2021 年限制性股票激励计划 第二个限售期解锁条件成就等相关事项的 法律意见书 海信视像科技股份有限公司： 青岛市崂山区香港东路 195 号 3 号楼 青岛上实中心 1401、1402、1403 单元 邮编：266071 电话：（86-532）6869-5000 传真：（86-532）6869-5010 北京市君合（青岛）律师事务所（以下简称"本所"）为具有从事法律业务 资格的律师事务所。本所接受海信视像科技股份有限公司（以下简称"公司"或 "海信视像"）的委托，委派本所律师以特聘法律顾问的身份，就公司 2021 年限 制性股票激励计划（以下简称"本次激励计划"）之第二个解除限售期及自愿锁 定期届满、解锁条件成就（以下简称"本次解锁"）等相关事宜出具本法律意见 书。 本法律意见书系根据《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》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）颁布的《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等在本法律意见书出具日以前中国（为出具本法律意见书之目的，不 包括香港特别行政区、澳门特别行政区和台湾地区） ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-035 根据公司《2021 年限制性股票激励计划》及其实施考核管理办法等相关规 定，2021 年限制性股票激励计划第二个限售期及自愿锁定期将于 2025 年 9 月 6 日届满，解锁条件成就，满足解锁条件的股票数量为 5,054,333 股；2 名激励对 象持有的 20,000 股限制性股票满足提前结束自愿延长的锁定期的条件，合计满 足解锁条件的股票数量为 5,074,333 股；该等事项符合《上市公司股权激励管理 办法》等相关法律法规和规范性文件以及公司《2021 年限制性股票激励计划》 及其实施考核管理办法等的规定，不存在损害公司及全体股东特别是中小股东 利益的情形。 表决结果：同意 6 票，反对 0 票，弃权 0 票。关联董事于芝涛、李炜回避 表决。 本议案事前已经董事会薪酬与考核委员会审议通过。 1 / 2 海信视像科技股份有限公司 第十届董事会第十六次会议决议公告 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 ...

Core Viewpoint - Hisense Visual's 2025 semi-annual report shows a revenue of 27.231 billion yuan, a year-on-year increase of 6.95%, and a net profit of 1.056 billion yuan, up 26.63% year-on-year, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved a revenue of 27.231 billion yuan in the first half of 2025, reflecting a 6.95% increase compared to the previous year [1] - The net profit attributable to shareholders reached 1.056 billion yuan, marking a 26.63% year-on-year growth [1] - The top ten circulating shareholders saw changes, with the Southern CSI 500 ETF entering the list and the social security fund increasing its holdings by 11.89% from the previous quarter [1] Market Position and Growth - Hisense's global TV shipment market share increased from 5.9% in 2017 to 14.0% in the first half of 2025, making it the fastest-growing brand among the top 10 global TV brands [6] - In the domestic market, Hisense holds a retail market share of 30.0% in revenue and 25.7% in volume, maintaining the leading position [6] - The company is expanding its global presence, with significant increases in Mini LED shipments in North America and Europe [6] Product Development and Innovation - Hisense has made significant advancements in RGB-Mini LED technology, overcoming key challenges in chip and algorithm development, enhancing its competitive edge over Japanese and Korean brands [4] - The company is diversifying its new display business, with strong growth in laser display applications and commercial displays, which saw a 43% year-on-year increase in overseas revenue [6][7] - The integration of AI technologies into products like smart headphones and lightweight AI glasses is part of the company's strategy to break through traditional TV market limitations [6][7] Analyst Ratings and Market Sentiment - Over 20 mainstream brokerage firms have issued positive ratings for Hisense, highlighting its long-term investment value driven by product upgrades and global expansion [7] - Analysts from Guotai Junan Securities and Huatai Securities maintain a "buy" rating, citing the company's product structure improvements and growth potential in emerging markets [7]

转自：新华财经 8月30日，海信冰箱举办新品发布会，重磅推出革新性产品——海信小榴莲500冰箱（以下简称"海信小 榴莲冰箱"）。这款名为"小榴莲"的新品，搭载原创真空冰温科技，为不同食材量身定制专属储鲜方 案。凭借"保原味、防串味、更入味"三大核心优势，海信小榴莲冰箱精准可有效解决当代家庭储鲜中食 物串味难题，有望再度引爆行业。 海信小榴莲冰箱通过创造一个独立、密闭的真空环境，有效隔绝了气味分子的相互扩散与渗透。这意味 着，无论是气味浓郁的发酵食品，还是清甜细腻的水果点心，都能在同一空间内保持自身最本真的味 道，实现"保原味"与"不串味"的完美统一。 海信小榴莲冰箱命名"小榴莲"，直接而生动地传递了产品的核心卖点——这是一台连榴莲都能放却不串 味的保鲜冰箱。为了从系统上根除串味隐患，该产品采用了冷藏与冷冻双系统独立循环设计，确保两个 间室独立送风、互不干扰。 海信小榴莲冰箱的发布，不仅是海信冰箱技术创新实力的又一次集中展现，更是其对当代消费者高品质 生活需求的深刻回应。它通过原创的真空冰温科技，切实解决了家庭储鲜中的实际难题，真正做到 了"保原味、不串味、更入味"，有望成为引领市场潮流的又一重要力量。（永文） ...

2025Q2 公司毛利率同比+1.41pct，我们预计主要得益于内销结构升级，外销降本增效也有一定贡献； 2025Q2 公司销售、管理、研发、财务费用率分别同比+0.91/+0.12/+0.05/-0.12pct，其中销售费用率增加 或由于产品营销与渠道拓展投放加大，财务费用率变动主要受到汇率波动影响，同时公司汇率对冲相关 损益已计入投资收益与公允价值变动损益，期内外汇对盈利端影响偏中性。综上，毛销差改善，叠加期 内公司有效所得税率同比下滑，公司当季归母净利率同比+0.7pct至3.6%，扣非净利率同比+0.5pct 至 2.6%，盈利能力稳步修复带动业绩快速增长。 拾阶而上，维持公司"买入"评级 期内公司内销结构升级显著，外销因库存因素小幅承压，总体营收稳健增长，且公司积极推广 MiniLED、大屏等高端产品，带动毛销差提升，盈利能力改善，内销成效更为显著。后续来看，随着库 存充分调整以及新品有序上市，公司美国业务改善确定性高，以东盟、拉美、中东非为代表的新兴市场 增量持续显著，内销或凭借大屏化、降本增效等举措延续营收增长、改善盈利能力；同时考虑到集团组 织变革深化，我们看好海信视像盈利中枢稳步提升。我们预 ...

Investment Rating - The investment rating for Hisense Visual is maintained as "Buy" [2][7] Core Views - Hisense Visual reported a revenue of 27.23 billion yuan for the first half of 2025, representing a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 1.06 billion yuan, up 26.6% year-on-year [7] - The company holds the leading market share in China's retail sales of televisions, with online and offline market shares of 18.34% and 33.09% respectively [7] - The overseas online business grew by 18.5% year-on-year, with QLED product shipments increasing by 42% [7] - The company is focusing on new display technologies, with revenue from new display businesses reaching 3.43 billion yuan, a year-on-year increase of 7.43% [7] - Profitability is improving, with a net profit margin of 3.88%, up 0.6 percentage points year-on-year [7] - Revenue projections for 2025-2027 are 64.8 billion, 71.3 billion, and 78 billion yuan respectively, with net profits of 2.598 billion, 2.991 billion, and 3.365 billion yuan [7] Financial Performance - Revenue for 2023 is projected at 53.616 billion yuan, with a growth rate of 17.2% [6][8] - The net profit for 2023 is estimated at 2.096 billion yuan, with a growth rate of 24.8% [6][8] - Earnings per share (EPS) for 2025 is expected to be 1.99 yuan, with a price-to-earnings (PE) ratio of 11.0 [6][8] - Return on equity (ROE) is projected to increase from 11.1% in 2023 to 14.0% in 2027 [6][8] Market Position - Hisense Visual leads the domestic market in television sales, with significant growth in high-end products such as Mini LED, which saw a shipment increase of 108.24% [7] - The company is strategically positioned to benefit from the ongoing high-end transformation in the display market [7]

Market Overview - The black home appliance sector experienced a decline of 2.22% on August 29, with Jiulian Technology leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable stock performances include: - *ST Gauss: Closed at 8.91, up 3.85% with a trading volume of 50,700 shares and a turnover of 44.86 million yuan [1] - XGIMI Technology: Closed at 128.36, up 2.04% with a trading volume of 38,000 shares [1] - Hisense Visual: Closed at 22.10, up 0.23% with a trading volume of 130,100 shares [1] - Jiulian Technology: Closed at 11.60, down 3.97% with a trading volume of 30,640 shares and a turnover of 35.6 million yuan [1] Capital Flow - The black home appliance sector saw a net outflow of 1.032 billion yuan from institutional investors, while retail investors had a net inflow of 927 million yuan [1] - Detailed capital flow for selected stocks includes: - XGIMI Technology: Net inflow of 37.68 million yuan from institutional investors [2] - *ST Gauss: Net inflow of 9.26 million yuan from institutional investors [2] - Jiulian Technology: Net outflow of 60.33 million yuan from institutional investors [2] - Sichuan Changhong: Net outflow of 678 million yuan from institutional investors [2]

作为深耕真空保鲜技术多年的品牌，海信冰箱此次获奖的核心依托是其创新推出的真空磁场保鲜技术，标志着海信真空保鲜正式进入4.0阶段。该技术首次 将真空保鲜与磁场保鲜融为一体，通过构建真空密闭环境显著减缓食材氧化速度，同时借助磁场进一步调控食材内部生物活性，实现"分子级锁鲜"。 尤其值得关注的是，该技术运用磁致生物学效应，促进食物中水分子有序排列，同时有效降低酶分子活性，从内而外延缓食材变质。这意味着食材不仅在外 界真空环境下有效隔绝氧化，更在内部通过磁场抑制酶活，真正实现从分子层面延长保鲜周期。经测试，该技术可实现"7天封藏一级鲜"的出色效果，显著 提升肉类、海鲜、各类果蔬的存储品质。 海信冰箱在真空领域的持续深耕也已获得市场广泛认可。数据显示，2024年海信在中国冰箱真空保鲜行业销量排名第一，显示出其技术路线与用户需求的高 度契合。多年来，海信始终以用户实际场景为研发导向，从最初的基础真空保鲜，到如今第四代真空磁场保鲜的推出，一步步拓展家庭食材管理的技术边 界。 日前，奥维云网发布了2024-2025年度趋势产品云鼎奖名单，"海信真空头等舱冰箱"凭借行业领先的真空保鲜技术与市场表现成功入选，成为本届家电领域 备 ...

Investment Rating - The investment rating for Hisense Visual (600060) is "Accumulate" [1][7] Core Views - The company achieved a revenue of 27.231 billion yuan in H1 2025, representing a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% year-on-year [2] - In Q2 2025, the company reported a revenue of 13.855 billion yuan, a year-on-year increase of 8.59%, and a net profit attributable to shareholders of 502 million yuan, up 36.72% year-on-year [2] - The company is focusing on global expansion and upgrading its product structure towards larger, high-end, and smart displays, with a global market share of 14.38% in TV shipments for H1 2025, an increase of 0.57 percentage points year-on-year [3] - The gross profit margin improved to 16.37% in H1 2025, up 1.01 percentage points year-on-year, and 16.79% in Q2 2025, up 1.41 percentage points year-on-year, attributed to product structure improvement and cost optimization [4] - The company is advancing its globalization and high-end strategy, enhancing its technological competitiveness in displays, chips, and AI, with a focus on new technologies like Mini LED and Micro LED [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 27.231 billion yuan and a net profit of 1.056 billion yuan, with a year-on-year growth of 6.95% and 26.63% respectively [2] - The gross profit margin for H1 2025 was 16.37%, and for Q2 2025 it was 16.79%, indicating a positive trend in profitability [4] Market Position - Hisense's global TV shipment market share reached 14.38% in H1 2025, with a retail market share of 29.96% in mainland China [3] - The company is focusing on high-end product development, with Mini LED product shipments increasing by 108.24% year-on-year [3] Future Outlook - The company maintains its revenue forecast for 2025-2027, expecting revenues of 64.3 billion yuan, 70.3 billion yuan, and 76.1 billion yuan respectively, with net profits projected at 2.56 billion yuan, 2.86 billion yuan, and 3.16 billion yuan [6][9] - The expected EPS for 2025 is 1.96 yuan, with a corresponding PE ratio of 11 times [6]

Group 1 - The core viewpoint of the article highlights that Hisense's vacuum preservation technology has been recognized with the "Cloud Ding Award" for 2024-2025, showcasing its advanced position in the refrigerator market and reflecting increasing consumer demand for healthy food storage and quality living [1][3]. - Hisense's award-winning refrigerator utilizes innovative vacuum magnetic field preservation technology, marking the entry into the 4.0 stage of vacuum preservation. This technology combines vacuum preservation with magnetic field preservation to significantly slow down food oxidation and regulate the internal biological activity of food [3]. - The technology employs magneto-biological effects to promote the orderly arrangement of water molecules in food while effectively reducing enzyme activity, thereby extending the freshness period from a molecular level [3]. Group 2 - Industry observers note that in the context of rational consumer behavior and rising health demands, Hisense is enhancing product experiences through technological empowerment, aligning with modern families' essential needs for food preservation and quality [5]. - As vacuum preservation technology becomes more widespread, Hisense is expected to continue driving the refrigerator industry towards more refined, intelligent, and user-friendly developments [5].