Core Viewpoint - Hisense Visual's stock price has shown fluctuations, with a recent decline despite a year-to-date increase, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Hisense Visual achieved a revenue of 27.23 billion yuan, representing a year-on-year growth of 6.95%, while the net profit attributable to shareholders was 1.06 billion yuan, up 26.59% year-on-year [2]. - The company has distributed a total of 6.97 billion yuan in dividends since its A-share listing, with 3.04 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 3, Hisense Visual's stock price was 21.62 yuan per share, with a market capitalization of 28.21 billion yuan. The stock experienced a 2.04% decline during the trading session [1]. - The stock has increased by 13.43% year-to-date, but has seen a slight decline of 1.14% over the last five trading days [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 32,800, with an average of 39,482 circulating shares per shareholder, a decrease of 5.86% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 56.70 million shares, and new entrants like Southern CSI 500 ETF, holding 11.60 million shares [3].

Core Viewpoint - Hisense refrigerators have successfully passed the "Automatic Ice Making Performance Certification" by the China Household Electrical Appliances Research Institute, highlighting the company's innovation in automatic ice-making technology and its response to the modern lifestyle of urban youth, particularly the "early C (Coffee) and late A (Alcohol)" routine [1][5]. Group 1: Product Performance - The certification confirms the performance of Hisense's automatic ice-making technology, which integrates convenience and health standards to meet the needs of users for high-quality ice drinks [5][6]. - Hisense's five refrigerator models demonstrated outstanding performance in key metrics such as ice-making speed, uniformity of ice cubes, reliability of ice output, and ice box capacity, proving the stability and excellence of their 60-minute intelligent ice-making system [5][6]. Group 2: Health and Safety Features - Hisense has implemented a comprehensive health protection system for its automatic ice-making process, utilizing advanced antibacterial materials in its vacuum first-class refrigerator's water and ice storage boxes, achieving an antibacterial rate exceeding 99.99% [6]. - The focus on "clean and safe" ice production addresses a core consumer pain point, ensuring that the environment for ice production is hygienic and free from bacterial growth [6]. Group 3: Market Positioning and Consumer Insights - The recognition from the certification reflects Hisense's strong capabilities in technological innovation and quality control, catering to the refined lifestyle needs of young consumers while safeguarding family health [6]. - Hisense aims to lead the refrigerator industry into a new phase characterized by enhanced user experience and higher health standards through continuous technological advancements [6].

Market Overview - The Shanghai Composite Index fell by 0.45% on September 2, with six industries experiencing gains, led by the banking sector with a rise of 1.95% and public utilities at 0.99% [2] - The household appliances industry ranked third in terms of daily gains, increasing by 0.91% [3] - The communication and computer sectors faced the largest declines, with drops of 5.73% and 4.06% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 151.28 billion yuan, with only four industries seeing net inflows [2] - The banking sector had the highest net inflow of 3.42 billion yuan, while public utilities followed with 936 million yuan [2] - The electronics industry experienced the largest net outflow, totaling 34.54 billion yuan, followed by the computer sector with 24.56 billion yuan [2] Household Appliances Sector - Within the household appliances sector, 94 stocks were tracked, with 21 stocks rising and 70 falling [3] - The top three stocks with significant net inflows included Sanhua Intelligent Controls with 259 million yuan, Midea Group with 189 million yuan, and Sunrise Orient with 109 million yuan [3] - Notable outflows were seen in Sichuan Changhong, Tianyin Electric, and Haier Smart Home, with net outflows of 395 million yuan, 124 million yuan, and 81.76 million yuan respectively [3] Individual Stock Performance - The top gainers in the household appliances sector included Midea Group with a rise of 2.88% and Sanhua Intelligent Controls with an increase of 3.48% [6] - Conversely, Sichuan Changhong and Tianyin Electric saw declines of 4.33% and 5.34% respectively [4] - The overall trading activity in the household appliances sector showed a mixed performance, with some stocks experiencing significant capital outflows despite the sector's overall positive movement [3][4]

Core Insights - The investment and financing activity in the 4K and 8K ultra-high-definition television industry in China has shown a declining trend, with only 2 financing events disclosed in 2024 and none in 2025 as of August 7 [2][3] Investment Activity - From 2017 to 2024, there were a total of 65 financing events in the 4K and 8K ultra-HD television industry, indicating fluctuating but overall decreasing investment activity [2] - The majority of financing rounds are concentrated in equity and strategic investments, primarily occurring post-IPO [4] - Guangdong province has the highest number of financing events, totaling 18 from 2017 to 2024, with significant activity also in Shanghai and Beijing [7][8] Sector Focus - Investment in the 4K and 8K ultra-HD television industry is primarily focused on terminal manufacturing [8] - The main investors in this sector are investment firms, with notable participants including CITIC Securities and CICC, while companies like TCL and Konka represent the industrial investors [15] Mergers and Acquisitions - The industry has seen a significant number of horizontal mergers and acquisitions as companies seek to expand their scale, reflecting a mature market [17] - Notable mergers include Huaxing Optoelectronics acquiring Guangzhou LG Display and other similar transactions aimed at horizontal integration [18] Summary of Trends - Overall, the investment and financing activities in the 4K and 8K ultra-HD television market have decreased compared to previous years, while the frequency of mergers and acquisitions has increased, indicating a shift in market dynamics [20]

Market Overview - The black home appliance sector experienced a decline of 2.63% on September 2, with JiLian Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with the following notable changes: - XGIMI Technology (688696) rose by 2.09% to a closing price of 128.90 [1] - Hisense Visual (600060) increased slightly by 0.09% to 22.07 [1] - ST Gauss (002848) fell by 1.54% to 8.97 [1] - Sichuan Jiuzhou (000801) decreased by 1.81% to 17.35 [1] - Skyworth Digital (000810) dropped by 2.63% to 12.21 [1] - Other significant declines included Sichuan Changhong (600839) down 4.33% and JiLian Technology (688609) down 5.06% [1] Capital Flow - The black home appliance sector saw a net outflow of 805 million yuan from main funds, while retail investors contributed a net inflow of 724 million yuan [1] - Detailed capital flow for specific stocks indicated: - JiLian Technology had a main fund net outflow of 42.27 million yuan [2] - Sichuan Jiuzhou experienced a significant outflow of 92.15 million yuan [2] - Non-chi shares (002429) faced a net outflow of 90.21 million yuan [2]

Core Viewpoint - Hisense Visual announced the approval of the second lock-up period and the unlocking conditions of the 2021 restricted stock incentive plan during the 16th meeting of the 10th board of directors [2] Group 1 - The board meeting discussed the matters related to the restricted stock incentive plan [2] - The announcement was made on the evening of September 1 [2]

Core Viewpoint - Hisense Visual Technology Co., Ltd. reported a revenue of 27.231 billion yuan for the first half of 2025, marking 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] Financial Performance - The company achieved a revenue of 27.231 billion yuan, reflecting a 6.95% increase compared to the previous year [2] - The net profit attributable to shareholders reached 1.056 billion yuan, representing a 26.63% year-on-year growth [2] - The gross profit margin improved by 1.4 percentage points to 16.8% in the second quarter [4] Shareholder Activity - The top ten circulating shareholders of the company changed, with the Southern CSI 500 ETF entering the top ten, and the National Social Security Fund 103 combination increasing its holdings by 11.89% compared to the previous quarter [2] - The National Social Security Fund 103 combination has been continuously increasing its holdings since the first quarter of 2024, now holding 29.09 million shares [2] 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 in the global TV market [3] - In the domestic market, Hisense holds a retail market share of 30.0% in revenue and 25.7% in volume, maintaining the leading position [4] Business Development - The company is focusing on high-end product development, with significant advancements in smart display terminals, laser display, commercial display, and AI+AR new businesses [3] - New display businesses generated a revenue of 3.43 billion yuan, showing a year-on-year growth of 7.4% [4] - The company is expanding its global presence through sponsorship of major events like the FIFA Club World Cup and increasing brand marketing efforts [3][4] Analyst Ratings - Over 20 mainstream brokerage firms have issued reports with a "bullish" rating for Hisense, highlighting the company's long-term investment value due to its product structure upgrades and global capacity layout [4][5] - Analysts from Guotai Haitong Securities and Huatai Securities noted the company's strong performance in high-end product segments and the potential for growth in new display technologies [3][5]

本次股票上市流通总数为5,074,333股。 本次股票上市流通日期为2025 年 9 月 8 日。 海信视像科技股份有限公司（以下简称"公司"）于2025年8月29日召开第十 届董事会第十六次会议，审议通过了《关于2021年限制性股票激励计划第二个限 售期及自愿锁定期届满、解锁条件成就等事项的议案》，根据公司 《2021 年限制 性股票激励计划（草案修订稿）》（以下简称"《激励计划》"）及其实施考核管理办 法等相关规定，公司 2021 年限制性股票激励计划（以下简称"本激励计划"）第 二个限售期及自愿锁定期即将届满，解锁条件成就；此外，部分限制性股票满足 提前结束自愿延长的锁定期的条件，现就相关事项公告如下： 证券代码：600060 证券简称：海信视像 公告编号：2025-036 海信视像科技股份有限公司 关于 2021 年限制性股票激励计划 第二个限售期及自愿锁定期届满、 解锁条件成就暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数 ...

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 ...