Core Insights - The 2025 FIFA Club World Cup is witnessing a technological revolution in display technology, with Hisense leading the way through its RGB-Mini LED technology, transforming the viewing experience from "live watching" to "immersive experience" [1][3] - Hisense's RGB-Mini LED technology represents a significant advancement in display capabilities, enhancing color transition and contrast, thus improving image depth and realism [3][5] Technological Breakthroughs - Hisense's RGB-Mini LED technology utilizes red, green, and blue Mini LED chips for light mixing or independent lighting, marking a shift from traditional monochrome backlighting to RGB multi-color backlighting [3][5] - The introduction of the world's first RGB-Mini LED TV at CES 2023 signifies a transition in LCD technology, with Hisense at the forefront of this innovation [5] - Hisense's AI picture quality chip H7 and high-performance RGB-Mini LED chips enable precise color control and enhanced image stability, addressing challenges in the LED industry [5][6] Enhanced Viewing Experience - Hisense's large-screen technology and AI picture tuning significantly enhance the viewing experience, allowing viewers to enjoy an atmosphere akin to being at the event [6][8] - The technology supports the Video Assistant Referee (VAR) system, improving decision-making accuracy and fairness in matches [8] - Hisense's large-screen TVs are changing viewing habits, expanding social viewing spaces and enhancing the communal aspect of watching football [10] Market Position and Growth - Hisense holds a 58.8% global market share for TVs 100 inches and above in 2024, with a 180% year-on-year growth in the first quarter of 2025 [10] - The company's RGB-Mini LED TV has gained popularity among high-net-worth individuals, leading to a 28 percentage point increase in market share in the ultra-high-end segment [10] Global Leadership in Display Technology - Hisense's success at the 2025 FIFA Club World Cup reflects a significant breakthrough for Chinese companies in the global sports technology sector, transitioning from participants to leaders in the value chain [11][13] - The evolution from product sponsorship to technology-driven event operations illustrates Hisense's strategic shift and its role in setting global standards [11][13] - The advancements in RGB-Mini LED technology signify a new era for Chinese manufacturing, emphasizing innovation and cultural output in the global market [13]

Core Viewpoint - The core viewpoint of the articles emphasizes that Hisense is committed to continuous innovation and transformation through AI and digital technologies, aiming to reshape its industry and enhance its competitive edge over the next decade [1][2][3] Group 1: AI Strategy and Industry Transformation - Hisense is accelerating its AI strategy, focusing on integrating AI into various sectors, including robotics, smart manufacturing, and smart home solutions [1][3] - The company has identified four new values for televisions in the AI era: more realistic audio-visual experiences, simpler interactions, smoother operations, and diverse services [2] - Hisense's self-developed Xinghai large model ranked first in the industry on the C-Eval list, showcasing its advancements in AI technology [2] Group 2: Long-term Technological Commitment - Hisense's approach to innovation is described as a "technical pilgrimage" lasting at least ten years, emphasizing the importance of deep user engagement for achieving industry-level innovation [2] - The company has established a humanoid robot manufacturing innovation center in Shandong and is a key contributor to the national humanoid robot standardization white paper [3] - Hisense believes that the competition among companies is not just about speed but also about sustained effort and organizational capability [3] Group 3: Digital Transformation and Talent Development - The company is undergoing a comprehensive digital transformation, aiming to embed AI technology throughout its operations to foster innovation [3] - Hisense recognizes the critical need for digital talent transformation in Chinese enterprises to gain a competitive advantage [3]

Summary of Hisense Visual's Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Television manufacturing and consumer electronics Key Points and Arguments Sales Performance - Hisense Visual achieved double-digit growth in shipment volume, with domestic market benefiting from national subsidies, resulting in double-digit price increases in April and May [2][3] - MiniLED products accounted for over 60% of sales in Q2, significantly up from 20% in the same period last year, indicating a strong shift towards higher-margin products [2][3] Market Position and Growth Potential - The company is positioned as a top player in the U.S. market, ranking among the top two, and in Europe, ranking among the top three [2][4] - There is significant room for growth in overseas markets, particularly in the U.S. and emerging markets, where MiniLED penetration is currently low at around 10% [2][4] Brand Strategy and Marketing - Hisense is enhancing brand visibility through sponsorship of major events like the World Cup and European Championship, which is expected to increase its market presence in Europe over the next two years [2][4] Competitive Advantages - The company has upgraded its channel structure in the U.S., increasing sales through mid-to-high-end retailers like Best Buy and Costco [5] - Hisense's production in Mexico benefits from tariff exemptions, providing a competitive edge over manufacturers in China and Southeast Asia, especially in light of the 20% tariff on Vietnamese imports [5] Financial Outlook - The company is valued at approximately 12 times earnings, with a projected compound annual growth rate (CAGR) of over 15% for the next three years [3][6] - A dividend payout ratio of at least 50% is maintained, with a current dividend yield of about 4%, indicating potential for upward price elasticity [3][6] Future Focus Areas - Attention should be given to the synergy between Hisense's two appliance business platforms, which may enhance brand strength and operational efficiency [6] - The potential for profit recovery from the domestic market and improved marketing channel collaboration post-merger is also highlighted [6] Additional Important Insights - The company anticipates that if competitors raise prices, Hisense will follow suit, which could enhance its profitability and margin elasticity [3][5]

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is experiencing a notable performance, particularly in the white goods segment, despite a decline in government subsidies affecting valuations [2][11] - The central government announced a new subsidy plan of approximately 130 billion, boosting market confidence [2] Core Insights and Arguments - **White Goods Performance**: The white goods segment showed strong sales demand in Q2, with leading companies like Midea and Haier experiencing significant growth in installation cards [1][2] - **Subsidy Impact**: The reduction in government subsidies has had a limited impact on performance, primarily affecting sentiment rather than actual results [3][11] - **Market Dynamics**: The shift in market style has led to a transition of funds from small-cap to large-cap stocks, contributing to the recent performance of the home appliance sector [2] - **Sales Trends**: Sales of small appliances have improved since Q4 of the previous year, with notable revenue growth for leading companies like Bear and Supor during the 618 shopping festival [1][4] Segment Performance - **Major Appliances**: The white goods segment is expected to maintain strong competitiveness, with leading companies achieving double-digit profit growth in Q2 [5] - **Black Goods**: The upgrade in product structure, particularly in high-end Mini LED TVs, has led to a significant increase in average prices for leading brands [3][4] - **Small Appliances**: The competitive landscape for small appliances has improved, with profit margins showing significant recovery [1][4][9] Valuation and Dividend Insights - **Valuation Metrics**: - Gree: Valuation around 7x, dividend yield approximately 7% [6] - Midea: Valuation around 12x, dividend yield including buybacks about 6% [6] - Haier: Valuation around 10x, dividend yield between 4-5% [6] - **Market Performance**: These valuation levels are expected to support market performance for these companies [6] Future Outlook - **Market Expectations**: The probability of continued government subsidies next year is high, although the marginal effect may weaken [5] - **Export Dynamics**: Leading white goods companies derive over half of their business from overseas markets, which may offset domestic fluctuations due to subsidy reductions [7][11] - **Investment Recommendations**: Companies with solid performance and elasticity, such as Hisense, Bear, and TCL, are recommended for investment [12] Additional Insights - **Competitive Landscape**: Stone Technology has emerged as a leading brand in the vacuum cleaner market, with expectations for profitability to improve in Q3 despite short-term pressures [10] - **Sector Resilience**: The home appliance sector is expected to maintain positive growth in annual or quarterly profits, even with potential short-term declines in retail sales [7]

Group 1 - The core viewpoint of the article highlights the emergence of 10 unicorn companies from Shandong province, with a focus on new industries such as semiconductors, software services, industrial internet, and renewable energy [3][4] - Qingdao has the highest number of unicorns in Shandong, with 6 companies listed, including GoerTek Microelectronics, which has a valuation of 20.5 billion yuan, ranking 395th globally [4] - Other notable companies from Qingdao include Nengchain Group with a valuation of 18.5 billion yuan, and Kaos, Teld, and others, showcasing a diverse range of sectors [4] Group 2 - The Hurun Research Institute identified a total of 1,523 unicorn companies globally, an increase of 70 companies (approximately 5%) from the previous year, with China ranking second with 343 companies [5] - The report indicates that 77% of unicorns are focused on software and services, particularly in fintech, software services, and AI, while 23% are in physical products, mainly in semiconductors, renewable energy, and health technology [5] - SpaceX is noted as the highest-valued unicorn globally, with a valuation increase of 1.2 trillion yuan, reaching 2.6 trillion yuan, while OpenAI has the fastest growth rate for the second consecutive year [5] Group 3 - The 2025 "China's 500 Most Valuable Brands" report lists 22 brands from Qingdao, with 5 entering the top 100, including Haier, Qingdao Beer, and Hisense [6] - Haier leads with a brand value of 573.517 billion yuan, ranking 3rd overall, while Qingdao Beer maintains its position as the top beer brand in China with a value of 280.355 billion yuan [6] - Other brands like Kaos and Double Star Tire also feature prominently, indicating strong brand presence and value in the Qingdao region [6]

Investment Rating - The report assigns an "Outperform the Market" rating to Hisense Visual [5] Core Viewpoints - Hisense Visual is positioned as a leading player in the global television market, with a revenue forecast of 58.53 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.9% from 2018 to 2024 [1][22] - The company is expected to benefit from the rapid growth of Mini LED technology, with a projected penetration rate of over 18% in China by 2024, up more than 15 percentage points year-on-year [1][31] - Hisense Visual's overseas revenue is anticipated to reach 52% by 2024, reflecting its successful expansion into international markets [1][23] Summary by Sections Company Overview - Hisense Visual is a leading player in China's television industry, primarily engaged in the research, production, and sales of display-related products, with a focus on televisions, laser displays, and display chips [13][14] - The company operates under three brands: Hisense, Toshiba, and Vidda, targeting different consumer segments and steadily increasing its market share [2][13] Financial Performance - The company's revenue is projected to grow to 63.74 billion in 2025, with a net profit of 2.59 billion, reflecting a growth rate of 15.4% [3][4] - Hisense Visual's net profit has shown a compound growth rate of 33.7% from 2018 to 2024, indicating strong profitability recovery after previous downturns [22][23] Market Dynamics - The global television market is stabilizing, with a shift towards larger screens and advanced technologies like Mini LED, which is expected to drive up average selling prices [1][32] - The market share of the top four global television brands is projected to increase from 44.5% in 2018 to 56.2% in 2024, indicating a more concentrated industry landscape [1][32] Competitive Advantages - Hisense Visual has a strong technological foundation, having invested over 10 years in ULED technology and leading advancements in Mini LED and AI technologies [2][31] - The company has established a comprehensive supply chain, including upstream chip production, which enhances its competitive edge in the market [2][31] Future Outlook - The company is expected to capture a larger share of the global television market, with new growth opportunities arising from its investments in laser displays, commercial displays, and XR technologies [3][22] - The stock is valued between 24.89 and 29.63 per share, with a market capitalization range of 325 to 387 billion, suggesting a favorable investment opportunity [3][5]

Group 1 - The core event celebrates the 55th anniversary of diplomatic relations between China and Italy, showcasing cultural exchange through an art exhibition supported by Hisense's display technology [1][2] - Hisense's 100-inch and laser TVs provided technical support for the exhibition, enhancing the visual experience of over 110 Chinese and Italian art pieces, thereby promoting cultural dialogue [1][2] - Hisense has established itself as a trusted Chinese brand in Italy since entering the market in 2003, ranking third in sales volume and revenue for TVs in 2024 [2] Group 2 - Hisense achieved a market share of 38.3% in the large-screen TV segment in Italy from January to May this year, leading the industry [2] - The company has also supported major global events, such as the FIFA Club World Cup, showcasing its commitment to innovation in large-screen display technology [2] - Hisense emphasizes its role in cultural exchange and corporate social responsibility, positioning itself as a bridge for international dialogue through technological innovation [3]

Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].

Group 1 - A recent survey by Nikkei Business Weekly revealed that 80% of Japanese consumers still have reservations about Chinese brands, particularly in the electronics sector due to concerns over privacy and product durability [1] - Among Japanese consumers who have purchased Chinese products, 61% indicated they would consider buying Chinese brands again, and 66% expressed no concerns about the performance and durability of these products, highlighting a significant difference in acceptance based on actual experience [1] - Chinese brands have made notable progress in the Japanese market, especially in home appliances and electronics, with Chinese brands capturing over 50% of the television market share in Japan, led by Hisense [2] Group 2 - In the white goods sector, Chinese brands like Haier and Midea have established a presence in Japan, with acquisitions of local brands contributing to their market share [2] - The smartphone market remains a challenge for Chinese brands, as they have not achieved significant breakthroughs compared to their performance in home appliances, with Apple holding over 50% market share [2] - Chinese brands are gradually entering various sectors in Japan, including automotive, beauty, and apparel, although their achievements in these areas are not as pronounced as in home appliances [3] Group 3 - The entry of Chinese brands into the Japanese market is influenced by three main market segments: low-income countries, emerging markets, and developed countries, with varying strategies for each segment [3] - The Japanese market is seen as a potential entry point for Chinese companies aiming to establish a global brand presence due to cultural and geographical proximity [3] - Among consumers under 30, the market share of Hisense and TCL televisions exceeds 50%, attributed to the younger generation's shift in consumption preferences and the price advantage of Chinese products [4]

重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 6 月 27 日 （二）股东大会召开的地点：山东省青岛市崂山区香港东路 88 号海信国际 中心 A 座公司会议室 （三）出席会议的普通股股东及其持有股份情况： 证券代码：600060 证券简称：海信视像 公告编号：2025-027 海信视像科技股份有限公司 2024年年度股东大会决议公告 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。 | 1、出席会议的股东和代理人人数 | 453 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 957,660,913 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数的比例（%） | 73.3855 | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会采取现场投票和网络投票相结合的方式，会议的召集、召开及 表决方式符合《公司法》和《公司章程》等的相关规定。 本次股东大会由董事长于 ...