Summary of Hisense Home Appliances Group (000921.SZ) 3Q25 Earnings Call Company Overview - **Company**: Hisense Home Appliances Group - **Ticker**: 000921.SZ - **Reporting Period**: 3Q25 Key Financial Results - **Total Revenue**: Rmb 22,192 million, up by +1% year-over-year (yoy) - **Net Profit**: Rmb 735 million, down by -5% yoy - **Comparison to Estimates**: Revenue and net profit were -4% and -16% below Goldman Sachs estimates respectively [1][4][5] Core Insights and Arguments - **Central AC and Exports**: The central air conditioning (AC) business continues to face pressure, contributing to lower revenue growth. Exports of AC units have also moderated, impacting overall performance [4][6] - **Domestic Market Performance**: Despite challenges in the central AC segment, domestic white goods showed healthy growth, particularly in washing machines and refrigerators, which demonstrated resilience in both domestic and overseas markets [4][6] - **Margin Decline**: Gross Profit Margin (GPM) and Operating Profit Margin (OPM) declined by 0.6 percentage points and 0.1 percentage points yoy to 20.2% and 3.9% respectively. This decline is attributed to lower contributions from the higher-margin central AC segment and increased domestic competition [4][5] Management Focus Areas for Future - **Earnings Call Topics**: Management will address several key areas during the earnings call, including: 1. Breakdown of sales channels in 3Q25 and outlook for the central AC business 2. Impact of trade-in stimulus on the legacy white goods business 3. Changes in competitive intensity, particularly in split ACs 4. Updates on export orders and tariff impacts 5. Measures to enhance operating efficiency and margins [2][4] Investment Thesis - **Buy Rating Justification**: The investment thesis supports a Buy rating based on: 1. High earnings growth visibility, particularly with the 2024 Employee Stock Ownership Plan (ESOP) target 2. Attractive dividend yield 3. Valuation metrics indicating the stock is trading at an undemanding forward Price-to-Earnings (P/E) ratio against high single-digit profit growth expectations [6][7] Risks to Consider - **Key Risks**: 1. Potential disruption in white goods demand due to weaker global macroeconomic conditions 2. Further slowdown in the property market affecting demand for Variable Refrigerant Flow (VRF) systems 3. Increased competition from domestic players threatening the Hisense-Hitachi joint venture's leading position 4. Margin dilution from greater penetration in the developer channel 5. Below-expected integration performance of the Hisense-Hitachi joint venture 6. Underperformance of the legacy white goods business [8][6] Conclusion Hisense Home Appliances Group's 3Q25 results reflect a mixed performance with challenges in the central AC segment and exports, while domestic white goods show resilience. The company is focusing on improving margins and operational efficiency, with a positive long-term outlook supported by strategic initiatives and a favorable investment thesis. However, several risks could impact future performance.

Group 1: Macro Insights - The "14th Five-Year Plan" has established a clear direction for the "15th Five-Year Plan," emphasizing foundational consolidation and comprehensive efforts, with a focus on "common prosperity" and strengthening "internal circulation" [6] - The plan identifies four strategic emerging industries and six future industries, aiming to promote key core technology breakthroughs in six priority areas through extraordinary measures [6] Group 2: Fixed Income - Er Yong Bonds - Recent market conditions have led to a decline in risk appetite, benefiting Er Yong bonds with both interest rate and spread reductions [7] - The supply of Er Yong bonds remains weak, continuing the trend of asset scarcity, while the monthly turnover rate has remained stable [7] - The pricing model suggests that the yield of 5-year AAA-rated secondary capital bonds may decline to approximately 2.07% next year [7] Group 3: Banking Sector - Precious Metals - The banking sector is expected to see growth in precious metals business despite challenges from high volatility in the gold market [8] - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months, with a global trend of central banks increasing gold reserves [8] - The introduction of pilot programs for insurance funds to invest in gold is creating new opportunities for banks to provide services and increase intermediary income [8] Group 4: Textile and Apparel - Baoxini - Baoxini's revenue is expected to stabilize, with a projected decline in net profit due to ongoing adjustments in its main brand [12] - The company is anticipated to achieve a net profit of 2.95 billion, 3.74 billion, and 4.49 billion yuan from 2025 to 2027, maintaining a "buy" rating [12] Group 5: Food and Beverage - Haitian Flavoring - Haitian Flavoring reported a revenue of 21.628 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.02% [13] - The company is expected to benefit from its leadership position in the industry and aims for significant growth in overseas markets [13] Group 6: Computer Industry - Zhongke Chuangda - Zhongke Chuangda's revenue for Q3 2025 reached 1.848 billion yuan, a year-on-year increase of 42.87% [15] - The company is projected to achieve net profits of 606 million, 695 million, and 782 million yuan from 2025 to 2027, maintaining a "buy" rating [15] Group 7: Home Appliances - Hisense - Hisense's profitability has slightly declined, but the company remains optimistic about its long-term globalization strategy [16] - The projected net profits for 2025 to 2027 are 3.398 billion, 3.771 billion, and 4.154 billion yuan, with a "hold" rating [16] Group 8: Coal Industry - China Coal Energy - China Coal Energy reported a revenue of 110.584 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.24% [27] - The company is expected to achieve net profits of 16 billion, 17.1 billion, and 18.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [27] Group 9: Automotive - Huguang - Huguang's revenue for the first three quarters of 2025 was 5.84 billion yuan, reflecting a year-on-year increase of 6% [34] - The company is expanding its customer base and enhancing its overseas market presence, which is expected to drive future growth [34]

2025年1至6月份，海信家电的营业收入构成为：家电制造业占比92.62%，其他业务占比7.38%。 每经AI快讯，海信家电（SZ 000921，收盘价：25.38元）10月29日发布公告称，公司第十二届2025年第 四次董事会会议于2025年10月28日以书面议案方式召开。会议审议了《2025年第三季度报告》等文件。 （记者 贾运可） 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ ...

Core Viewpoint - Hisense Home Appliances (000921.SZ) reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable performance amidst market conditions [1] Financial Performance - The company achieved an operating revenue of 71.533 billion yuan, representing a year-on-year growth of 1.35% [1] - The net profit attributable to shareholders of the listed company was 2.812 billion yuan, with a year-on-year increase of 0.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.327 billion yuan, reflecting a year-on-year growth of 1.65% [1]

Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5] Core Views - The company has shown slight declines in profitability but is optimistic about its long-term globalization strategy [1][2] - The company reported total revenue of 71.533 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 2.812 billion yuan, up 0.67% year-on-year [1] - The third quarter of 2025 saw a single-quarter revenue of 22.192 billion yuan, a year-on-year increase of 1.16%, but a net profit of 735 million yuan, down 5.40% year-on-year [1] - The gross margin for Q3 2025 decreased by 0.56 percentage points to 20.20% [1] - The company is committed to a globalization strategy, enhancing its brand influence overseas, and accelerating digital transformation [2] Financial Performance Summary - For 2025, the company is projected to achieve net profits of 3.398 billion yuan, 3.771 billion yuan, and 4.154 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 1.5%, 11.0%, and 10.2% [2] - The operating revenue is expected to grow from 85.6 billion yuan in 2023 to 107.296 billion yuan in 2027, with a growth rate of 15.5% in 2023 and slowing to 6.0% by 2027 [4] - The latest diluted EPS is projected to increase from 2.05 yuan in 2023 to 3.00 yuan in 2027 [4] - The net profit margin for Q3 2025 decreased by 0.3 percentage points to 4.88% [1]

Core Insights - Hisense Home Appliances (00921) reported a revenue of 71.5327 billion yuan for the first three quarters, representing a year-on-year growth of 1.35% [1] - The net profit attributable to shareholders of the listed company was 2.8118 billion yuan, with a year-on-year increase of 0.67% [1] - The basic earnings per share stood at 2.06 yuan [1]

Core Insights - Hisense Home Appliances (00921.HK) reported a revenue of 71.533 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 1.35% [1] - The net profit attributable to shareholders of the listed company was 2.812 billion RMB, reflecting a year-on-year increase of 0.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.327 billion RMB, which is a year-on-year increase of 1.65% [1] - The basic earnings per share stood at 2.06 RMB [1]

股票代码：000921 股票简称：海信家电 公告编号：2025-066 海信家电集团股份有限公司 第十二届董事会 2025 年第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）会议通知的时间和方式 海信家电集团股份有限公司(「本公司」)第十二届董事会于 2025 年 10 月 13 日以 通讯方式向全体董事发出召开第十二届董事会 2025 年第四次会议的通知。 （二）会议召开的时间、地点和方式 1. 会议于 2025 年 10 月 28 日以书面议案方式召开； （三）会议的召开及表决符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成以下决议： 审议及批准本公司《2025 年第三季度报告》（本公司《2025 年第三季度报告》的 具体内容已于同日登载在巨潮资讯网）。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 经与会董事签字并加盖董事会印章的第十二届董事会2025年第四次会议决议。 特此公告。 海信家电集团股份有限公司董事会 2. 董事出席会议情况： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 中國廣東省佛山市，2025 年 10 月 28 日 海信家電集團股份有限公司 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女 士及代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生； 及本公司的職工代表董事為殷必彤先生。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 《海信家電集團股份有限公司第十二屆董事會 2025 年第四次會議決議公告》已刊載於 深圳證券交易所指定之信息披露網站：http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 海外市場監管公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或 因倚賴該等內容而引致的任何損失承擔任何責任。 2025 年第三季度報告 海信家電集團股份有限公司（「公司」）董事會（「董事會」）謹此公佈公司及附屬公司截至2025 年9月30日止三個月未經審計的業績（「2025年第三季度報告」）。本公告乃根據《證券及期貨 條例》（第571章）第XIVA部及香港聯合交易所有限公司證券上市規則第13.09條和第13.10B 條之規定作出。 一、重要提示 1. 公司董事會及董事、高級管理人員保證本報告所載資料不存在虛假記載、誤導性陳述或者 重大遺漏，並對其內容的真實、準確和完整承擔個別及連帶法律責任。 2. 公司負責人高玉玲女士、主管會計工作負責人孫長春先生及會計機構負責人（會計主管人 員）周珊女士聲明：保證季度報告中財務信息的真實、準確、完整。 3. 全體董事均出席了審議批准 2025 年第三季度報告的董事會會議。 4. 公司 2025 年第三季度財務報表未經會計師事務所審計。 5. 公司的資産負債表、利潤表、現金流量 ...