Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Date**: Q3 2025 Key Points Industry and Market Performance - **White Goods Business**: Accelerated growth in Q3 compared to Q2, with improvements in HVAC, compressors, and washing machines. New air conditioning installations increased by over 50% [2][9] - **Domestic Market**: Intense competition; Hisense is launching high-end products and cost-effective models to enhance competitiveness while reducing SKU to improve product focus [2][5] - **Export Market**: Significant growth driver, with 60% of the processing segment's revenue from exports. The washing machine segment's export sales are nearly half, with rising profit margins aimed to match domestic levels in 2-3 years [2][8] Financial Performance - **Q3 Performance**: Steady domestic sales with HVAC demand spiking in July due to weather, leading to a recovery in refrigerator sales from a slight decline in Q2 to positive growth in Q3. Japanese subsidiary revenue grew approximately 10% in Q2, with expectations of 3-4% growth in H2 [3][9] - **Profit Margins**: While competition has eased slightly, increased costs in online and lower-tier channels may impact overall profit margins [10][11] Strategic Initiatives - **Response to Tariffs**: Gradual relocation of production lines to Mexico and ASEAN to mitigate North American tariff impacts, alongside efficiency improvements in manufacturing [4][28] - **Product Strategy**: Focus on high-end products and innovative designs, such as integrated refrigerators and zone washing machines, to drive sustainable growth beyond subsidies [5][7][8] Future Outlook - **Q4 Expectations**: Anticipated greater pressure in Q4 due to high baseline from last year's subsidy rollout. The company is preparing for a competitive environment regardless of subsidy availability [6][8] - **Long-term Growth**: Aiming for mid-single-digit revenue growth in 2026, with a focus on both traditional and new energy vehicle markets [26] Market Expansion - **Emerging Markets**: High growth potential in regions like Middle East, ASEAN, and Latin America, with expected growth rates of 10-20% [2][20][22] - **Brand Strategy**: Emphasis on building brand presence through sports marketing in Europe, achieving the highest market share in refrigerators [2][20][21] Challenges and Risks - **Competitive Landscape**: Ongoing intense competition in the domestic market, with expectations of continued price wars [8][10] - **Currency Fluctuations**: Minimal impact from currency fluctuations due to neutral exchange management strategies [30] Employee Incentives - **Stock Incentives**: Plans to introduce a new stock incentive scheme to motivate employees, alongside considerations for increasing dividend payouts [32][33] Conclusion Hisense Home Appliances is navigating a competitive landscape with strategic initiatives focused on product innovation, market expansion, and operational efficiency to drive growth and profitability in both domestic and international markets.

Core Viewpoint - Hisense's HHA Smart Manufacturing Industrial Park in Thailand marks a significant overseas expansion, aimed at enhancing its presence in ASEAN and globally [1][3][4] Group 1: Project Overview - The HHA Industrial Park is Hisense's largest overseas production base, with a planned annual capacity of 12 million units and an annual output value of 100 billion Thai Baht by 2030 [1] - The first phase of the project involves an investment of 4.7 billion Thai Baht, establishing a factory for refrigerators, freezers, and washing machines, with an expected annual capacity of 2.6 million units and an output value of 8 billion Thai Baht [1] - The park aims to meet "global lighthouse factory" standards, incorporating advanced technologies such as AI quality inspection and digital twin technology to enhance production efficiency [1] Group 2: Strategic Location and Benefits - The industrial park is strategically located in the Eastern Economic Corridor (EEC) of Thailand, near deep-water ports and international airports, allowing for shared resources with established companies like Panasonic and Hitachi [2] - The Thailand Board of Investment has classified the project as a key foreign investment initiative, which is expected to reduce local operational costs by approximately 12% through shared facilities [2] Group 3: Business Performance and Market Context - Hisense's overseas revenue reached 20.451 billion yuan in the first half of 2025, a year-on-year increase of 12.34%, significantly outpacing the domestic business which saw a decline of 0.31% [3] - The ASEAN region, targeted by the HHA Industrial Park, experienced a 46% increase in sales of open-door refrigerators and a 55% increase in washing machine revenue in the same period [3] - The global home appliance trade is undergoing significant changes, with export volumes for refrigerators, washing machines, and air conditioners increasing by 6.5%, 10%, and 15.2% respectively in early 2025, amidst rising trade protectionism [3] Group 4: Long-term Vision and Industry Impact - The establishment of the HHA Industrial Park signifies Hisense's shift from "product output" to "ecosystem output," aiming to create a global supply chain model for Chinese home appliance companies [6] - Hisense's overseas strategy emphasizes deep localization through integrated R&D, production, and sales, with significant investments in R&D leading to over 20 technological breakthroughs [5]

Group 1 - The Hang Seng Index rose by 1.37%, while the Hang Seng Tech Index increased by 2.53% [1] - Technology stocks showed strong performance, with Alibaba rising by 9% to reach a new high, announcing a collaboration with NVIDIA on Physical AI [1] - Semiconductor company SMIC saw a nearly 6% increase, hitting a historical high [1] Group 2 - Home appliance stocks performed well, with Hisense Home Appliances surging by 14% after establishing a joint laboratory with Dow [1] - Pharmaceutical stocks faced a downturn, with Yimeng Bio falling by nearly 9% [1]

Market Overview - The Hang Seng Index rose by 0.91%, gaining 238 points to reach 26,397 points, while the Hang Seng Tech Index increased by 2.19% [1] - The trading volume in Hong Kong's stock market reached 150.9 billion HKD in the morning session [1] Key Company Performances - Alibaba-W (09988) surged over 6% as CEO Wu Yongming announced active progress on a 380 billion HKD AI infrastructure project [1] - Kingdee International (00268) increased nearly 6% following the re-integration of Yunzhijia, aligning with the company's strategic direction [2] - China Foods (00506) rose over 4%, accumulating a total increase of over 20% since its inclusion in the stock index, being well-positioned within COFCO Group for food business [3] - Jinfo Pharmaceutical-B (02595) saw a rise of 6.77% as the company presented research data at the AACR annual meeting, establishing a RAS-targeted therapy matrix [4] - Hong Kong Broadband (01310) increased by over 5% as China Mobile sold shares to comply with regulatory requirements, which is expected to improve the company's financial situation [5] - Zhongchu Innovation (03931) rose over 7% due to the strong domestic energy storage market, benefiting from a trend towards centralized orders [6] - Hisense Home Appliances (00921) surged by 9.69% after forming a strategic partnership with Dow, with management expressing optimism about overseas appliance business [7] - ASMPT (00522) increased by over 8% as the direction for semiconductor equipment localization became clear, with a 50% increase in TCB equipment orders in the first half of the year [8] - Xixiang Group (02473) saw a peak increase of over 9%, with a morning rise of 5.86% after reaching a strategic cooperation intention with Smart Donkey to accelerate smart logistics deployment [9]

Core Viewpoint - Hisense Home Appliances (000921)(00921) has seen a significant stock price increase following the signing of a strategic cooperation memorandum with Dow Chemical, indicating a deepening partnership and potential for future collaboration in the appliance and polyurethane sectors [1] Group 1: Strategic Developments - On September 8, Hisense Home Appliances and Dow Chemical signed a strategic cooperation memorandum, establishing a solid foundation for collaboration in the polyurethane business and home appliances [1] - The agreement includes the establishment of a joint laboratory at the Dow Shanghai Center, focusing on the development of new materials and technologies to meet the evolving demands of the home appliance market [1] Group 2: Financial Outlook - Goldman Sachs recently reported discussions with Hisense management, who expressed confidence in achieving their employee stock ownership plan by 2025 [1] - Management anticipates a compound annual growth rate (CAGR) of mid-to-high single digits for revenue and 10%-20% for profit over the next three years [1] - The management expects an improvement in domestic business profit margins in the second half of the year due to a relatively low revenue base compared to leading competitors [1] Group 3: Business Performance - The overseas home appliance business is expected to accelerate growth in Q3, with further improvements anticipated in Q4, driven by inventory normalization and demand recovery [1] - The central air conditioning business showed month-on-month improvement in July, although ongoing pressures from the real estate market may persist [1] - The company believes that various initiatives will help mitigate the impact of the real estate market challenges [1]

高盛近期发布研报称，近期与海信家电管理层进行了交流。管理层表示将努力达成2025年员工持股计划 目标，并预计未来三年收入/利润年均复合增速将分别达到中高个位数/10%-20%区间；由于相对龙头企 业的收入基数较低，管理层预计下半年国内业务利润率将改善；管理层预计海外家电业务三季度增长加 速，四季度将进一步改善，受到库存和需求正常化推动；中央空调业务7月份环比改善，但房地产市场 压力可能持续，公司称各项举措有望缓和这一影响。 消息面上，9月8日，陶氏公司与海信家电集团正式签署战略合作谅解备忘录，标志着双方合作关系进一 步深化。此次签约不仅奠定了双方在聚氨酯业务、家用电器及相关领域的坚实基础，也为未来更广泛的 合作打开了新局面。双方一致同意在上海陶氏中心设立联合实验室，专注于开发新材料与新技术，以更 好地满足家电市场日益变化的需求。 智通财经APP获悉，海信家电(00921)早盘涨超6%，截至发稿，涨5.78%，报24.88港元，成交额7012.15 万港元。 ...

Core Viewpoint - Hisense Home Appliances has experienced fluctuations in stock price and trading volume, with a recent increase in share price despite a year-to-date decline. The company shows modest revenue and profit growth, indicating stability in its operations [1][2]. Group 1: Stock Performance - On September 24, Hisense Home Appliances' stock rose by 2.07%, reaching 25.65 CNY per share, with a trading volume of 1.93 billion CNY and a turnover rate of 0.83%, resulting in a total market capitalization of 355.22 billion CNY [1]. - Year-to-date, the stock price has decreased by 7.30%, with a 1.50% increase over the last five trading days, a 0.90% increase over the last 20 days, and a 3.63% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Hisense Home Appliances reported a revenue of 49.34 billion CNY, reflecting a year-on-year growth of 1.44%, and a net profit attributable to shareholders of 2.08 billion CNY, which is a 3.01% increase compared to the previous year [2]. - The company has distributed a total of 6.964 billion CNY in dividends since its A-share listing, with 3.823 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Hisense Home Appliances increased to 41,200, marking a 27.22% rise from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 28.219 million shares, a decrease of 20.654 million shares from the previous period [3].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [8][13]. Core Insights - In August, domestic air conditioner sales remained stable while export declines narrowed, indicating a potential recovery in the export market. The overall valuation of the industry is at a historical low [4][13]. - The report highlights that the air conditioning sector is expected to experience a slowdown in growth from September to December due to high shipment bases, despite supportive policies for domestic demand [4][10][13]. - Leading companies in the white goods sector, such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric Appliances, are recommended for their high quality and dividends [4][13]. Summary by Sections Air Conditioning Market Performance - In August, the production of household air conditioners reached 12.88 million units, a year-on-year increase of 9.43%, while sales totaled 13.02 million units, a decrease of 1.04%. Domestic sales were 7.74 million units, up 1.22%, and exports were 5.29 million units, down 4.18% [9][15]. - The report notes that the domestic market showed stable performance, with a slight increase in sales, while the export market is showing signs of recovery [10][12]. Company-Specific Performance - Gree's sales in August decreased by 3.39% (domestic sales flat, exports down 10.53%), while Midea's sales fell by 9.21% (domestic down 17.31%, exports up 8.33%). In contrast, Haier's sales increased by 15.63% (domestic up 27.12%, exports down 16.67%) [9][27]. - Hisense reported a 6.71% increase in sales (domestic up 50%, exports down 22.95%), while TCL saw a 2.86% increase (domestic down 8%, exports up 6.25%) [9][22]. Future Outlook - The report anticipates that from September to December, air conditioning shipments will likely see a year-on-year decline of 6%-7% due to high shipment bases, despite policy support [10][13]. - The external sales decline is expected to narrow further, with a projected year-on-year increase of 47% in air conditioning exports from September to December 2024 [12][13].

Group 1 - The core viewpoint of the news is that despite the decent performance of Hisense Home Appliances Group Co., Ltd., its stock price has significantly underperformed compared to the market, leading to concerns from investors about the company's market value management [1] - The investor relations activity was an earnings briefing held on September 19, 2025, where the management addressed investor concerns regarding the stock price decline of over 26% since the beginning of the year, contrasting with the market's rise of over 20% [1] - Investors suggested measures such as using financial resources for share buybacks to enhance stock prices and directly benefit investors, highlighting a perceived deficiency in the company's market value management [1] Group 2 - The management responded that stock price fluctuations are influenced by various factors, including capital market trends, macroeconomic conditions, and industry changes, emphasizing the company's stable operational status [1] - The management also mentioned ongoing efforts to optimize governance systems and their commitment to maintaining investor rights and enhancing market confidence through various means [1]