海信视像科技股份有限公司 2025 年第一次临时股东会会议资料 二〇二五年九月 | | | 海信视像科技股份有限公司 2025 年第一次临时股东会会议资料 海信视像科技股份有限公司 2025 年第一次临时股东会会议须知 为了维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证 会议的顺利进行，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》《上市公司股东会规则》以及《海信视像科技股份有限公 司章程》（以下简称"《公司章程》"）等相关规定，海信视像科技股份有限公司 （以下简称"公司"），特制定 2025 年第一次临时股东会会议须知如下： 一、为保证股东会的严肃性和正常秩序，切实维护与会股东及股东代理人 的合法权益，除出席会议的股东及股东代理人、公司董事、高级管理人员、见 证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。 二 、出 席 会议 的股 东 及股 东 代理 人 须在现 场 会 议召 开前 半小 时 内 （13:30-14:00）到会议现场办理签到手续，并请按规定出示身份证明文件或法人 单位证明、授权委托书、证券账户卡等文件，经验证后领取会议资料 ...

Core Viewpoint - Hisense has launched its new RGB Mini LED flagship TVs, the U7S Pro and E8S Pro, along with the high-end E7Q series, showcasing advancements in display technology and sound quality [2][5][14]. Group 1: E8S Pro RGB Mini LED TV - The E8S Pro TV is designed for audio and gaming, featuring a maximum refresh rate of 330Hz and an RGB Mini LED panel with 9360 local dimming zones [4][5]. - It includes the "SUPER Movie Mode" for 4K viewing experience with a transmission bitrate of up to 160Mbps, and a native refresh rate of 170Hz [5]. - The sound system is a 4.2.2 configuration with a maximum power output of 270W, tuned in collaboration with Devialet [5][10]. - Pre-orders for the E8S Pro have started on JD.com, with sales beginning on October 14 [6]. Group 2: U7S Pro RGB Mini LED TV - The U7S Pro features the Ultra Black Crystal screen and the AI picture quality chip H7, achieving a peak brightness of 4700 nits and 5760 color zones [9]. - It boasts a unique dual-layer anti-reflective technology with a reflectivity of 1.28%, enhancing clarity during daytime viewing [9]. - The U7S Pro is equipped with four HDMI 2.1 ports and has a memory/storage configuration of 4GB + 128GB, supporting full 4K UI and director mode [11]. - Pricing for the U7S Pro starts at 15,999 yuan for the 75-inch model, with higher prices for larger sizes [11]. Group 3: E7Q Mini LED TV - The E7Q TV features a U+ Mini LED panel with 4224 local dimming zones and a peak brightness of 7000 nits, supporting XDR Pro features [16]. - It includes the AI picture quality chip H6, enhancing light control precision by 16 times [16]. - The E7Q is available for pre-order with prices ranging from 7,999 yuan for the 65-inch model to 18,999 yuan for the 100-inch model [16]. Group 4: Competitive Landscape - Other brands such as TCL and Samsung have also launched RGB Mini LED backlight TV product lines this year, indicating a competitive market landscape [12].

Core Viewpoint - Hisense Visual's stock price has shown a significant increase this year, with a year-to-date rise of 27.44%, indicating positive market sentiment despite recent fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - For the first half of 2025, Hisense Visual reported a revenue of 27.231 billion yuan, representing a year-on-year growth of 6.95%, while the net profit attributable to shareholders was 1.056 billion yuan, up 26.59% compared to the previous year [2]. - Cumulatively, since its A-share listing, Hisense Visual has distributed a total of 6.970 billion yuan in dividends, with 3.039 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Hisense Visual increased by 6.22% to 32,800, while the average circulating shares per person decreased by 5.86% to 39,482 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 56.7045 million shares, a decrease of 2.421 million shares from the previous period, while Southern CSI 500 ETF is a new entrant with 11.5978 million shares [3]. Market Activity - On September 29, Hisense Visual's stock price fell by 2.02% to 24.29 yuan per share, with a trading volume of 97.0659 million yuan and a turnover rate of 0.30% [1]. - The stock experienced a net capital outflow of 5.6378 million yuan, with large orders showing a buy of 17.1975 million yuan and a sell of 20.2835 million yuan [1]. Business Overview - Hisense Visual, established on April 17, 1997, primarily engages in the manufacturing and sales of television sets, broadcasting equipment, refrigerators, communication products, and various electronic devices, with smart display terminals accounting for 79.68% of its revenue [1]. - The company operates within the home appliance sector, specifically in the black home appliance and color TV segments, and is involved in several concept sectors including LED, smart home, and robotics [1].

Core Viewpoint - The three-tub washing machine is an innovative high-end product in the global home appliance sector, designed for high-income households and tech-savvy consumers seeking efficiency and space optimization. It allows simultaneous washing of different types of clothing, significantly enhancing convenience and saving time [2][10]. Market Overview - The global market for three-tub washing machines is in its emerging stage, with a projected market size of $126 million in 2024, expected to grow to $209 million by 2031, reflecting a compound annual growth rate (CAGR) of 7.4% from 2025 to 2031 [2][10]. Industry Development Trends - **Continuous Technological Innovation**: The technology of three-tub washing machines is evolving, with features like independent operation of each tub, specialized water intake, drainage systems, and washing programs. High-end models also include drying functions, improving washing efficiency and reducing noise [7]. - **User-Centric Design Philosophy**: There is a growing demand for health-conscious washing solutions that prevent cross-contamination. The three-tub washing machine meets this need by allowing for categorized washing based on fabric type and dirt level [7]. - **Intensifying Market Competition**: The market is becoming increasingly competitive, with brands like Haier, Little Swan, and Hisense entering the fray, leading to heightened competition in technology, pricing, and marketing strategies [7]. Development Opportunities - **Growing Demand for Healthy Washing**: As consumer awareness of hygiene increases, the ability of three-tub washing machines to isolate different types of clothing presents a significant market opportunity [8]. - **Addressing Space Constraints in Small Homes**: The compact design of three-tub washing machines offers a solution for small households, combining washing and drying functions in a space-efficient manner [8]. - **Expansion into Commercial Applications**: Beyond residential use, there is potential for three-tub washing machines in commercial settings such as hotels and laundromats, further expanding market opportunities [8]. Challenges in the Industry - **High Production Costs**: The complexity of manufacturing three-tub washing machines results in higher production costs compared to single-tub models, which may limit market penetration, especially among price-sensitive consumers [8]. - **Intense Market Competition**: The market is characterized by fierce competition, with many products lacking genuine innovation beyond the additional tub feature, necessitating continuous improvement in service quality and product offerings [8]. - **Technological Limitations**: Current models face challenges related to noise reduction, vibration control, and space utilization, indicating a need for further technological advancements [8]. Future Outlook - The future development of three-tub washing machines is expected to be influenced by advancements in compact design, inverter and direct-drive motor technologies, AI-based washing cycle optimization, and eco-friendly water and energy-saving systems. The demand for smart, time-saving appliances in urban areas is likely to drive growth beyond the luxury market segment [10].

Core Viewpoint - Hisense's launch of new products featuring RGB-MiniLED technology marks a significant advancement in the global display industry, pushing this technology further into the mainstream consumer market [1] Group 1: Product Launch and Technology - Hisense introduced the flagship models U7SPro and E8SPro, along with high-end MiniLED TV E7Q, wall-mounted A7Q, and 3A original display monitor G7Ultra [1] - The U7SPro features the world's first AI picture quality chip H7, supporting the highest 3×10240 color zones and achieving 108 bits color precision, enhancing image detail and vibrancy [2] - The new RGB-MiniLED light-emitting chip reduces harmful blue light by 42% and lowers energy consumption by over 40% compared to QD-MiniLED TVs [2] Group 2: Viewing Experience and Design - U7SPro has received dual certifications from Pantone and IMAX, supporting high-quality streaming services and 4KMAX content [2] - The U7SPro is designed with a thickness of only 50mm and features a narrow bezel, making it adaptable to various home styles [3] - E8SPro is tailored for both gaming and film, featuring a native refresh rate of 4K170Hz and 0 delay backlight technology for smoother dynamic scenes [3] Group 3: Pricing and Pre-sale Policies - U7SPro is available for pre-sale with prices starting at 15,999 yuan for the 75-inch model, with additional energy efficiency subsidies [3] - E8SPro will begin pre-sale on October 14, with promotional offers including a maximum discount of 2,000 yuan [3] Group 4: Additional Products and Market Positioning - The high-end MiniLED TV E7Q features 4,224 physical backlight zones and peak brightness of XDRPro7000 nits, with prices starting at 7,999 yuan [4] - The A7Q wall-mounted TV emphasizes "life aesthetics" with a thickness of 2.99cm and a magnetic frame for art content [5] - The G7Ultra monitor incorporates TV-level display technology with a peak brightness of XDR2000 nits and covers 99% of the DCI-P3 color gamut, priced at 3,299 yuan [5] - Hisense's product launch enhances its display product matrix, promoting high-end display technology and offering diverse options for consumers across different scenarios and price points [5]

Core Viewpoint - Hisense Visual (600060) has launched two flagship products featuring RGB-Mini LED display technology during its 2025 Autumn New Product Launch, indicating a strategic move to enhance its product lineup in the premium television market [1] Product Launch Details - The newly launched flagship U7S Pro is available in three sizes: 75 inches priced at 15,999 yuan, 85 inches at 19,999 yuan, and 100 inches at 28,999 yuan [1] - Additional products introduced include the high-end Mini LED television E7Q, wall-mounted television A7Q, and the 3A original picture display monitor G7 Ultra, showcasing a diverse range of offerings [1]

Core Viewpoint - Hisense TV has officially launched its dual flagship products, the U7S Pro and E8S Pro, utilizing RGB-Mini LED display technology, marking a significant advancement in the global display industry towards the RGB-Mini LED color backlight era [1] Group 1: Product Launch - Hisense introduced the U7S Pro as an imaging flagship and the E8S Pro as a gaming flagship, showcasing their commitment to innovation in display technology [1] - The company also released additional high-end products including the Mini LED TV E7Q, wall-mounted TV A7Q, and the 3A original picture display monitor G7Ultra [1] Group 2: Technology Leadership - Hisense is recognized as a pioneer and ongoing leader in RGB-Mini LED technology, having established and published multi-color display grading and classification standards [1] - The core specifications for RGB-Mini LED technology are defined by Hisense as independent RGB light-emitting chips combined with independent quality control chips for color and brightness [1]

Core Viewpoint - Hisense, in collaboration with JD Electronics, launched the "2025 Hisense TV Autumn New Product Launch" event, showcasing its RGB-Mini LED flagship U7S Pro and other innovative products, emphasizing the brand's leadership in high-end television technology [1][3]. Product Launch and Features - The U7S Pro features the latest RGB-Mini LED technology, achieving 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, positioning it as a top choice for consumers [3][4]. - The U7S Pro is equipped with the AI picture quality chip H7, which offers the highest color control precision in the industry, enhancing image quality significantly [4]. - The U7S Pro supports various high-end viewing experiences, including 4K MAX streaming and Dolby Vision 2, providing users with a cinema-like experience at home [6]. Pricing and Promotions - The U7S Pro is available for pre-sale, with prices starting at 15,999 yuan for the 75-inch model, 19,999 yuan for the 85-inch model, and 28,999 yuan for the 100-inch model, along with promotional offers such as energy efficiency subsidies and VIP membership [9]. - The A7Q wall-mounted TV, promoting "life aesthetics," is priced at 11,999 yuan for the 75-inch model and 14,999 yuan for the 85-inch model, also featuring energy efficiency discounts [9]. Market Positioning and Strategy - Hisense aims to democratize RGB-Mini LED technology, making it accessible to a broader audience while continuing to innovate in high-end audio-visual experiences [9]. - The company emphasizes the integration of technology and aesthetics in its products, as seen in the A7Q model, which blends seamlessly into home decor [8].

青岛千亿国企终于出手了，大手笔收购核心区的商品房！放大招的背后，意味着什么？ ▲海信辽阳路7号 1、 国企为楼市托底？ 9月26日，青岛国企海发集团携手海信集团，正式签署了存量商品房收购协议。协议显示，海发收购"海信辽阳路7号"和"海信正阳中心"两大项目，总面积 约2.2万㎡，用途全部为保障房。 ▲海发与海信签约现场 海发集团此前主要做实业和投资，这回直接下场买房，标志着地方政府积极落实"稳楼市、补保障"的新招式——这也是山东省首批通过"专项债+央行再贷 款"搞定保障房收购的项目。 据悉，为了给这次收购提供资金支持，青岛市财政安排了1.6亿元专项债作为资本金，中国人民银行青岛分行也组织银行提供低息再贷款。一场国企为楼 市"托底"的保障房分配大戏，在青岛正式上演。 2、 千亿国企变身接盘侠？ 海发集团是一家大型国有资本运营平台，注册资本100亿，业务范围涵盖城市开发、现代产业园区、股权投资等，去年营收已经超过1138亿元，是名副其 实的千亿国企，但它并不靠卖房赚钱，而是主业做贸易、卖商品、搞投资等"重资产"生意。这次下场收购商品房，并不是海发的本行，而是政府稳定楼 市、加大保障供给的命令式投资。 ▲海发集团总部 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].