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].

Core Insights - Hisense's refrigerators have achieved significant sales success in overseas markets, ranking first in sales volume or revenue in 12 countries and regions globally, showcasing the effectiveness of its user-centric approach and innovative vacuum preservation technology [1][3] - In May 2025, Hisense refrigerators led in sales volume in Canada, France, and Spain, while achieving the highest revenue share in the UK; they also secured top positions in the Czech Republic and South Africa for both volume and revenue [3] - The overall retail revenue of Hisense refrigerators in the domestic market grew by 9.5% year-on-year in the first half of 2025, with a market share increase of 1.64 percentage points, maintaining a position among the top three in the industry [3] Market Performance - Hisense's vacuum preservation technology has evolved to the "Vacuum 4.0" stage, leading the industry with its vacuum magnetic preservation technology, which is central to its flagship product offerings [5] - The company has developed a diverse product matrix, including the U series, to cater to various food preservation needs, ensuring freshness for up to seven days [5] - By integrating advanced AI models and a vast food ingredient database, Hisense provides users with tailored preservation settings based on food types, optimizing conditions for freshness [5]

Core Insights - Hisense Home Appliances reported a total revenue of 49.34 billion yuan for the first half of the year, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [1] - The growth in revenue was primarily driven by overseas markets, with domestic revenue declining by 0.31% to 25.249 billion yuan, while overseas revenue increased by 12.34% to 20.451 billion yuan [1] - The company announced significant personnel changes in its management, including the appointment of Gao Yuling as the new president [3] Business Performance - The HVAC (Heating, Ventilation, and Air Conditioning) segment remains the largest business unit, achieving a revenue growth of 4.07% to 23.694 billion yuan, accounting for 48.02% of total revenue [2] - Cash flow from operating activities reached 5.32 billion yuan, reflecting a substantial increase of 153.43% year-on-year [2] Market Trends - In the European market, revenue grew by 22.7%, with notable increases in refrigerator market share, air conditioning revenue up 34.5%, and washing machine revenue up 38.9% [1] - The Americas also saw a revenue increase of 26.2%, with home air conditioning revenue up 19.3%, washing machine revenue up 71%, and central air conditioning revenue up 59% [1] - The demand for energy-efficient and smart home appliances is driving market growth, particularly in emerging markets like Latin America and ASEAN [1] Management Changes - Key management changes include the departure of Hu Jianrong from his roles and the appointment of Gao Yuling as president [3] - Yin Bitong, previously the president of the Air Conditioning Division, has been elected as a representative director of the board [3] - The company is collaborating with Midea Group in areas such as AI and smart manufacturing, indicating a strategic focus on innovation [3] Stock Information - As of July 31, the stock price of Hisense Home Appliances was 25.3 yuan per share, with a total market capitalization of 35 billion yuan [4]

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]