【今日焦点】 南山铝业国际(02610.HK)盈喜：预期中期净利润约2.25亿美元至2.65亿美元 南山铝业国际(02610.HK)公告，集团预期截至2025年6月30日止6个月录得约2.25亿美元至2.65亿美元的 净利润，而截至2024年6月30日止6个月所录得的净利润约为1.59亿美元。 集团期内净利润增长主要归因于毛利率的提升，此乃得益于期内氧化铝售价提高及单位生产成本相对稳 定。根据目前可得资料及本集团最新未经审核综合管理账目，2025年上半年公司产品的平均售价约为每 吨530美元，高于2024年上半年的约每吨387美元，但低于2024年下半年的约每吨561美元。 【重大事项】 安徽皖通高速公路(00995.HK)拟与S98联合体成立S98合资公司以实施有关S98全椒至禄口高速公路安徽 段的项目 复锐医疗科技(01696.HK)附属向北美市场推出Universe 【财报业绩】 盈喜预告 | TCL电子(01070.HK)预期2025年上半年经调整归母净利润同比增幅约为45%至65% 人瑞人才(06919.HK)盈喜：预期中期权益持有人应占溢利同比增长66.7%至94.1% 海港企业(00051.HK ...

TCL 电子 (01070.HK)2025 年上半年全球 TV 全球出货量排名稳居前二 Mini LED TV 全球出货量大幅增长 176.1% 2025年7月22日，香港TCL电子控股有限公司("TCL电子"或"公司"，01070.HK)今天公布2025年上半年全球TV销量数据。凭借"中高端+大屏化"战略的持续 深化以及全球品牌影响力的稳步提升，2025年上半年公司全球TV出货量达1,346万台，同比增长7.6%，出货量排名稳居全球前二。其中，Mini LED TV全 球出货量同比大幅增长176.1%，出货量位居全球首位。 产品结构进一步优化 TCL电子紧抓全球大屏化趋势，产品结构持续优化，大尺寸TV出货量依然维持高速增长。2025年上半年，65吋及以上TCL TV全球出货量同比增长 29.7%，出货量占比同比提升4.8个百分点至28.4%；75吋及以上TCL TV全球出货量同比增幅达29.7%，出货量占比同比提升2.4个百分点至14.2%。TCL TV 全球出货平均尺寸同比增加1.5吋至53.4吋。 与此同时，TCL电子持续深化高端显示技术布局，今年上半年推出行业首创的第四代液晶电视，极景无黑边，100% ...

(i) 本集团秉持"品牌引领价值，全球效率经营，科技驱动，活力至上"的战略方针，坚持"全球化"和"中 高端化"发展，持续加大对Mini LED等高端显示技术及人工智能方面的研发投入，以进一步提升本集团 产品竞争力并推动全球中高端化战略落地;同时，本集团持续强化自身在全球供应链及渠道的领先布局 优势，增强全球经营风险的敏捷应对能力;此外，本集团持续提升全球品牌价值，2025年初TCL成为奥 林匹克全球合作伙伴，全球品牌潜力进一步被激发。在复杂多变的市场环境之下，本集团2025年上半年 的核心业务规模实现更有质量的增长、产品及渠道结构显著改善，创新业务规模保持高增态势。 (ii) 本集团持续打造极致成本，锻造效率优势。2025年上半年，本集团有效推进数字化转型、提升自动 化智能化、采用大宗管理和优化产能，增强本集团生产制造及物流仓储等经营效率。2025年上半年本集 团整体费用率进一步降低、费用结构更加优化。同时，本集团完善全球人才培养管理体系，提升人才厚 度并激发活力，并通过股权激励方案牵引本集团业绩提升。 智通财经APP讯，TCL电子(01070)发布公告，预期本集团2025年上半年的经调整归母净利润约在9.5 ...

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is expected to show strong performance in Q2 2025, with leading brands like Midea, Haier, and Gree projected to achieve double-digit growth due to stable profitability and market share gains. In contrast, second-tier brands may experience single-digit declines or marginal growth [1][3][4]. Key Insights and Arguments White Goods and Components - The white goods and components sector is anticipated to demonstrate robust operational resilience, with leading companies expected to achieve over 10% year-on-year growth. In contrast, second-tier white goods companies are likely to see weak performance, with revenue and earnings projected to decline slightly or grow marginally [4]. - Midea Group is recommended as a top pick, with expected revenue and earnings growth of over 15%. Haier is also expected to achieve double-digit growth due to strong domestic air conditioning performance and stable overseas business [4]. Home Appliance Performance - The overall performance of the home appliance industry in Q2 2025 is promising, with strong domestic demand driven by national subsidy policies. The air conditioning market saw a 36% increase in online retail volume, with Midea and Haier gaining market share [5]. - The kitchen small appliance sector is recovering, with a 25% growth during the 618 shopping festival, driven by improved average prices and sales volume [10]. Cleaning Appliances - The cleaning appliance sector is benefiting from national subsidy policies and global market share gains. Companies like Ecovacs and Roborock are experiencing strong revenue growth, while the price increase by a competitor has led to a decline in market share for others, providing growth opportunities for leading brands [1][6]. Black Goods - The black goods sector is stable, with an increase in Mini LED penetration driving price increases. TCL Electronics and Hisense are expected to see revenue and performance growth due to product structure optimization and overseas market expansion [1][13][15]. Export Manufacturing - Export manufacturing companies like Ousheng Electric and Lek Electric are expected to gradually recover their performance in Q3 and Q4 2025, benefiting from well-established production capacity in Southeast Asia [12]. Additional Important Insights - The air conditioning market remains competitive, but leading companies are managing costs effectively without sacrificing profit margins. The small appliance sector is seeing improved profitability due to capacity clearing and marginal improvements in traffic costs [2]. - The kitchen appliance sector is facing pressure from real estate completion demands, but national subsidy policies are providing support. Traditional products are stable, while integrated stoves are experiencing significant declines [17][19]. - Companies like Bull Group are facing growth pressures due to a weak macro environment, although their new energy and overseas business segments are growing rapidly [21]. - Ecovacs is projected to achieve a net profit of 485 to 515 million yuan in Q2, representing a year-on-year growth of 56% to 66%, driven by strong domestic market performance and international sales [7][8]. This summary encapsulates the key points from the conference call, highlighting the performance expectations and strategic insights across various segments of the home appliance industry.

618 家电零售增长稳健，美越关税落地有望带动出口链情绪回温 2025 年 618 家电市场整体表现稳健，主要品类均实现增长，内部结构持续优化。整体市场延续回暖趋势，白电品类 零售量和零售额双双提升，均价保持稳定；黑电品类表现亮眼，618 期间中国彩电市场销量同比增长 9.7%，销额同比 增长 14.5%，线上线下均实现量价双增。具体来看，空调品类增长势头强劲，线上线下零售额同比增幅均超过 15%， 头部品牌如美的、小米、海尔表现突出，品牌集中度提升，产品上"新一级能效"占据绝对主流（线上线下占比均超 95%），"舒适风"功能线上渗透率升至 27.66%。洗衣机市场线上线下零售额分别同比增长 17.1%和 12.1%，行业竞争 焦点转向大容量、分区洗等功能升级。冰箱品类增长稳健，全渠道零售额同比增长 3.3%，消费以刚需替换为主。彩电 则实现了销量与销额的双位数增长，产品结构升级显著，大尺寸、高刷新率、Mini LED 及艺术电视渗透率持续提升， 行业竞争正从价格导向转向用户体验和价值导向。 美越达成初步贸易协议，关税政策落地低于预期，有望显著提振中国家电出口链市场情绪。根据协议，美国将对大部 分越南出口商品 ...

TCL 电子 20260626 摘要 TCL 电子在中国彩电存量市场中通过消费升级（Mini LED 渗透率提升、 尺寸增大）和竞争格局改善实现超预期业绩，2024 和 2025 年均价提 升显著，并制定了高增长股权激励目标。 618 期间 TCL 主品牌零售量、价、额均跑赢行业，销量增长超 30%， 零售额增长超 40%，均价中高个位数提升，Mini LED 销量增长 150%，全年 Mini LED 渗透率目标为 20-25%。 北美市场 TCL 电子实现量价齐升，零售量同比增长 8%-9%，均价提升 5%，零售额增长超 10%，Best Buy 渠道收入占比提升至 30%以上， 坚持中高端战略。 Mini LED 技术是 TCL 的核心优势，2024 年全球市场占有率达 28%- 29%，稳居第一，通过成本下降和中高端产品策略提升盈利能力，预计 2025 年国内渗透率达 20%-25%。 面板价格预计温和上涨，供给端竞争固化利好头部品牌，TCL 能够更好 地传导价格变化，提高盈利能力。预计 2025 年电视销量同比增长 10%，海外市场双位数增长。 Q&A TCL 电子在 2025 年消费股表现出色的原 ...

TCL Electronics Conference Call Summary Industry Overview - TCL Electronics operates in the consumer electronics industry, focusing on television manufacturing and sales, particularly in the Mini LED segment. The company has shown strong performance in both online and offline retail channels, achieving significant growth during the 618 shopping festival. Key Points and Arguments Sales Performance - TCL brand achieved over 30% growth in retail volume and over 40% growth in retail sales during the 618 period, with average selling prices (ASP) showing mid-single-digit growth [2][3] - The Thunder brand, benefiting from national subsidy policies, outperformed the industry by over 20 percentage points in terms of sales volume and revenue during the same period [2][3] Mini LED Segment - Mini LED retail volume doubled during the 618 period, with TCL brand's retail volume increasing by over 150% [2][5] - Despite the growth in volume, ASP declined due to factors such as the number of zones and size reductions, a trend that has persisted since Q1 [5][8] Product Structure and Profitability - The company is optimizing its product structure, focusing on large-size televisions (75 inches and above) which are expected to enhance gross margins [2][6] - The gross margin for the first half of the year has not yet been disclosed, but there is confidence in an upward trend due to the increasing penetration of Mini LED technology [6] International Market Performance - The overseas market grew by 11.6% year-on-year in Q1 2025, with expectations of maintaining over 10% growth for the year [9] - Significant progress was noted in Europe and emerging markets, with European shipments growing by 15%-16% and Mini LED penetration reaching 11%-12% [9] Inventory Management - Global inventory levels are reported to be healthy, with North America increasing inventory to mitigate tariff policy fluctuations [4][10] - The company is strategically managing its supply chain, with 80% of supplies coming from Vietnam and 20% from Mexico [10] North American Market Strategy - The North American market has seen a shift towards mid-to-high-end channels, with significant growth in the sales of large-size and Mini LED televisions [11][21] - The company is focusing on improving profitability rather than aggressive sales targets in the U.S. market [21][22] Innovation and New Products - The Thunder innovation platform has launched new AR and AI glasses, although these do not significantly impact the company's financials [12] - The AI companion robot project is in development, with plans for future market introduction [13] Future Outlook - The company expects continued growth in its innovative business segments, with a projected revenue increase of 15%-20% in full-category marketing and 40% in the photovoltaic business for 2025 [17] - Internet business revenue is anticipated to maintain double-digit growth, despite recent domestic policy impacts [18] Cost Management and Investment - The company plans to continue investing in long-term capabilities, including AI and photovoltaic business, while maintaining a focus on efficiency improvements [24] - Research and development expenditures will remain stable but focused on key technologies such as Mini LED and OLED [24] Financial Guidance - The company has not provided specific mid-term earnings guidance but expects to release sales figures in late July and mid-term financial results in late August [25] Additional Important Information - The company is adapting to global tariff policy changes by maintaining flexible production capacity and managing costs effectively [19][20] - Marketing efforts include sponsorship of major sports events to enhance brand visibility and consumer perception [23]

TCL 电子在 2025 年第一季度的销售表现如何？国内市场和海外市场的具体情 况是什么？ 2025 年第一季度，TCL 电子整体销量表现符合全年预期。国内市场实现了 10.8%的双位数增长，主要得益于 TCL 品牌的亮眼表现，其中 TCL 主品牌实 现了 15%到 20%的增长，而雷鸟品牌增速有所放缓。此外，国补政策刺激了 二级能效以上产品的销售，使得 TCL 电子主品牌结构改善明显。国内 MINI LED 出货量同比增长 300%，占比从去年同期的 4%提升至今年 Q1 的 18%。 全年预计国内高个位数增长目标能够达成，MINI LED 出货量目标为 150 万台， 二股东持股比例已降至 3.5%左右，过去一年多在公开市场缓慢减持， 对公司股价影响较小。公司有一些海外并购计划，新任独立董事具备深 厚的海外并购背景，与公司现阶段需求匹配。 2025 年 Q1 国内整体销量超预期增长 10.8%，全年预计维持高个位数 增长。Mini LED 电视零售额增长显著，TCL 品牌占比近三成。预计全年 均价和毛利率保持不变。海外市场 Mini LED 增长迅速，欧洲占比达 11%-12%，北美达 6%。 公司通过全 ...

Core Viewpoint - The television market is experiencing a price war, particularly in the 32-inch segment, with prices dropping to around 500 yuan, but there are notable differences between online and offline sales channels [2][3][11]. Group 1: Market Trends - The online television market is expected to see significant growth during the 618 shopping festival, with sales projected to reach 5.44 billion yuan, a 22% increase year-on-year [3]. - The average price of televisions online is expected to rise to 3,664 yuan, a 14% increase, while offline prices are projected to be 7,194 yuan, up 7.5% [3]. - The 32-inch television segment is seeing intense competition, with many manufacturers launching models priced around 400-500 yuan [16][22]. Group 2: Price Dynamics - Several brands have introduced 32-inch televisions at low prices, such as Philips at 424 yuan and TCL at 509 yuan after subsidies [4][5]. - The price drop in the 32-inch segment is attributed to a combination of national subsidies and a focus on inventory clearance strategies by manufacturers [11][14]. - The cost structure of televisions shows that panel prices significantly influence retail prices, with panel costs accounting for 52% of total costs [12]. Group 3: Consumer Behavior - Offline consumers tend to prioritize picture quality and the ability to see the product in person, contrasting with online consumers who focus more on price [9][10]. - There is a growing trend towards larger televisions, with consumers increasingly opting for high-end products rather than just low-priced options [23][24]. Group 4: Company Performance - Companies like TCL and Hisense have reported revenue growth despite low profit margins, with TCL's revenue reaching 99.32 billion HKD, a 25.7% increase [19]. - Konka, however, has faced significant losses, with a revenue decline of 37.73% and a net loss of 3.296 billion yuan, attributed to intensified market competition [21]. - The overall profitability of television manufacturers remains low, with many operating at margins below 20% [17][18].

行业报告 | 行业研究周报 家用电器 证券研究报告 泳池清洁机器人加速放量，蓝海市场未来可期——25W20 周度研究 周度研究聚焦：泳池清洁机器人加速放量，蓝海市场未来可期 泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理 池水、池壁、池底的沙尘、杂质和污垢等。泳池清洁机器人最大优势在于其 能实现水下自主清理功能，其构造包括结构件、传动件、控制件与清洁件， 通过多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁滚刷 等部件的配合实现池水与池底池壁的清洁功能。 全球泳池数量持续增长，泳池机器人需求量大。据嘉程资本统计，2021 年 全球有 2888 万个泳池，每年呈持续增长态势。据嘉程资本预测，到 2026 年，会增至 3692 万个泳池，2021-2026 年复合增速在 5%。主要集中在欧美 市场，尤其以美国为主。美国泳池数量在 2021 年就已达到 1060 万个，到 2022 年增至 1900 多万个，包含了私家泳池和公共泳池，其中私家泳池占比 70%以上。我们认为随着全球泳池数量的持续增长，泳池机器人的需求量也 相应释放，其市场足够庞大。 泳池机器人加速渗透，已经从最开始的导入 ...