, 6%, and 4% [8]. - The current price corresponds to a price-to-earnings ratio of 10, 9, and 8 for the years 2025, 2026, and 2027 respectively [8].

Core Viewpoint - The market response to Hisense Home Appliances' mid-year report has been negative, with a significant decline in stock price and market capitalization, indicating investor concerns about the company's performance and future growth prospects [1][3]. Financial Performance - In the first half of 2025, Hisense's revenue slightly increased by 1.44% to 49.34 billion yuan, while net profit grew by 3.01% to 2.077 billion yuan, marking the lowest revenue growth rate since 2020 [3][4]. - The company's revenue growth has significantly slowed down, with historical growth rates of 11.27%, 53.76%, 18.15%, 12.1%, and 13.27% from 2020 to 2024, leading to concerns about its growth potential [3][4]. - Investment income rose by 21.9% to 511 million yuan, contributing significantly to overall profits, with a notable increase in cash flow from operating activities [7][8]. Market Challenges - The home appliance industry is facing challenges such as weak consumer demand and intensified competition, leading to a structural shift in growth dynamics [4][5]. - Despite policies promoting high-end and energy-efficient products, the overall market remains in a transition phase from scale expansion to high-quality development [4][5]. Overseas Market Performance - Hisense's overseas revenue reached 20.45 billion yuan, a year-on-year increase of 12.34%, significantly outperforming domestic growth [5][6]. - Sponsorship of major sports events like the FIFA Club World Cup has been pivotal in enhancing brand exposure and driving sales in international markets, particularly in Europe and the Americas [5][6]. Strategic Focus - The company is focusing on product innovation, supply chain optimization, and channel upgrades to overcome growth bottlenecks during the industry adjustment period [4][5]. - High-quality financial management and investment strategies led by the new chairperson, Gao Yuling, are aimed at maximizing the efficiency of idle funds and supporting core business growth [7][8].

Core Viewpoint - The market response to Hisense Home Appliances' mid-year report has been negative, with a significant decline in stock price and market capitalization, reflecting investor concerns about the company's growth and transformation efforts [2][3]. Financial Performance - In the first half of 2025, Hisense's revenue slightly increased by 1.44% to 49.34 billion yuan, while net profit grew by 3.01% to 2.077 billion yuan, marking the lowest revenue growth rate since 2020 [5]. - The revenue growth rate has significantly decreased compared to previous years, with figures of 11.27%, 53.76%, 18.15%, 12.1%, and 13.27% from 2020 to 2024 [5]. - Profit growth has also hit a low point, with 2023 and 2024 mid-year reports showing growth rates of 141.45% and 34.61%, respectively [5]. Industry Context - The home appliance industry is currently experiencing an adjustment cycle, with weakened consumer demand and intensified competition among leading companies [3][6]. - Despite policies promoting the replacement of old appliances, the overall market is transitioning from scale expansion to high-quality development, leading to structural challenges in growth [6]. International Market Performance - Hisense's overseas revenue reached 20.45 billion yuan in the first half of 2025, a year-on-year increase of 12.34%, significantly outperforming overall revenue growth [7]. - Sponsorship of major sports events, such as the FIFA Club World Cup, has been a key driver for international market expansion, enhancing brand exposure and sales conversion [7][8]. Investment and Financial Management - Investment income rose by 21.9% to 511 million yuan, with significant contributions from fixed-income products and financial asset disposals [10][11]. - The company's cash flow from operating activities surged by 153.43% to 5.322 billion yuan, providing a strong foundation for financial management and investment strategies [10]. Future Outlook - The company needs to focus on solidifying its core business growth to address ongoing market concerns and ensure sustainable performance in the second half of the year [12].

Core Viewpoint - The market response to Hisense Home Appliances' mid-year report has been negative, with a significant decline in stock price and market capitalization, reflecting investor skepticism about the company's growth prospects and transformation efforts [1][3][10] Financial Performance - In the first half of 2025, Hisense's revenue increased slightly by 1.44% to 49.34 billion yuan, while net profit grew by 3.01% to 2.077 billion yuan, marking the lowest revenue growth rate since 2020 [3][4] - Profit growth rates for 2023 and 2024 were 141.45% and 34.61%, respectively, with the current year's figures representing a significant decline [4] - The company's operating cash flow surged by 153.43% to 5.322 billion yuan, indicating improved cash management under the new leadership [8][9] Market Challenges - The home appliance industry is experiencing a cyclical adjustment, with weakened consumer demand and intensified competition among leading companies, leading to reduced growth momentum [4][5] - Despite policies promoting the replacement of old appliances, the overall market remains constrained by sluggish demand and a shift towards high-quality development [4][5] Overseas Market Expansion - Hisense's overseas revenue reached 20.45 billion yuan in the first half of 2025, a year-on-year increase of 12.34%, significantly outpacing overall revenue growth [5][6] - Sponsorship of major sporting events, such as the FIFA Club World Cup, has been pivotal in enhancing brand exposure and driving sales in international markets [6][7] Investment Strategy - The company reported a 21.9% increase in investment income to 511 million yuan, with a substantial portion derived from low-risk financial products [8][9] - The financial management strategy under the new leadership focuses on optimizing cash flow and utilizing idle funds for investment, contributing significantly to overall profitability [9][10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 1,384,861,171 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 海信家電集團股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00921 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 459,589,808 | RMB | | | 1 RMB | | 459,589,808 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 459,589 ...

7月30日晚，海信家电发布2025年半年报。作为海信家电的核心业务，海信中央空调凭借技术驱动稳健 增长，报告期内，海信系多联机中央空调以超20%的市场份额稳居行业前列，5G系列产品销量同比增 长两位数以上。 响应国家碳中和号召，海信中央空调坚持绿色发展，以"光合&直驱"系列产品引领行业绿色转型，以领 先技术与柔性调节能力，为建筑注入绿色基因，为济南长岭山生物医药产业园、青岛宝丰时代中心、合 肥长三角一体化物流园10#电商直播大厦等多个项目提供服务，以超1级能效，助力企业创造舒适凉爽的 办公环境。 海信中央空调凭借5G+AI+绿色创新的技术领导力、多联机&新风双榜首的市场统治力及全球化布局， 不仅是海信家电的业绩支柱，更引领行业向智能化、低碳化升级。其整合全屋空气解决方案的策略，进 一步巩固了"技术立企"的核心竞争力，为家电板块提供长期增长动能。 自2015年布局5G中央空调研发，2019年推出首款5G物联网中央空调，2025年升级5G+荣耀家系列，通 过AI主动管理温湿度、新风及空气质量，重新定义智慧空气体验。 在新风空调细分领域，海信以43.9%的销售额占有率位居第一，同比提升12.3个百分点，成为健康空气 ...

Group 1 - As of August 6, pension funds have appeared among the top ten circulating shareholders of Dongmu Co., holding a total of 6.2664 million shares valued at 127 million yuan [1] - In the second quarter, pension funds were present in the top ten circulating shareholders of three stocks, with a total holding of 39.0852 million shares valued at 875 million yuan [1] - The stocks with the highest holdings by pension funds include Hongfa Co. (28 million shares), Dongmu Co. (6 million shares), and Hisense Home Appliances (5 million shares) [1] Group 2 - The industry distribution of pension fund holdings is primarily concentrated in household durable goods, machinery, and electrical equipment, with one stock in each category [1] - The market value of the three stocks held by pension funds exceeds 100 million yuan, with Hongfa Co. leading at 630 million yuan, followed by Dongmu Co. at 127 million yuan and Hisense Home Appliances at 118 million yuan [1]

Group 1 - The latest stock price of Hisense Home Appliances is 25.44 yuan, with a slight increase of 0.08% from the previous trading day [1] - The company operates in the home appliance industry, focusing on the research, production, and sales of products such as air conditioners and refrigerators [1] - Recent high temperatures in Europe have led to increased demand for cooling appliances, with Hisense's portable air conditioners gaining popularity among Italian consumers [1] Group 2 - Hisense's 2024 ESG report indicates that over 90% of its first and second-level energy consumption products are energy-efficient, with a commitment to peak carbon emissions by 2026 [1] - As of the end of Q2, the Basic Pension Insurance Fund's 1204 combination has become the company's tenth largest circulating shareholder, holding 4.5961 million shares [1] - On August 5, the net outflow of main funds for Hisense Home Appliances was 4.0337 million yuan, while the cumulative net inflow over the past five days was 85.2901 million yuan [2]

以往，欧洲的夏天不那么炎热，不少国家的居民楼没有安装空调的需求。如今若要加装空调，人们将面临建筑条件不允许、物业手续复杂、安装费用过高 等一系列难题。 施塔克的家在建造时没有配备空调。近几年，位于顶层的儿童房入夏后高温难耐。经过比较，施塔克选择了中国品牌美的移动分体空调PortaSplit。"这款 产品无需安装，移动方便，运转安静，制冷效果也很出色。"他说。 新华财经罗马8月5日电 （记者张馨文）一张自拍照中，德国工程师弗伦茨·施塔克紧挨着一款造型简洁优雅的移动空调，微笑着竖起大拇指。在斯图加特 工作的施塔克近日通过视频连线告诉新华社记者，这台中国品牌的空调"表现出色"。 随着夏季高温天气频频来袭，制冷类家电在欧洲持续热销。记者在走访中发现，不少消费者都选择了中国品牌，因为中国制冷类创新产品能满足市场需 求，并凭借节能、设计美观和售后服务可靠等优势赢得青睐。 此外，来自中国的手持小风扇也融入欧洲民众的日常生活。在意大利首都罗马，出租车司机弗朗切斯科在车内放了一台手持小风扇。"它可以折叠，体积 小巧，适合放在车里。"他说，电扇虽小，但风力强劲，可以提高车内空气循环和增强车载空调效果。 "我们今年已经卖出至少80 ...

Group 1 - Hisense Home Appliances announced a significant personnel change with the resignation of President Hu Jianyong due to personal reasons, along with the resignation of Director Zhu Dang [2] - Gao Yuling, the current 44-year-old chairman, will also take on the role of president without receiving additional compensation for the position, marking the beginning of the "Gao Yuling era" [3] - Gao Yuling has a strong financial background and has previously led the financial work for the acquisition of the European home appliance brand Gorenje, earning her the title of "merger female general" [3] Group 2 - The personnel changes come amid a noticeable slowdown in Hisense Home Appliances' performance, with revenue growth of only 1.44% and net profit growth of 3.01% in the first half of 2025, marking the lowest growth rates for the same period in nearly six years [4] - Hu Jianyong's departure has sparked market speculation, particularly as his salary decreased from 7.29 million yuan to 4.06 million yuan in 2024, a reduction of 3.23 million yuan, the largest among executives [5] - Gao Yuling faces significant challenges, including intensified competition in the air conditioning market from major players like Midea and Gree, as well as new entrants like TCL and Philips, alongside a substantial decline in stock price since the 2024 peak [5]