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 ...

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]