Group 1 - The 2025 FIFA Club World Cup is set to showcase Chinese elements, with notable participation from Chinese referee Fu Ming and player Zhou Tong, highlighting the growing influence of Chinese football [1] - Hisense will provide VAR technology support during the tournament, marking its continued involvement in major international sports events and showcasing China's display technology capabilities [1][2] - The integration of AI technology in sports viewing experiences is emphasized, with Hisense launching the AI Football Family Renewal Plan to enhance fan engagement and interaction [3] Group 2 - Hisense became the first official VAR display partner for the 2024 UEFA European Championship, demonstrating the rapid development and effectiveness of VAR technology in improving match officiating [2] - The 2024 UEFA European Championship saw VAR being triggered 26 times, with a significant reduction in average review time compared to the UEFA Champions League, enhancing the flow of the game [2] - Hisense has been involved in sports marketing for 17 years, focusing on deepening its engagement through technology and brand exposure, aiming to showcase Chinese brands on the global stage [2]

Group 1: AI Integration in Retail - AI technology is becoming a key driver for enhancing efficiency in consumer insights and customer segmentation within retail companies [1][2] - Companies like Bailian Group are implementing AI systems to analyze customer flow metrics comprehensively, aiming to transform the "people-goods-scene" relationship [2][3] - The Shanghai government is promoting the integration of AI, virtual reality, and big data in the retail sector to boost consumption [2] Group 2: New Product Development and Innovation - AI is facilitating the rapid iteration of new products and innovative scenarios in the consumer market, as seen in Bailian Group's use of humanoid robots for fashion shows [4] - Sichuan Changhong is leveraging AI to create new product experiences, such as the AI TV and air conditioning units that adapt to user preferences [4][5] - Hisense is developing an integrated AI capability system that enhances smart home interactions through personalized services [5][6] Group 3: Enhanced Consumer Experience - AI applications are improving consumer experiences, as demonstrated by the strategic partnership between Proya and Ant Group's AI subsidiary to enhance customer service [3] - The introduction of AI-driven tools, such as digital influencers and automated resource allocation during peak shopping seasons, is reshaping marketing strategies [3] - The Chinagoods AI platform allows merchants to create multilingual promotional videos, streamlining the marketing process [3]

Core Viewpoint - Hisense's innovative vacuum preservation technology in the Hisense Brilliant 505U6 refrigerator has set a new standard in the industry, earning it dual honors at the "2025 China Refrigerator Industry Summit" for its breakthrough in food preservation technology and market performance [1][3]. Company Insights - Hisense's recognition stems from its deep understanding of consumer pain points and its commitment to technological advancements, addressing the growing demand for food preservation that meets the expectation of "fresh for seven days" [3]. - The Hisense Brilliant 505U6 utilizes vacuum magnetic field preservation technology, creating a constant temperature, low-pressure, low-oxygen environment that effectively reduces enzyme activity, achieving molecular-level freshness preservation [3][5]. - Third-party testing shows that beef stored for seven days in this refrigerator has a TVB-N value of ≤7.58 mg/100g, significantly better than the industry standard of 49.5%, demonstrating its effective preservation capabilities [3]. Industry Perspective - Hisense's award signifies a shift in the competitive landscape of preservation technology, moving beyond temperature control to molecular-level innovations [6]. - The company is leading the establishment of new industry standards, with the upcoming "Vacuum Preservation Chamber for Refrigerators" standard set to quantify 12 core parameters, filling a decade-long gap in the vacuum preservation sector [6]. - According to GfK China, the market for vacuum preservation refrigerators is projected to exceed 28 billion yuan by 2025, although the risk of technological homogenization is increasing [6].

Core Viewpoint - The article highlights the growing trend of large-screen televisions, particularly 100-inch models, becoming a standard in high-end households in China, driven by technological advancements, price reductions, and enhanced user experience [1][11]. Group 1: Market Trends - The 618 shopping festival has provided consumers with ample time to select home appliances, with a notable increase in the purchase of large-screen televisions [1]. - In 2024, 310,000 Chinese households are expected to purchase 100-inch televisions, with sales increasing nearly threefold compared to previous periods [1]. - Omdia predicts that global sales of LCD TVs measuring 100 inches and above will exceed 1 million units for the first time in 2025 [1]. Group 2: Product Features - The Hisense 100-inch U8Q television is designed to meet aesthetic demands, serving as a "high-end item" in home decor, with a thin profile that can seamlessly fit against walls [3]. - The black曜屏 Ultra technology offers a low reflection rate of 1.28%, enhancing viewing experiences even in bright conditions, and improves black levels by 50% compared to industry standards [5][7]. - The Hisense 100-inch E8Q Pro features the XinChip® AI picture quality chip H7, which enhances color presentation and optimizes clarity, contrast, and dynamic performance [7]. Group 3: User Experience - The integration of 18 AI smart agents in Hisense televisions allows for personalized viewing experiences, remembering family preferences and providing tailored recommendations [9]. - The Hisense 100-inch television aims to redefine high-quality home entertainment, transforming the concept of a wall into a television display [11]. Group 4: Service and Support - Hisense offers comprehensive delivery and installation services to ensure that large-screen televisions can be easily accommodated in homes, alleviating concerns about fitting through doorways or elevators [12].

Core Viewpoint - The global market for large-screen televisions, particularly 100-inch models, is experiencing significant growth, driven by advancements in Chinese display technology and increasing consumer demand for high-quality viewing experiences [3][10]. Group 1: Market Trends - The global shipment of 100-inch and larger televisions is projected to grow by 63.8% year-on-year by the first quarter of 2025, indicating a strong consumer shift towards larger screens [3]. - Hisense is leading the 100-inch television market with a global shipment share of 58% in 2024, meaning that for every two 100-inch televisions sold worldwide, one is from Hisense [3]. Group 2: Consumer Preferences - Modern consumers prioritize high picture quality over merely larger screen sizes, with companies like Hisense addressing previous pain points such as blurriness and eye strain associated with large screens [5][7]. - Hisense's 116-inch RGB-Mini LED television has broken industry barriers by combining high brightness with pure color representation, enhancing the viewing experience even at close distances [7]. Group 3: Technological Advancements - The latest Hisense models, such as the E8Q Pro, feature advanced AI picture quality chips that optimize various parameters in real-time, significantly enhancing the viewing experience for high-demand content [9]. - Hisense has developed low-reflection wide-view screens, such as the black曜屏 Ultra, which minimizes environmental light interference, allowing for clear picture quality even in bright conditions [9]. Group 4: Global Impact - The increasing adoption of Chinese 100-inch televisions signifies a shift in global display technology competition, showcasing China's advancements in screen technology and its alignment with consumer needs [10]. - As a global partner for the 2025 FIFA Club World Cup, Hisense aims to leverage its technological innovations to provide exceptional viewing experiences to a broader audience [10].

Market Overview - The demand for televisions is increasing as living standards improve, with Mini LED TVs becoming a popular choice due to their excellent picture quality. In 2024, the sales volume of Mini LED TVs in China is expected to reach 5.56 million units, accounting for 18.0% of the overall TV market, representing a 15 percentage point increase from the previous year. Predictions indicate that by 2025, the shipment of Mini LED products will grow to 9 million units, a 50% increase [1]. Screen Quality - TCL T7L Pro features a native contrast ratio of 7000:1, which is five times that of standard IPS screens, and has a low reflection rate of 1.8%, significantly reducing environmental light interference [3][6]. - Hisense's small ink E5Q Pro has not disclosed its contrast ratio but offers different screen configurations for various sizes, with the 100-inch version matching TCL's reflection rate, while smaller sizes have higher reflection rates [5][6]. Backlight Partitioning - TCL T7L Pro has 840 local dimming zones, while Hisense small ink E5Q Pro boasts 1248 zones. However, the effectiveness of picture quality is not solely determined by the number of zones, as excessive zones can lead to diminishing returns and halo effects [7][9]. Color and Brightness - Both models claim to cover 98% of the DCI-P3 color space, but TCL T7L Pro utilizes advanced quantum dot technology for better color stability and longevity, ensuring no color fading over time [11]. - TCL T7L Pro achieves a peak brightness of 2200 nits, providing a more realistic representation of high-light details compared to Hisense small ink E5Q Pro, which also claims 2200 nits but does not maintain brightness as effectively [13]. Picture Quality Chip - Hisense small ink E5Q Pro is equipped with an AI picture quality chip that enhances image parameters, while TCL T7L Pro features a dual-enhancement TSR AI chip that significantly improves the quality of lower-resolution content [14][16]. Smart System - TCL T7L Pro runs on a user-friendly system without startup ads, allowing direct access to content, while Hisense small ink E5Q Pro retains startup ads and has a more traditional interface [17][19]. Audio Experience - Hisense small ink E5Q Pro features a high-end sound system from Devialet, providing powerful bass and clear highs, while TCL T7L Pro uses Onkyo Hi-Fi sound, creating a 360-degree surround sound experience [20][22].

Core Insights - Hisense has officially entered the "10,000 store era" with the opening of its 10,000th store in Shanghai, marking a significant milestone in its retail expansion strategy [2] - The company has launched the "Double Ten Thousand Plan," aiming to establish 20,000 stores in the next five years, focusing on a three-tier network of urban mall experience stores, county flagship stores, and community service stores [2] - Hisense's revenue for 2024 is projected to reach 215.4 billion yuan, with overseas revenue accounting for 99.6 billion yuan, indicating a continuous growth trend for 13 consecutive years [2] Retail Strategy - Hisense's retail strategy emphasizes a comprehensive product range, including eight major categories such as flat-screen TVs, refrigerators, and air conditioners, to meet diverse consumer needs [3] - The company is enhancing its retail capabilities through the "Qixiang Plan," which supports new store owners in developing their retail skills and includes a "Gold Store Manager" training program [3] - Hisense is collaborating with Red Star Macalline to deepen their partnership in channel expansion, product innovation, and customer service, aiming to explore new development models in the home appliance and home furnishing industry [4] Market Coverage - Hisense's 10,000 stores are now present in 341 cities across China, covering 2,347 districts and counties, as well as 6,304 towns, showcasing its extensive market penetration [2] - The company has introduced various innovative store formats, such as the "Quality Home" store and community service stores, to enhance customer experience and meet the growing demand for personalized and diverse shopping environments [2]

Group 1 - The core viewpoint of the article highlights that during the "618" e-commerce festival, companies in the air conditioning industry are focusing more on technological innovation and brand upgrades rather than price competition [1][3] - Hisense Air Industry held a VIP customer meeting in Qingdao, showcasing a new lineup of air conditioning products and emphasizing their readiness to meet diverse and high-end consumer demands [1][3] - The meeting marked the first formal appearance of Hisense Air Industry, with the new president, Yin Bitong, engaging with distributors and discussing product planning and marketing strategies [3][4] Group 2 - Distributors expressed the need for Hisense to consolidate its product line and create more standout products to capture consumer attention [3][4] - There is speculation that Hisense's competitive target may be Gree, which currently leads in the high-end market despite being second overall in sales [4] - Hisense is aligning its new product offerings, such as the X3 Pro and C3 Pro, with the "technology" and "health" concepts that have been successful for Gree [4][6] Group 3 - Hisense's new air conditioning products have been shown to effectively improve sleep quality, with studies indicating that using their new air conditioning can provide sleep benefits comparable to traditional units [6] - According to data from Aowei Cloud Network, Hisense's new air conditioning has achieved the highest market share in sales for 2024 and continues to lead in sales from January to April of this year [6]

Core Viewpoint - Hisense Air Conditioning Division held a closed-door meeting on May 25, indicating a strategic push in the air conditioning market with key partners [1] Group 1: Company Developments - The meeting lasted four hours and included representatives from major brands such as Hisense, Hitachi, Kelon, York, and Brilliant, showcasing a collaborative effort in the air conditioning sector [1] - This closed-door meeting is likely the first major initiative since Yin Bitong joined Hisense as the president of the Air Conditioning Division, following his previous role as vice president at Midea Group [1] Group 2: Market Strategy - The product lines are reportedly preparing for an "offensive" strategy, suggesting a proactive approach to market competition [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [1][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a strong historical presence in the television market [15]. - The company has maintained a leading position in the domestic market for over a decade and has successfully expanded its international footprint [15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on entry-level products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, focusing on core markets like Asia-Pacific and North America [3][19]. - The company has established a strong presence in North America through partnerships with major retailers [3]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4]. - The company is expected to benefit from a controlled cost structure due to deep ties with panel manufacturers [4]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report anticipates a long-term upward trend in panel prices, albeit with reduced volatility [4]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is enhancing product offerings, with significant revenue contributions expected from these segments [5]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion respectively, with a reasonable market capitalization of 39.2 billion by 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively [5].