市场调研数据显示，2025年上半年，海信在全球百吋及以上电视市场的出货量份额高达47.7%，激光电 视全球出货量占有率70.0%，均居全球第一。奥维云网全渠道监测数据显示，海信系电视中国内地零售 额和零售量市占率分别为29.96%和25.73%，均稳居中国内地市场第一。 2025年上半年，公司坚定不移推进全球化布局与高端化战略，全面推进数字化转型，逐步构建具有国际 竞争力的全球化运营体系。报告期内，公司在RGB-Mini LED、激光显示、芯片等显示核心技术领域取 得重大突破，助力海信实现稳健增长，巩固在高端市场的全球领导地位。 中证报中证网讯（记者 张鹏飞）8月25日晚间，海信视像（600060）披露2025年半年度报告，公司实现 营业收入272.31亿元，同比增长6.95%；归母净利润10.56亿元，同比增长26.63%。加权平均净资产收益 率同比增加0.84个百分点，经营活动现金流量净额同比增长48.59%至18.02亿元，公司市场份额与运营 效率稳步提升。 报告期内，公司成功攻克了RGB-Mini LED产业化中光色同控芯片与算法、高光效与高可靠性LED发光 芯片的"两芯"难题，实现液晶显示从传统单色 ...

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 27.231 billion RMB in H1 2025, representing a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion RMB, up 26.6% year-on-year. The second quarter saw revenue growth of 8.59% and net profit growth of 36.72%, indicating continuous improvement in profitability [1][7] - The company is expected to maintain its competitive edge in the industry through product upgrades, diversification into new businesses, and global capacity expansion [1] Summary by Sections Television Business - The company's television business remains robust, holding the largest retail market share in China. The brand's price index has improved, indicating competitiveness in mid-to-high-end products. In Q3, online and offline retail sales showed year-on-year increases of 20.3% and 6.89%, respectively, with retail prices rising by 12.5% and 17.4% [2] - Despite a 5% year-on-year decline in the domestic television export value in H1 2025, the company has mitigated this through capacity adjustments in Mexico and Vietnam, as well as a focus on large-screen products. The export decline has narrowed to 0.5% in July 2025, with signs of recovery in Europe and Oceania [2] New Display and New Business - In H1 2025, the new display business generated revenue of 3.434 billion RMB, a year-on-year increase of 7.43%. The laser display applications are expanding into commercial and automotive sectors, showing potential for new growth. Overseas revenue from commercial displays grew by 43% year-on-year, highlighting global expansion potential [3] - The company is also advancing in cloud services and AI-related products, with plans to launch AI smart headphones and lightweight AI glasses [3] Profitability and Financial Metrics - The gross margin for H1 2025 was 16.37%, up 1.01 percentage points year-on-year, benefiting from an increased proportion of Mini LED products and stable panel prices. Despite rising marketing expenses, the net profit margin improved by 0.6 percentage points year-on-year [4] - The report forecasts net profits of 2.59 billion RMB, 2.89 billion RMB, and 3.23 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.99 RMB, 2.22 RMB, and 2.48 RMB [5]

Core Viewpoint - Hisense Visual's stock has shown a positive trend with a year-to-date increase of 16.21%, despite some fluctuations in the short term [1][2]. Financial Performance - For the first half of 2025, Hisense Visual achieved a revenue of 27.231 billion yuan, representing a year-on-year growth of 6.95%. The net profit attributable to shareholders was 1.056 billion yuan, marking a significant increase of 26.59% [2]. - Cumulatively, since its A-share listing, Hisense Visual has distributed a total of 6.970 billion yuan in dividends, with 3.039 billion yuan distributed over the past three years [3]. Stock Market Activity - As of August 26, Hisense Visual's stock price was 22.15 yuan per share, with a trading volume of 3.25 billion yuan and a turnover rate of 1.14%. The total market capitalization stood at 28.905 billion yuan [1]. - The stock has seen a net inflow of 27.328 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hisense Visual was 32,800, an increase of 6.22% from the previous period. The average number of circulating shares per person decreased by 5.86% to 39,482 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 56.7045 million shares, while new entrants included Southern CSI 500 ETF with 11.5978 million shares [3].

业绩简评 内销方面，Mi大ni尺 L寸ED拉+ 动下海信结构有望持续优化；海外方面， 体育赛事有望加速渠道突破 及份额提升。预计公司2025/2026/2027 年实现营收621.2/662.5/707.1 亿元，同比分别+6.1%/6.6%/6.7%， 实现归母净利润25.3/28.7/32.7 亿元，同比分别+12.5%/+13.5%/14.0% ， 当前股价对应PE 估值为 12.8/10.5/8.7 倍，维持"买入"评级。 风险提示 面板价格波动；海外需求不及预期。 国补拉动下预计内销延续较好增长。内销方面，据奥维云网，2025年上半年彩电市场销量达1375 万 台，同比增长1.8%，销额561 亿元，同比增长7.5%，海信作为黑电龙头充分受益于国补环境，2025年上 半年海信系电视中国内地零售额市占率为29.96%，零售量市占率为25.73%，均位居中国内地市场第一 名。海外方面，关税等不确定性因素扰动下公司经营韧性凸显，海信在欧美等成熟市场价格指数进一步 提升，据Circana、NIQ GFK 及奥维睿沃数据，海信系电视在北美市场品牌价格指数同比提升7.4、在欧 洲市场品牌价格指数同比提升8。 M ...

Core Viewpoint - The global display industry has reached a significant turning point in 2025 with the mass adoption of RGB-Mini LED technology, initiated by Hisense, marking a new era in LCD display technology [1][12]. Group 1: Technology Breakthrough - Hisense's RGB-Mini LED technology is distinguished by its proprietary "two-chip" system, which includes the AI picture quality chip H7 and a high-performance RGB-Mini LED backlight chip, enabling a shift from traditional single-color backlighting to RGB three-color backlighting [2][8]. - The technology enhances color control by allowing independent adjustment of red, green, and blue light sources, improving brightness and color richness without the need for quantum dots or other fluorescent materials [4][10]. Group 2: User Experience Improvements - The RGB-Mini LED technology achieves a color gamut coverage of 97% of the BT.2020 ultra-high color space, surpassing QD-OLED by over 6% and QD-Mini LED by over 16%, allowing for a broader range of colors [4][6]. - The color volume is enhanced by over 20% compared to QD-Mini LED, significantly improving the depth and dimensionality of images, particularly in dynamic scenes like sports and movies [6][10]. - Color accuracy has reached new heights with 108 bits gray scale adjustment and 15,680-point high-precision color control, improving detail presentation in both dark and bright areas by 430% compared to standard SOC chips [6][10]. - Energy efficiency is improved by over 20% compared to QD-OLED and traditional Mini LED TVs, promoting environmental sustainability [6][10]. Group 3: Market Dynamics and Competitive Advantage - Following Hisense's announcement of mass production, major players like Samsung and Sony have entered the RGB-Mini LED market, indicating the technology's potential and market demand [7][12]. - Hisense emphasizes its competitive edge through comprehensive R&D and a complete supply chain, addressing key challenges in the RGB-Mini LED production process that competitors lack [7][8]. - The AI picture quality chip H7 is specifically designed for RGB-Mini LED technology, providing real-time AI analysis and high-precision color control for each frame [8][10]. - Hisense's focus on energy optimization and product stability, along with superior performance metrics in color coverage and accuracy, positions it favorably against competitors [10][12]. Group 4: Future Outlook - The successful mass production of RGB-Mini LED technology by Hisense is expected to stimulate growth across the supply chain, including chip suppliers and panel manufacturers, enhancing the global standing of Chinese enterprises in the display industry [12]. - Hisense aims to expand market penetration and consumer awareness of RGB-Mini LED technology, fostering a collaborative environment among Chinese companies to enhance the industry's overall growth [12].

上 市 公 司 家用电器 2025 年 08 月 26 日 海信视像 (600060) ——2025 年中报点评：Q2 业绩符合预期，盈利能力稳 步提升 | 报告原因：有业绩公布需要点评 | | --- | | 增持（维持） | | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 21.71 | | 一年内最高/最低（元） | 25.88/14.28 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 4.05 | | 流通 A 股市值（百万元） | 28,116 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 15.17 | | 资产负债率% | | 42.07 | | 总股本/流通 A 股（百万） | 1,305/1,295 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 08-26 09- ...

Core Viewpoint - The RGB-Mini LED display technology has become a focal point at IFA 2025, with major brands like Hisense, Samsung, and Sony showcasing their advancements in this new display technology [2][3]. Group 1: Industry Developments - Hisense is set to exhibit its RGB-Mini LED television, while Samsung will present its first 115-inch RGB Micro LED TV, and Sony will showcase its self-developed RGB high-density LED display system [2]. - The global television industry is witnessing a shift towards RGB-Mini LED technology, indicating a growing consensus on its potential as the best LCD display technology [3]. Group 2: Technical Challenges and Innovations - The RGB-Mini LED technology utilizes independent red, green, and blue LED light sources, replacing traditional white or blue light sources, which allows for more precise color representation and improved display quality [2]. - Hisense has successfully overcome significant challenges in mass production of RGB-Mini LED technology, particularly in the areas of LED chip efficiency, lifespan, and color accuracy [4][5]. Group 3: Market Potential and Future Outlook - The market penetration of RGB-Mini LED technology is still in its early stages, but with increasing competition and a maturing supply chain, its adoption is expected to rise significantly in the next 3-5 years [6]. - Hisense's new generation RGB-Mini LED products have already surpassed the total sales of the previous year's models within just four months of launch, indicating strong market demand [6].

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 27.98 CNY for the next six months [6][3]. Core Views - Hisense Visual reported a revenue of 27.23 billion CNY for H1 2025, representing a year-over-year increase of 7.0%, and a net profit of 1.06 billion CNY, up 26.6% YoY. In Q2 alone, revenue reached 13.86 billion CNY, with a YoY growth of 8.6%, and net profit of 500 million CNY, reflecting a 36.7% increase YoY [1][2]. - The company benefits from the domestic "old-for-new" policy, which stimulates demand in the television industry. Hisense, as a leading player, has seen a 24% YoY increase in domestic television retail sales in Q2 2025 [2]. - The company's gross profit margin improved by 1.4 percentage points YoY in Q2, driven by the sales of mid-to-high-end products like Mini LED TVs and supply chain optimization [2]. Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected to be 2.15 CNY, with net profits forecasted at 2.81 billion CNY, reflecting a growth rate of 25.0% [3][4]. - The company’s revenue is expected to grow from 53.62 billion CNY in 2023 to 73.06 billion CNY by 2027, indicating a steady growth trajectory [4][13]. - The net profit margin is projected to improve from 3.9% in 2023 to 4.7% in 2027, showcasing enhanced profitability [9][13].

Company Announcements - Tonglin Co., Ltd. has no business related to graphene industry [1] - Hemei Group plans to invest in the construction of the Qinyuan Qiaolonggou Comprehensive Energy Island Project [1] - Huayi Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Wencheng International has won the core smart warehouse operation service project for a well-known cross-border e-commerce platform in East China [1] - Xingfa Group intends to acquire 50% equity of Qiaogou Mining for 855 million yuan [1] - Koweil has completed the repurchase of 1.1788% of its shares [1] - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year and plans to distribute 5 yuan per 10 shares [1] - Huayang Lianzhong's controlling shareholder, Xiangjiang Group, plans to increase its stake by 1% to 2% [1][2] - Hengsheng Electronics' director Jiang Jiansheng plans to reduce his stake by no more than 0.42% [1][2] - Tanshijia plans to raise no more than 1.93 billion yuan through a private placement to its actual controller Li Ming and his controlled enterprise Tongyu Huying [1][2] - Jingu Co., Ltd. has received a notification for the low-carbon wheel project from Avatar [1][2] Performance Highlights - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year [1] - Hisense Visual reported a net profit of 1.056 billion yuan in the first half of the year, representing a year-on-year increase of 26.63% [1]

Core Viewpoint - The company has approved its 2025 semi-annual report, which reflects its actual operational and financial status, and has made necessary adjustments to its financial data due to a business acquisition [8][28]. Group 1: Company Overview - The company is named Hisense Visual Technology Co., Ltd. and is listed under the stock code 600060 [6]. - The board of directors guarantees the authenticity, accuracy, and completeness of the report [6]. Group 2: Financial Data - The semi-annual report has not been audited [3]. - The company has made retrospective adjustments to its financial data due to the acquisition of Qingdao Hisense Xintong Electronics Co., Ltd. [26][28]. Group 3: Board Meeting - The 15th meeting of the 10th board of directors was held on August 22, 2025, with all directors present [7]. - The board unanimously approved the semi-annual report and the retrospective adjustment of financial data [10][12]. Group 4: Business Operations - The company plans to engage in gold futures and derivative hedging business through its subsidiary, Xiamen Qianzhao Optoelectronics Co., Ltd., to mitigate the impact of gold price fluctuations on product costs [31][35]. - The maximum investment amount for this hedging business will not exceed RMB 50 million [32][35]. Group 5: Risk Management - The company has identified potential risks associated with the hedging activities, including market risk, liquidity risk, technical risk, operational risk, and legal risk [41][42]. - Measures will be implemented to control these risks, including establishing a dedicated organizational structure for the hedging business and ensuring compliance with relevant regulations [43][44].