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]

Core Viewpoint - Hisense has launched the innovative Hisense Little Durian 500 refrigerator, which utilizes original vacuum ice temperature technology to provide tailored storage solutions for various food items, addressing the common issue of food odor mixing in modern households [1][6]. Group 1: Product Features - The Hisense Little Durian refrigerator creates an independent, sealed vacuum environment that effectively isolates odor molecules, allowing strong-smelling foods and delicate fruits to coexist without flavor interference [3]. - The refrigerator is specifically designed for durian, a notoriously odorous fruit, demonstrating its capability to maintain the fruit's freshness for up to 7 days with a weight loss rate of only 0.4%, compared to 12.4% in standard preservation methods [3][4]. - The product features a dual cooling system that ensures independent air circulation in both refrigeration and freezing compartments, eliminating the risk of odor transfer [6]. Group 2: Consumer Benefits - The vacuum environment accelerates the infusion of flavors into food, making it ideal for preparing marinated dishes quickly, enhancing the convenience for users [4]. - The design allows for flexible storage of various food types, meeting the complex needs of modern families who require the ability to store different categories of food without compromising on taste [3][4]. - Hisense's commitment to addressing contemporary consumer demands for high-quality living is evident in this product, which aims to lead market trends with its innovative technology [6].

Core Viewpoint - Hisense Visual reported a steady revenue growth in H1 2025, with a significant increase in net profit, indicating a positive trend in both domestic and international markets [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 27.23 billion, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 1.06 billion, up 26.6% year-on-year [1]. - For Q2 2025, revenue reached 13.86 billion, reflecting an 8.6% year-on-year growth, while net profit attributable to shareholders was 500 million, marking a 36.7% increase [1]. - The gross profit margin improved by 1.41 percentage points in Q2 2025, attributed to the upgrade in domestic sales structure and cost reduction in exports [2]. Group 2: Sales and Market Dynamics - Domestic sales showed a steady upgrade, with Q2 2025 TV sales volume increasing by 3% year-on-year, while the average selling price is expected to see double-digit growth [2]. - The company’s new display business revenue grew by 7.43% to 3.434 billion in H1 2025, with Qian Zhao Optoelectronics reporting a 37.08% increase in revenue to 1.743 billion [2]. - International sales faced short-term fluctuations due to inventory issues in the North American market, impacting export growth rates [2]. Group 3: Future Outlook - The company is expected to continue its revenue growth driven by high-end product promotions such as MiniLED and large screens, with a positive outlook for the U.S. business and emerging markets [3]. - The projected net profits for 2025 and 2026 are 2.56 billion and 3.07 billion respectively, with corresponding price-to-earnings ratios of 11.3 and 9.4 times [3].

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]

Group 1 - The core viewpoint of the article highlights that Hisense's "Vacuum First-Class Cabin Refrigerator" has been recognized in the 2024-2025 Trend Product Cloud Ding Award, showcasing its leading vacuum preservation technology and strong market performance [1][3] - Hisense's innovative vacuum magnetic field preservation technology marks the entry into the 4.0 stage of vacuum preservation, combining vacuum and magnetic field preservation to significantly slow down food oxidation and enhance internal biological activity control [3] - The technology achieves an impressive "7-day sealed first-class freshness" effect, improving the storage quality of meat, seafood, and various fruits and vegetables [3] Group 2 - Hisense has been recognized as the number one in sales in the Chinese refrigerator vacuum preservation industry in 2024, indicating a strong alignment between its technological approach and consumer demand [3] - The company has consistently focused on user scenarios in its research and development, evolving from basic vacuum preservation to the fourth generation of vacuum magnetic field preservation, thereby expanding the technical boundaries of household food management [3] - Industry observers note that Hisense's technology-driven product evolution meets modern families' essential needs for food preservation, suggesting that the company is likely to continue leading the refrigerator industry towards more refined, intelligent, and user-friendly developments [6]

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].

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]