证券代码：600060 证券简称：海信视像 公告编号：2025-011 海信视像科技股份有限公司 第十届监事会第八次会议决议公告 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。 乾照光电本次投资符合其长期投资规划，有助于其利用自有资金开展产业 投资，促进产业协同发展及拓展后续业务合作，亦符合公司战略规划。乾照光 电本次投资的资金来源为其自有资金，拟投资金额占乾照光电最近一期经审计 净资产的 2.43%，占公司最近一期经审计净资产的 0.51%，短期内不会对公司 及乾照光电的财务状况和经营成果产生重大不利影响，长期预计将对公司及乾 照光电经营发展产生积极影响。 1 / 2 乾照光电本次与关联方共同投资相关定价遵循公平、合理的原则，各投资 方均以货币形式出资，按所投资金额取得等额合伙企业财产份额，价格一致， 定价公允；执行事务合伙人报酬按市场收费水平确定，不存在向关联方进行利 益输送的情形，未损害公司股东特别是中小股东利益。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 海信视像科技股份有限公司（以 ...

第十届董事会第十一次会议决议公告 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"）第十届董事会第十一次会 议（以下简称"会议"或"本次会议"）于2025年4月21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 证券代码：600060 证券简称：海信视像 公告编号： 2025-010 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。 审议通过了《关于控股子公司与关联方共同投资暨关联交易的议案》 同意控股子公司厦门乾照光电股份有限公司（以下简称"乾照光电"），与 青岛亿洋创业投资管理有限公司、青岛海信通信有限公司、青岛海信宽带多媒 体技术有限公司、青岛铸原创业投资基金合伙企业（有限合伙）等主体共同投 资设立深圳铸原光电产业投资合伙企业（有限合伙）（暂定名，以工 ...

当月家用空调产量2,485万台，同比+13.94%，销量2,434万台，同比+8.54%，其中内销1,278万台，同比 +3.46%，出口1,157万台，同比+14.82%，期末库存1,726万台，同比+1.56%;分公司，格力当月销量同比 +3.37%(内销+1.64%，出口+7.14%);美的销量同比+5.43%(内销+1.54%，出口+9.38%);海尔同比+12.61% (内销+5.88%，出口+31.67%);海信同比+6.10%(内销-4.00%，出口+15.29%);长虹同比+53.06%(内销 +61.29%，出口+38.89%);TCL同比+6.40%(内销-5.00%，出口+11.76%)。内销稳健，符合预期 2025年3月空调内销出货同比+3%，规模同期新高，2023/2024年同期分别+19%/+18%，基数偏高，保持 稳健;Q1内销同比+6%，较2021年同期CAGR+10%。整体看，Q1空调内销出货稳健为主，3月或仍受岁 末年初政策衔接节奏影响，2024Q4内销同比+24%，对后续或有虹吸。终端方面，3月龙头安装卡基数 走低，较1-2月有所提速，奥维监测3月空调线上零售量/价分别同 ...

Core Viewpoint - Hisense Visual (600060) has launched a new television product, the Xiao Mo E5Q Pro, which features five size options ranging from 55 to 100 inches, with retail prices set at 3699 yuan, 4799 yuan, 5999 yuan, 8199 yuan, and 14999 yuan, respectively, and is set to go on sale on April 27 [1] Product Details - The Xiao Mo E5Q Pro is equipped with the industry's first lightweight L3-level intelligent system called "Star Gathering Desktop" [1] - The product integrates 18 major intelligent capabilities through DeepSeek technology [1]

Core Viewpoint - The performance of major television manufacturers serves as a barometer for the television market trends, with significant declines in revenue and profit reported by companies like Konka, TCL, Hisense, and Skyworth in 2024 [2][3]. Financial Performance - Konka Group reported a revenue of approximately 11.1 billion yuan in 2024, a year-on-year decline of 37.73%, and a net profit attributable to shareholders of approximately -3.3 billion yuan, down 52.31% [2]. - Konka's television business generated revenue of 5.03 billion yuan, a year-on-year increase of 6.78%, accounting for about 45% of total revenue [3]. - TCL's large-size display business revenue increased by 23.6% to 60.11 billion HKD (approximately 56.64 billion yuan), while Skyworth's smart TV revenue was about 20.8 billion yuan, up nearly 10% [4]. Market Dynamics - The domestic television market is increasingly concentrated among leading brands, with TCL, Hisense, and Skyworth collectively holding a market share of 60.5%, up 3.9 percentage points year-on-year [4]. - Mini LED technology is becoming a key competitive area in the high-end television market, with sales of Mini LED TVs in China increasing by 520.4% year-on-year in Q1 2024 [5][6]. Export Challenges - The overseas market has become increasingly important for television manufacturers, with Konka expanding its overseas business by acquiring 23 new clients and establishing a presence in Sri Lanka [7]. - The overall export volume of televisions from mainland China is projected to reach 110.54 million units in 2024, a year-on-year increase of 11.4% [8]. - Tariffs are a significant concern for manufacturers, particularly in the North American market, with companies like Hisense and TCL establishing factories in Mexico to mitigate costs [8][9].

Core Viewpoint - The Mini LED TV market is expected to perform exceptionally well in 2024, driven by technological breakthroughs, policy support, and consumer upgrades, with sales projected to reach 6.75 million units, a year-on-year increase of 65% [1]. Group 1: Market Performance - The sales of large-sized Mini LED TVs in China are boosted by the government's subsidy program for replacing old appliances, leading to an upward revision of sales forecasts by 5.4% [1]. - By 2025, nearly 24 new Mini LED models have been launched by various brands, including Hisense, TCL, and Sony, indicating sustained market enthusiasm [1]. Group 2: Product Offerings - Major brands like Hisense and TCL are focusing on large-sized Mini LED TVs, with Hisense introducing multiple models up to 116 inches and TCL offering options up to 98 inches [5][7]. - The introduction of RGB Mini LED technology is gaining traction, with brands like Hisense and TCL showcasing their latest models at CES 2025, enhancing color accuracy and display quality [8][9]. Group 3: Future Outlook - The Mini LED TV market is anticipated to continue its growth trajectory, supported by technological advancements and decreasing production costs, which will enhance market competitiveness [11]. - National policies aimed at providing industry subsidies are expected to lower retail prices for Mini LED TVs, stimulating market demand [11].

Core Viewpoint - The Shanghai Smart Home Index has shown a decline of 13.88% over the past month, while it has increased by 4.46% over the last three months and 0.99% year-to-date, reflecting the overall performance of listed companies in the smart home sector [2]. Group 1: Index Performance - The Shanghai Smart Home Index reported a value of 3134.80 points [1]. - The index is based on a sample of companies involved in smart home components, terminal devices, system integration, and related services, with a base date of June 29, 2012, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: Aojie Technology (3.98%), Chipone Technology (3.6%), Rockchip Electronics (3.35%), Hengxuan Technology (2.53%), Quectel Wireless Solutions (2.5%), Espressif Systems (2.48%), Will Semiconductor (2.44%), XGIMI Technology (2.41%), Jiechang Drive (2.4%), and Hisense Visual Technology (2.39%) [2]. - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with the information technology sector making up 58.04%, consumer discretionary at 25.15%, communication services at 10.51%, and industrials at 6.29% [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

根据Omdia统计，2024年海信系电视全球出货量市占率为13.95%，连续三年稳居世界第二；根据奥维云 网统计数据，2024年海信系电视中国内地零售额与零售量市占率为29.83%与26.31%，稳居中国第一。 这一现象并非偶然，背后是海信视像对市场趋势的精准预判，在高端化、智能化赛道持续发力，产品矩 阵持续优化，极大提升了产品溢价空间与市场竞争力，成为营收增长的强劲助推器。 业绩攀升，营收净利双增 在全球消费电子行业竞争近乎白热化，显示技术迭代迅猛的当下，海信视像 2024 年的财报成绩堪称亮 眼，营收与净利润双双实现可观增长。 海信视像财报数据显示，2024年营业收入为585.3亿元，同比增长9.2%；净利润为22.5亿元，同比增长 7.2%。其中，第四季度，海信视像营业收入为178.8亿元，同比增长24.3%；净利润为9.36亿元，同比增 长100.1%。 海信视像业绩实现惊人增长绝非偶然，背后有着深层次且多元的驱动因素。 一来，海信视像"高端化、大屏化"战略有效撬动了销售结构的深度优化，高附加值产品占比持续攀升。 在全球家电市场被智能化、高端化浪潮重塑格局之际，海信视像携优异的销量数据，以雷霆之势闯入 ...

Investment Rating - The report indicates a positive investment outlook for companies with strong domestic sales and flexible supply chains, particularly Haier and Hisense [2][9][10]. Core Insights - The impact of U.S. tariffs on Chinese home appliance companies varies significantly, with some companies like Haier benefiting from higher local production capacity [2][12]. - Chinese home appliance firms are leveraging their supply chain stability and scale advantages to maintain competitiveness despite tariff-induced price increases [6][15]. - The long-term changes in tariff policies are expected to reshape the competitive landscape of the home appliance industry, favoring larger companies with resilient production capabilities [15]. Summary by Sections U.S. Market Exposure - Midea's revenue from the U.S. market is approximately 20% of its total export revenue, while Haier's is close to 60%, with a significant portion sourced from local suppliers [2]. - Gree has minimal exposure to the U.S. market, with only about 2% of its revenue coming from there [2]. - Hisense's revenue from the U.S. market is around 10%-20%, primarily sourced from Mexico [2]. Strategies to Mitigate Tariff Impact - Companies are adopting various strategies such as price increases and shifting production to Southeast Asia to mitigate tariff impacts [4][15]. - Major OEMs like Dechang and Xinbao are relocating factories to countries like Vietnam and Indonesia to reduce tariff exposure [3][4]. Consumer Impact - The additional costs from tariffs will ultimately be passed on to U.S. consumers, leading to higher product prices and potential economic pressure [5][6]. Competitive Advantages - Haier's higher local production in the U.S. provides a competitive edge over rivals like Samsung and Electrolux [12]. - Hisense's production in Mexico allows it to effectively cover the U.S. market, potentially increasing market share despite overall demand decline [11]. Companies with Strong Domestic Market Focus - Gree Electric is well-positioned due to its low export ratio and strong domestic sales, which are less affected by U.S. tariffs [9]. - Other companies like Supor and Boss Electric also show resilience due to high domestic sales and cash dividend rates [9]. Future Areas of Interest - The report suggests monitoring the kitchen appliance sector and companies with global production capabilities that can adapt to tariff changes, such as Hisense [10].

Core Insights - The report highlights a positive outlook for the rare earth industry, driven by a recovery in market conditions and increased sales profits, with a projected net profit for Guangsheng Nonferrous of 40 to 50 million yuan in Q1 2025, marking a significant turnaround from losses in the previous year [3] - The agricultural chemicals sector is also showing signs of recovery, with Limin Co. forecasting a net profit of 100 to 120 million yuan in Q1 2025, a substantial increase from a loss of 8.49 million yuan in the same period last year, attributed to rising product prices and a favorable market environment [3] - Tiande Yu expects a revenue increase of 60.52% year-on-year, with net profit reaching approximately 70.57 million yuan in Q1 2025, driven by the expansion of new products and markets, particularly in display driver chips and electronic price tag chips [4] Industry Analysis - The home appliance export sector faces significant challenges due to the recent implementation of a 10% minimum baseline tariff and additional tariffs that could raise the average tariff rate to around 80% for Chinese white goods exported to the U.S., creating a substantial impact on trade dynamics [6][7] - Companies with diversified production capacities and lower exposure to the U.S. market, such as TCL and Hisense, are better positioned to withstand tariff pressures due to localized production strategies [7] - Smaller enterprises that rely heavily on exports to the U.S. and lack overseas operations are likely to face severe cost pressures and may struggle to remain competitive, potentially leading to reduced orders and financial difficulties [8]