定焦One . 深度影响创新。 来源 | 定焦One 作者 | 李唐 编辑 | 魏佳 商业世界的反转，永远都来得猝不及防。 日前，松下控股在一场面向媒体、投资者和分析师的经营改革说明会上宣布进行重大战略调整，计划解散旗下家电子公司"松下电器株式会社"，并将电视 机业务列为"问题业务"考虑出售或退出。消息一出，"松下官宣放弃电视机业务"相关词条冲上微博热搜，引发大量关注。也许是因为舆论发酵程度远超想 象，松下很快便发布公告澄清"解散"实为"重组"，并表示对于电视机业务是出售或退出尚未做出任何决定。 以下文章来源于定焦One ，作者定焦One团队 根据知名市场机构TrendForce的最新报告，去年三季度三星以17.6%的占有率排名全球电视机市场第一，紧随其后的是TCL、海信、LG和小米，整体上 呈"中韩双雄争霸"的格局，榜单前列早已看不到松下等日系品牌的身影。 近期，市场研究公司Omdia的数据显示，2024年中国三大电视品牌TCL、海信和小米的出货量份额之和达到了31.3%，超过了三星电子和LG电子的28.4%。 这是中国电视制造商首次在市场份额上超过韩国。特别是在75英寸及以上的大屏电视市场，中国品牌的出货 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-004 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 2024 年 12 月 6 日，公司第十届董事会第八次会议审议通过《关于公司及子公 司 2025 年度担保额度预计的议案》，同意基于相关子公司经营发展需要及经营资 金需求，2025 年度，公司为 TVS REGZA 株式会社提供不超过 130 亿日元（含本 数）的担保，额度内可循环使用；公司控股子公司乾照光电为其全资子公司乾照 科技、扬州乾照光电有限公司、江西乾照光电有限公司、江西乾照半导体科技有 1 / 4 被担保人：厦门乾照光电科技有限公司（以下简称"乾照科技"），系海信 视像科技股份有限公司（以下简称"公司"）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"）的全资子公司。 本次担保金额及实际担保余额：本次乾照光电为乾照科技提供最高额保证 担保，被担保的主债权本金余额在债权确定期间内最高不超过人民币 6 ...

Core Viewpoint - Hisense Visual Technology and AR company XREAL have announced a deep strategic cooperation to develop technology synergy, ecosystem building, and global market expansion in the AR/AI glasses sector [1][2] Group 1: Strategic Cooperation - The first jointly developed "high-end AR viewing product" is set to be released in the second half of this year, with "deep empowerment of AI technology" being a key focus [2] - Hisense Visual Technology's president, Li Wei, stated that AR glasses represent the third generation of computing platform entry after televisions and smartphones [2] Group 2: Technological Focus - Hisense Visual Technology is concentrating on three main scenarios: home, commercial, and automotive, while targeting six major industries: laser display, LCD, LED, cloud services, chips, and AR/VR [2] - The company aims to leverage its 50 years of display technology experience to establish key parameter standards and innovative consumer products in the near-eye display field [2] Group 3: XREAL's Unique Position - XREAL is noted as the only global company capable of self-research and production of core optical engine components [2]

法律意见书 国浩律师（青岛）事务所 关于 海信视像科技股份有限公司控股股东 一致行动人增持公司股份 之 法律意见书 北京上海深圳杭州广州昆明天津成都宁波福州西安南京南宁济南重庆苏州长沙太原武汉贵阳乌鲁木齐郑州石家庄合肥海南青岛香港巴黎马德里硅谷斯德哥尔摩 纽约BEIJING|SHANGHAI|SHENZHEN|HANGZHOU|GUANGZHOU|KUNMING|TIANJIN|CHENGDU|NINGBO|FUZHOU|XIAN|NANJING|NANNING|JINAN|CHONGQING|SUZHOU|CHANGSHA|TAIYUAN|WUHAN|GUIYANG|URUMQI|ZHENGZHOU|SHIJIAZHUANG|HEFEI|HAINAN|QINGDAO|HONG KONG|PARIS|MADRID|SILICON VALLEY|STOCKHOLM|NEW YORK 中国山东省青岛市市南区香港中路 9 号香格里拉中心办公楼 6-7 层邮编：266071 6-7F, Office Tower of Shangri-La Center, 9 Xianggang Middle Road, Qingda ...

（一）本次增持计划 证券代码：600060 证券简称：海信视像 公告编号：2025-002 海信视像科技股份有限公司 关于控股股东一致行动人增持进展暨增持达到1%的 提示性公告 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。 重要内容提示： 公司于 2025 年 2 月 22 日收到公司控股股东之全资子公司青岛海信通信有限 公司（以下简称"海信通信"）关于增持计划进展暨增持公司股份达到公司总股本 1%的告知函，现将相关事宜公告如下： 一、增持主体的基本情况 增持主体为海信通信，系公司控股股东海信集团控股股份有限公司（以下简 称"海信集团控股"）之全资子公司。 二、本次增持的基本情况 2024 年 8 月 29 日，公司发布了《关于控股股东一致行动人增持公司股份计划 及首次增持的公告》（公告编号：临 2024-054），海信通信于 2024 年 8 月 28 日通 过上海证券交易所交易系统以集中竞价方式增持公司股份 4,257,200 股。同时，海 信通信决定自首次增持公告披露之日（2024 年 8 月 29 日）起 6 个月内 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-003 海信视像科技股份有限公司 关于控股股东一致行动人增持计划实施完毕 暨增持结果的公告 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。 重要内容提示： 2024 年 8 月 29 日，公司发布了《关于控股股东一致行动人增持公司股份计划 1 / 4 增持计划的基本情况：基于对海信视像科技股份有限公司（以下简称"公 司"或"本公司"）长期投资价值的认可及未来持续发展前景的信心，为 了切实履行社会责任和广大投资者的利益，公司控股股东海信集团控股股 份有限公司（以下简称"海信集团控股"）之全资子公司青岛海信通信有 限公司（以下简称"海信通信"）于 2024 年 8 月 28 日通过上海证券交易 所交易系统以集中竞价方式增持公司股份 4,257,200 股。同时，海信通信 决定自首次增持公告披露之日（2024 年 8 月 29 日）起 6 个月内继续通过 上海证券交易所交易系统以集中竞价方式增持本公司股份，含 2024 年 8 月 28 日首次交易在内，海信通信拟合计增 ...

Investment Rating - The report assigns a "Neutral" investment rating for the company [42]. Core Views - The company has shown a steady increase in global market share for its products, particularly in the smart display terminal segment [4][5]. - Revenue growth has been stable, with a year-on-year increase of 23.1% in the first half of 2023 and 12.6% in the second half [15]. - The company is actively pursuing globalization, with a significant contribution from overseas revenues [10]. Financial Performance - The company's revenue for 2023 is projected to be 53.616 billion, with a main business revenue of 48.389 billion [15]. - The gross profit margin has shown an overall improvement, reaching 16.9% in 2023 [15][8]. - The net profit attributable to the parent company is expected to be 2.095 billion in 2023, with a slight increase to 2.130 billion in 2024 [37]. Product Segmentation - The smart display terminal segment is expected to generate 41.257 billion in revenue for 2023, with a year-on-year growth of 17.0% [15]. - The new display business is projected to reach 6.517 billion in revenue, reflecting a robust growth rate of 40.6% year-on-year [15]. Market Trends - The global TV market is stabilizing, with a consistent demand for LCD and OLED products [17][20]. - The penetration rate of mini LED TVs in the Chinese market is expected to increase significantly by 2024 [29]. Regional Performance - Domestic revenue is projected to grow to 23.643 billion in 2023, while international revenue is expected to reach 24.747 billion [15]. - The contribution of overseas income has been increasing, indicating a successful expansion strategy [10].

何伟 杨策 | 市场数据 | 2025-2-19 | | --- | --- | | 股票代码 | 600060.SH | | A 股收盘价(元) | 23.25 | | 上证指数 | 3,351.54 | | 总股本(万股) | 130,497 | | 实际流通 A 股(万股) | 129,509 | | 流通 A 股市值(亿元) | 301.11 | | | 53615.5 | | 57188.9 | | 62727.5 | 68876.24 | | --- | --- | --- | --- | --- | --- | --- | | 6 | 17.22 | 4 | 6.66 | 6 | 9.68 | 9.80 | | | 2095.85 | | 2129.98 | | 2470.59 | 2939.70 | | | 24.82 | | 1.63 | | 15.99 | 18.99 | | | 1.61 | | 1.63 | | 1.89 | 2.25 | | | 14.29 | | 14.06 | | 12.12 | 10.19 | RGB-Mini LED 国银河证券|CGS 公司点评报告·家用电器 ...

Summary of Hisense Visual Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Consumer Electronics, specifically TV manufacturing Key Points and Arguments Sales and Profitability - Hisense Visual expects stable domestic sales in Q1 2025, with structural improvements leading to positive changes in sales revenue and profitability, particularly benefiting from high-end and Mini LED product sales [2][5] - In Q4 2024, domestic sales grew approximately 15%, with domestic sales increasing over 10% and international sales exceeding 15%. The average selling price (ASP) improved by 15-20% due to enhanced product structure and increased Mini LED penetration [3][5] - The Mini LED penetration rate in domestic sales reached about 27-28%, with sales revenue contribution between 45-50% [3][8] - The implementation of national subsidy policies led to a historic high in domestic profit margins in Q4 2024, with Mini LED contributing significantly [8] Product Development and Market Strategy - Hisense plans to launch new products, including RGB three-color backlight Mini LED and AI TVs, at the AWE exhibition in March 2025, aiming to increase the penetration rate of standard monochrome white Mini LED to over 30% [2][7] - The company is focusing on high, medium, and low-end market segments while enhancing promotion in rural markets [7] - Hisense is working to improve its high-end product strategy in the U.S. market, aiming to increase market share in channels like Best Buy and Costco [4][13] Competitive Landscape - Xiaomi's transition to high-end products positively impacts the black TV industry, allowing leading brands to achieve better pricing margins. Competition in the low-price segment between Redmi and Hisense has diminished [2][15] - Hisense holds a market share of approximately 12-13% in the U.S., ranking third or fourth, and is optimizing its channel structure to promote high-end products [4][16] International Market Performance - Hisense's average price index in overseas markets is around 70-80, with a focus on increasing this index to 100 over the next three to four years to enhance long-term profitability [12][33] - Japan is noted as the best-performing market for Hisense's high-end strategy, achieving a market share of 35-40% [13] Future Outlook - The company anticipates a slight decline in sales in January 2025 due to seasonal factors but expects overall stability in Q1 2025 with significant structural improvements [5][6] - Hisense aims to enhance its brand value and product structure to improve profitability in both domestic and international markets [34][35] Technological Innovations - Hisense is developing AI TVs with proprietary AI chips and algorithms, enhancing user experience through automatic optimization of audio and visual quality [25][26] - The company is also exploring the potential of AI glasses and MRX display solutions, indicating a commitment to innovation [28] Challenges and Strategic Adjustments - The company faces challenges in the U.S. market due to competition from Walmart's private label brands and Vizio in the low-end segment [16] - Hisense is adjusting its channel strategy to reduce reliance on lower-margin sales through Walmart while increasing sales through higher-margin channels [4][16] Conclusion - Hisense Visual is positioned for growth with a focus on high-end products, structural improvements in sales, and technological innovations. The company is optimistic about its future prospects in both domestic and international markets, aiming for significant advancements in profitability and market share [37]