证券日报网讯 8月7日晚间，海信家电发布公告称，2024年度权益分派方案为每10股派现金红利12.30元 （含税），股权登记日为2025年8月14日，除权除息日为2025年8月15日。 （文章来源：证券日报） ...

2024 年度 A 股权益分派实施公告 股票代码：000921 股票简称：海信家电 公告编号：2025-058 海信家电集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： | 分红年度：2024年度权益分派 | 分配方案：分配比例固定 | | --- | --- | | 股权登记日：2025年8月14日 | 除权除息日：2025年8月15日 | | 除权前A股总股本：925,271,363股 | 回购专户上已回购的股份数量：745,907股 | | 每10股派息（含税）：12.30元 | A股现金分红总额：1,137,166,310.88元 | | 除权后A股总股本：925,271,363股 | | 按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股派息（含 税）：12.290084元 海信家电集团股份有限公司（「本公司」）回购专用账户持有本公司A股股份745,907 股，根据《公司法》《深圳证券交易所上市公司自律监管指引第9号——回购股份》等 相关规定，上市公司通过回购专户持有的本公司股份，不享有参与利润分配的权利 ...

Core Viewpoint - The competition in China's air conditioning industry for the 2025-2026 cooling year has intensified, with a focus on technology integration, price competition, and channel efficiency as key trends [2][3]. Group 1: Market Dynamics - The air conditioning market is experiencing a slowdown in growth, with domestic retail sales of household air conditioners reaching CNY 126.3 billion, a year-on-year increase of 12.4%, and retail volume at 38.45 million units, up 15.6% in the first half of 2025 [3]. - The export volume of air conditioners is expected to exceed 90 million units for the year, driven by extreme high temperatures [3]. - The competitive landscape is shifting, with Xiaomi gaining market share through low pricing, while Midea and Gree are countering with sub-brands targeting the mid-to-low price segment [3]. Group 2: Technological Advancements - AI technology is becoming a focal point, with companies like Gree and Midea launching AI energy-saving air conditioners and integrating advanced AI models into their products [2][3]. - The demand for energy-efficient and comfortable air conditioning solutions is driving innovation in AI features such as AI energy-saving and AI voice control [2]. Group 3: Supply Chain and Retail Strategies - Companies are focusing on improving supply chain efficiency to cope with profit growth pressures, with Midea and Gree implementing direct-to-consumer (DTC) and new retail strategies [4]. - Retail capabilities are becoming a competitive edge, with various platforms and channels being utilized to enhance consumer engagement and streamline distribution [5]. Group 4: Long-term Strategic Initiatives - Companies are exploring the development of smart home ecosystems, with partnerships aimed at integrating air conditioning with automotive technology [5]. - There is a push for breakthroughs in upstream core components and new materials, with Gree and Midea investing in research for innovative magnetic materials and energy-efficient technologies [5]. Group 5: Competitive Positioning - Despite Xiaomi's close market share to Gree in June, there remains a 9.32 percentage point gap in the online air conditioning market as of August 3, 2025, indicating ongoing competitive pressures [6].

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 ...

Core Insights - Hisense Home Appliances reported strong growth in its core business, Hisense Central Air Conditioning, achieving over 20% market share in the multi-split central air conditioning segment [1][3] - The sales of the 5G series products increased by more than double digits year-on-year, reflecting the successful implementation of 5G technology in their offerings [1][3] Group 1 - Since 2015, the company has focused on the research and development of 5G central air conditioning, launching its first 5G IoT central air conditioning unit in 2019 and upgrading to the 5G+ Glory Home series in 2025 [3] - Hisense leads the fresh air air conditioning segment with a sales revenue market share of 43.9%, an increase of 12.3 percentage points year-on-year, establishing itself as a benchmark for healthy air solutions [3] Group 2 - In response to national carbon neutrality goals, Hisense Central Air Conditioning promotes green development with its "Photosynthesis & Direct Drive" series, leading the industry's green transformation [3] - The company has provided services to several projects, including the Jinan Changling Mountain Biomedical Industry Park and the Qingdao Baofeng Times Center, with ultra-level energy efficiency to create comfortable office environments [3] Group 3 - Hisense Central Air Conditioning's technological leadership in 5G, AI, and green innovation, along with its market dominance in multi-split and fresh air systems, positions it as a pillar of Hisense Home Appliances' performance [3] - The integration of whole-house air solutions further strengthens the company's core competitiveness based on technology, providing long-term growth momentum for the home appliance sector [3]

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]