Market Overview - The black home appliance sector experienced a decline of 1.02% on September 16, with Skyworth Digital leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable stock performances in the black home appliance sector included: - Jiulian Technology (688609) rose by 2.39% to 10.73 [1] - Cheny Intelligent (301578) increased by 1.28% to 38.69 [1] - Sichuan Jiuzhou (000801) gained 0.64% to 15.70 [1] - Skyworth Digital (000810) fell by 3.44% to 13.76, with a trading volume of 604,600 shares and a transaction value of 831 million [1] Capital Flow - The black home appliance sector saw a net outflow of 406 million yuan from main funds, while retail funds had a net inflow of 277 million yuan [1] - The capital flow for individual stocks showed significant outflows for: - Skyworth Digital with a net outflow of 54.43 million yuan [2] - Hisense Visual (600060) with a net outflow of 30.37 million yuan [2] - Sichuan Changhong (600839) with a net outflow of 61.00 million yuan [2] Individual Stock Analysis - *ST Gauss (002848) had a main fund net inflow of 488,200 yuan but a retail net inflow of 234,660 yuan [2] - Jiulian Technology (688609) experienced a main fund net outflow of 7.73 million yuan and a retail net outflow of 10.09 million yuan [2] - Sichuan Jiuzhou (000801) faced a main fund net outflow of 17.55 million yuan but a retail net inflow of 11.27 million yuan [2]

Group 1 - The core point of the news is that Skyworth Digital's stock price has dropped by 5.05%, reaching 13.53 CNY per share, with a trading volume of 584 million CNY and a turnover rate of 3.82%, resulting in a total market capitalization of 15.446 billion CNY [1] - Skyworth Digital, established on April 16, 2002, and listed on June 2, 1998, is based in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, development, production, sales, and operation of digital smart terminals and front-end systems, as well as the R&D, production, and sales of small and medium-sized LCD modules and digital devices [1] - The revenue composition of Skyworth Digital includes 70.49% from smart terminals, 25.15% from professional displays, 4.22% from operational services, and 0.14% from other sources [1] Group 2 - Among the top circulating shareholders of Skyworth Digital, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the second quarter, holding 5.2864 million shares, which accounts for 0.48% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY. Year-to-date, it has achieved a return of 25.79%, ranking 1877 out of 4222 in its category; over the past year, it has returned 69.67%, ranking 1261 out of 3804; and since inception, it has returned 11.32% [2] Group 3 - The fund manager of the Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 315 days. The total asset scale of the fund is 94.976 billion CNY, with the best fund return during the tenure being 147.61% and the worst being -15.93% [3]

Group 1 - The company announced that Chairman Shi Chi will reduce his holdings by 9 million shares from June 30, 2025, to September 15, 2025, accounting for 0.79% of total shares [1] - Director and Deputy General Manager Zhang Zhi will reduce his holdings by 800,000 shares, representing 0.07% [1] - Director Ying Yiming will reduce his holdings by 90,000 shares, which is 0.01% [1] - Chief Financial Officer Wang Yin will reduce her holdings by 70,000 shares, also 0.01% [1] - In total, the four individuals will reduce their holdings by 9.96 million shares, which is 0.87% of the total shares, and the reduction plan has been fully implemented [1]

证券代码：000810 证券简称：创维数字 公告编号：2025-040 创维数字股份有限公司 关于公司部分董事及高级管理人员减持股份计划 实施完毕的公告 | | | | | | | | | （元/股） | 股） | 例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 施驰 | 集中竞价交易 | 2025 | 年 6 | 月 | 13.1584 | 900.00 | 0.79% | | 张知 | 集中竞价交易 | 30 日至 | 2025 | | 12.6239 | 80.00 | 0.07% | | 应一鸣 | 集中竞价交易 | 年 9 | 月 15 | 日 | 14.2733 | 9.00 | 0.01% | | 王茵 | 集中竞价交易 | | | | 12.6086 | 7.00 | 0.01% | | 合计 | — | | — | | — | 996.00 | 0.87% | 注：施驰先生、张知先生本次减持股份来源为公司非公开发行股份及其孳生股份，应 一鸣先生、王茵女士本次减持股份来源为限制性股票激励计划；上表若出现合计数与各分 项数据之 ...

Market Overview - On September 15, the black home appliance sector rose by 0.36% compared to the previous trading day, with Skyworth Digital leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Skyworth Digital (000810) closed at 14.25, up 3.56% with a trading volume of 890,500 shares and a turnover of 1.278 billion yuan - Non-Chi Co., Ltd. (002429) closed at 6.68, up 2.30% with a trading volume of 3.8729 million shares and a turnover of 2.556 billion yuan - Other notable stocks included Tongzhou Electronics (002052) at 14.82, up 0.75%, and Sichuan Changhong (600839) at 10.72, up 0.56% [1] Capital Flow - The black home appliance sector experienced a net inflow of 163 million yuan from institutional investors, while retail investors saw a net outflow of 1.02 billion yuan [1] - Detailed capital flow for key stocks indicated: - Non-Chi Co., Ltd. had a net inflow of 144 million yuan from institutional investors, while retail investors had a net outflow of 1.22 billion yuan [2] - Skyworth Digital saw a net inflow of 75.1 million yuan from institutional investors, with retail investors experiencing a net outflow of 36.73 million yuan [2] - Other stocks like Hisense Visual (600060) and ST Gauss (002848) also showed significant net outflows from retail investors [2]

Group 1 - The company held a performance briefing on September 12, 2025, via the "Investor Relations Interactive Platform," with key management personnel present to answer investor questions [1] - The AI glasses developed by the company weigh only 34.7g and feature advanced technologies such as sensor fusion algorithms and IMU dynamic tracking for high-precision spatial positioning [1] - The first full-scene AI smart glasses were launched in April 2025, with expectations for official sales in overseas markets in Q3 of the same year [1] Group 2 - In the automotive smart electronics sector, the company serves as a Tier 1 supplier, achieving a revenue of 817 million yuan in the first half of 2025, representing a year-on-year growth of 18.63% [2] - The company plans to invest no more than 932 million yuan in the second phase of its Huizhou industrial park project to meet the increasing order demand, as current production capacity is insufficient [2] - The company aims to secure orders from domestic and international clients in advance and focus on high-end products and overseas markets to mitigate idle capacity risks [2]

Group 1: AI Smart Glasses - The first all-scenario AI smart glasses were officially launched in April 2025, featuring a lightweight design of 34.7g and a tri-core architecture (SOC+ISP+ADSP) [2] - The glasses utilize sensor fusion algorithms and IMU dynamic tracking for high-precision spatial positioning and reliable interaction [2] - The product supports multi-modal AI algorithms (visual, voice) for real-time translation, object recognition, and voice-controlled photography, with an open AI architecture allowing integration with major models [2] Group 2: Automotive Smart Electronics - In the first half of 2025, the automotive smart electronics segment achieved significant growth, with revenue reaching 817 million yuan, a year-on-year increase of 18.63% [3] - The company established new partnerships with two leading automotive manufacturers, focusing on in-car human-machine interaction systems and digital LCD instrument systems [3] - Future plans include expanding into AR-HUD and rear entertainment display systems to meet the demand for smart mobility in the "third living space" [3] Group 3: Set-Top Box Business - The company is observing an upgrade in customer demand for smart and multifunctional set-top box products, although specific pricing trends were not disclosed [4] - The company is addressing the oversupply in the smart terminal market by enhancing new technologies, products, and operational channels to meet future demands [4] - Current production capacity is insufficient to meet customer orders, leading to reliance on external production to fulfill demand [4]

Market Performance - On September 11, the black home appliance sector rose by 2.0%, with Jiulian Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Jiulian Technology (688609) closed at 10.54, up 4.05% with a trading volume of 169,500 shares and a turnover of 175 million yuan [1] - Sichuan Changhong (600839) closed at 10.73, up 3.27% with a trading volume of 2.18 million shares and a turnover of 2.31 billion yuan [1] - Non-Axis Co., Ltd. (002429) closed at 5.94, up 4.03% with a trading volume of 1.81 million shares and a turnover of 1.06 billion yuan [1] Capital Flow - The black home appliance sector saw a net inflow of 350 million yuan from main funds, while retail funds experienced a net outflow of 307 million yuan [1] - Main funds showed varying net inflows and outflows across different stocks, with Sichuan Changhong receiving a net inflow of 23.3 million yuan [2] - Jiulian Technology had a net inflow of 3.3 million yuan from main funds, while retail investors showed a net outflow of 626,000 yuan [2]

Global TV Market Overview - In 2023, global TV shipments reached 214 million units, a decline of 3.0% year-on-year, marking the lowest level in nearly a decade due to weak demand influenced by global economic downturn, high inflation, and consumer downgrade [1] - A slight recovery is expected in 2024, with shipments projected to increase to 215 million units, reflecting a year-on-year growth of 0.6% [1] 4K Ultra HD TV Market - In 2023, global 4K TV shipments were approximately 150 million units, accounting for over 70% of total TV shipments, solidifying its position as the market's absolute mainstream [2] - The 4K TV market is expected to grow to 160 million units in 2024, representing a year-on-year increase of about 6.7% [2] - North America is the largest contributor, with shipments reaching 65 million units, representing 40% of the global total, followed by the Asia-Pacific region, driven by the expansion of the middle class and broadband accessibility [2] Competitive Landscape of 4K/8K TV Market - Major players in the global 4K/8K TV market include Sony, LG, Samsung, and Sharp, with Samsung and Sony offering a wider range of sizes, while LG and Sony have relatively higher entry prices [4] - Domestic manufacturers such as TCL, Skyworth, and Hisense also hold a significant share in the global market [4] 8K Ultra HD TV Market - The growth of the 8K TV market has been slow compared to 4K TVs, with global shipments only reaching approximately 150,000 units in 2024, accounting for just 0.7% of total TV shipments [8] - The 8K TV market has faced several challenges, including high production costs, insufficient native 8K content, and the need for high bandwidth for streaming, which limits its penetration [9] - Despite these challenges, the 8K TV market still holds long-term potential under favorable policies, technological advancements, and industry collaboration [9]

Company Overview - Skyworth Digital's stock price increased by 2.06% on September 5, reaching 12.88 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 1.85%, resulting in a total market capitalization of 14.704 billion CNY [1] - The company has experienced an 18.43% decline in stock price year-to-date, but has seen a 2.71% increase over the last five trading days, an 11.32% increase over the last 20 days, and a 14.59% increase over the last 60 days [1] - Skyworth Digital, established on April 16, 2002, and listed on June 2, 1998, is based in Shenzhen, Guangdong Province, and specializes in the research, development, production, sales, and operation of digital smart terminals and front-end systems, as well as small to medium-sized LCD modules and digital device manufacturing [1] Financial Performance - For the first half of 2025, Skyworth Digital reported a revenue of 4.095 billion CNY, a year-on-year decrease of 8.04%, and a net profit attributable to shareholders of 53.59 million CNY, down 70.53% year-on-year [2] - The company has distributed a total of 1.338 billion CNY in dividends since its A-share listing, with 548 million CNY distributed over the past three years [3] Shareholder Information - As of August 31, 2025, the number of shareholders for Skyworth Digital was 85,500, a decrease of 3.86% from the previous period, with an average of 12,995 circulating shares per shareholder, an increase of 4.02% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest with 7.3011 million shares, an increase of 1.2467 million shares from the previous period, while Southern CSI 1000 ETF is the tenth largest with 5.2864 million shares, marking a new entry [3]