竞争激烈的中国家电&手机江湖，牌桌上的玩家们在坚守大本营之外，皆不约而同踏上了出海之路，而东亚的日本，成了它们"抢滩登陆"的第一站！ 这里不光有美的、海尔、海信、TCL等传统家电巨头，还有跨界科技巨头联想、小米和OPPO，它们究竟能从日本本土消费电子列强口中，抢到多少肉？ 出海外卷—破局最优解！ 作为离中国最近的东亚发达国家，日本一直以来都是中国科技&家电巨头们的兵家必争之地，早年间通过一系列收并购，中国多个家电巨头拿到了日本市 场的入场券； 而2019年日本《电器通信事业法》的修订，也为小米、OPPO、联想等中国手机&PC品牌提供了公平的竞争环境，坚定了它们加码投资的信心。 中国家电吃下日本半壁江山 5月14日，日经中文网报道，中国最大的智能手机企业小米在埼玉县的两个地方开设了日本首批实体店，中国第三大手机企业欧珀（OPPO）则推出了无 内置调谐器（电视信号接收器）的液晶智能电视。 释放的讯号不可谓不明显，一边是小米和OPPO这些已在日本运营多年的中国科技品牌进一步扩大业务版图，一边是像OPPO这种国内聚焦手机&IoT产品 的科技品牌也开始在日本市场开辟了新的黑电业务； 实际上，稍早前的3月下旬，东京电视台 ...

Core Viewpoint - The black home appliance industry in A-shares has shown significant performance divergence in 2024, with leading companies achieving stable growth through technological innovation and global expansion, while smaller firms struggle under cost pressures and market contraction [1][3]. Revenue and Profit Performance - The black home appliance industry achieved a total revenue of 202.938 billion yuan and a net profit attributable to shareholders of 4.961 billion yuan in 2024 [1][2]. - Major companies like Sichuan Changhong and Hisense Vision reported revenue and net profit growth, but their net profit growth lagged behind revenue growth, indicating room for improvement in profitability [3]. - Companies such as Skyworth Digital and XGIMI experienced declines in both revenue and net profit, with Skyworth's revenue down 18.20% and net profit down 58.34% [2][3]. Profitability Analysis - There is a significant disparity in profitability among companies in the black home appliance sector, with Sichuan Changhong's gross margin at only 10.02%, indicating low profitability despite high revenue [4][6]. - Companies like *ST Tongzhou and XGIMI have higher gross margins above 20%, but their net profit margins are low, suggesting reliance on non-core income to inflate profits [6][9]. Research and Development Expenditure - Over half of the companies in the black home appliance sector have reduced R&D spending, with XGIMI and Sichuan Changhong leading in sales expense ratios and absolute sales expenses [7][9]. - The R&D expense ratio for most companies is below 10%, reflecting a trend towards cost-cutting in favor of short-term profitability [9]. Operational Efficiency and Liquidity - Many companies face liquidity challenges, with over half having accounts receivable turnover days exceeding 100 days, indicating poor sales collection capabilities [10][11]. - Companies like Sichuan Jiuzhou and *ST Gaosi have extremely high accounts receivable turnover days of 226.27 and 387.60, respectively, highlighting severe cash flow issues [11][12].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The governance improvement of Hisense Group and the review of its business layout are significant for long-term development, aided by mixed ownership reform and strategic investments [1][2] - Hisense Group's diversified business layout and effective international brand strategy have led to substantial overseas revenue growth, contributing significantly to overall income [3][29] Summary by Sections Shareholders and Governance - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and management efficiency [2][16] - Recent board restructuring has introduced directors with capital and investment banking backgrounds, aiming to optimize governance and bring new strategic directions [20][22] Business Diversification and International Strategy - Hisense Group's revenue for 2024 is projected to reach 214.3 billion yuan, with significant contributions from its main subsidiaries, Hisense Visual and Hisense Home Appliances [3][29] - The international marketing subsidiary has been pivotal in expanding Hisense's brand globally, achieving 99.6 billion yuan in overseas revenue, accounting for 46.5% of total revenue in 2024 [31][35] - The group's international brand strategy has resulted in 85.6% of overseas revenue being generated from its own brands [31] Market Trends and Recommendations - The recent monetary policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand, particularly in air conditioning and cleaning appliances [4] - Recommended stocks include major players in the home appliance sector, such as Gree Electric, Midea Group, Hisense Home Appliances, and Haier Smart Home [4]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The governance improvement of Hisense Group is supported by mixed ownership reform, and the leadership's involvement in listed entities is beneficial for long-term development [1][2] - Hisense Group's diversified business layout and effective international brand strategy have shown significant results [3][26] - The group's revenue for 2024 is projected to reach 214.3 billion yuan, with substantial contributions from both listed entities, Hisense Visual and Hisense Home Appliances [3][29] - The overseas revenue for Hisense Group is expected to be 99.6 billion yuan, accounting for 46.5% of total revenue, with a strong focus on brand internationalization [3][31] Summary by Sections Shareholder Structure - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and operational efficiency [2][17] External Investment - Hisense Group operates in various sectors, including information technology services, manufacturing, wholesale and retail, real estate, leasing and business services, and finance [3][26] - The international marketing subsidiary has been pivotal in expanding Hisense's brand presence globally since the establishment of its internationalization strategy in 2006 [3][31] Financial Performance - The projected revenue for 2024 is 214.3 billion yuan, with Hisense Visual and Hisense Home Appliances contributing 58.53 billion yuan and 92.75 billion yuan, respectively [3][29] - The overseas revenue is expected to reach 99.6 billion yuan, representing 46.5% of total revenue, with a significant portion coming from the two main listed entities [3][31] Market Trends - Recent policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand in key segments like air conditioning and cleaning appliances [4]

Core Viewpoint - The acquisition of Shijiazhuang Kelin Electric Co., Ltd. by Qingdao Hisense Network Energy Co., Ltd. is aimed at consolidating its position as the largest voting shareholder and enhancing its strategic development [1][4]. Group 1: Acquisition Details - Hisense Network Energy plans to acquire 54,502,594 shares of Kelin Electric, representing 20.00% of the total share capital, at a price of 27.17 RMB per share [3][5]. - Prior to the acquisition, Hisense Network Energy held 22,872,234 shares, which accounted for 10.07% of Kelin Electric's total share capital [4][5]. - Following the acquisition, Hisense Network Energy will hold a total of 95,207,996 shares, representing 34.94% of Kelin Electric's total share capital [6]. Group 2: Compliance and Governance - Hisense Network Energy has committed to avoiding unnecessary related-party transactions and will conduct necessary transactions on fair and reasonable terms [7][8]. - The company has also pledged to maintain the independence of Kelin Electric in terms of personnel, assets, and finances, ensuring that it operates independently [12][13]. - During the ongoing supervision period, Hisense Network Energy has adhered to the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [19]. Group 3: Future Plans - There are currently no plans to make significant changes to Kelin Electric's main business or to undertake major asset sales, mergers, or restructuring within the next 12 months [14][15]. - Hisense Network Energy does not intend to alter the dividend policy of Kelin Electric significantly in the near future [17]. - The company has no plans to modify any provisions in Kelin Electric's articles of association that could obstruct the acquisition of control [16].

Core Viewpoint - The article emphasizes the advantages of Hisense's large-screen televisions, particularly the 100-inch models, as ideal gifts for Mother's Day, enhancing the viewing experience for families [1]. Group 1: Product Features - The 100-inch televisions provide an immersive viewing experience that smaller screens cannot match, with vibrant and lifelike images [3]. - Hisense's 100-inch E5Q Pro features a low reflection rate of 1.8%, ensuring clear visibility even in bright light conditions, with a wide viewing angle of 178° [3]. - The 116-inch E8Q Pro model utilizes the H7 AI picture quality chip, which can automatically enhance the quality of older shows, providing optimal clarity [5]. Group 2: Technology and Benefits - The U+MiniLED backlight technology and XDR Pro peak brightness of 7500 nits contribute to rich color depth and detail visibility, establishing Hisense as a leader in ULED AI picture quality [6]. - The large-screen televisions support multi-screen functionality, allowing simultaneous viewing of children's cartoons and adult shows, while also featuring low blue light certification to protect children's eyesight [8]. Group 3: Promotions and Offers - Hisense is offering significant promotions for Mother's Day, including a 20% national subsidy and price protection until June 18, with some models starting at 7599 yuan after subsidies [8]. - The company provides additional services such as free measurement, professional installation, and extended warranty for customers purchasing these large-screen televisions [8].

Core Viewpoint - The upcoming 618 shopping festival has initiated a buying frenzy, with a strong emphasis on purchasing large-screen televisions, particularly 100-inch models, due to their enhanced viewing experience and technological advancements [1]. Group 1: Reasons for Choosing 100-Inch TVs - The new generation of 100-inch TVs has undergone comprehensive upgrades in chip technology, screen quality, and light control, providing an immersive viewing experience [1]. - Brands like Hisense have launched multiple new 100-inch models, creating a "100-inch storm" in the industry, catering to diverse consumer needs [1]. Group 2: Key Selection Criteria for 100-Inch TVs - It is crucial to select a true 100-inch TV, as visual effects may diminish when mounted on walls; a genuine 100-inch model offers superior viewing compared to a 98-inch one [3]. - Screen quality significantly impacts viewing experience; for instance, the Hisense E7N Pro features a custom black crystal screen with a 1.8% ultra-low reflectivity, reducing environmental light interference and enhancing color purity [3]. - High-performance chips are essential for optimal picture quality; the Hisense E8Q Pro, equipped with the H7 AI picture quality chip, enhances color, clarity, and contrast, even improving older low-bitrate content [5]. Group 3: Importance of Refresh Rate and Eye Protection - A high refresh rate is vital for dynamic viewing experiences; the Hisense U8Q boasts a 330Hz dynamic refresh rate, ensuring smooth visuals during fast-paced content [7]. - Eye protection and energy efficiency are increasingly important; Hisense's 100-inch models feature low blue light certification and achieve first-level energy efficiency, offering users a more comfortable viewing experience [9]. Group 4: Market Position and Promotions - Hisense is recognized as the world's leading seller of 100-inch TVs and is the official partner for the 2025 FIFA Club World Cup, underscoring its brand strength [9]. - Current promotions include a 20% national subsidy, with some models priced as low as 7,599 yuan after subsidies, along with free installation and extended warranties, making it an opportune time for consumers to upgrade their televisions [9].

Core Insights - The article emphasizes the shift in consumer demand for home decor from mere functionality and aesthetics to a personalized and high-end expression of lifestyle and individuality [1] Group 1: High-End Home Brands - Poliform is highlighted for its minimalist kitchen designs that combine modern architecture with practical modularity, making cooking a more organized and enjoyable experience [2] - Tusen focuses on custom-tailored wardrobes that reflect users' lifestyles, emphasizing a deep understanding of living habits rather than just material accumulation [4] - Roche Bobois is recognized for its innovative Bubble sofa, which balances design, functionality, and emotional resonance, making it a versatile addition to various living spaces [7] Group 2: Technological Innovations in Home Entertainment - Hisense's U8Q television is described as a high-end flagship product that integrates advanced technology and aesthetics, redefining the role of televisions in living rooms [9] - The U8Q features cutting-edge AI picture quality technology and a collaboration with premium audio brand Devialet, enhancing both visual and auditory experiences [11] - The design of the U8Q incorporates elements of traditional art, creating a seamless integration with home decor while offering an innovative user interaction experience [13]

Core Insights - The major Chinese home appliance companies, including Midea, Haier, TCL, and Hisense, reported significant revenue growth in their 2024 financial results, with Midea leading the way with a revenue of 409.1 billion yuan, a year-on-year increase of 9.5% [1][3] - The overall trend indicates a slowdown in the white goods market while the black goods segment is driven by high-end and smart product offerings, with a notable increase in overseas market contributions [3][6] Group 1: Financial Performance - Midea achieved a revenue of 409.1 billion yuan, marking a 9.5% increase year-on-year, making it the only company to surpass 400 billion yuan in revenue [1][3] - Haier and TCL both reported revenues close to 300 billion yuan, with Haier's revenue at 285.98 billion yuan and TCL's at approximately 300 billion yuan, both showing growth [1][3] - Hisense reported a revenue of 151.3 billion yuan, with an 8.7% growth [1][3] Group 2: Overseas Market Contributions - Midea's overseas revenue reached 169.03 billion yuan, accounting for 41.32% of its total revenue, with a year-on-year growth of 12.01% [4] - Haier's overseas revenue was 143.91 billion yuan, making up 50.32% of its total revenue, with a growth of 5.43% [4] - Hisense's overseas revenue reached 356.29 billion yuan, showing a significant growth of 28% [4] Group 3: Strategic Trends - The growth of these companies is primarily driven by globalization and high-end product strategies, as they adapt to a more competitive domestic market [3][6] - Midea has focused on high-end branding through its COLMO and Toshiba brands, with a reported 20% increase in retail sales for these brands [7][8] - Haier has utilized a merger and acquisition strategy to enhance its high-end market presence, with 80% of its U.S. sales produced locally [12][14] Group 4: Market Dynamics - The overall retail sales of home appliances in China reached 907.1 billion yuan in 2024, reflecting a 6.4% year-on-year increase, aided by government incentives [4][5] - Despite the positive growth, challenges remain for domestic sales, as companies like Hisense and Midea have announced layoffs, indicating a tough market environment [5][6] - The global market for televisions is experiencing slower growth, with a reported increase of only 1.8% in global TV shipments [25] Group 5: Future Outlook - Chinese home appliance companies are increasingly becoming favored in international markets, with significant exports to Asia, Latin America, and Africa showing robust growth [25][26] - The production capacity of traditional white goods in China is substantial, with a 65.5% share of the global market, indicating a strong manufacturing base [26] - The shift towards high-tech, high-value, and high-quality products positions Chinese home appliance brands for future growth in the global market [26][27]

Core Viewpoint - The lawsuit between Xiaomi and Vidda regarding commercial defamation has concluded, with the court ruling in favor of Xiaomi, affirming that Vidda's statements were defamatory and ordered compensation of 550,000 yuan [2][3][4]. Group 1: Lawsuit Details - The dispute originated from a series of controversial statements made by Vidda on its official Weibo account on November 1, 2021, which included phrases that disparaged Xiaomi [3][4]. - The first-instance court ruled that Vidda's posts constituted commercial defamation, requiring them to publish a statement for seven days to mitigate the impact and pay Xiaomi 500,000 yuan in damages and 50,000 yuan in reasonable expenses [3][4]. - The final ruling upheld the initial judgment, confirming that Vidda's statements were clearly directed at Xiaomi and were intended to harm its reputation [2][4]. Group 2: Market Context - The competition in the smart TV market continues to intensify, with Xiaomi's market share declining as it integrates its TV business into its mobile division and focuses more on white goods like air conditioners and refrigerators [6]. - In 2024, Xiaomi's shipments for air conditioners, refrigerators, and washing machines reached historical highs of 6.8 million, 2.7 million, and 1.9 million units, respectively [6]. - Vidda has seen rapid growth in the TV market, achieving a 7.5% market share in the online smart projection market in 2024, an increase of 3.9 percentage points year-on-year [6]. Group 3: Global TV Market Trends - According to AVC Revo, global TV shipments increased by 1.2% year-on-year in Q1 2025, with Samsung, TCL, Hisense, LGE, and Xiaomi being the top five brands [7]. - Samsung led the market with 8.7 million units shipped, while TCL and Hisense followed with 6.7 million and 6.4 million units, respectively [7]. - Xiaomi's global shipment volume was 2.5 million units, showing a slight year-on-year increase of 0.3%, while LGE experienced a decline of 7.1% [7].