Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].

Group 1 - A recent survey by Nikkei Business Weekly revealed that 80% of Japanese consumers still have reservations about Chinese brands, particularly in the electronics sector due to concerns over privacy and product durability [1] - Among Japanese consumers who have purchased Chinese products, 61% indicated they would consider buying Chinese brands again, and 66% expressed no concerns about the performance and durability of these products, highlighting a significant difference in acceptance based on actual experience [1] - Chinese brands have made notable progress in the Japanese market, especially in home appliances and electronics, with Chinese brands capturing over 50% of the television market share in Japan, led by Hisense [2] Group 2 - In the white goods sector, Chinese brands like Haier and Midea have established a presence in Japan, with acquisitions of local brands contributing to their market share [2] - The smartphone market remains a challenge for Chinese brands, as they have not achieved significant breakthroughs compared to their performance in home appliances, with Apple holding over 50% market share [2] - Chinese brands are gradually entering various sectors in Japan, including automotive, beauty, and apparel, although their achievements in these areas are not as pronounced as in home appliances [3] Group 3 - The entry of Chinese brands into the Japanese market is influenced by three main market segments: low-income countries, emerging markets, and developed countries, with varying strategies for each segment [3] - The Japanese market is seen as a potential entry point for Chinese companies aiming to establish a global brand presence due to cultural and geographical proximity [3] - Among consumers under 30, the market share of Hisense and TCL televisions exceeds 50%, attributed to the younger generation's shift in consumption preferences and the price advantage of Chinese products [4]

重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 6 月 27 日 （二）股东大会召开的地点：山东省青岛市崂山区香港东路 88 号海信国际 中心 A 座公司会议室 （三）出席会议的普通股股东及其持有股份情况： 证券代码：600060 证券简称：海信视像 公告编号：2025-027 海信视像科技股份有限公司 2024年年度股东大会决议公告 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。 | 1、出席会议的股东和代理人人数 | 453 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 957,660,913 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数的比例（%） | 73.3855 | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会采取现场投票和网络投票相结合的方式，会议的召集、召开及 表决方式符合《公司法》和《公司章程》等的相关规定。 本次股东大会由董事长于 ...

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 北京市君合（青岛）律师事务所 关于海信视像科技股份有限公司 2024 年年度股东大会的法律意见书 致：海信视像科技股份有限公司 北京市君合（青岛）律师事务所（以下简称"本所"）受海信视像科技股份 有限公司（以下简称"贵公司"）的委托，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章及《海信视像科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，就贵公司 2024 年年度股东大会（以下简称"本次股东大会"）有关 事宜出具本法律意见书。 为出具本法律意见书，本所审查了贵公司提供的有关文件及其复印件，核对 了其中相关文件的原件，并取得贵公司向本所作出的如下保证：贵公司已向本所 提供了出具本法律意见书所必须的、真实、完整的原始书面材料、副本材料、复 印件或口头证言，不存在任何遗漏或隐瞒；其所提供的副本材料或复印件与正本 材料或原件完全一致，各文件的原件的效力在其有效期内均 ...

Group 1 - The core point of the announcement is the approval of the unlocking conditions for the first lock-up period of the 2024 employee stock ownership plan, which will expire on June 27, 2025, with a total of 9,860,272 shares eligible for unlocking [1][2] - The meeting was held on June 25, 2025, via communication, with all three supervisors present, and the resolutions made were in compliance with relevant laws and regulations [1] - The voting results for the proposal were 2 votes in favor, 0 votes against, and 0 abstentions, with supervisor Chen Caixia abstaining from the vote [1] Group 2 - The proposal does not require submission to the company's shareholders' meeting for approval [2] - Further details regarding the employee stock ownership plan and the unlocking conditions are available on the Shanghai Stock Exchange website [2]

Core Viewpoint - The announcement details the upcoming expiration of the first lock-up period for Hisense Visual Technology Co., Ltd.'s 2024 employee stock ownership plan, confirming that the conditions for unlocking shares have been met [1][10]. Summary by Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved on March 11, 2024, allowing for the acquisition of up to 29.0938 million shares, representing 2.23% of the company's total share capital [1][2]. - The first temporary stock transfer was completed on May 8, 2024, with 11,596,000 shares transferred to the plan's account [2]. - By June 27, 2024, a total of 26,684,081 shares had been transferred, accounting for 2.04% of the total share capital [2]. Unlocking Conditions and Performance Assessment - The first lock-up period will end on June 27, 2025, with 9,860,272 shares eligible for unlocking based on performance assessments [3][10]. - The plan's duration is 48 months, with shares unlocking in three phases based on performance metrics [4][5]. - The company's net profit for the 2024 fiscal year was reported at approximately 2.365 billion yuan, a 39% increase from 2022, meeting the performance target for the first lock-up period [6]. Individual Performance Evaluation - Individual performance assessments determine the unlocking ratio, with 374 participants achieving performance grades of S/A/B, allowing for a 100% unlocking ratio [8]. - Participants with a grade of C will have a 70% unlocking ratio, while those with a grade of D will not unlock any shares [7][8]. Post-Lock-Up Period Arrangements - After the first lock-up period, the management committee will either sell the unlocked shares or transfer them to individual accounts for personal management [9]. - The plan will adhere to market trading rules and relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [9]. Board and Supervisory Committee Approval - The board and supervisory committee approved the unlocking conditions and performance results on June 25, 2025, confirming compliance with the plan's regulations [10][21].

证券代码：600060 证券简称：海信视像 公告编号： 2025-026 海信视像科技股份有限公司 关于2024年员工持股计划第一个锁定期即将届满 暨解锁条件成就的公告 二、关于本员工持股计划第一个锁定期解锁条件成就的说明 根据公司《2024 年员工持股计划》和《2024 年员工持股计划管理办法》相 关规定，本员工持股计划的存续期为 48 个月，所获标的股票分三期解锁，锁定 期分别为 12 个月、24 个月、36 个月，均自本员工持股计划草案经公司股东大会 审议通过且公司公告最后一笔标的股票过户至本员工持股计划名下之日起计算； 其中，第一个锁定期自本员工持股计划草案经公司股东大会审议通过且公司公告 最后一笔标的股票过户至本员工持股计划名下之日起的 12 个月后届满，届满后 可解锁股份数量为本员工持股计划所持标的股票总数的 40%。 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。 海信视像科技股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日召开第 十届董事会第十四次会议和第十届监事会第十一次会议，审议通过了《关 ...

第十届监事会第十一次会议决议公告 证券代码：600060 证券简称：海信视像 公告编号：2025-025 海信视像科技股份有限公司 本公司监事会及全体监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、监事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第十一次会 议（以下简称"会议"或"本次会议"）于2025年6月25日以通讯方式召开。本 次会议由监事会主席陈彩霞女士召集并主持，应出席监事3人，实际出席监事3 人。本次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。 本次会议审议通过了《关于公司 2024 年员工持股计划第一个锁定期即将届 满暨解锁条件成就的议案》。 同意公司对 2024 年员工持股计划各持有人的绩效考核结果，公司 2024 年 员工持股计划第一个锁定期将于 2025 年 6 月 27 日届满，第一个锁定期的解锁 条件已经成就，符合解锁条件的股份数量为 9,860,272 股，该等事项符合公司 《2024 年员工持股计划》及《 ...

第十届董事会第十四次会议决议公告 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 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十四次会 议（以下简称"会议"或"本次会议"）于2025年6月25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 本次会议审议通过了《关于公司 2024 年员工持股计划第一个锁定期即将届 满暨解锁条件成就的议案》。 证券代码：600060 证券简称：海信视像 公告编号： 2025-024 海信视像科技股份有限公司 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www.sse.com.cn） 披露的《关于 2024 年员工持股计划第一个锁定期即将届满暨解锁条件成就的公 1 / 2 告》（公告编号：2025-026）。 特此公告。 海信视 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Insights - The company demonstrated strong performance during the 618 shopping festival, achieving a market share of 24% in sales volume and 29% in sales revenue, solidifying its leading position in the Chinese television market [10]. - The FIFA World Cup is expected to enhance mid-term growth through "technical cooperation and scene ecology," which will boost brand recognition and sales in both mature and emerging markets [10]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.95, 2.23, and 2.53 yuan respectively, with a target price of 29.25 yuan based on a 15x price-to-earnings ratio for 2025 [3][11]. - Projected revenue for 2025 is 64.33 billion yuan, with a year-on-year growth of 9.9% [5]. - The company is expected to achieve a net profit of 2.54 billion yuan in 2025, reflecting a 13.3% year-on-year increase [5]. Key Financial Metrics - Revenue growth rates are projected at 17.2% for 2023, 9.2% for 2024, and 9.9% for 2025 [5]. - The gross margin is expected to stabilize around 15.9% in 2025, with a net margin of 4.0% [5]. - The return on equity (ROE) is forecasted to increase from 11.5% in 2023 to 12.2% in 2025 [5]. Market Position and Competitive Advantage - The company leads in high-end technology, with a 30% sales volume and 32% sales revenue market share in MiniLED televisions [10]. - The company has a 42% sales volume and 49.6% sales revenue share in the 100-inch large screen market, reinforcing its competitive edge [10].