海信视像科技股份有限公司 董事和高级管理人员离职管理制度 第一章 总则 第一条 为了加强对海信视像科技股份有限公司（以下简称"公司"或"本公 司"）董事、高级管理人员离职事项的管理，保障公司治理稳定性及维护股东合 法权益，根据《中华人民共和国公司法》《上市公司章程指引》《上海证券交易所 股票上市规则》等法律、法规和规范性文件以及《海信视像科技股份有限公司章 程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的主动 辞职或辞任、任期届满卸任、任期内罢免、更换或解聘等离职情形。 第二章 离职的生效条件 第三条 公司董事、高级管理人员的任期按《公司章程》规定执行，任期届 满，除非经股东会选举或董事会聘任连任，其职务自任期届满之日起自然终止； 董事、高级管理人员任期届满未及时改选或聘任，在新董事、高级管理人员就任 前，原董事、高级管理人员仍应当依照法律、法规和规范性文件以及《公司章程》 的规定，继续履行董事、高级管理人员职务。 第四条 公司董事可以在任期届满以前辞任。董事辞任应当向公司提交书面 辞职报告，公司收到辞职报告之日辞任生效。如因董事的辞任导致公 ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-020 海信视像科技股份有限公司 关于修订《公司章程》及取消监事会等事项的公告 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。 根据中国证监会 2024 年 12 月发布的《关于新〈公司法〉配套制度规则实施 相关过渡期安排》，上市公司应当在 2026 年 1 月 1 日前，按照《公司法》《国务 院关于实施＜中华人民共和国公司法＞注册资本登记管理制度的规定》及中国证 监会配套制度规则等规定，在公司章程中规定在董事会中设审计委员会，行使《公 司法》规定的监事会的职权，不设监事会或者监事。 2025 年 3 月，中国证监会发布了《上市公司章程指引（2025 年修订）》（以 下简称"《章程指引》"）；2025 年 4 月及 5 月，上海证券交易所陆续发布了《上 海证券交易所股票上市规则（2025 年 4 月修订）》和《上海证券交易所上市公司 自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等配套规则文件。 为进一步完善公司治理结构，促进公司规范运作，20 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-019 海信视像科技股份有限公司 第十届监事会第十次会议决议公告 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 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第十次会议 （以下简称"会议"或"本次会议"）于2025年6月4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》（以下简称"《公司法》"）、 《海信视像科技股份有限公司章程》（以下简称"《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 （一）审议通过了《关于修订公司章程并取消监事会的议案》 同意公司根据《公司法》和《上市公司章程指引（2025 年修订）》规定， 不再设置监事会和监事，原监事会职权由董事会审计委员会行使。同时，原公 司《监事会议事规则》自修订后的《公司章程》生效后自动废止。 同意在董事会中设置一名职工代表董事，职工代表董事 ...

海信视像科技股份有限公司 第十届董事会第十三次会议决议公告 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 证券代码：600060 证券简称：海信视像 公告编号： 2025-018 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十三次会 议（以下简称"会议"或"本次会议"）于2025年6月4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》（以下简称"《公司法》"）、《海 信视像科技股份有限公司章程》（以下简称"《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 （一）审议通过了《关于修订公司章程并取消监事会的议案》 同意公司根据《公司法》和《上市公司章程指引（2025年修订）》规定，不 再设置监事会和监事，原监事会职权由董事会审计委员会行使。同时，原公司 《监事会议事规则》自修订后的《公司章程》生效后自动废止。 同意在董事会中设置一名职工代表董事，职工代表董事由公 ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-017 海信视像科技股份有限公司 关于参加 2024 年度暨 2025 年第一季度沪市主板 智能家居专题集体业绩说明会的公告 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。 重要内容提示： 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开时间：2025 年 6 月 10 日（星期二）下午 14:00-17:00 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 6 月 4 日（星期三）至 6 月 9 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@hisense. com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 海信视像科技股份有限公司（以下简称"公司"）已分别于 2025 年 3 月 31 日、2025 年 4 月 25 日披露了公司《2024 年年度报告》及其摘要和《2025 年第 一季度报告》。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [1][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a strong historical presence in the television market [15]. - The company has maintained a leading position in the domestic market for over a decade and has successfully expanded its international footprint [15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on entry-level products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, focusing on core markets like Asia-Pacific and North America [3][19]. - The company has established a strong presence in North America through partnerships with major retailers [3]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4]. - The company is expected to benefit from a controlled cost structure due to deep ties with panel manufacturers [4]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report anticipates a long-term upward trend in panel prices, albeit with reduced volatility [4]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is enhancing product offerings, with significant revenue contributions expected from these segments [5]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion respectively, with a reasonable market capitalization of 39.2 billion by 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively [5].

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [2][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a historical presence in the industry for nearly 50 years [15]. - The company has maintained a strong domestic market position, with both sales and market share leading in China [1][15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on lower-priced products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, enhancing its market share in core regions [3][19]. - The company has established a strong presence in North America and Europe, with ongoing channel optimization expected to improve profitability [3][19]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4][19]. - The company is expected to benefit from a long-term upward trend in panel prices, with better cost control due to deep partnerships with panel manufacturers [4][19]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report notes that the supply-demand relationship in the panel market has been a dominant factor, with expectations of a gradual recovery in demand [4][19]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is driving product upgrades, with significant revenue contributions expected from these segments [5][19]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion yuan respectively, with a reasonable market capitalization of 39.2 billion yuan in 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively, driven largely by MiniLED products [5][19].

Group 1 - The purchasing logic for television sizes is changing, shifting from distance-based considerations to wall size-based decisions, reflecting a trend towards larger screens for immersive experiences [1] - The demand for large-screen televisions, particularly those 75 inches and above, is accelerating due to strong market demand and policy incentives, making this segment a competitive focus for global brands [1] - According to a report by RUNTO, the shipment volume of ultra-large LCD TV panels (75 inches and above) increased by 45.4% year-on-year in Q1 2025, with market share rising by 2.6 percentage points to 11.2% [1] Group 2 - The sales and revenue of high-efficiency television products are rapidly growing, providing manufacturers with new opportunities to break through existing market constraints [2] - The introduction of large models and generative AI is accelerating innovation in display terminals, presenting unprecedented opportunities for the television industry [2]

Core Viewpoint - Hisense Visual has launched the industry's first "projection-level" home theater equipment, showcasing its commitment to innovation in the home entertainment sector [1] Product Launch Details - Hisense Visual introduced the annual new products: the Exploration X1 series and the Starlight S1 series for 2026 [1] - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the 100-inch model is priced at 49,999 yuan [1] - The Exploration X1 100-inch model has a launch price of 34,999 yuan, and the 92-inch model is priced at 21,999 yuan [1] - The Starlight S1 Pro 110-inch model is launched at a price of 35,999 yuan [1]

Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [12]. Core Views - The company's revenue and profit are under short-term pressure, but the long-term growth logic remains unchanged. The expected revenue for 2025 is projected at 62,496 million yuan, with a year-on-year growth rate of 7% [3][8]. - The first quarter of 2025 showed a revenue of 13.4 billion yuan, a 5% increase year-on-year, and a net profit attributable to shareholders of 554 million yuan, a 19% increase, aligning with expectations [4][9]. - The company anticipates a recovery in export sales in Q2, driven by improved demand in Europe and emerging markets, despite a subdued performance in North America [5][6]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 58,530 million yuan in 2024, 62,496 million yuan in 2025, 67,048 million yuan in 2026, and 72,752 million yuan in 2027, with respective growth rates of 9%, 7%, 7%, and 9% [3]. - The net profit attributable to shareholders is expected to grow from 2,246 million yuan in 2024 to 3,206 million yuan in 2027, with growth rates of 7%, 13%, 12%, and 12% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 1.72 yuan in 2024 to 2.46 yuan in 2027 [3][8]. Profitability and Margin Analysis - The gross margin for Q1 2025 was reported at 15.93%, with an expected improvement in profit margins due to government subsidies boosting domestic sales prices [6][8]. - The net profit margin for Q1 2025 was 4.1%, slightly lower than the peak of 5.2% in Q4 2024, but still at a historically high level [7][8]. - The report indicates that the company is focusing on structural upgrades to enhance profitability in the long term, with expectations of higher net profit growth in Q2 and Q3 of 2025 [8].