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。 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [9] Core Views - The company's Q2 revenue and profit have slowed down mainly due to pressure in the air conditioning business, while the profitability of the washing and refrigeration segment has improved significantly due to cost reduction and efficiency enhancements [11] - The company is expected to see a low single-digit decline in air conditioning sales in Q2, while the washing and refrigeration segment is projected to grow at a low single-digit rate [6][11] - The company has announced changes in its board of directors, which may lead to potential overseas growth opportunities [8] Financial Performance - Q2 revenue was 24.502 billion yuan, a year-on-year decrease of 2.6%, with a net profit attributable to shareholders of 949 million yuan, down 8.3% year-on-year [9] - For the first half of the year, revenue reached 49.34 billion yuan, an increase of 1.4% year-on-year, and net profit attributable to shareholders was 2.077 billion yuan, up 3.0% year-on-year [9] - The gross profit margin for Q2 was 21.55%, an increase of 1.1 percentage points year-on-year [10] Revenue Analysis - Domestic sales are expected to remain flat, while external sales are projected to grow by approximately 5% in Q2 [9] - The revenue growth ranking by product is expected to be washing and refrigeration > home air conditioning > central air conditioning [9] Profitability Analysis - The gross margin for the washing and refrigeration segment improved due to increased capacity utilization and structural improvements [10] - The net profit margin for Q2 was 3.9%, a decrease of 0.2 percentage points year-on-year, primarily impacted by the air conditioning business [10] Earnings Forecast - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 98.449 billion yuan, 104.069 billion yuan, and 109.518 billion yuan, with year-on-year growth rates of 6.1%, 5.7%, and 5.2% respectively [11] - The forecasted net profit attributable to shareholders for 2025-2027 is 3.561 billion yuan, 3.778 billion yuan, and 4.003 billion yuan, with year-on-year growth rates of 6.4%, 6.1%, and 5.9% respectively [11]

格隆汇7月30日丨海信家电(000921.SZ)公布2025年半年度报告，上半年公司实现营业收入493.40亿元， 同比增长1.44%；归属于上市公司股东的净利润20.77亿元，同比增长3.01%；归属于上市公司股东的扣 除非经常性损益的净利润18.18亿元，同比增长6.72%；基本每股收益1.52元。 ...

Summary of Key Points Core Viewpoint - In July 2023, 19 companies released their semi-annual reports for 2025, with 12 companies reporting year-on-year profit growth and 7 reporting declines. Notably, 10 companies experienced simultaneous growth in both net profit and revenue, while 6 companies saw declines in both metrics. The most significant profit increase was reported by Dong'an Power, with a growth rate of 157.75% [1]. Group 1: Company Performance - Dong'an Power reported earnings per share of 0.0167, with a net profit of 3.92 million and a year-on-year increase of 157.75%. Revenue reached 247.91 million, up 25.72% [1]. - Ding Tong Technology achieved an earnings per share of 0.8300, net profit of 115.40 million, and a year-on-year increase of 134.06%. Revenue was 78.46 million, up 73.51% [1]. - Zhiwei Intelligence reported earnings per share of 0.4100, net profit of 10.17 million, with an 80.08% year-on-year increase. Revenue was 194.69 million, up 15.29% [1]. - Huijia Times reported earnings per share of 0.1425, net profit of 6.70 million, with a year-on-year increase of 62.64%. Revenue was 127.12 million, up 2.29% [1]. - Ningde Times reported earnings per share of 6.9200, net profit of 3,048.51 million, with a year-on-year increase of 33.33%. Revenue was 17,888.63 million, up 7.27% [1]. Group 2: Declining Performance - Anada reported a loss per share of -0.1222, with a net loss of 2.63 million, reflecting a year-on-year decline of 158.08%. Revenue was 87.59 million, down 10.51% [2]. - Weitong Communication reported earnings per share of 0.0675, with a net profit of 3.10 million, down 68.57% year-on-year. Revenue was 35.99 million, down 24.62% [2]. - New Tian Pharmaceutical reported earnings per share of 0.0236, with a net profit of 576.61 thousand, down 80.99% year-on-year. Revenue was 35.83 million, down 18.88% [2].

另外，公司公布高管变动，因个人原因，胡剑涌先生不再担任公司董事、总裁职务以及战略委员会、 ESG委员会的委员职务；因工作安排调整，朱聃先生不再担任公司董事职务以及战略委员会的委员职 务。同时，聘任高玉玲女士为公司总裁。 海信家电（000921）(00921)绩后跌超6%，截至发稿，跌6.42%，报22.6港元，成交额1874.61万港元。 消息面上，海信家电发布2025年中期业绩，该集团营业总收入493.4亿元(人民币，下同)，同比增加 1.44%；归母净利润20.77亿元，同比增加3.01%。单计2025年第二季度，海信家电二季度实现营业总收 入为245.02亿元，同比减少2.60%；归母净利润为9.49亿元，同比减少8.25%。中金表示，公司业绩略低 于我们预期，主要由于日元汇率波动影响汇兑收益、三电业务人员调整，央空持续受到地产的负面影 响，空调内销竞争加剧，导致公司收入、利润均有承压。 ...

财报披露季，机构最新持股动向逐渐明朗。二季度末养老金账户出现在宏发股份、海信家电前十大流通 股东榜。 基本养老保险基金八零七组合、基本养老保险基金一五零二二组合为宏发股份第九、第七大流通股东， 合计持股量为2822.27万股，占流通股比例1.93%。基本养老保险基金一二零四组合为海信家电第十大流 通股东，持股量为459.61万股，占流通股比例0.50%。（数据宝） 养老金持股明细 | 代码 | 简称 | 持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600885 | 宏发股份 | 2822.27 | 64.93 | 1.93 | 电力设备 | | 000921 | 海信家电 | 459.61 | 新进 | 0.50 | 家用电器 | （文章来源：证券时报网） ...

Group 1: Macro Insights - The core signal from the July Politburo meeting is the confirmation of the Fourth Plenary Session of the 20th Central Committee in October, focusing on reviewing the "14th Five-Year Plan" preparation suggestions [2] - The meeting emphasizes stabilizing policies in the second half of the year, aiming to achieve annual targets, indicating a focus on implementation rather than strong stimulus measures [2] - New policies are expected to be introduced if the situation worsens, with a focus on enhancing flexibility and predictability in economic measures [2] Group 2: Home Appliances - Hisense Electric - Hisense Electric reported a total revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% [5] - The second quarter of 2025 saw a revenue of 24.502 billion yuan, a decrease of 2.60% year-on-year, with a net profit of 949 million yuan, down 8.25% [5] - The company is expected to achieve net profits of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027, with growth rates of 12.0%, 11.6%, and 9.9% respectively, maintaining a "buy" rating [5] Group 3: Energy - Huaneng International - Huaneng International, a leading power company, is experiencing improved coal power profits and has significant growth potential in renewable energy, with projected net profits of 12.728 billion, 12.976 billion, and 13.561 billion yuan for 2025-2027 [6] - The expected earnings per share (EPS) for 2025-2027 are 0.81, 0.83, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 8.7, 8.5, and 8.1 [6] - The company maintains a "buy" rating based on its strong market position and growth prospects [6] Group 4: Environmental Protection - Huicheng Environmental - Huicheng Environmental reported a revenue of 560 million yuan for H1 2025, a year-on-year decrease of 5.1%, with a net profit of 5.02 million yuan, down 85.6% [9] - The second quarter of 2025 saw a revenue of 280 million yuan, a decrease of 5.9% year-on-year, and a net profit of 13.324 million yuan, down 7.4% [9] - The decline in revenue is attributed to delayed steam sales and increased competition in the catalyst business, leading to higher overall costs [9]

事件：公司发布2025 年半年报。公司2025H1 实现营业总收入493.4 亿元，同比增长1.44%；实现归母净 利润20.77 亿元，同比增长3.01%。其中，2025Q2 单季营业总收入为245.02 亿元，同比-2.60%；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。分产品：25H1 暖通空调、冰洗、其他主营收入分别同 比增加4.07%、4.76%、8.89%；分区域： 高管变动：因个人原因，胡剑涌先生申请辞去公司董事、总裁职务以及战略委员会、ESG 委员会的委 员职务；因工作安排调整，朱聃先生申请辞去公司董事职务以及战略委员会的委员职务。同时，聘任高 玉玲女士为公司总裁。 坚持全球化战略，全面拥抱数字化转型。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 ...

Core Viewpoint - Hisense Home Appliances is experiencing a slowdown in growth despite still achieving revenue and profit increases, indicating a potential shift in company strategy following recent executive changes [2][3][4]. Financial Performance - In the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% [3][4][5]. - The company's revenue growth has slowed compared to previous years, where 2024 saw an 8.35% increase in revenue and a 17.99% increase in net profit [5]. - The gross profit margin decreased slightly to 22.66%, down 0.01 percentage points [6]. Market Dynamics - The domestic central air conditioning market saw a significant decline of 15.9%, while the home air conditioning market retail sales increased by 24.9% [6]. - Hisense's domestic revenue experienced a slight decline of 0.06%, attributed to the downturn in the central air conditioning market [6]. Business Segments - The HVAC segment remains the largest for Hisense, with revenue growth of 4.07% to 23.69 billion yuan, accounting for 48.02% of total revenue [7]. - Internationally, Hisense's overseas revenue grew by 1.35%, with notable increases in the European market, where revenue rose by 22.7% [8]. Executive Changes - Recent executive changes include the appointment of Gao Yuling as president and the election of Yin Bitong as a representative director, indicating a potential strategic shift [2][9]. - Yin Bitong, previously a vice president at Midea Group, is recognized for his transformative leadership, which may enhance Hisense's operational capabilities [9][10]. - Fang Xueyu, with extensive experience in international markets, has been nominated as an executive director, reflecting Hisense's focus on expanding its global presence [10].