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].

Group 1 - Vidda, a sub-brand of Hisense, faced a lawsuit from Xiaomi for allegedly damaging its reputation through a controversial promotional post on Weibo [1][2] - The Beijing Haidian District People's Court ruled that Vidda's post had clear references to Xiaomi, indicating subjective malice and intent to leverage Xiaomi's marketing period, resulting in commercial defamation [4] - Vidda was ordered to publish a statement on its Weibo account for seven days to mitigate the negative impact on Xiaomi and to compensate Xiaomi with 500,000 yuan in economic losses and 50,000 yuan in reasonable expenses [4] Group 2 - Vidda was launched in 2019, targeting young consumers with innovative product designs and advanced technology, including high refresh rate screens and tri-color laser technology [1] - In the first four months of 2025, Xiaomi's Redmi brand held a 20.76% market share in China's online TV market, while Vidda secured 13%, ranking second [4] - The overall Chinese TV market is experiencing growth challenges, with a projected total shipment of 35.96 million units in 2024, a 1.6% decline year-on-year, marking the lowest level since 2010 [4]

Core Insights - The "New Wind Air Conditioning Sleep White Paper" was officially released, providing new solutions for improving sleep quality through collaboration between Hisense, the China Sleep Research Society, and the China Household Electrical Appliances Research Institute [1][3] - Hisense's new wind air conditioning system significantly enhances sleep environment quality, leading to improved sleep comfort and efficiency, as evidenced by experimental data [3][4] Group 1: Product Features and Benefits - Hisense's new wind air conditioning system features new wind oxygenation, efficient purification, and extreme quietness, which collectively optimize air quality for better sleep [3] - Experimental results showed that the proportion of deep sleep duration for users of Hisense's new wind air conditioning reached 20.4%, compared to 15.6% for the control group, with deep sleep duration increasing from 74.7 minutes to 85.6 minutes, a rise of 14.6% [3] Group 2: Market Position and Strategy - Hisense is positioned as a leader in the new wind air conditioning sector, focusing on user needs and continuous technological innovation [4] - The company launched a "One More Hour of Sleep with Hisense New Wind Air Conditioning" campaign, aiming to promote sleep health for families and has shown strong market performance with leading sales figures in the first four months of 2025 [4]

Group 1 - Midea Group and Hisense Group have signed a strategic cooperation agreement to collaborate in areas such as AI applications, advanced global manufacturing, and smart logistics [2][3] - The partnership aims to enhance resource sharing, mutual benefits, and collaborative innovation, ultimately empowering users and ecosystem partners [2] - The cooperation will focus on digitalization and AI application platform development, particularly in manufacturing and logistics, to improve operational capabilities of both companies [3] Group 2 - The collaboration will address global economic trends and challenges, focusing on green factories, industrial internet, and global capacity layout [3] - Both companies will work together on core technology breakthroughs, process innovation, and talent cultivation to enhance production quality and efficiency [3] - In the smart logistics sector, the partnership aims to optimize and upgrade the entire supply chain, improving operational efficiency and inventory management to enhance customer satisfaction [3]

Investment Rating - The report maintains a "Recommended" rating for the smart home industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [29]. Core Insights - The smart home industry is poised for rapid growth driven by three main factors: continuous consumer demand for upgrades and aging-related renovations, technological innovations, and strong policy support [29]. - The Chinese government has expanded the categories eligible for subsidies under the old-for-new consumption policy, increasing from 8 to 12 categories, which is expected to stimulate consumption in the home appliance and smart home sectors [29]. - The report highlights a significant increase in consumer spending during the May Day holiday, with a 15.2% year-on-year growth in sales across related industries, particularly in home appliances and new energy vehicles [20][21]. Summary by Sections Market Review - In the past two weeks (April 26 - May 9, 2025), the Shanghai Composite Index rose by 1.42%, the Shenzhen Component Index by 2.12%, and the ChiNext Index by 3.32%. The smart home index (399996.SZ) increased by 2.97%, outperforming the Shanghai Composite by 1.54 percentage points [11][12]. - Year-to-date (January 1 - May 9, 2025), the smart home index has risen by 3.19%, significantly outperforming the Shanghai Composite, which has decreased by 0.29% [11][12]. Industry Policy Tracking - The Guangdong Provincial Government has issued a plan to boost consumption, including the implementation of an old-for-new policy for consumer goods and the promotion of artificial intelligence and robotics consumption [15]. - The Ministry of Commerce has committed to enhancing the effectiveness of the old-for-new policy and reforming the automotive circulation consumption [17]. Industry News Tracking - The Minister of Commerce announced that the sales volume of the old-for-new policy is expected to exceed 1.3 trillion yuan in 2024, with further growth anticipated in 2025 [19]. - During the May Day holiday, sales of home appliances and communication devices surged, with home appliance sales increasing by 167.5% year-on-year [20]. - Midea Group plans to spin off its logistics subsidiary, Ande Intelligent, for a public listing in Hong Kong, aiming to enhance its business structure and market valuation [22][23]. Investment Recommendations - Leading home appliance companies like Haier, Midea, Gree, and Hisense have shown resilience in the face of tariff pressures due to their global production strategies [29]. - The report emphasizes that the smart home industry is entering a rapid development phase, supported by consumer demand for comprehensive smart home solutions and technological advancements in IoT and AI [29].