Core Viewpoint - The black home appliance industry in A-shares has shown significant performance divergence in 2024, with leading companies achieving stable growth through technological innovation and global expansion, while smaller firms struggle under cost pressures and market contraction [1][3]. Revenue and Profit Performance - The black home appliance industry achieved a total revenue of 202.938 billion yuan and a net profit attributable to shareholders of 4.961 billion yuan in 2024 [1][2]. - Major companies like Sichuan Changhong and Hisense Vision reported revenue and net profit growth, but their net profit growth lagged behind revenue growth, indicating room for improvement in profitability [3]. - Companies such as Skyworth Digital and XGIMI experienced declines in both revenue and net profit, with Skyworth's revenue down 18.20% and net profit down 58.34% [2][3]. Profitability Analysis - There is a significant disparity in profitability among companies in the black home appliance sector, with Sichuan Changhong's gross margin at only 10.02%, indicating low profitability despite high revenue [4][6]. - Companies like *ST Tongzhou and XGIMI have higher gross margins above 20%, but their net profit margins are low, suggesting reliance on non-core income to inflate profits [6][9]. Research and Development Expenditure - Over half of the companies in the black home appliance sector have reduced R&D spending, with XGIMI and Sichuan Changhong leading in sales expense ratios and absolute sales expenses [7][9]. - The R&D expense ratio for most companies is below 10%, reflecting a trend towards cost-cutting in favor of short-term profitability [9]. Operational Efficiency and Liquidity - Many companies face liquidity challenges, with over half having accounts receivable turnover days exceeding 100 days, indicating poor sales collection capabilities [10][11]. - Companies like Sichuan Jiuzhou and *ST Gaosi have extremely high accounts receivable turnover days of 226.27 and 387.60, respectively, highlighting severe cash flow issues [11][12].

Core Insights - The global augmented reality (AR) glasses market is expected to grow significantly by 2025, driven by the entry of various tech giants and startups [1] - In 2023, global AR shipments reached approximately 510,000 units, marking a year-on-year increase of 35.1% [1] - The market is experiencing a shift with the rise of non-display AI smart glasses in 2024, leading to a decline in traditional B-end AR glasses demand [1] Global Market Size - The global AR glasses market is projected to see a shipment of over 560,000 units in 2024, despite a relatively subdued demand [1] - The market is characterized by a significant contribution from the B-end market, which has maintained steady growth [1] Regional Market Share - In 2023, Asia and North America led the global AR glasses market, with Asia's share increasing due to explosive growth in consumer AR products in China [2] - China alone accounted for 240,000 units shipped in 2023, reflecting a year-on-year growth of 133.9% [2] Brand Market Share - The AR market is dominated by three main groups: international tech giants (e.g., Microsoft, Meta, Apple), domestic smartphone manufacturers (e.g., Huawei, OPPO, Xiaomi), and emerging AR companies (e.g., Xreal, Rokid) [6] - In 2023, Xreal held a 45% market share in global AR glasses, followed by Rokid at 14% and 雷鸟创新 at 13% [6] Pricing Trends - From 2021 to 2024, AR glasses transitioned from "technology novelty" to "mass consumer products," with consumer acceptance highest for products priced between $300 and $500 [9] - The average price of consumer-grade AR glasses is expected to drop from $2,000 in 2021 to around $400 by 2025 [9] Market Forecast - The penetration rate of waveguide technology is projected to reach 95% by 2024, with costs decreasing by 70% since 2021, facilitating the development of lightweight consumer products [10] - Despite short-term market slowdowns, long-term technological advancements and price reductions are anticipated to drive the AR glasses market into a growth phase, with shipments expected to reach 1.8 million units by 2027, reflecting a compound annual growth rate (CAGR) of 37.7% [11]

Core Viewpoint - The set-top box is evolving into a central hub for home entertainment, information, and smart living, driven by the increasing demand for high-quality living and the integration of advanced technologies like 5G and AI [1][15]. Industry Overview - The Chinese set-top box shipment volume is projected to grow from 68.48 million units in 2019 to 83.86 million units in 2024, with a compound annual growth rate (CAGR) of 4.14% [1][15]. - Set-top boxes are categorized into digital TV set-top boxes and network TV set-top boxes, with digital TV set-top boxes accounting for approximately 21.9% of the total shipment volume in China [1][15]. Industry Development History - The digital TV set-top box industry in China began with technology imports from 1999 to 2005, followed by explosive growth from 2006 to 2012 due to policy support [5]. - From 2013 to 2018, the market faced transformation pressures with the rise of smart set-top boxes, leading to a decline in traditional set-top box market share [5]. - Since 2019, the industry has been transitioning towards smart home integration, with 4K/8K ultra-high-definition and VR/AR support becoming standard features [5]. Industry Chain - The upstream of the digital TV set-top box industry includes suppliers of raw materials such as chips and PCBs, with chips accounting for over 50% of the procurement cost [7]. - The downstream market primarily serves telecom operators and retail consumers, including major domestic telecom operators and TV operators [7]. Chip Production - China's chip production is expected to grow from 108.72 billion units in 2015 to 451.42 billion units in 2024, with a CAGR of 17.14% [8]. - The first quarter of 2025 is projected to see a year-on-year growth of 11.59% in chip production [8]. PCB Market - The PCB industry in China is projected to reach a market size of approximately 412.11 billion yuan by 2024, positively impacting the digital TV set-top box industry [10]. User Base Growth - The number of cable digital TV users in China is expected to reach 201 million by 2024, representing a year-on-year growth of 3.61% [12]. Current Industry Status - The global set-top box market is projected to grow from $14.02 billion in 2021 to $16.23 billion by 2028, with a CAGR of 2.11% [14]. - The increasing adoption of smart home concepts is driving demand for set-top boxes, which are becoming essential for modern households [14]. Competitive Landscape - The digital TV set-top box industry in China features a diverse competitive landscape, with companies like Skyworth Digital, Galaxy Electronics, and Jiuzhou Electric leading the market [18]. - Skyworth Digital is recognized as a leading enterprise, offering a complete ecosystem from hardware to services [19]. Future Trends - Set-top boxes are expected to evolve into multifunctional home entertainment hubs, integrating services like video calls and smart home control [25]. - Major manufacturers will focus on building open platform ecosystems, enhancing user engagement through integrated services [26]. - AI technology will reshape interaction and content distribution, enabling personalized content recommendations and enhancing user experience [28].

Core Viewpoint - The liquid crystal display (LCD) panel market is experiencing a decline in shipment volume, while the shipment area is growing due to increased demand for larger sizes. The OLED television market is showing a significant growth trend in shipment volume. LCD Panel Market Analysis - The global LCD television panel shipment volume has been decreasing, with a drop to 226 million units in 2023, but is expected to rise to 237 million units in 2024, reflecting a year-on-year growth of 5.1% [5][7] - Despite the decline in shipment volume, the global LCD television panel shipment area has increased from 162 million square meters in 2019 to an expected 175 million square meters in 2024 [7] OLED Television Market Analysis - The global OLED television shipment volume is on an upward trend, with an expected shipment of 7.09 million units in 2024, representing a substantial year-on-year increase of 34% [10][8] Competitive Landscape - In the OLED market, key players include BOE Technology Group, Visionox, and Huaxing Optoelectronics, with BOE and Visionox being prominent in China's OLED market due to their strong financial capabilities [11] - The TFT-LCD market is led by companies such as BOE, Huike, and Innolux, which have significant production capacity advantages [11]

Industry Overview - The rise of smart TVs has revitalized the television market, integrating traditional functions with internet connectivity for multimedia playback, app downloads, and online interaction, making smart TVs a crucial link between home entertainment and the internet [1] - The number of listed companies in China's smart TV industry is significant, primarily distributed across the upstream and midstream of the industry chain [1] Company Summaries - Major listed companies in the smart TV sector include TCL Technology (000100.SZ), Hisense Visual (600060.SH), Haier Smart Home (600690.SH), Skyworth Digital (000810.SZ), Shenzhen Konka (000016.SZ), Sichuan Changhong (600839.SH), and Xiaomi Group (1810.HK) [1][2] - TCL Technology and Xiaomi Group reported substantial revenues from their smart TV businesses, with TCL generating 498.77 billion and Xiaomi 471.34 billion in the first half of 2024 [17] - Haier Smart Home leads in gross margin for smart TV business at 30.61% in the first half of 2024 [17] Financial Performance - The financial performance of listed companies in the smart TV industry shows a diverse range of revenues, with TCL Technology leading in revenue generation [4][5] - The revenue figures for the first half of 2024 for key companies include: - TCL Technology: 498.77 billion - Hisense Visual: 201.46 billion - Haier Smart Home: 1356.23 billion - Xiaomi Group: 1643.95 billion [17] Business Layout and Strategy - Most companies have a high proportion of their business focused on smart TVs, with Hisense Visual and Skyworth Digital exceeding 70% [15] - Companies are expanding their overseas markets, with Hisense Visual, Haier Smart Home, and Xiaomi Group having over 45% of their business from international markets [15] - Companies are focusing on consolidating their existing product advantages, increasing R&D investment, and embracing artificial intelligence in their business strategies [18] Competitive Landscape - The competitive landscape shows that TCL Technology and Xiaomi Group are significant players in terms of revenue, while Haier Smart Home has the highest gross margin [17] - Companies are leveraging technological innovations and market expansion strategies to enhance their competitive positions [18] Key Metrics and Rankings - TCL Technology has the highest registered capital among listed companies at approximately 1.88 billion [9] - Haier Smart Home has the largest employee count at 112,458 [11] - The number of bidding information is highest for Hisense Visual and Sichuan Changhong, each exceeding 1,000 entries [8]

证券代码：000810 证券简称：创维数字 公告编号：2025-024 创维数字股份有限公司 关于控股子公司之间担保额度进行 内部调剂的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 创维数字股份有限公司（以下简称"公司"或"创维数字"）第十二届董事 会第四次会议、2024 年第一次临时股东大会审议通过了《关于调整为子公司提 供担保额度及期限的议案》，第十二届董事会第六次会议、2024 年度股东大会 审议通过了《关于为子公司新增担保额度预计的议案》，明确在各子公司（包括 但不限于原表中所列示子公司、已设立的子公司及将来新纳入合并范围内的子公 司）之间对担保额度可调剂使用，但担保总额度不超过人民币 1,175,800 万元（其 中，对资产负债率超过 70%的子公司担保总额为 316,800 万元），在调剂发生时 资产负债率超过 70%的担保对象，仅能从资产负债率超过 70%的担保对象处获 得担保额度，调剂事项实际发生时，授权公司董事会进行审议决策。 为满足子公司业务发展需要，公司在不改变股东大会审议通过的担保总额度 前提下，子公司深圳创维 ...

证券代码：000810 证券简称：创维数字 公告编号：2025- 关于新增 2025 年度日常关联交易额度的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、日常关联交易的基本情况 （一）关联交易概述 025 创维数字股份有限公司 创维数字股份有限公司（简称"公司"或"创维数字"，含控股子公司，下 同）第十二届董事会第四次会议和 2024 年第一次临时股东大会审议通过了《关 于 2025 年日常关联交易预计情况的议案》，对公司 2025 年度日常关联交易进行 了预计，相关内容详见公司分别于 2024 年 11 月 30 日在《证券时报》《中国证 券报》及巨潮资讯网披露的《关于 2025 年日常关联交易预计情况的公告》（公 告编号：2024-046）。 现因子公司业务发展与生产经营的需要，基于与深圳创维-RGB 电子有限公 司（以下简称"创维 RGB"）、创维智能装备（惠州）有限公司（以下简称"惠州 智能装备"）、深圳安时达电商有限公司（以下简称"安时达"）、深圳创维光伏技 术服务有限公司（以下简称"创维光伏技术"）、深圳创维光伏科技有限公司（以 下简 ...

证券代码：000810 证券简称：创维数字 公告编号：2025-020 创维数字股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 重要内容提示： 1、本次股东大会召开期间，无新增提案提交表决的情况； 2、本次股东大会召开期间，无修改或否决提案的情况； 3、本次股东大会不涉及变更以往股东大会决议的情况； 4、本次股东大会召开的有关情况，公司已于2025年3月25日、2025年4月 23日分别在《中国证券报》和《证券时报》及巨潮资讯网（www.cninfo.com.cn） 上进行了公告。 一、会议召开情况 1、现场会议召开时间：2025 年 4 月 25 日下午 14:00 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 4 月 25 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2025 年 4 月 25 日上午 9:15 至下午 15:00 中的任意时间。 3、召开方式：现场投票和网络投票 4 ...

证券代码：000810 证券简称：创维数字 公告编号：2025-023 表决结果：同意2票；反对0票；弃权0票。 创维数字股份有限公司 特此公告。 经审核，监事会同意公司对新增2025年日常关联交易额度的议案。 该等关联交易涉及金额，按市场原则作价，且符合公司经营发展需要， 有利于企业的长远发展，未发现损害公司利益的情况。 具体内容详见刊登于《中国证券报》《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）的《关于新增2025年度日常关联交易额 度的公告》。 关联监事喻召福先生回避表决。 第十一届监事会第七次会议决议公告 创维数字股份有限公司监事会 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 创维数字股份有限公司（以下简称"公司"、"上市公司"、"创 维数字"）第十一届监事会第七次会议 2025 年 4 月 18 日以电子邮件 形式发出会议通知，于 2025 年 4 月 25 日以现场和视频通讯方式于创 维大厦 A 座会议室召开。会议由公司监事会主席喻召福先生主持， 公司 3 名监事全部参与表决，会议召开程序符合《公司法》《公司章 ...

证券代码：000810 证券简称：创维数字 公告编号：2025-022 创维数字股份有限公司 第十二届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、审议通过了《关于新增2025年度日常关联交易额度的议案》 具体内容详见刊登于巨潮资讯网（http://www.cninfo.com.cn）《中 国证券报》《证券时报》的《关于新增2025年度日常关联交易额度的 公告》。本事项提交公司董事会审议前已经公司独立董事专门会议全 票审议通过。 关联董事施驰、林劲、赫旋、张恩利、张知、应一鸣回避表决。 表决情况：同意3票；反对0票；弃权0票。 特此公告。 创维数字股份有限公司董事会 二〇二五年四月二十六日 创维数字股份有限公司（以下简称"公司"、"上市公司"、"创 维数字"）第十二届董事会第八次会议 2025 年 4 月 18 日以电子邮件 形式发出会议通知，于 2025 年 4 月 25 日以现场和视频通讯方式在创 维大厦 A 座会议室召开。会议由公司董事长施驰先生主持，全体董 事以现场和视频通讯表决方式参加会议，公司 9 名董事全部参与表 ...