Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a 12-month target price of 31.12 CNY [5]. Core Views - Hisense Visual reported a revenue of 42.83 billion CNY for the first three quarters of 2025, representing a year-over-year increase of 5.4%, and a net profit attributable to shareholders of 1.63 billion CNY, up 24.3% year-over-year [2][3]. - The company is expected to continue improving its profitability due to the optimization of its product structure and rapid growth in new display businesses [2][3]. - The company is actively expanding its overseas business, particularly in high-end channels in North America, and leveraging major sports events for integrated marketing [2][3]. Financial Performance Summary - Q3 2025 revenue reached 15.60 billion CNY, with a year-over-year growth of 2.7%, and a net profit of 570 million CNY, up 20.2% year-over-year [2][3]. - The net profit margin for Q3 increased by 0.5 percentage points year-over-year, driven by high-margin new display businesses and an increase in other income [3]. - The operating cash flow for Q3 decreased by 110 million CNY year-over-year, primarily due to increased cash payments for goods and services [3]. Financial Forecast - Revenue projections for 2025 to 2027 are 62.51 billion CNY, 67.24 billion CNY, and 72.05 billion CNY respectively, with net profits expected to be 2.62 billion CNY, 2.90 billion CNY, and 3.24 billion CNY [4][11]. - Earnings per share (EPS) are forecasted to be 2.01 CNY, 2.22 CNY, and 2.48 CNY for 2025, 2026, and 2027 respectively [4][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.3 in 2025 to 9.9 in 2027, indicating potential value appreciation [4][11].

Group 1 - The company, Hisense Visual, announced that its 10th Board of Directors' 18th meeting was held on October 29, 2025, via communication methods to review the proposal for the company's Q3 2025 report [1] - For the year 2024, the revenue composition of Hisense Visual is 92.12% from the display industry and 7.88% from other businesses [1] - As of the report date, the market capitalization of Hisense Visual is 32.1 billion yuan [1]

Core Insights - Hisense Visual disclosed its Q3 2025 financial results, reporting a revenue of 15.6 billion yuan, representing a year-on-year growth of 2.7% [1] - The net profit for Q3 2025 was 573 million yuan, showing a year-on-year increase of 20.15% [1] - For the first three quarters of 2025, the company achieved a total revenue of 42.83 billion yuan, which is a year-on-year growth of 5.36% [1] - The net profit for the first three quarters reached 1.629 billion yuan, reflecting a year-on-year increase of 24.27% [1]

Core Viewpoint - Hisense Visual reported a steady growth in revenue and net profit for the third quarter and the first three quarters of 2025, indicating a positive financial performance despite market challenges [1] Financial Performance - The company's third-quarter revenue reached 15.6 billion yuan, reflecting a year-on-year increase of 2.7% (adjusted) [1] - The net profit for the third quarter was 573 million yuan, showing a year-on-year growth of 20.15% (adjusted) [1] - For the first three quarters of 2025, total revenue amounted to 42.83 billion yuan, which is a 5.36% year-on-year increase (adjusted) [1] - The net profit for the first three quarters was 1.629 billion yuan, representing a year-on-year increase of 24.27% (adjusted) [1]

Core Viewpoint - Hisense Visual reported a revenue increase and net profit growth for the third quarter of 2025, indicating positive financial performance and growth trends in the company's operations [1] Financial Performance - In Q3 2025, the company's revenue reached 15.066 billion yuan, representing a year-on-year growth of 6.71% [1] - The net profit attributable to shareholders for Q3 2025 was 573 million yuan, showing a year-on-year increase of 20.15% [1] - For the first three quarters of 2025, the total revenue was 39.989 billion yuan, with a year-on-year growth of 5.65% [1] - The net profit attributable to shareholders for the first three quarters was 1.629 billion yuan, reflecting a year-on-year increase of 24.27% [1]

证券代码：600060 证券简称：海信视像 公告编号： 2025-046 海信视像科技股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 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。 2025年4月，海信视像科技股份有限公司（以下简称"公司"）以收购方式取得青 岛海信信通电子科技有限公司（以下简称"信通电子"）100%股权，构成同一控制下 的企业合并，根据《企业会计准则第33号——合并财务报表》等的相关规定，需要调 整合并财务报表相关数据，现将相关事宜公告如下： 本次追溯调整对公司 2024 年 1-9 月合并利润表、2024 年 1-9 月合并现金流量表等 的影响请见本公告附件。 一、同一控制下的企业合并情况 公司第十届董事会第十次会议和第十届监事会第七次会议于 2025 年 3 月 27 日审 议通过《关于公司购买资产暨关联交易的议案》，同意公司以自有资金购买青岛海信 通信有限公司（以下简称"海信通信"）持有的信通电子 100%股权，依据经评估的市 场价值定价，本次交易价格为人民币 9,165.02 万元。上述事 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-047 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 厦门乾照光电科技有限公司（以下简称"乾照科 | | --- | --- | | 被担保人名称 | 技"）、扬州乾照光电有限公司（以下简称"扬 | | | 州乾照"）、江西乾照半导体科技有限公司（以 | | | 下简称"乾照半导体"） | | 被担保人关联关系 | | | | 乾照科技、扬州乾照、乾照半导体均为海信视像 科技股份有限公司（以下简称"公司"）控股子 | | | 公司厦门乾照光电股份有限公司（以下简称"乾 | | | 照光电"）的全资子公司 （1）本次乾照光电为乾照科技提供 1 项最高额 | | | 保证担保，被担保的主债权本金余额在债权确定 期间内最高不超过人民币 8,000 万元；（2）本 | | 担保对象 | 次乾照光电为扬州乾照提供 1 项最高额保证担 | | 本次担保金额 | 保，被担保的 ...

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"）第十届董事会第十八次会 议（以下简称"会议"或"本次会议"）于2025年10月29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 （一）审议通过了《关于公司 2025 年第三季度报告的议案》 证券代码：600060 证券简称：海信视像 公告编号： 2025-045 海信视像科技股份有限公司 第十届董事会第十八次会议决议公告 （二）审议通过了《关于同一控制下企业合并追溯调整财务数据的议案》 公司本次按照同一控制下企业合并的相关规定，对 2024 年 1-9 月合并利润 表、2024 年 1-9 月合并现金流量表相关财务数据进行追溯调整，符合相关法律、 法规以及《企业会计准则》等的相关规定，追溯调整后的财务报表客观、真实 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥15.60 billion, a 2.70% increase compared to ¥15.19 billion in the same period last year[4]. - The net profit attributable to shareholders was ¥572.78 million, reflecting a 20.15% increase from ¥476.32 million year-over-year[4]. - The total profit for the period was ¥778.52 million, marking a significant increase of 34.83% compared to ¥577.02 million in the previous year[4]. - The company reported a 6.71% increase in main business revenue, totaling ¥15.07 billion compared to ¥14.12 billion in the same period last year[4]. - Total operating revenue for the first three quarters of 2025 reached CNY 42.83 billion, an increase of 5.37% compared to CNY 40.65 billion in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was CNY 1.90 billion, representing a 21.77% increase from CNY 1.56 billion in 2024[18]. - Earnings per share for the first three quarters of 2025 were CNY 1.254, compared to CNY 1.011 in the same period of 2024, reflecting a growth of 24.06%[19]. - The company reported a comprehensive income total of CNY 1.99 billion for the first three quarters of 2025, compared to CNY 1.53 billion in 2024, reflecting overall growth[19]. Cash Flow - The net cash flow from operating activities was ¥1.63 billion, a decrease of 6.28% from ¥1.74 billion in the same quarter last year[4]. - The net cash flow from operating activities increased to ¥3,430,653,940.32, up from ¥2,950,742,202.99, representing a growth of approximately 16.2% year-over-year[21]. - Total cash inflow from operating activities was ¥47,960,776,509.46, compared to ¥44,305,466,342.43 in the previous period, indicating an increase of about 6.0%[21]. - Cash outflow from investing activities totaled ¥17,478,928,701.25, down from ¥19,305,622,558.68, reflecting a decrease of approximately 9.5%[21]. - The net cash flow from investing activities was negative at -¥2,034,601,207.04, compared to a positive ¥145,401,776.30 in the previous period[21]. - Cash inflow from financing activities decreased to ¥1,543,269,190.79 from ¥1,784,602,996.72, a decline of about 13.5%[21]. - The net cash flow from financing activities was -¥1,318,583,172.64, improving from -¥2,906,762,051.88 year-over-year[21]. - Cash received from operating activities related to other business activities was ¥620,294,638.68, up from ¥479,625,442.28, an increase of about 29.4%[21]. Assets and Liabilities - The company's total assets decreased by 3.11% to ¥45.29 billion from ¥46.66 billion at the end of the previous year[5]. - The total current assets as of September 30, 2025, amount to ¥35,657,220,553.09, a decrease from ¥36,986,117,879.46 as of December 31, 2024[14]. - The company's cash and cash equivalents are reported at ¥2,358,798,017.66, down from ¥2,685,963,882.75 in the previous period[14]. - Total liabilities amount to ¥26,000,000,000, with short-term borrowings at ¥773,920,766.81, up from ¥682,667,537.55[15]. - The total liabilities decreased to CNY 19.15 billion in 2025 from CNY 21.66 billion in 2024, showing a reduction in financial leverage[18]. - The total equity attributable to shareholders increased to CNY 20.44 billion in 2025 from CNY 19.67 billion in 2024, indicating a strengthening of the company's financial position[18]. Shareholder Information - Hisense Group Holdings Co., Ltd. holds 392,505,971 shares, representing 30.08% of total shares[12]. - The company has no pledged, marked, or frozen shares among its top shareholders[12]. - The company does not have any significant changes in the participation of major shareholders in margin trading and securities lending[13]. Expenses - Research and development expenses for the first three quarters of 2025 totaled CNY 1.77 billion, slightly up from CNY 1.71 billion in 2024[18]. - Financial expenses decreased to CNY 27.02 million in 2025 from CNY 60.23 million in 2024, indicating improved cost management[18]. - Cash paid for purchasing goods and services was ¥36,974,700,702.15, compared to ¥34,264,276,454.45, reflecting an increase of approximately 7.9%[21].

Core Insights - Hisense Visual reported a third-quarter revenue of 15.066 billion yuan, representing a year-on-year increase of 6.71% [1] - The net profit for the third quarter was 573 million yuan, showing a year-on-year growth of 20.15% [1] - For the first three quarters, the total revenue reached 39.989 billion yuan, with a year-on-year increase of 5.65% [1] - The net profit for the first three quarters was 1.629 billion yuan, reflecting a year-on-year growth of 24.27% [1]