Market Performance - The black home appliance sector rose by 0.54% on August 28, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with *ST Gauss closing at 8.58, up 3.00% on a trading volume of 68,000 shares [1] - Sichuan Jiuzhou and Jinlian Technology also saw increases of 2.56% and 2.55%, respectively, with trading volumes of 439,000 and 337,700 shares [1] Capital Flow - The black home appliance sector experienced a net outflow of 838 million yuan from institutional investors, while retail investors saw a net inflow of 787 million yuan [1] - The table of capital flow indicates that *ST Gauss had a net inflow of 1.66 million yuan from institutional investors, while Sichuan Jiuzhou had a net inflow of 766,840 yuan from retail investors [2]

Core Insights - Company reported a revenue of 27.231 billion yuan for the first half of 2025, a year-on-year increase of 6.95%, and a net profit of 1.056 billion yuan, up 26.63%, indicating strong resilience from structural upgrades and technological breakthroughs [1] - The company maintained its leading position in the global market for large-screen televisions, achieving a market share of 28.9% for TVs 98 inches and above, and 47.7% for those 100 inches and above [2] - Technological advancements, particularly in RGB-Mini LED and laser display technologies, have positioned the company as a market leader, with a 70% global market share in laser displays [3] - The company's global strategy includes nine production bases and thirteen R&D centers, enhancing operational efficiency and market responsiveness [4] Financial Performance - Revenue for the first half of 2025 reached 27.231 billion yuan, reflecting a 6.95% increase year-on-year [1] - Net profit attributable to shareholders was 1.056 billion yuan, marking a 26.63% increase, significantly outpacing revenue growth [1] - In Q2 alone, revenue was 13.855 billion yuan, up 8.59%, with net profit of 502 million yuan, a 36.82% increase [1] Market Position - The company holds a 28.9% market share in the global 98-inch and above TV market and 47.7% in the 100-inch and above segment, solidifying its status as the global leader [2] - In the domestic market, the retail market share for the company's TVs is 29.96% in revenue and 25.73% in volume, maintaining its industry-leading position [2] - The high-end market share has increased to 34.88% online and 43.15% offline, indicating strengthened brand power [2] Technological Advancements - The company achieved a breakthrough in RGB-Mini LED technology, enhancing liquid crystal displays from monochrome to tricolor backlighting [3] - The global shipment market share for laser displays reached 70%, with the introduction of high-performance chips and innovative products [3] - The company is advancing in Micro LED technology, launching products that overcome home-use limitations [3] Global Strategy - The company has established a global presence with nine production bases and thirteen R&D centers, improving its integrated research, production, and sales system [4] - The global shipment market share increased to 14.38%, reflecting a 0.57 percentage point growth year-on-year [4] - The company is transitioning from a single market expansion strategy to a dual-driven approach of technological breakthroughs and global layout [4]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 27.231 billion yuan, a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders reached 1.056 billion yuan, up 26.63% compared to the same period in 2024, significantly outpacing revenue growth [1] - Operating cash flow increased by 48.59% to 1.802 billion yuan, and the weighted average return on net assets rose by 0.84 percentage points [1] Technological Advancements - The company made significant technological breakthroughs, particularly in overcoming the "two-chip" challenge in RGB-Mini LED industrialization using the ULED technology platform [2] - The RGB-Mini LED technology allows for a major leap from traditional monochrome backlighting to RGB three-color backlighting, enhancing display quality [2][4] - The self-developed RGB color control AI image quality chip H7 has been applied in various mid-to-high-end television models, creating a differentiated market advantage [8] Market Trends and Product Strategy - The global shipment of televisions 98 inches and above increased by 109.30% in the first half of 2025, with domestic sales rising by 123.50% [9] - The company optimized its product structure, leading to an 85.29% increase in global shipments of products 98 inches and above and a 108.24% increase in Mini LED products [10] - In the domestic market, the company maintained a leading position with a retail volume and value market share of 41.65% and 48.66% respectively for televisions 100 inches and above [12] Global Presence and Brand Recognition - The company ranks first in market share for 75 inches and above products globally, with nearly 20% market share for products 75 inches and above [12] - The brand's global influence has been enhanced through partnerships with major events and games, leading to a significant increase in sales [17] - The company has established nine production bases and 13 R&D centers worldwide, improving research efficiency and product competitiveness [19] New Business Ventures - In the first half of 2025, the new display business generated revenue of 3.434 billion yuan, a year-on-year increase of 7.43% [15] - The company is expanding into new fields such as laser display and AI, with a focus on multi-dimensional growth engines [13][14]

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

此次大会上，奥维云网以权威姿态为海信洗衣机冠上"三筒洗衣机首创者"之名，也将技术原点追溯至 2017年海信推出全球首台三筒洗衣机Master大师系列。该产品以"一机三筒"的创新架构，开创分区健康 洗护全新品类，成功解决了不同材质衣物分类洗涤的痛点，并于当年柏林IFA展斩获"产品设计创新金 奖"，成为中国制造在国际工业设计舞台上的高光时刻。 在2025年8月27日举行的奥维云网数字生态大会上，海信洗衣机凭借卓越的产品创新能力和市场表现， 成功摘得"热泵洗烘一体机主销价位销量第一"与"三筒洗衣机首创者"两项行业权威认证。这一成绩的取 得，标志着海信经过八年的技术积累和市场深耕，已然成为高端洗护领域的重要引领者。 海信棉花糖Ultra全家筒搭载自主研发的宙斯集成式热泵烘干系统，通过突破性设计将热泵模块体积压 缩至传统结构的三分之一，成功实现热泵系统在标准机身中的高效内置。不仅解决了行业长期面临的产 品安装空间难题，还实现了洗烘一体化的革命性突破，它可以以42℃低温柔烘技术，通过模拟自然风干 环境，能够细致呵护珍贵面料，避免高温导致的缩水、褪色问题。这项技术创新为用户带来了实实在在 的生活便利。对于担心高档丝绸衬衫、 ...

丨证券研究报告丨 公司研究丨点评报告丨海信视像（600060.SH） [Table_Title] 全球市场地位稳固，2025Q2 经营利润显著改善 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 272.31 亿元，同比增长 6.95%；归母净利润 10.56 亿元， 同比增长 26.63%；扣非归母净利润 8.12 亿元，同比增长 26.57%。其中，2025 年第二季度， 公司实现营收 138.55 亿元，同比增长 8.59%；归母净利润 5.02 亿元，同比增长 36.82%，扣 非归母净利润 3.60 亿元，同比增长 36.71%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信视像（600060.SH） cjzqdt11111 [Table_Title2] 全球市场地位稳固，2025Q2 经营利润显著改善 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025 年上半年，公司实现 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 海信视像系全球电视龙头，在产品升级、全球渠道扩张、面板价格趋稳回落下，发展持续向好。维持盈利预测，预计公司2025-2027年归母净利润为25.9/29.1/32.0亿，增速为15%/12%/1 Q2经营业绩加速增长，盈利能力提升。公司2025H1实现营收272.3亿/+7.0%，归母净利润10.6亿/+26.6%，扣非归母净利润8.1亿/+26.6%。其中Q2收入138.6亿/+8.6%，归母净利润5.0 电视行业销量稳定，结构升级趋势明显。2025H1全球电视出货量9457万台/+0.1%，其中国内出货1710万台/+2.4%(Omdia数据)；国内电视零售额同比增长7.5%至561亿(奥维云网数据)。电 预计公司内销量价齐增，各区域结构持续优化。2025H1公司全球市占率进一步提升，海信系全球出货量市占率14.4%/+0.6pct；国内零售额/零售量市占率30.0%/25.7%，位居国内首位。在 新显示业务增长良好。H1公司新显示新业务收入34.3亿/+7.4%，其中激光显示发布亮度1000nits的激光电视，持续开拓商用、车载场 ...

证券研究报告 | 2025年08月27日 海信视像（600060.SH） 优于大市 2025 年中报点评：二季度业绩增长提速，盈利能力稳步改善 Q2经营业绩加速增长，盈利能力提升。公司2025H1实现营收272.3亿/+7.0%， 归母净利润 10.6 亿/+26.6%，扣非归母净利润 8.1 亿/+26.6%。其中 Q2 收入 138.6亿/+8.6%，归母净利润5.0亿/+36.8%，扣非归母净利润3.6亿/+36.7%。 虽然面临美国关税的扰动，但公司通过大屏及 Mini LED 等高端产品的结构 拉动，Q2 营收业绩实现加速增长，盈利能力实现稳步好转。 电视行业销量稳定，结构升级趋势明显。2025H1 全球电视出货量 9457 万台 /+0.1%，其中国内出货 1710 万台/+2.4%（Omdia 数据）；国内电视零售额同 比增长 7.5%至 561 亿（奥维云网数据）。电视大屏、Mini LED 等升级趋势 持续演绎，奥维数据显示，2025H1 全球电视出货平均尺寸为 53.7 英寸/+1 英寸；中国电视平均出货尺寸 65.1 英寸/+1.8 英寸，各区域大尺寸电视的增 长明显好于整体；全球/中国 ...

Market Overview - The black home appliance sector experienced a decline of 0.99% on August 27, with Chenyi Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - Tongzhou Electronics (002052) rose by 3.45% to a closing price of 18.30 [1] - Zhaochi Co. (002429) increased by 1.43% to 5.66 [1] - ST Gauss (002848) fell by 0.36% to 8.33 [1] - Sichuan Jiuzhou (000801) decreased by 0.77% to 18.00 [1] - XGIMI Technology (688696) dropped by 0.97% to 125.18 [1] - Hisense Visual (600060) declined by 1.26% to 21.87 [1] - Skyworth Digital (000810) fell by 1.58% to 12.49 [1] - Jiulian Technology (688609) decreased by 1.92% to 11.78 [1] - Sichuan Changhong (600839) dropped by 2.70% to 11.90 [1] - Chenyi Intelligent (301578) fell by 3.19% to 37.58 [1] Capital Flow - The black home appliance sector saw a net outflow of 324 million yuan from institutional investors and 145 million yuan from retail investors, while retail investors had a net inflow of 468 million yuan [1] - Detailed capital flow for selected stocks includes: - Skyworth Digital (000810) had a net inflow of 31.72 million yuan from institutional investors [2] - Sichuan Jiuzhou (000801) saw a net inflow of 14.76 million yuan from institutional investors [2] - XGIMI Technology (688696) had a net inflow of 12.84 million yuan from institutional investors [2] - Chenyi Intelligent (301578) experienced a net outflow of 2.47 million yuan from institutional investors [2] - Hisense Visual (600060) faced a significant net outflow of 33 million yuan from institutional investors [2] - Tongzhou Electronics (002052) had a net outflow of 80.57 million yuan from institutional investors [2]

Group 1 - The core viewpoint of the news is that brokerage ratings are crucial for investors, with nearly 200 A-share listed companies receiving "buy" ratings on August 27, focusing on industries such as software development, chemical pharmaceuticals, gaming, chemical raw materials, beauty care, home appliances, and liquor [1][4]. Group 2 - Kingsoft Office received significant attention from brokerages, with eight reports in the past month, ranking first among stocks promoted by brokerages on August 27. The report from Cinda Securities highlighted a noticeable recovery in revenue growth and the positive impact of AI on efficiency [4][5]. - East China Pharmaceutical also garnered attention, with eight brokerage reports in the past month. Southwest Securities projected EPS for 2025-2027 to be 2.31 yuan, 2.48 yuan, and 2.71 yuan, maintaining a "buy" rating [4][5]. - Gigabit received multiple brokerage reports, indicating strong performance and growth potential in the gaming sector [4][5]. - Other companies such as Hualu Hengsheng, Marubi Biotechnology, Hisense Visual, Huadian Co., Ltd., Jianshiyuan, Poly Development, and Tongli Co., Ltd. also received attention from various brokerages in the past month [5].