Core Viewpoint - Hisense Home Appliances is experiencing a slowdown in growth despite still achieving revenue and profit increases, indicating a potential shift in company strategy following recent executive changes [2][3][4]. Financial Performance - In the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% [3][4][5]. - The company's revenue growth has slowed compared to previous years, where 2024 saw an 8.35% increase in revenue and a 17.99% increase in net profit [5]. - The gross profit margin decreased slightly to 22.66%, down 0.01 percentage points [6]. Market Dynamics - The domestic central air conditioning market saw a significant decline of 15.9%, while the home air conditioning market retail sales increased by 24.9% [6]. - Hisense's domestic revenue experienced a slight decline of 0.06%, attributed to the downturn in the central air conditioning market [6]. Business Segments - The HVAC segment remains the largest for Hisense, with revenue growth of 4.07% to 23.69 billion yuan, accounting for 48.02% of total revenue [7]. - Internationally, Hisense's overseas revenue grew by 1.35%, with notable increases in the European market, where revenue rose by 22.7% [8]. Executive Changes - Recent executive changes include the appointment of Gao Yuling as president and the election of Yin Bitong as a representative director, indicating a potential strategic shift [2][9]. - Yin Bitong, previously a vice president at Midea Group, is recognized for his transformative leadership, which may enhance Hisense's operational capabilities [9][10]. - Fang Xueyu, with extensive experience in international markets, has been nominated as an executive director, reflecting Hisense's focus on expanding its global presence [10].

海信家电2025半年报 ...

Core Viewpoint - Hisense Home Appliances reported a slight increase in revenue and net profit for the first half of 2025, indicating stable growth in its core business segments, particularly in air conditioning and washing machines [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 49.34 billion yuan, a year-on-year increase of 1.44% [1][2]. - Net profit for the same period was 2.077 billion yuan, reflecting a growth of 3.01% compared to the previous year [1][2]. - Revenue from HVAC (Heating, Ventilation, and Air Conditioning) was 23.69 billion yuan, accounting for 48.02% of total revenue, with a year-on-year growth of 4.07% [1][2]. - Revenue from the washing machine segment was 15.39 billion yuan, representing 31.20% of total revenue, with a year-on-year increase of 4.76% [1][2]. - Other main business revenues totaled 6.61 billion yuan, showing an increase of 8.89% year-on-year [1][2]. Management Changes - Hisense Home Appliances announced changes in its board of directors, with the resignation of CEO Hu Jianrong and director Zhu Dan due to personal and work-related reasons [2][3]. - Fang Xueyu was nominated as a candidate for the board of directors, and Gao Yuling was appointed as the new CEO [3]. - Yin Bitong was elected as a member of the board's strategic and ESG committees [3]. Strategic Developments - The establishment of the Air Conditioning Division in May 2025 aims to integrate home and central air conditioning businesses, enhancing operational efficiency [5]. - The company has formed a comprehensive product and brand matrix, improving its market presence and dealer support [5]. - Hisense's air conditioning exports reached 5.371 million units in the first half of 2025, marking a 17% year-on-year increase, leading the industry in growth [6]. Technological Advancements - In June 2025, Hisense launched the "Variable Frequency S Architecture" technology platform, featuring self-developed core MCU chips and energy-saving algorithms [8]. - The company introduced new air conditioning products with innovative features aimed at enhancing user experience and energy efficiency [8].

Core Insights - Hisense Home Appliances reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [1][2] Group 1: Business Performance - The HVAC (Heating, Ventilation, and Air Conditioning) segment generated revenue of 23.694 billion yuan, reflecting a year-on-year growth of 4.07%, with a gross margin of 27.12%, down 1.56% [2] - The washing and refrigeration segment achieved revenue of 15.392 billion yuan, a year-on-year increase of 4.76%, with a gross margin of 18.74%, up 2.12% [2] - Hisense washing machines saw a significant domestic revenue growth of 37.58% [2] Group 2: Market Expansion - Hisense's air conditioning exports reached 5.371 million units, marking a year-on-year increase of 17%, with the multi-split central air conditioning systems holding over 20% market share [2] - The company's air conditioning exports accounted for 9.5% of the national total [2] - Revenue from the European region grew by 22.7%, with air conditioning and washing machine revenues increasing by 34.5% and 38.9% respectively [2] Group 3: Channel Development - In the first half of 2025, the company opened 1,821 new proprietary stores, with store revenue increasing by 18% [2] - Revenue from the Douyin channel grew by 51%, with the 5A customer group showing an 82% increase in repurchase and active recommendations [2]

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]

证券日报网讯 7月30日晚间，海信家电（000921）发布公告称，本公司于2025年7月30日召开了第六届 职工代表大会，选举殷必彤先生为本公司第十二届董事会职工代表董事。 ...

（文章来源：每日经济新闻） 海信家电（SZ 000921，收盘价：27.2元）7月30日晚间发布半年度业绩报告称，2025年上半年营业收入 约493.4亿元，同比增加1.44%；归属于上市公司股东的净利润约20.77亿元，同比增加3.01%；基本每股 收益1.52元，同比增加2.7%。 ...

海信家电（000921）(00921)发布公告，于2025年7月29日，该公司注销75.56万股已回购A股股份。 ...

智通财经APP讯，海信家电(00921)发布公告，于2025年7月29日，该公司注销75.56万股已回购A股股 份。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 海信家電集團股份有限公司 呈交日期： 2025年7月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 每股面值人民幣1元之普通股(A股) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有 ...