Group 1 - The "Hisense Brilliant Vacuum Refrigerator City Tour" was held in Changchun, showcasing products like the Hisense Brilliant Vacuum First-Class Cabin 650 refrigerator, which integrates vacuum preservation technology with local food culture [1] - The Hisense Brilliant Vacuum First-Class Cabin 650 refrigerator demonstrated its ability to keep beef fresh for 7 days, maintaining a bright red color and rich flavor, thanks to its vacuum magnetic preservation technology [3] - The refrigerator's vacuum marinating function allows for quick flavor infusion, enhancing efficiency by three times compared to traditional methods, catering to the immediate needs of consumers [3] Group 2 - The Hisense Little Durian 500 refrigerator effectively prevents odor mixing, allowing strong-smelling foods like durian to coexist with other items without affecting their taste [5] - The refrigerator utilizes original vacuum ice temperature technology and a dual-circulation independent cooling system to eliminate odor issues, enabling diverse food storage [5] - The Hisense Big Mint 509 refrigerator features rapid ice-making capabilities and a high sterilization rate, making it suitable for family gatherings and winter beverage preparation [5] Group 3 - The Hisense esports refrigerator targets the younger demographic with a modern design and dual-temperature zones, ideal for home entertainment settings [6] - The exhibition highlighted the practical benefits of Hisense refrigerators, emphasizing their ability to enhance everyday life through advanced technology [6] - Consumer feedback during the event reflected satisfaction with the products' performance in preserving food quality and enhancing culinary experiences [6]

Group 1 - The company is continuously expanding its presence in the smart wearable sector [1] - The Vidda G11 smart glasses product was officially launched in October 2025 and is expected to be available for sale by the end of the year [1]

海信视像科技股份有限公司 2025 年第二次临时股东会会议资料 二〇二五年十二月 海信视像科技股份有限公司 2025 年第二次临时股东会会议资料 目 录 | 2025 | 年第二次临时股东会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 4 | | 2025 | 年第二次临时股东会会议议案 | 6 | | 关于公司 | 2026 年度日常关联交易额度预计的议案 | 6 | | | 关于公司与海信集团财务有限公司续签金融服务协议暨关联交易的议案 | 23 | | 关于公司 | 年度担保额度预计的议案 2026 | 28 | | 关于公司 | 2026 年度以闲置自有资金进行委托理财的议案 | 36 | 1 海信视像科技股份有限公司 2025 年第二次临时股东会会议资料 海信视像科技股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证 会议的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》以及《海信视像科技股份有限公 司章 ...

Core Viewpoint - The company is actively expanding its presence in the smart wearable technology sector, with plans to launch the Vidda G11 smart glasses in October 2025, and anticipates official sales by the end of the year [1] Group 1: Product Launch - The Vidda G11 smart glasses are scheduled for an official release in October 2025 [1] - The company expects the product to be available for purchase by the end of 2025 [1] Group 2: Pricing and Purchase Channels - The pricing and purchasing channels for the Vidda G11 smart glasses will be announced through the company's official news and flagship store [1]

Core Viewpoint - The company is focusing on the demand for display technology in 3A gaming scenarios and has achieved product adaptation through technological innovation [1] Group 1: Product Development - The company has launched the RGB-Mini LED TV E8S Pro, which features 4K 170Hz native high refresh rate and professional-grade color reproduction, catering to gaming user needs [1] - The company has established a global partnership with the game "Black Myth: Wukong" to provide display technology support [1]

Core Viewpoint - The company is actively exploring XR technology integration and has completed custom development of VR all-in-one machines, AR glasses, and AI glasses for multiple clients [1] Group 1: XR Technology Development - The company utilizes self-developed AR/VR devices based on a cloud-edge collaborative technology architecture [1] - Multiple typical solutions have been implemented in various industry scenarios, including XR industrial training, AR remote collaboration, 3D digital human interaction platforms, and VR medical rehabilitation [1] Group 2: Product Launch and Iteration - The company is set to officially launch the Vidda G11 smart glasses in October 2025 [1] - The company is steadily advancing the iteration of smart wearable products and expanding their application scenarios [1]

Core Viewpoint - The air conditioning industry is moving towards the use of aluminum alloy heat exchangers instead of copper due to rising copper prices and the high dependency on copper imports in China [1][3]. Group 1: Industry Trends - The 2025 China Home Appliance Technology Conference saw major companies like Gree, Xiaomi, and others announce the "Production Line Construction Specifications for Aluminum Tube Fin Heat Exchangers for Room Air Conditioners" [2][3]. - The air conditioning sector consumed approximately 1.723 million tons of copper in 2023, accounting for 10.7% of China's total copper consumption [3]. Group 2: Collaborative Efforts - A collaborative effort involving major air conditioning companies and academic institutions has led to the establishment of standards for aluminum heat exchangers, with further discussions planned for January [2][3]. - Companies including Xiaomi, Haier, and Midea have signed a self-regulatory agreement to promote aluminum heat exchangers and avoid negative competition among peers [4]. Group 3: Market Implications - The shift to aluminum heat exchangers is expected to lower air conditioning prices in the future, although copper heat exchangers may still be marketed as a premium option [4].

12月11日，乾照光电盘中涨超2%，收报25.5元/股，最新市值234.7亿元。前一日，公司盘中股价最高达 27.51元/股，创历史新高，2025年以来，公司股价累计涨超147%，自去年7月的股价低点以来，累计涨 超370%。 但最大的"赢家"，当属乾照光电的控股股东海信视像，其目前持有公司26.31%的股份，最新持股市值约 61.46亿元，而其对海信视像的投资不过20亿元，已经浮盈超40亿元。 年内涨超140% 12月10日，乾照光电盘中涨超4%，股价最高达27.51元/股，创历史新高。12月11日，公司股价回调，收 报25.5元/股，最新市值达234.7亿元。拉长时间线来看，2025年以来，公司股价累计大涨147.24%，自 2024年7月26日的股价低点以来，更是大涨376.28%。 据悉，乾照光电此次股价大涨，或主要得益于近期商业航天板块的活跃。 消息面上，前段时间，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025— 2027年）》，是首份面向商业航天的国家级三年路线图文件，并设立商业航天司。12月3日，朱雀三号 重复使用运载火箭成功发射，进入预定轨道。本次任务虽未实现预定火箭一 ...

Core Insights - The report maintains a positive outlook on the home appliance sector, emphasizing the potential for growth in both domestic and international markets, particularly in emerging markets and through the development of new product categories [3][5]. Group 1: Market Performance Overview - The home appliance sector has shown varied performance in 2025, with white goods yielding a total return of +1% but underperforming against the CSI 300 by -19% due to high base effects and market competition [11]. - Small appliances have performed well with a +12% return, indicating a shift from scale expansion to value creation, supported by new subsidy policies [11]. - The components sector has excelled with a +70% return, benefiting from investments in emerging technologies such as AI and robotics [11]. Group 2: Domestic and International Sales - Domestic sales have faced pressure due to tightening national subsidies, with expected growth rates for major appliances showing mixed results, while small appliances have fared better [5][38]. - Internationally, emerging markets have outperformed, with a notable recovery in export orders as tariff impacts begin to stabilize [41][42]. Group 3: Product Development and Innovation - The report highlights a continuous upgrade in product structure, with an increasing share of high-end products contributing to profit margins [5][44]. - New product categories such as smart glasses, drones, and UV printers are expected to create new growth opportunities, driven by consumer demand for innovative and personalized experiences [5][10]. Group 4: Investment Recommendations - The report suggests focusing on leading white goods companies as they represent assets with significant growth potential, particularly in the context of favorable U.S. market conditions and anticipated interest rate cuts [5][44]. - Specific companies recommended for investment include Haier Smart Home, Hisense, TCL Electronics, and Ecovacs, among others [5][44].

从数据来看，2025 年很难被称作一个电视行业的「好年份」。 TrendForce 发布的报告显示，今年第三季度全球电视出货量仅约 4973 万台，同比下降 4.9%，也是历年同期首度跌破 5000 万台，相比上半年同比增长 2%肯 定难看了一点。而具体到全年，多家调研机构的判断趋于一致：全球电视市场整体承压。 以 Omdia 为例，早期报告预计 2025 年全球电视出货量约 2.08 亿台，同比几乎持平（约 -0.1%）。TrendForce 的最新调查（11 月）则预计全年出货量约 1.95 亿台，同比下滑 1.2%。在消费者换机周期延长、提前透支需求以及国内市场补贴红利的逐步消退，电视市场进入了一个明显的缓冲期。 唯二的市场亮点在太平洋两岸。但今年北美市场相对稳定，但增长有限，国内市场在补贴效应退坡后回归理性，换机节奏明显放缓。 从结果来看，2025 年确实很难说是一个电视大年。但也正是在这样的背景下，今年的电视市场并非无话可说。 按照海信给出的数据，RGB-Mini LED 可以达到 100% 的 BT.2020 超高色域，比 QD-OLED 提升 6%以上，比 QD-Mini LED 提升 16%以 ...