海信家电 20250428 摘要 • 海信家电 2025 年一季度营收 197.81 亿元，同比增长 14.89%；扣非净 利润 10.07 亿元，同比增长 20%。外销增长显著，但结构性因素导致整 体毛利率略有下降，需关注外销占比提升对利润结构的影响。 • 一季度经营活动现金流同比减少，主要受日元汇率波动、三电业务收入下 降及去年底原材料储备付款影响。预计二季度及后续将逐步改善，中期业 绩有望提升，但短期现金流压力值得关注。 • 中央空调系统一季度整体增长，ToC 端表现良好，工装领域增长弥补了精 装配套下降。海兴电力精装配套收入占比降至 11%，家装和非地产类公建 业务收入占比接近 90%，业务结构转型效果显著。 • 家用空调和冰洗业务外销增速优于内销，欧洲大区收入占比最高，达 45% 以上。各区域保持双位数增长，但接单增速有所收缩，下半年成熟市场与 新兴市场需求预计维持稳定，需警惕外销增速放缓风险。 • 中央空调系统毛利率和净利率同比提升，净利率超过 17%，得益于毛利率 提升、费用率优化及少数股权回收。全年目标是实现个位数收入增长，并 保持利润率相对稳定，盈利能力预计维持稳定。 Q&A 海信家电 20 ...

公司研报 证券研究报告 2025.04.28 海信家电 1Q25 业绩点评：业绩符合预期，盈利持续改善 汤亚玮 分析员 褚君 分析员 李晶昕 分析员 家电与智慧家居 SAC 执证编号：S0080521110003 SFC CE Ref：BUD650 A 股维持跑赢行业 | 股票代码 | 股票评级 | 目标价 | | --- | --- | --- | | 000921.SZ | → 跑赢行业 | 人民币 36.50 | | 00921.HK | → 跑赢行业 | 港币 32.50 | | 股票代码 | 000921.SZ | 00921.HK | | --- | --- | --- | | 最新收盘价 | 人民币 27.33 | 港币 23.90 | | 52 周最高价/最低价 人民币 41.51~22.82 | | 港币 37.94~18.68 | | 总市值(亿) | 人民币 356.4 | 港币 379.4 | 61 74 87 100 113 126 2024-04 2024-07 2024-10 2025-01 2025-04 000921.SZ 沪深300 | (人民币 百万) | 2023A | ...

重要公告： 福田汽车：拟不超25亿元参与认购北汽蓝谷定增股份 中国石化：一季度净利润132.64亿元同比下降27.6% 沪市重要公告： 药明康德：一季度净利润36.72亿元同比增长89.06% 中金公司：一季度净利润20.42亿元同比增长64.85% 赛特新材：董事长自愿放弃领薪高管人员自愿降薪 上海医药：一季度净利润13.33亿元同比下降13.56% 上海医药（601607）4月28日晚间发布一季报，2025年一季度实现营业收入707.63亿元，同比增长 0.87%；净利润13.33亿元，同比下降13.56%。其中，工业板块贡献利润5.32亿元；商业板块贡献利润 8.34亿元；主要参股企业贡献利润1.96亿元。 传音控股：一季度净利润4.9亿元同比下降69.87% 传音控股（688036）4月28日晚间发布一季报，2025年第一季度营收为130.04亿元，同比下降25.45% （调整后）；净利润为4.9亿元，同比下降69.87%（调整后）。净利润下降主要是受市场竞争以及供应 链成本综合影响，营业收入及毛利额减少所致。 浙能电力：一季度净利润10.74亿元同比下降40.81% 浙能电力（600023）4月28 ...

Financial Performance - In 2024, Hisense achieved a revenue of RMB 92.746 billion, representing a year-on-year growth of 8.35%[8] - The net profit attributable to shareholders reached RMB 3.348 billion, with a growth rate of 17.99%[8] - The compound annual growth rate (CAGR) for revenue over the past decade was 16%, while the CAGR for net profit attributable to shareholders was 21%[8] - Hisense has increased its dividend payout ratio from 30% to 50% of net profit, with a 95.9% year-on-year increase in dividends per share for 2023[15] - The company has cumulatively distributed approximately 5.05 billion yuan in dividends over the past ten years[15] - The company's cash flow from operating activities decreased by 51.64% year-on-year, amounting to approximately RMB 5.13 billion[64] - The weighted average return on equity is expected to rise to 23.27%, an increase of 0.63 percentage points from the previous year[64] - Hisense's total assets at the end of 2024 are projected to be approximately RMB 69.70 billion, a 5.69% increase from the end of 2023[64] - Total operating revenue for 2024 reached RMB 92.75 billion, an increase of 8.35% compared to RMB 85.60 billion in 2023[70] - Net profit attributable to shareholders for Q1 2024 was RMB 981.25 million, while Q4 2023 saw a decline to RMB 554.89 million[66] Market Expansion and Sales Growth - Hisense's overseas revenue exceeded RMB 35.6 billion, marking a year-on-year increase of 28%[12] - The market share of Hisense refrigerators in Europe reached 10.3%, while in South Africa it surpassed 34%[12] - The high-end product series, "Brilliant Series," saw a year-on-year growth of 52%[10] - The company plans to achieve peak carbon emissions by 2026 and carbon neutrality by 2050, as stated in its 2024 carbon neutrality white paper[14] - The overall market capacity for central air conditioning is expected to decline by 12.5% in 2024, influenced by a decrease in large public construction projects[17] - The domestic air conditioning market is projected to see a retail volume decline of 1.7% and a retail value decrease of 2.1% in 2024[18] - The refrigerator market is anticipated to grow by 4.9% in retail volume and 7.6% in retail value in 2024, driven by national subsidy policies[19] - The global automotive sales are expected to reach 89 million units in 2024, with a 24.4% increase in new energy vehicle sales[22] - In 2024, the penetration rate of smart air conditioners in the offline market reached 94.3%, an increase of 4.2%, while smart refrigerators reached 57.6%, an increase of 10.5%[23] - The export volume of cold products is expected to grow by 20% year-on-year in 2024, with air conditioning exports increasing by 28% and washing machine exports by 17%[24] Product Innovation and Technology - The company launched over 400 new technological achievements in 2024, enhancing its product innovation capabilities[9] - The "AI Air Butler" service for air quality management achieved the highest sales and revenue in the industry[10] - Hisense's new air conditioning products, including the Brilliant C3 series, are expected to lead the industry in both sales volume and revenue in 2024, with the Brilliant 72C310 dominating the fresh air cabinet segment[34] - The new M3 series solution can operate in extreme temperatures ranging from -30 to 58 degrees Celsius, providing stability in complex environments[30] - The smart building business experienced a growth rate of 22.5%, reflecting the company's ability to replace manual control with intelligent algorithms[31] - The company's new wind indoor unit meets ultra-energy-saving and high static pressure fresh air demands, showcasing innovation in the heat pump fresh air business[31] - Hisense's vacuum preservation technology has led to a 1.6 percentage point increase in high-end market share for its refrigerators in 2024[40] - The AI air management system can automatically adjust temperature and air quality based on user commands and environmental conditions[49] - The AI washing and care system can respond to specific user needs, such as removing pet hair or de-wrinkling suits, with tailored washing programs[50] - The AI food management system optimizes food preservation and cooking processes, enhancing user experience with smart features[51] Corporate Governance and Management - The company has established 22 leadership principles to improve strategic execution and organizational leadership among its management team[101] - The board consists of nine members, including six executive directors and three independent non-executive directors[124] - The company has established five specialized committees: Compensation and Assessment Committee, Nomination Committee, Strategy Committee, Audit Committee, and ESG Committee, with defined work guidelines[134] - The board has adopted a diversity policy, currently including one female director, Gao Yuling, who was appointed as an executive director on January 19, 2022, and as chairperson on November 21, 2024[126] - The board held 14 meetings in 2024, with a 100% attendance rate from all directors[128] - The company has implemented a system to ensure timely disclosure of interests and potential conflicts of interest by directors[128] - The company has committed to regular reviews of its corporate governance policies and compliance with relevant laws and regulations[131] - The independent non-executive directors' terms are set to expire on June 23, 2027[132] - The company has engaged Shinewing Certified Public Accountants to conduct independent audits of its internal control and risk management systems, with audit fees of approximately RMB 2.1 million for financial reporting and RMB 900,000 for internal control[185] Sustainability and Environmental Initiatives - Hisense has initiated a digital transformation, achieving a 37.59% reduction in material numbers and a 25.8% year-on-year decrease in order fulfillment cycle[13] - The company aims for a 10% improvement in manufacturing costs per unit by 2024 and a 14.9% increase in output per hour[13] - Hisense's Qingdao factory has been recognized as a global "lighthouse factory," marking a significant achievement in green manufacturing[14] - The company has achieved a 36% improvement in energy efficiency through systematic technological innovation in home air conditioning, establishing a comprehensive ecosystem covering product development and industry standards[94] - In the refrigerator segment, the company has reached a 30% increase in overall energy efficiency, meeting European A-level standards, while achieving a 14.2% reduction in carbon footprint through the use of recycled materials[95] - Hisense is focused on building a green and low-carbon transformation, implementing carbon neutrality strategies and improving ESG risk management mechanisms[108] Risks and Challenges - The company faces risks from macroeconomic fluctuations, rising costs, exchange rate volatility, and trade protectionism that could impact its operational performance[111]

海信家电集团股份有限公司 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会与管治报告 2024 / 向善共赢 智造绿色未来 / 目录 CONTENT 致利益相关方的信 001 前篇 业务布局 品牌布局 产品布局 002 004 004 走进海信家电 ESG关键绩效 奖项与荣誉 2024里程碑扫描 007 010 内控合规体系 ESG风险管理 020 021 经营韧性·ESG风险与机遇 商业向善·卓越治理 科技向善·技术立企 智造向善·永续发展 生态向善·同创未来 伙伴向善·携手共赢 028 032 042 060 070 向善共赢·ESG行动策略 稳健前行·ESG指标与目标 后篇 | 关于本报告 | 091 | | --- | --- | | 法律法规及主要内部政策 | 092 | | 指标索引表 | 094 | | 读者意见反馈 | 103 | ESG价值承诺 ESG管理方针 ESG治理基石 长期价值·ESG战略蓝图 012 013 016 海信家电集团股份有限公司 前篇 2024 里程碑扫描 长期价值·ESG 战略蓝图 经营韧性·ESG 风险与机遇 向善共 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-024 海信家电集团股份有限公司 第十二届董事会 2025 年第二次会议决议公告 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 1、会议于 2025 年 4 月 28 日以通讯方式召开； 2、董事出席会议情况： 会议应到董事 9 人，实到 9 人。 （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： （一）审议及批准本公司《2025 年第一季度报告》（本公司《2025 年第一季度报 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。 （二）审议及批准本公司《2024 年度环境、社会及管治报告》（本议案的具体内容 请见本公司于同日在巨潮资讯网登载的《2024 年度环境、社会及管治报告》）。 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 4 月 11 日以通 讯方式向全体董事发出召开第十二届董事会 202 ...

Financial Performance - The company's revenue for Q1 2025 was ¥24,838,267,923.53, representing a 5.76% increase compared to ¥23,486,119,294.48 in the same period last year[5]. - Net profit attributable to shareholders was ¥1,127,395,765.82, up 14.89% from ¥981,246,783.99 year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥1,007,755,232.51, reflecting a 20.27% increase from ¥837,889,225.17 in the previous year[5]. - Total operating revenue for the current period reached ¥24,838,267,923.53, an increase of 5.76% compared to ¥23,486,119,294.48 in the previous period[21]. - Net profit for the current period was ¥1,634,181,849.36, compared to ¥1,537,455,169.86 in the previous period, representing a growth of 6.31%[22]. - Basic earnings per share increased to ¥0.83 from ¥0.72, representing a growth of 15.28%[22]. Assets and Liabilities - The company's total assets increased by 4.64% to ¥72,935,577,259.81 from ¥69,701,939,817.33 at the end of the previous year[5]. - The company's total assets increased to ¥72,935,577,259.81 from ¥69,701,939,817.33, marking a growth of 3.20%[19]. - The total liabilities rose to ¥51,952,805,509.16, up from ¥50,327,415,106.20, indicating an increase of 3.22%[19]. - The equity attributable to shareholders of the parent company increased to ¥16,564,755,844.17 from ¥15,455,626,606.63, a growth of 7.15%[19]. Cash Flow - The net cash flow from operating activities was ¥65,075,820.08, down 58.30% from ¥156,049,168.70 in the same period last year[5]. - Operating cash inflow for the current period reached ¥20,551,636,304.13, an increase of 11.1% from ¥18,519,925,149.28 in the previous period[23]. - Cash inflow from investment activities totaled ¥9,485,967,241.79, up 21.8% from ¥7,796,536,903.29 in the previous period[23]. - Cash inflow from financing activities amounted to ¥1,273,215,974.19, slightly down from ¥1,320,262,031.56 in the previous period[24]. - The ending balance of cash and cash equivalents was ¥2,318,304,562.85, down from ¥3,113,769,261.78 in the previous period[24]. Investments and Expenses - Investment income increased by 39.60% to ¥236,083,008.03, compared to ¥169,117,662.26 in the previous year[10]. - Research and development expenses for the current period were ¥824,235,861.44, compared to ¥774,184,218.46 in the previous period, reflecting a rise of 6.46%[21]. - Cash paid for the purchase of fixed assets increased by 49.48% to ¥374,294,311.61, up from ¥250,389,427.74 in the previous year[10]. - Cash paid for purchasing goods and services was ¥14,344,138,537.83, an increase of 14.4% from ¥12,535,385,487.35 in the previous period[23]. Shareholder Information - Qingdao Hisense Air Conditioning Co., Ltd. holds 37.28% of shares, totaling 516,758,670 shares[13]. - Hong Kong Central Clearing (Agent) Co., Ltd. holds 33.11% of shares, totaling 458,962,527 shares[13]. - The company has no significant changes in the top 10 shareholders' participation in margin financing and securities lending[15]. Other Information - The company reported a significant increase in financial liabilities, with trading financial liabilities rising by 540.12% to ¥22,742,352.87 due to fluctuations in forward exchange rates[10]. - The company recorded a 63.01% decrease in other operating income, amounting to ¥28,589,505.45, compared to ¥77,287,462.27 in the previous year[10]. - The company reported no significant new strategies or mergers and acquisitions during the period[16]. - There are no new product developments or technological advancements mentioned in the conference call[16]. - Other comprehensive income after tax for the current period was a loss of ¥81,347,277.16, compared to a gain of ¥11,672,338.90 in the previous period[22].

Core Insights - The Rongsheng Fangtang 515 refrigerator has entered the top 10 in industry sales, highlighting strong demand for innovative home appliances among young consumers [1] - The product was launched on April 13 as a customized refrigerator for the 2025 FIFA™ Club World Cup and has quickly become a "phenomenon" in the market [1] Design and Features - The refrigerator features a French structure with low-saturation color panels in moon rock gray and white, appealing to aesthetic preferences of young consumers [3] - It includes a star track hinge design that allows for a 108° wide-angle door opening and a slim 598mm body, catering to integrated home design needs [3] - The IDP Active Dual Clean 2.0 technology releases 30 million/cm³ high-concentration negative ions, achieving a 99.9999% sterilization rate in refrigeration and freezing spaces [3] Performance and Technology - Third-party testing shows a 99% removal rate of airborne bacteria and a rapid 15-minute odor elimination with a 99% effectiveness, outperforming similar products by 21% [3] - The refrigerator features independent refrigeration and freezing evaporators to prevent flavor mixing, enhancing food preservation [3] Market Impact - The Fangtang series refrigerators have become a key element in young consumers' home ecosystems, providing a joyful experience akin to unwrapping a gift [5] - The 506 Smart Dual Clean Max refrigerator, launched alongside the Fangtang 515, addresses 90% of consumer concerns regarding food health, featuring an AI odor sensor for real-time monitoring and automatic purification [5]

股票代码：000921 股票简称：海信家电 公告编号：2025-023 海信家电集团股份有限公司 H 股公告-认购理财产品 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。 海信家电集团股份有限公司（「本公司」）于 2025 年 4 月 17 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 4 月 17 日 1 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分內容而産生或 因依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. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2024 年 12 月 17 日至 2025 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-022 海信家电集团股份有限公司 H 股公告-认购理财产品 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。 海信家电集团股份有限公司（「本公司」）于 2025 年 4 月 16 日在香港联合交易所 有限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2024 年 12 月 27 日至 2025 年 4 月 16 日期間，本公司及本公司的附屬公司 空調營銷公司及冰箱營銷公司（作為認購方）訂立華夏理財協議，以認購華夏理財產品，認 購金額為人民幣 2,340,000,000 元。 本集團使用自有閒置資金支付該等華夏理財協議下的認購金額。 2 ...