Core Viewpoint - The company has approved its 2025 semi-annual report, which reflects its actual operational and financial status, and has made necessary adjustments to its financial data due to a business acquisition [8][28]. Group 1: Company Overview - The company is named Hisense Visual Technology Co., Ltd. and is listed under the stock code 600060 [6]. - The board of directors guarantees the authenticity, accuracy, and completeness of the report [6]. Group 2: Financial Data - The semi-annual report has not been audited [3]. - The company has made retrospective adjustments to its financial data due to the acquisition of Qingdao Hisense Xintong Electronics Co., Ltd. [26][28]. Group 3: Board Meeting - The 15th meeting of the 10th board of directors was held on August 22, 2025, with all directors present [7]. - The board unanimously approved the semi-annual report and the retrospective adjustment of financial data [10][12]. Group 4: Business Operations - The company plans to engage in gold futures and derivative hedging business through its subsidiary, Xiamen Qianzhao Optoelectronics Co., Ltd., to mitigate the impact of gold price fluctuations on product costs [31][35]. - The maximum investment amount for this hedging business will not exceed RMB 50 million [32][35]. Group 5: Risk Management - The company has identified potential risks associated with the hedging activities, including market risk, liquidity risk, technical risk, operational risk, and legal risk [41][42]. - Measures will be implemented to control these risks, including establishing a dedicated organizational structure for the hedging business and ensuring compliance with relevant regulations [43][44].

Group 1 - The company reported a revenue of 27,230,708,112.25 yuan for the first half of 2025, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders of the listed company was 1,055,725,365.58 yuan, showing a year-on-year increase of 26.63% [2]

Core Insights - Hisense Visual Technology Co., Ltd. reported a revenue of 27.231 billion yuan for the first half of 2025, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% [1] - The company is advancing its globalization and high-end strategies while promoting digital transformation, achieving significant breakthroughs in core display technologies [1][2] - Hisense holds a 47.7% market share in the global market for televisions 100 inches and above, and a 70.0% share in the laser television segment, both ranking first globally [1] Financial Performance - The weighted average return on equity increased by 0.84 percentage points year-on-year [1] - Operating cash flow increased by 48.59% to 1.802 billion yuan [1] Technological Advancements - The company successfully developed RGB-Mini LED technology, overcoming challenges in chip and algorithm efficiency, marking a significant advancement in liquid crystal display technology [2] - Hisense launched the RGB color control AI picture quality chip H7, enhancing its competitive edge in the mid-to-high-end television market [4] Market Position and Strategy - Hisense's global shipment of 98-inch and larger products increased by 85.29%, while Mini LED product shipments grew by 108.24% [3] - The company is expanding its presence in the commercial display sector and has increased its overseas market reach to over 60 countries, with overseas revenue growing by 43% [4] AI and Future Growth - The AI television market presents significant growth opportunities, with Hisense leading through self-developed chips and algorithms [5] - The company is also exploring AI/AR smart terminal products and has initiated research on intelligent robots in collaboration with Fuyao Technology University [6]

Group 1 - The company announced the approval of multiple proposals, including the 2025 semi-annual report and its summary, during the 15th meeting of the 10th board of directors [2]

Core Viewpoint - Hisense Visual reported a significant increase in revenue and net profit for the first half of 2025, driven by advancements in AI technology and self-developed chips, positioning itself as a leader in the AI television market [1][2]. Financial Performance - The company's revenue for the first half of 2025 reached 27.231 billion yuan, a year-on-year increase of 6.95% - Net profit for the same period was 1.056 billion yuan, reflecting a year-on-year growth of 26.63% - The net profit after deducting non-recurring items increased by 26.56% to 0.812 billion yuan - The net cash flow from operating activities rose by 48.59% to 1.802 billion yuan [1]. Quarterly Performance - In Q2 2025, revenue grew by 8.59% to 13.855 billion yuan, with net profit increasing by 36.82% to 0.502 billion yuan - The net profit after deducting non-recurring items in Q2 rose by 36.67% to 0.360 billion yuan - In Q1 2025, revenue, net profit, and net profit after deducting non-recurring items increased by 5.31%, 18.61%, and 19.52% respectively [1]. Technological Advancements - The company has established an integrated AI capability system through self-developed chips, large model algorithms, and scenario-based applications, transitioning televisions from mere display devices to smart home hubs [1]. - Hisense Visual aims for comprehensive coverage in large-size display chips, focusing on high-end quality chip development and accelerating domestic chip production [2]. - The self-developed RGB color control AI quality chip H7 has been successfully mass-produced and applied in several mid-to-high-end television models, creating a differentiated market advantage [2]. Market Position - The company maintains a global leadership position in the television Tcon chip segment and has entered the top tier in the display Tcon chip segment [2]. - Hisense Visual is also expanding into the notebook computer Tcon chip market, high refresh rate and high resolution driver markets, OLED display market, and display SoC market [2]. LED Chip Industry - The company has made significant strides in the LED chip industry, with self-developed high-performance RGB-Mini LED backlight chips applied in RGB-Mini LED televisions, resulting in a revenue increase of approximately 400% in the backlight chip business [2]. - The Micro MIP chip has received mass production certification from leading companies in the display industry, while the Micro COG chip has achieved significant technological breakthroughs and is undergoing international customer certification [2].

Core Viewpoint - Hisense Visual reported a strong performance for the first half of 2025, with significant growth in revenue and profit, indicating a positive trend in the company's financial health and market position [1] Financial Performance - The company achieved an operating revenue of 27.231 billion yuan, representing a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders was 1.056 billion yuan, showing a year-on-year growth of 26.63% [1] - The net cash flow from operating activities reached 1.802 billion yuan, with a substantial year-on-year increase of 48.59% [1] Market Position - According to Aowei Data, Hisense's global TV shipment market share was 14.38% in the first half of 2025, an increase of 0.57 percentage points year-on-year [1] - Aowei Cloud Network's all-channel monitoring data indicated that Hisense's retail market share in mainland China for TV was 29.96% in terms of retail value and 25.73% in terms of retail volume, both ranking first in the mainland market [1]

Core Viewpoint - Hisense Visual's revenue for the first half of 2025 reached 27.231 billion yuan, reflecting a year-on-year growth of 6.95% [1] - The net profit attributable to shareholders was 1.056 billion yuan, showing a year-on-year increase of 26.63% [1] - The company emphasized its strategy of large-screen, high-end, and intelligent products, supported by digital upgrades across R&D, manufacturing, and marketing [1] Financial Performance - Revenue for the first half of 2025: 27.231 billion yuan, up 6.95% year-on-year [1] - Net profit attributable to shareholders: 1.056 billion yuan, up 26.63% year-on-year [1] - Net profit excluding non-recurring gains and losses: 0.812 billion yuan, up 26.57% year-on-year [1] - Basic earnings per share: 0.809 yuan [1] Strategic Initiatives - The company is advancing its strategy focused on large-screen, high-end, and intelligent products [1] - Continuous improvement in operational efficiency through digital upgrades across the entire process of R&D, manufacturing, and marketing [1] - Global integration of research, production, and sales is a key focus for the company [1]

Summary of Hisense Visual Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Black Electronics (TVs) Key Points and Arguments 1. **Cost Control and Margin Improvement**: Hisense Visual has effectively controlled costs through optimized procurement and supply chain management, leading to a significant increase in gross margin, with TV business gross margin rising to 17.35% in 2022, outperforming Korean brands [2][6] 2. **Multi-Brand Strategy**: The company utilizes a multi-brand matrix (Hisense, Toshiba, VIDAA) to precisely target users and enhance market share in the large-size TV segment through high-end technologies like ULED and self-developed image quality chips [2][7] 3. **Market Share Recovery**: Traditional brands like Hisense have regained market share from internet TV brands like Xiaomi, which faced challenges with its low-price competition strategy, allowing Hisense to reclaim its position as the sales champion in China [2][10] 4. **Profit Growth through Brand Expansion**: Hisense has achieved profit growth through the expansion of brands like Vita and the mid-to-high-end Toshiba brand, successfully implementing a high-end strategy that has led to a return to the top of the Chinese market in terms of shipment volume [2][13] 5. **Global Market Positioning**: Chinese panel manufacturers' expansion and procurement scale advantages have positioned Hisense and other domestic brands to challenge Samsung for the top global shipment volume [2][14] 6. **Brand Awareness through Sports Sponsorship**: Hisense has enhanced its global brand recognition by sponsoring major sports events like the UEFA European Championship and the World Cup, particularly boosting its presence in European and American markets [2][16] Financial Outlook 1. **Profit Projections**: Hisense Visual is expected to achieve a net profit exceeding 2.6 billion RMB in 2025, with an average annual growth rate of 15% over the next three years, potentially reaching 3 to 3.5 billion RMB by 2027 [3][17] 2. **Market Valuation**: The current market valuation of approximately 28 billion RMB is seen as a good opportunity for accumulation, with expectations of exceeding 40 billion RMB in market value by 2027 [3][18] 3. **Positive Industry Factors**: The black electronics industry is expected to benefit from low inventory levels and declining panel prices in the second half of the year, which will support revenue and profit performance [3][19] Misconceptions and Responses 1. **Market Misconceptions**: Prior to 2022, the market believed that black electronics brands were heavily impacted by upstream panel price cycles, making sustained profit improvement difficult. Hisense has countered this by demonstrating effective cost control, outperforming Korean brands like Samsung and LG [5][6] 2. **Challenges for Second-Tier Brands**: Second-tier traditional TV companies like Changhong and Konka are facing challenges and shifting focus to other businesses, leading to declining sales and market share in the black electronics sector [12] Future Considerations 1. **Investor Guidance**: Investors are advised to closely monitor the upcoming 2025 first-half performance report, which may reflect positive trends such as low inventory levels and cost benefits from declining panel prices [20] 2. **Sustainability of Profit Improvement**: The sustainability of profit improvement is supported by factors related to cost, revenue, and profit, indicating a strong outlook for Hisense Visual [9][8]

Group 1 - The core viewpoint of the article is that Hisense Visual has announced its board meeting to review the 2025 semi-annual report and its summary [1] - For the year 2024, Hisense Visual's revenue composition is 92.12% from the display industry and 7.88% from other businesses [1] - As of the report, Hisense Visual has a market capitalization of 28.3 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, highlighting a demand for talent in the sector [1]

证券代码：600060 证券简称：海信视像 公告编号： 2025-034 海信视像科技股份有限公司 关于控股子公司开展黄金期货及衍生品 套期保值业务的公告 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。 重要内容提示： 已履行及拟履行的审议程序 本事项已分别经乾照光电第六届董事会第十二次会议、第六届监事会第十 二次会议以及本公司第十届董事会第十五次会议审议通过，尚需经乾照光电股 东大会审议通过。 特别风险提示 乾照光电开展黄金期货及衍生品套期保值业务的主要目的是对冲原材料价 格波动风险，但仍可能存在市场风险、流动性风险、技术风险、操作风险及法 律风险。公司将督促乾照光电严格落实风险控制措施，防范相关风险。 1 / 5 一、交易情况概述 1、交易目的：黄金是与乾照光电生产经营相关的关键原材料。为充分利用 期货市场的套期保值功能，降低黄金价格波动对产品成本的影响，减少原材料 价格波动对公司正常经营的影响，乾照光电拟开展黄金期货及衍生品套期保值 业务。 2、交易金额：乾照光电投入黄金期货及衍生品套期保值业务的保证金和权 利金投资金额 ...