Core Insights - Hisense Home Appliances reported a strong performance in its 2025 semi-annual report, driven by technological innovation and steady growth in core businesses [2] - The company maintained a leading position in the multi-split central air conditioning market with over 20% market share [2] - Hisense's air conditioning products achieved the highest market share in the fresh air segment, with a sales share of 43.9%, an increase of 12.3 percentage points year-on-year [2] Air Conditioning Business - Hisense's air conditioning segment showed significant growth, leading the fresh air market with a 43.9% sales share [2] - The company’s multi-split central air conditioning maintained over 20% market share, solidifying its industry leadership [2] Refrigerator Business - The refrigerator segment demonstrated robust performance, with retail sales increasing by 9.5% year-on-year and market share rising by 1.64 percentage points [2] - Rongsheng refrigerators saw a retail sales increase of 9.7%, while Hisense refrigerators experienced an 8.6% growth in retail sales [2] Washing Machine Business - Hisense's washing machine domestic revenue grew by 37.58% year-on-year, outpacing industry growth [2] - The company launched the world's first 4-in-1 heat pump washing and drying machine, showcasing significant technological advancements [2] Kitchen Appliances - Hisense's kitchen appliance business saw a 52% year-on-year increase in offline retail revenue, reflecting successful product upgrades and channel integration [2]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [6] Core Views - Despite short-term pressure on revenue and profitability in Q2 2025, primarily due to a decrease in central air conditioning business share, intense competition in the home air conditioning sector, and adjustments in the three-electric business, the company is expected to achieve significant growth through its proactive overseas expansion, steady growth in overseas revenue, continuous upgrading of domestic and international product structures, and improved profitability in the ice-washing business. There is a considerable probability that the company will meet the performance assessment targets of its employee stock ownership plan, and recent personnel adjustments may bring new opportunities for the HVAC business [4][14]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 49.34 billion, a year-on-year increase of 1.4%, and a net profit attributable to the parent company of 2.077 billion, up 3.0%. In Q2 2025, revenue was 24.502 billion, down 2.6%, with a net profit of 949 million, down 8.3% [12]. - The Q2 revenue decline was attributed to a decrease in central air conditioning sales amid real estate pressures, while external sales continued to grow rapidly, supported by brand expansion. The home air conditioning business faced fierce domestic competition, leading to slight fluctuations in sales [12][14]. Business Segments - The HVAC segment's profit margin decreased by 1.3 percentage points in H1 2025, while the ice-washing segment's profit margin improved by 0.8 percentage points to 4.2%. The three-electric segment experienced losses in Q2 2025, primarily due to personnel optimization and currency exchange impacts [13][18]. Future Outlook - The company is projected to achieve net profits of 3.594 billion and 4.116 billion in 2025 and 2026, respectively, corresponding to a current PE ratio of approximately 9.9 and 8.6, indicating a favorable valuation. The "Buy" rating is maintained based on these projections [14][15].

Investment Rating - The report maintains an "Outperform" rating for Hisense Home Appliances Group with a target price of RMB34.58, indicating an expected upside from the current price of RMB25.69 [2][6]. Core Insights - The company reported stable growth in revenue and net profit for the first half of 2025, achieving revenue of RMB49.34 billion (YoY +1.44%) and net profit of RMB2.08 billion (YoY +3.01%) [3][11]. - The overseas market continues to show strong performance, with overseas revenue reaching RMB20.45 billion, a growth of 12.3% YoY, driven by significant increases in Europe, America, Middle East Africa, and Asia Pacific regions [4][11]. - Domestic revenue slightly declined to RMB25.25 billion (YoY -0.31%), primarily due to a downturn in the central air conditioning industry, although the company maintains a strong market position with Hisense Hitachi [12]. Financial Performance Summary - Revenue projections for the next few years are as follows: RMB97.05 billion in 2025, RMB102.73 billion in 2026, and RMB112.62 billion in 2027, reflecting growth rates of 5%, 6%, and 10% respectively [2][10]. - Net profit is expected to grow from RMB3.69 billion in 2025 to RMB4.62 billion in 2027, with corresponding growth rates of 10%, 11%, and 13% [2][10]. - The company's gross profit margin is projected to improve slightly from 21.1% in 2025 to 21.4% in 2026 and remain stable thereafter [2][10]. Valuation - The report anticipates an EPS of RMB2.66 for 2025, RMB2.95 for 2026, and RMB3.34 for 2027, with a PE ratio of 13x for 2025 [6][13]. - The valuation reflects the company's ongoing global expansion and product optimization strategies under national subsidy policies, which are expected to enhance profitability [6][13].

此外，海信厨电业务持续升级产品力的同时，强化专业渠道与传统渠道的协同融合，线下零售收入同比 增长52%。 7月30日晚，海信家电发布2025年半年报显示，通过坚持技术创新驱动，实现核心业务稳健增长。报告 期内，海信系多联机中央空调以超20%的市场份额稳居行业首位。 （文章来源：中国新闻网） 根据奥维云网(AVC)数据，海信空调在新风赛道占有率全网第一，新风空调销售额占有率43.9%，同比 提升12.3个百分点。 报告期内，冰箱业务表现稳健，海信系冰箱零售额同比增长9.5%，市场占有率提升1.64个百分点。其 中，容声冰箱零售额同比增长9.7%，中高端+高端产品市场份额达12.7%，海信冰箱零售额同比增长 8.6%。 海信洗衣机国内主营业务收入同比增长37.58%，增速领先行业，中高端+高端占有率翻倍增长。作为分 类洗以及三筒洗衣机的先行者，海信重磅推出全球首台4合1热泵洗烘一体机——棉花糖Ultra全家筒， 集宙斯热泵烘干、分类洗护、超大容量、纯平全嵌于一身，依托专利活水洗科技，洗净比跃升至1.33， 并向全行业开源66项三筒专利技术，为三筒分区洗护带来里程碑变革。 ...

Core Insights - The article highlights the strong market performance of Rongsheng refrigerators, with six products making it to the industry's top 10 sales list in the first half of the year, including three in the top 5, showcasing robust market competitiveness [1][3] - The rapid success of the Rongsheng 506 Dafa Sugar refrigerator, which reached the top sales position within just one week of its launch, has attracted significant consumer attention [1] Group 1 - The driving force behind Rongsheng's impressive market performance is its deep understanding of consumer demands for quality living and continuous investment in technological innovation [3] - As consumer preferences evolve, the demand for refrigerators has expanded beyond basic preservation to include health preservation, smart convenience, and large storage capacity [3] - Rongsheng's WILL natural preservation technology represents a cutting-edge direction in the industry, integrating light, water, and ions to create a comprehensive food preservation system [3] Group 2 - The core components of the WILL technology include the SUPL four-season multi-frequency lighting system, smart dynamic water mist moisturizing system, and AI negative ion high-energy sterilization and deodorization system [3] - Third-party verification shows that refrigerators utilizing this technology can allow fruits and vegetables to continue growing for up to 7 days during storage, with vitamin C content increasing by 28.1%, lutein retention rising by 81.2%, and reducing sugar retention increasing by 40% [3] - To address growing health protection needs, Rongsheng has upgraded its IDP dual purification 2.0 technology, achieving a remarkable 99.9999% sterilization rate and 99.999% detoxification rate in both refrigeration and freezing compartments [3][4] Group 3 - Industry observers note that Rongsheng has successfully led the transformation of the refrigerator industry from "passive preservation" to "active preservation," driven by its strong foundation in health preservation technology [4] - The company's focus on technological innovation serves as a powerful impetus for a new wave of quality living consumption [4]

财务出身的高玉玲，去年接替代慧忠，出任海信家电董事长，这是海信家电发展历史上首位女性董事长。她曾在海信并购欧洲品牌Gorenje的过程中发挥 作用。如今，高玉玲兼任海信家电总裁，将有利于提高公司的决策和执行效率。海信家电的主要竞争对手美的集团（000333.SZ）、海尔智家 （600690.SH）的董事长均兼任总裁。 7月30日晚，海信家电发布了家电行业首份半年报。2025年上半年，海信家电实现营收493.4亿元、归母净利润20.77亿元，分别同比增长1.44%和3.01%， 相比2024年同期的13.27%和34.61%增幅，今年上半年营收和净利增速均大幅下滑。 其中，第二季度海信家电业绩承压，营收为245亿元，同比下滑了2.6%，环比下滑了1.35%；归母净利润为9.49亿元，同比下滑了8.25%，环比下滑了 15.81%。 公告显示：上半年海信家电的暖通空调业务营收为237亿元，同比增长了4.07%，毛利率下滑了1.56%；冰洗业务为154亿元，同比增长4.76%，毛利率增长 2.12%；其他业务为66亿元，同比增长了12.48%。其中境内营收为253亿元，微跌0.31%；境外营收为205亿元，增长了1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][24]. Core Views - The company reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, while the net profit attributable to the parent company was 2.077 billion yuan, up 3.01% year-on-year. However, the second quarter saw a decline in revenue and net profit, with a year-on-year decrease of 2.6% and 8.25%, respectively, primarily due to weak performance in the central air conditioning segment and increased asset impairment [1][2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company's central air conditioning business faced pressure, with revenue from the subsidiary Hisense Hitachi declining by 6% year-on-year to 10.66 billion yuan, and net profit down by 4.9% to 1.86 billion yuan. Domestic sales of central air conditioning dropped by 15.9%, while external sales showed a growth of 24.9% [2][3]. - The home air conditioning segment performed positively, with a revenue increase of approximately 14% year-on-year. The company’s ice washing business also saw a modest revenue growth of 4.8% [3][4]. Profitability and Margins - The gross margin for the first half of 2025 was reported at 21.48%, an increase of 0.69 percentage points year-on-year, driven by improved overseas margins and rising margins in the ice washing segment [4][5]. - The report indicates a slight increase in expense ratios due to sports marketing and foreign exchange fluctuations, with the expense ratio rising by 0.51 percentage points year-on-year [4]. Future Outlook - The company forecasts net profits attributable to the parent company of 3.75 billion yuan, 4.20 billion yuan, and 4.70 billion yuan for 2025, 2026, and 2027, respectively. The report suggests that the company will benefit from the release of replacement demand and its strong brand presence [5][21]. - The target market capitalization is set at 490.98 billion yuan, with a target price of 35.42 yuan for A-shares and 30.62 HKD for H-shares, reflecting a valuation discount due to exchange rate and market volatility risks [5][24].

【环球网消费综合报道】近日，海信家电公布海外市场销售情况。2025年上半年，海信家电旗下海信系冰箱凭借卓越产品力与创新科技，在海外市场取得销 售佳绩。截至目前，已在全球12个国家及地区实现销售量或销售额第一。这一成绩充分体现了海信冰箱"以用户需求为核心"理念的强大生命力，其持续迭代 的真空保鲜技术正重新定义全球家庭的食物储存方式。 最新市场数据显示，今年5月，海信系冰箱在加拿大、法国、西班牙勇夺销售量占有率冠军，在英国则摘得销售额占有率桂冠；捷克与南非市场更实现量、 额双第一的佳绩，德国市场亦取得销售量占有率领先。而纵观1—5月累计表现，海信系冰箱在加拿大、法国、墨西哥稳居销售量榜首，于捷克、南非持续保 持量额双冠。东欧地区同样表现亮眼，在斯洛文尼亚、克罗地亚、塞尔维亚、匈牙利等市场，海信系冰箱依据季度报告，累计量、额占有率均位居首位，创 下品牌海外拓展的历史最好水平。 海外捷报频传的同时，海信系冰箱在国内市场亦交出不俗答卷，实现量质齐升。奥维云网（AVC）全渠道监测数据显示，2025年上半年，海信系冰箱整体零 售额同比增长9.5%，市场占有率显著提升1.64个百分点，稳居行业前三名。 市场全面开花的根基，源 ...

7月30日晚，海信家电（000921）发布半年报，上半年实现营业总收入493.40亿元，同比增长1.44%，归 母净利润20.77亿元，同比增长3.01%。同日，该公司还宣布了管理层人事变动事项。 海信家电上半年的增长主要来自于海外市场。据公告，海信家电上半年境内收入252.49亿元，同比下降 0.31%，境外收入204.51亿元，同比增长12.34%。 如在欧洲区，海信家电上半年实现收入同比增长22.7%。其中，2025年1—5月欧洲区冰箱销售额占有率 同比提升1.75个点；欧洲空调业务收入同比增长34.5%；洗衣机收入同比增长38.9%。美洲区方面，收入 同比增长26.2%。其中，家用空调收入同比增长19.3%；洗衣机收入同比增长71%；中央空调收入同比增 长59%。 根据产业在线数据，2025年1—5月，冰箱行业出口量同比增长6.5%，洗衣机行业出口量同比增长10%， 空调行业出口量同比增长15.2%。欧美市场更新换代和高端化升级需求持续推动市场增长，消费者对节 能、智能家电的偏好增加，拉美和东盟等新兴市场人口基数大叠加消费潜力巨大，推动家电产品渗透率 不断提升。 分业务来看，海信家电最大的业务板块仍是 ...

格隆汇7月31日｜国盛证券研报指出，海信家电2025H1实现归母净利润20.77亿元，同比增长3.01%。其 中，2025Q2归母净利润为9.49亿元，同比-8.25%。2025年上半年各品类增长稳健，外销持续增长。公司 始终坚持全球化战略，积极打造海外五大区域引擎，深耕体育营销，加速提升海外自有品牌影响力，深 化本地化建设，推进研产销协同发展。欧洲区深耕体育营销，美洲区利用墨西哥蒙特雷工厂布局优势， 补足美系产品阵容，中东非区以体育赛事赞助塑造品牌拉力，亚太区不断升级品牌与产品结构。同时， 公司不断加速数字化转型，持续践行以数智化为引领的先进制造，通过导入海信精益运营体系，构建精 益工厂夯实制造基础，持续开展精益改善，围绕自动化、工艺优化等多个方向降低企业运营成本。考虑 到公司2025年上半年业绩表现及行业整体环境，预计公司2025-2027年实现归母净利润37.5/41.86/46.02 亿元，同比增长12.0%/11.6%/9.9%，维持"增持"投资评级。 ...