行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产，海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源：iFinD，申万宏源研究 重点公司方面，海信视像（12.7%）、海信家电（7.2%）、比依股份（3.6%）领涨， 光峰科技（-8.7%）、亿田智能（-6.9%）、荣泰健康（-5.2%）领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...

Core Viewpoint - Hisense has officially launched its flagship 163-inch UX MicroLED television in the Central China region, showcasing advanced display technology and providing an immersive visual experience for consumers in Changsha [1][3]. Product Features - The UX 163-inch television measures 3.6 meters in length and 2.1 meters in width, equipped with 24.88 million Micro LED self-luminous chips, each capable of independent lighting, achieving microscope-level pixel control precision [3]. - The television boasts superior contrast and color reproduction, maintaining clear image details even in bright environments, with color accuracy improved by over three times compared to traditional televisions [3]. - It features a 3.2 cm ultra-thin body that can be mounted directly on the wall, resembling a giant piece of artwork, and is complemented by a 5.1.4 channel sound system developed in collaboration with French brand Devialet, providing an immersive audio-visual experience [3]. Market Strategy - The choice of Changsha as the launch site reflects the growing demand for high-end home appliances in the Hunan market, along with the capability of JD MALL as a new retail benchmark for scenario-based displays [5]. - The launch event also initiated sales consultations, aiming to enhance market awareness of ultra-large MicroLED products through offline experiences [5].

Core Insights - Hisense has launched its dual flagship products, the U7S Pro and E8S Pro, featuring RGB-Mini LED technology, marking a significant advancement in the global display industry [1][3] - The company aims to redefine global display standards with its RGB-Mini LED technology, which has been recognized as a game-changer in the industry [3][5] Product Launch and Features - The U7S Pro boasts 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, making it a top contender for the best RGB-Mini LED TV of 2025 [5][6] - The E8S Pro is designed for gamers, featuring a native 4K 170Hz refresh rate and advanced backlight technology, enhancing dynamic scene performance [8][11] Technical Innovations - The U7S Pro utilizes the world's first AI picture quality chip H7, achieving the highest color control precision in the industry with 108 bits and 3x10240 control zones [6][9] - The U7S Pro also features a custom black crystal screen with a low reflection rate of 1.28%, providing an immersive viewing experience [6][9] Pricing and Availability - 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 [11][12] - The E8S Pro will begin pre-sale on October 14, with various promotional offers available for early buyers [11][12] Additional Product Offerings - Hisense also introduced the E7Q Mini LED TV, which features enhanced performance metrics, including peak brightness of 7000 nits and 4224 local dimming zones [12][14] - The A7Q wall-mounted TV and G7 Ultra monitor were also launched, showcasing Hisense's commitment to integrating advanced display technology across different product categories [14]

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：000921 股票简称：海信家电 公告编号：2025-063 海信家电集团股份有限公司 第十二届董事会2025年第五次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十二届董事会于2025年9月24日以通讯方式向全体董事发出 召开第十二届董事会2025年第五次临时会议的通知。 （二）会议召开的时间、地点和方式 1、会议于2025年9月26日以书面议案方式召开。 2、董事出席会议情况 会议应到董事9人，实到9人。 （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： （一）审议及批准《关于向海信视像科技股份有限公司购买股权暨关联交易的议案》（董事贾少谦先 生、于芝涛先生、方雪玉女士、代慧忠先生作为关联董事回避表决本项议案，本议案具体内容详见本公 司与本公告同日于巨潮资讯网登载的《关于购买股权、出售资产暨关联交易公告》）。 ...

（文章来源：证券日报） 证券日报网讯 9月26日晚间，海信视像发布公告称，公司第五届职工代表大会第六次会议选举李敏华先 生为职工代表董事。 ...

Core Viewpoint - Hisense has officially launched its dual flagship products, the U7S Pro and E8S Pro, featuring RGB-Mini LED display technology, marking a significant advancement in the global display industry towards the RGB-Mini LED color backlight era [1][2]. Group 1: Product Launch and Technology - Hisense showcased the world's first RGB-Mini LED TV at CES earlier this year and has since made it available in nearly 20 countries, initiating a "color native revolution" [2]. - The U7S Pro incorporates advanced features such as 100% BT.2020 high color gamut, ultra-high color purity, and low energy consumption, making it a highly regarded product in the RGB-Mini LED category [2][3]. - The U7S Pro utilizes the "King Bomb Dual Chip" configuration, achieving the industry's highest color control precision and efficiency while reducing harmful blue light by 42% [3]. Group 2: Product Features and Performance - The U7S Pro features a custom black crystal screen with ultra-low reflectivity and wide viewing angles, enhancing the viewing experience [3]. - It supports the latest Dolby Vision 2 HDR format, providing users with cutting-edge visual performance [4]. - The E8S Pro is designed for gamers, featuring high refresh rates and advanced backlight technology, making it a must-have for gaming enthusiasts [4]. Group 3: Pricing and Availability - The U7S Pro is available for pre-sale with prices starting at 15,999 yuan for the 75-inch model, and additional discounts available through energy efficiency subsidies [5]. - The E8S Pro will begin pre-sales on October 14, with various promotional offers for early buyers [5]. Group 4: Market Positioning - Hisense aims to redefine the high-end Mini LED market with the launch of the E7Q, which boasts superior performance metrics and advanced sound systems [6]. - The company is also introducing innovative products like the A7Q wall-mounted TV and G7 Ultra display monitor, further expanding its product lineup and enhancing user experience [7].

9月26日，海信电视召开2025秋季新品发布会，正式推出采用RGB-Mini LED显示技术的双旗舰新品 ——影像旗舰U7S Pro与影游旗舰E8S Pro，标志着全球显示行业加速迈入RGB-Mini LED彩色背光时 代。同期发布的还有高端Mini LED电视E7Q、贴贴壁画电视A7Q及3A原画显示器G7 Ultra。（智通财经 记者 周玲） ...

Group 1 - Hisense Home Appliances announced a conditional equity transfer agreement where its wholly-owned subsidiary, Qingdao Hisense Mould, will acquire a 26.0006% equity stake in Hisense (Guangdong) Kitchen and Bath Systems from Hisense Visual, with a transaction price of RMB 94.2905 million [1] - Following the acquisition, the company's stake in the target company will increase from 73.9994% to 100.00%, and the target company will continue to be a subsidiary, with its financial performance included in the group's financial statements [1] - The acquisition aims to integrate injection molding and stamping businesses, optimize the business positioning of subsidiaries, and enhance internal management synergies [1] Group 2 - On the same date, Qingdao Hisense Mould and the target company signed an asset group transfer agreement I, where Qingdao Hisense Mould and the target company agreed to sell, and Hisense Visual agreed to purchase asset group I for RMB 140.6 million [2] - Asset group I consists of current assets, fixed assets, construction in progress, and current liabilities, primarily used for producing injection molded parts and stamped back panels for televisions [2] - The sale of these assets will help focus on core business development, divest non-core manufacturing assets related to television structure components, and optimize asset structure and operational efficiency [2]

格隆汇9月26日丨海信家电(000921.SZ)公布，公司审议通过了《关于向海信视像科技股份有限公司购买 股权暨关联交易的议案》，为整合注塑、冲压业务，优化子公司的业务定位，提升内部管理协同效益， 本公司全资子公司青岛海信模具有限公司（「海信模具」）与海信视像科技股份有限公司（「海信视 像」）签署了《股权转让协议》，海信模具拟以自有资金购买海信视像持有的海信（广东）厨卫系统股 份有限公司（「海信厨卫」）26.0006%股权（「标的股权」），转让后海信模具持有海信厨卫100%股 权。本次交易价格依据经评估的市场价值定价，以海信厨卫2025年6月30日（经审计）为基准日的股东 全部权益价值评估值150,503,900.00元，扣除海信视像已取得的分红款56,213,383.05元，确定为人民币 94,290,516.95元。 公司审议通过了《关于向广东海信电子有限公司出售资产暨关联交易的议案》，为聚焦主业发展，剥离 注塑业务相关生产车间、自动化项目的非核心制造资产，优化资产结构，提升资产运营效率，海信（广 东）模塑有限公司（「海信模塑」）、佛山市顺德区容声塑胶有限公司（「容声塑胶」）与广东海信电 子有限公司（「海 ...

独立董事提名人声明与承诺 提名人海信视像科技股份有限公司（以下简称"公司"或"上市公司"）董 事会，现提名严群先生为公司第十届董事会独立董事候选人，并已充分了解被提 名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录 等情况。被提名人已同意出任公司第十届董事会独立董事候选人（参见该独立董 事候选人声明）。提名人认为，被提名人具备独立董事任职资格，与公司之间不 存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定（如适用）； （六）中共中央纪委、教育部、监察部《关于加强高等学校反腐倡廉建设的 意见》的相关规定（如适用）； （七）中国人民银行《股份制商业银 ...