Core Viewpoint - The company reported a revenue of 13.375 billion yuan for Q1 2025, a year-on-year increase of 5.31%, and a net profit attributable to shareholders of 554 million yuan, up 18.61%, primarily benefiting from the domestic trade-in policy that boosted the sales of large-screen and MiniLED products [1] Group 1: Revenue and Profit Growth - The company achieved a revenue of 13.375 billion yuan in Q1 2025, reflecting a year-on-year growth of 5.31% [1] - The net profit attributable to shareholders reached 554 million yuan, representing an 18.61% increase year-on-year [1] - The growth was driven by the domestic trade-in policy, which stimulated the sales of large-screen and MiniLED products [1] Group 2: Domestic and International Market Performance - Domestic sales of televisions are expected to grow positively due to the trade-in policy, with Hisense/Vidda's online retail sales increasing by 10.5% and 13.5% respectively in Q1 2025 [2] - The average selling price of MiniLED backlight products increased by 31.4% and 8.5% for Hisense and Vidda respectively [2] - The company is expected to maintain resilience in overseas revenue, with the ability to flexibly allocate production capacity from its Mexico factory to mitigate U.S.-China tariff disruptions [2] Group 3: Gross Margin and Cost Management - The gross margin for Q1 2025 was 15.93%, an increase of 0.6 percentage points year-on-year, mainly due to a higher proportion of high-end products and stable panel costs [3] - The company anticipates continued growth in domestic gross margins in Q2 2025, driven by product upgrades and price increases [3] Group 4: Expense Management - The overall expense ratio for the company increased by 0.97 percentage points year-on-year in Q1 2025, with sales, management, and R&D expense ratios rising by 0.84, 0.28, and 0.03 percentage points respectively [4] - Financial expenses decreased by 0.18 percentage points, potentially due to foreign exchange gains [4] - The company recovered credit impairment losses, contributing 73 million yuan [4] Group 5: Future Outlook and Valuation - The company maintains its net profit expectations for 2025-2027 at 2.59 billion, 2.89 billion, and 3.23 billion yuan respectively, corresponding to EPS of 1.99, 2.22, and 2.48 yuan [5] - The average PE ratio for comparable companies in 2025 is expected to be 12.2x, with the company benefiting from trade-in subsidies and product upgrades leading to a valuation premium [5] - A target price of 29.85 yuan is set based on a 15x PE for 2025 [5]

Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual [2][8] Core Views - The company's Q1 2025 revenue reached 13.375 billion, a year-on-year increase of 5%, with a net profit attributable to shareholders of 554 million, up 19% year-on-year [5][8] - The domestic market shows steady growth, with Hisense holding a significant market share in high-end and large-screen televisions [8] - The company's profitability is steadily improving, with a gross margin of 15.93% in Q1 2025, an increase of 0.17 percentage points year-on-year [8] Financial Data Summary - For Q1 2025, the total revenue was 13.375 billion, with a net profit of 554 million, and a non-recurring net profit of 452 million, reflecting year-on-year growth rates of 5%, 19%, and 20% respectively [5][8] - The projected net profit for 2025-2027 is estimated at 2.5 billion, 2.757 billion, and 3.012 billion, with corresponding year-on-year growth rates of 11.3%, 10.3%, and 9.2% [8][10] - The company's earnings per share for Q1 2025 is 0.42, with a projected increase to 1.92, 2.11, and 2.31 in the following years [7][10]

4月23日，2025上海车展拉开帷幕，一汽奔腾首次携全系新能源产品矩阵重磅亮相。以"为生活 添 悦意"为主题，奔腾悦意序列E、P、R三大产品矩阵首发车型均齐聚现场。全新双能旗舰轿车悦意08迎 来全球首秀，联袂纯电SUV悦意03和家用混动新标杆悦意07组团登场。 悦意序列是一汽奔腾打造的全新新能源产品序列，将在2年内打造6款全新新能源产品，构建E、 P、R三个产品矩阵，覆盖A0级至B+级，纯电、混动、增程等多种能源形式。本次上海车展，奔腾悦意 全序列——全球趣悦家用车E系列悦意03、超能舒享家用车P系列悦意07、科技旗舰R系列悦意08"团建 式"集结。 其中，刚刚亮相的R系列第一款车悦意08，定位于B+级双能旗舰轿车，融合时尚设计与前沿科技。 延续悦意序列的时空光影美学，悦意08将打造新锐舒展轿跑造型，带来跑车级气场。搭载最新一代智能 驾驶辅助系统和如意座舱，提供纯电与增程双动力选择，悦意08带来更长续航和更快充电速度，解决用 户对续航里程和充电效率的后顾之忧。 悦意03则以新版型"质选版"带来惊喜。凭借一口价7.98万的诚意价格，以及3000元限时质选包和 国、地补叠加的优惠政策，悦意03刷新A级SUV质价比 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥13,375,476,796.65, representing a 5.31% increase compared to ¥12,701,521,770.12 in the same period last year[4]. - Net profit attributable to shareholders was ¥553,575,026.43, an increase of 18.61% from ¥466,728,081.67 year-on-year[4]. - Basic earnings per share increased to ¥0.424, up 18.11% from ¥0.359 in the same period last year[4]. - Operating profit for Q1 2025 was ¥734.97 million, compared to ¥647.95 million in Q1 2024, representing an increase of 13.4%[18]. - The total profit for the period reached CNY 749,112,717.91, an increase from CNY 646,268,473.44 in the previous year, representing a growth of approximately 15.9%[19]. - Net profit attributable to shareholders was CNY 553,575,026.43, up from CNY 466,728,081.67, indicating a year-over-year increase of about 18.6%[19]. - Basic earnings per share for the period were CNY 0.424, up from CNY 0.359, representing an increase of about 18.1%[19]. Cash Flow - The net cash flow from operating activities surged by 252.46%, reaching ¥1,214,346,070.12, compared to ¥344,531,869.47 in the previous year[4][8]. - The net cash flow from operating activities for Q1 2025 was CNY 1,214,346,070.12, significantly higher than CNY 344,531,869.47 in Q1 2024, marking a growth of approximately 253.5%[21]. - The company reported a net cash outflow from financing activities of -CNY 176,896,071.38, an improvement compared to -CNY 631,320,008.75 in the previous year[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥44,630,200,201.54, a decrease of 4.34% from ¥46,655,339,881.59 at the end of the previous year[5]. - Total assets decreased to ¥44.63 billion from ¥46.66 billion, a reduction of 4.4%[15]. - Total liabilities decreased to ¥18.92 billion from ¥21.66 billion, a decline of 12.7%[15]. - Shareholders' equity increased to ¥25.71 billion from ¥25.00 billion, reflecting a growth of 2.8%[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,880[10]. - The largest shareholder, Hisense Group Holdings Co., Ltd., held 30.08% of the shares[10]. Costs and Expenses - Total operating costs for Q1 2025 were ¥12.97 billion, up from ¥12.27 billion in Q1 2024, reflecting a year-over-year increase of 5.7%[18]. - R&D expenses for Q1 2025 were ¥557.19 million, compared to ¥524.77 million in Q1 2024, an increase of 6.2%[18]. - The company reported a tax expense of CNY 124,039,515.63, which increased from CNY 71,481,713.47 in the previous year, indicating a rise of approximately 73.5%[19]. Other Financial Metrics - The weighted average return on equity rose to 2.79%, an increase of 0.35 percentage points from 2.44%[4]. - The net profit after deducting non-recurring gains and losses was ¥451,990,291.87, reflecting a 19.52% increase from ¥378,173,883.65 year-on-year[4]. - The company reported non-recurring gains totaling ¥101,584,734.56 for the period[7]. - Revenue from sales of goods and services in Q1 2025 was CNY 16,307,052,966.75, compared to CNY 14,096,087,752.99 in Q1 2024, reflecting an increase of about 15.6%[21]. - The total comprehensive income for the period was CNY 664,894,538.35, compared to CNY 547,060,583.64 in the previous year, showing an increase of approximately 21.5%[19]. - Cash and cash equivalents increased to ¥2.93 billion as of March 31, 2025, from ¥2.68 billion at the end of 2024, a growth of 9.2%[14]. - Accounts receivable decreased to ¥4.38 billion from ¥6.14 billion, a decline of 28.5%[14]. - Inventory increased to ¥6.04 billion, up from ¥5.65 billion, indicating a rise of 6.9%[14].

证券代码：600060 证券简称：海信视像 公告编号：2025-014 海信视像科技股份有限公司 第十届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 2025 年 4 月 25 日 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第九次会议 （以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本次 会议由监事会主席陈彩霞女士召集并主持，应出席监事3人，实际出席监事3人。 本次会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限 公司章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、监事会会议审议情况 会议审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完整 地反映公司 2025 年第一季度的实际情况。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www.ss ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-013 海信视像科技股份有限公司 第十届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十二次会 议（以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本 次会议由董事长于芝涛先生召集并主持，应出席董事8人，实际出席董事8人。 会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限公司 章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、董事会会议审议情况 审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完 整地反映公司 2025 年第一季度的实际情况。 本议案事前已经董事会审计委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www. ...

点击图片▲立即了解 文 / 巴九灵（微信公众号：吴晓波频道） 走出机场，四月的青岛海风扑面而来，裹挟着漫天飞舞的柳絮，轻轻粘上外套衣角，带来北方春天的味道。 就在这个别样的春天，吴老师手持设备，戴着笨重的 VR眼镜，在一个虚拟的空间里，一件件"穿上"工作服，左手是钎料，右手是焊箱，完成了一 次简单的焊接工作。 背后，井然有序的自动化流水线正在静静生产着一台又一台的多联机空调。 "原来的培训，都必须在生产线上学习至少一个月的时间才能上手，如今，只需借助VR和AR的技术，培训10天就能上岗。" 在海信当完焊工，他 笑着说道 ，"光这个焊工培训，就运用了数字孪生、工业视觉、大模型和深度学习等技术。" 点击视频▲立即观看 4月16日，吴老师带着一群企业家来到位于青岛的海信日立黄岛工厂，去年 10月， 它成 功入选《世界经济论坛》 "灯塔工厂"名单，成为全球首座 多联机"灯塔工厂"。 海信日立一共有 38条生产线，总计25万平方米，年生产能力超1000万台，是截至目前全球最大的多联机生产基地。 而 黄岛工厂三期于 2019年12月建成投产，总面积15万平方米，有13条线体，是目前自动化程度最高的工厂，为海信日立工厂的" ...

点击图片▲立即了解 文 / 巴九灵（微信公众号：吴晓波频道） 走出机场，四月的青岛海风扑面而来，裹挟着漫天飞舞的柳絮，轻轻粘上外套衣角，带来北方春天的味道。 就在这个别样的春天，吴老师手持设备，戴着笨重的 VR眼镜，在一个虚拟的空间里，一件件"穿上"工作服，左手是钎料，右手是焊箱，完成了一 次简单的焊接工作。 背后，井然有序的自动化流水线正在静静生产着一台又一台的多联机空调。 "原来的培训，都必须在生产线上学习至少一个月的时间才能上手，如今，只需借助VR和AR的技术，培训10天就能上岗。" 在海信当完焊工，他 笑着说道 ，"光这个焊工培训，就运用了数字孪生、工业视觉、大模型和深度学习等技术。" 点击视频▲立即观看 4月16日，吴老师带着一群企业家来到位于青岛的海信日立黄岛工厂，去年 10月， 它成 功入选《世界经济论坛》 "灯塔工厂"名单，成为全球首座 多联机"灯塔工厂"。 海信日立一共有 38条生产线，总计25万平方米，年生产能力超1000万台，是截至目前全球最大的多联机生产基地。 而 黄岛工厂三期于 2019年12月建成投产，总面积15万平方米，有13条线体，是目前自动化程度最高的工厂，为海信日立工厂的" ...

重要内容提示： 1 / 11 证券代码：600060 证券简称：海信视像 公告编号： 2025-012 海信视像科技股份有限公司 关于控股子公司与关联方共同投资 暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二）海信通信、海信宽带、亿洋投资为公司控股股东海信集团控股直接或 间接控制的其他子公司，铸原基金为亿洋投资管理的私募基金，据此，前述主体 与公司处于海信集团控股同一控制之下，本次交易构成关联交易。 （三）本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 （四）本次交易已经公司第十届董事会审计委员会 2025 年第四次会议、第 2 / 11 截至本次交易，过去 12 个月内，除日常关联交易、已经董事会审议通 过及披露的交易以及本次交易外，公司与海信集团控股及其控制的其他 企业发生的应纳入累计计算范围的交易累计 8 次，累计金额为 2,208.26 万元。截至本次交易，过去 12 个月内，除已经董事会审议通过及披露 的交易外，公司未与其他关联人发生与本次交易类别下标的相关的交易。 截至 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-011 海信视像科技股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 乾照光电本次投资符合其长期投资规划，有助于其利用自有资金开展产业 投资，促进产业协同发展及拓展后续业务合作，亦符合公司战略规划。乾照光 电本次投资的资金来源为其自有资金，拟投资金额占乾照光电最近一期经审计 净资产的 2.43%，占公司最近一期经审计净资产的 0.51%，短期内不会对公司 及乾照光电的财务状况和经营成果产生重大不利影响，长期预计将对公司及乾 照光电经营发展产生积极影响。 1 / 2 乾照光电本次与关联方共同投资相关定价遵循公平、合理的原则，各投资 方均以货币形式出资，按所投资金额取得等额合伙企业财产份额，价格一致， 定价公允；执行事务合伙人报酬按市场收费水平确定，不存在向关联方进行利 益输送的情形，未损害公司股东特别是中小股东利益。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 海信视像科技股份有限公司（以 ...