Group 1 - Jinshi Technology has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - Xinya Electronics reported that revenue from its "lotus core structure" technology accounts for less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang stated that its main business has not undergone significant changes and its production and operational status remains normal [5] Group 2 - Zhuoyue New Energy plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [6] - Zhengfan Technology intends to acquire 62.23% of Han Jing Semiconductor, which will become a subsidiary, enhancing its capabilities in the semiconductor sector [7] Group 3 - Jingji Zhino reported sales of 176,400 pigs in June, generating revenue of 310 million yuan [9] - Kemin Foods' subsidiary saw a 111.22% year-on-year increase in sales revenue from pig sales in June [10] - Lihua Co. reported a 21.3% year-on-year decline in chicken sales revenue in June [11] Group 4 - Xiaoming Co. achieved a 182.52% year-on-year increase in chicken product sales revenue in June [12] - Tiankang Bio reported a 19.53% year-on-year decline in pig sales revenue in June [13] Group 5 - Juhua Co. expects a net profit increase of 136% to 155% for the first half of 2025, driven by rising prices of core products [14] - Jieshun Technology anticipates a net profit increase of 105.68% to 193.82% for the first half of 2025, supported by growth in innovative business [15] - Dajin Heavy Industry forecasts a net profit increase of 193.32% to 227.83% for the first half of 2025, attributed to significant growth in overseas business [16] Group 6 - Huace Navigation expects a net profit increase of 27.37% to 33.34% for the first half of 2025, driven by rapid growth in overseas markets [17] - Yatai Co. anticipates a net profit increase of 81.97% to 101.13% for the first half of 2025, due to market expansion and operational efficiency [18] - Shangwei Co. expects a net loss of 27 million to 35 million yuan for the first half of 2025, impacted by economic conditions and competition [19] Group 7 - Hongyuan Green Energy's subsidiary signed a cooperation agreement to stabilize operations during a pre-restructuring phase [21] - Pulit signed a procurement contract for a 30MWh sodium-ion battery energy storage system, marking a significant milestone in sodium battery applications [22] Group 8 - Hisense Home Appliances' controlling shareholder plans to increase its stake by acquiring up to 13.86 million shares [24] - Yanpai Co.'s controlling shareholder intends to increase its stake by investing between 17 million to 34 million yuan [25] - Yuanzhu Co. plans to reduce its stake by up to 1% due to funding needs [26] - Xintonglian's shareholder plans to reduce its stake by up to 3% for operational needs [27]

股票代码：000921 股票简称：海信家电 公告编号：2025-049 海信家电集团股份有限公司 1 关于控股股东一致行动人增持股份及后续增持计划的公告 青岛海信通信有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1．海信家电集团股份有限公司(「本公司」)控股股东一致行动人青岛海信通信有 限公司(「海信通信」)于2025年7月4日通过深圳证券交易所交易系统以集中竞价交易方 式增持本公司股份4,792,996股，占本公司总股本的0.35%。在本次增持计划实施前，海 信通信持有本公司股份13,860,028股，占本公司总股本的1.00%，截止本公告披露日， 海信通信持有本公司股份18,653,024股，占本公司总股本的1.35%。 2．海信通信于2025年7月4日向本公司提交《青岛海信通信有限公司增持计划告知 函》，计划于2025年7月4日至2026年1月3日期间，以集中竞价交易方式增持本公司股份， 累计增持股份（含2025年7月4日已增持股份）不低于6,928,084股（含），且不超过 1 ...

海信家电：海信通信拟继续增持693万股-1386万股公司股份 智通财经7月8日电，海信家电(000921.SZ)公告称，公司控股股东一致行动人海信通信于2025年7月4日 增持公司479.30万股，占总股本0.35%，增持后海信通信共持有公司1865.30万股，占总股本1.35%。海 信通信计划于2025年7月4日至2026年1月3日期间，以集中竞价交易方式累计增持股份不低于692.81万股 （含），且不超过1385.62万股（含）。增持目的基于对公司未来发展的信心及长期投资价值的认可。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][14]. Core Views - The home appliance industry is experiencing robust growth in domestic sales, driven by government subsidies and strong demand for air conditioners and robotic vacuum cleaners, with retail sales growth exceeding 15% in Q2 2025 [2][18]. - Domestic sales of major home appliances showed solid growth in May 2025, while exports faced some pressure, particularly in categories like air conditioners and refrigerators [3][35]. - The U.S. home appliance retail market remains stable despite tariff impacts, with a slight increase in inventory levels [4][41]. Summary by Sections 1. Market Performance - In the first half of 2025, domestic sales of air conditioners, range hoods, gas stoves, and robotic vacuum cleaners saw significant growth, with online and offline retail sales of air conditioners increasing by 23.0% and 15.3% year-on-year, respectively [2][18]. - The overall retail demand for home appliances is strong, with various categories showing positive growth trends [2][18]. 2. Domestic and Export Sales - In May 2025, domestic sales of home appliances such as air conditioners, refrigerators, and washing machines increased by 13.4%, 13.7%, and 15.2% year-on-year, respectively, while exports faced challenges with declines in several categories [3][35]. - The report anticipates that the export of home appliances will continue to face short-term declines, but the long-term growth potential remains strong due to competitive advantages in technology and supply chains [3][35]. 3. U.S. Market Insights - The U.S. home appliance retail sector showed a year-on-year decline of 1.2% in May 2025, with cumulative declines of 1.9% for the year [4][41]. - Inventory levels in U.S. electronic and appliance stores have slightly increased, but the inventory-to-sales ratio remains low, indicating a stable market environment [4][41]. 4. Key Company Recommendations - The report recommends several companies for investment, including Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in the kitchen appliances sector [5][6][14].

在北京四元桥的苏宁易购商场里，各种最新款的冰箱、洗衣机整齐排列，能耗标识和以旧换新补贴折扣 被醒目地展示。在以旧换新政策推动下，绿色产品受到消费者青睐；同时，家电产品回收服务不断拓 展，提升了资源复用效率。 中国证券报记者统计10家申万白色家电行业上市公司ESG信息披露情况后发现，白电上市企业ESG报告 披露率达80%，但不同公司在ESG信息披露的深度和广度上存在差异，ESG评级较高的公司ESG信息披 露较为全面，ESG评级表现不佳的企业相关信息披露较为简略；公司供应链(范围三)温室气体排放数据 披露情况有待改善。 披露水平关联评级表现 记者统计的10家白色家电上市公司中，有8家披露了2024年ESG报告(包括ESG报告、社会责任报告)，报 告披露率达80%，高于A股平均披露水平(截至2025年5月末，A股上市公司ESG报告披露率为45.7%)。 但在ESG评级表现方面，这些公司存在差异。根据妙盈科技ESG评级，海尔智家（600690）、海信家电 （000921）、美的集团（000333）ESG评级较高，自2022年以来评级多为A级或BBB级，同时行业仍有 部分公司自2022年以来的ESG评级持续处于CCC级 ...

Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

618 家电零售增长稳健，美越关税落地有望带动出口链情绪回温 2025 年 618 家电市场整体表现稳健，主要品类均实现增长，内部结构持续优化。整体市场延续回暖趋势，白电品类 零售量和零售额双双提升，均价保持稳定；黑电品类表现亮眼，618 期间中国彩电市场销量同比增长 9.7%，销额同比 增长 14.5%，线上线下均实现量价双增。具体来看，空调品类增长势头强劲，线上线下零售额同比增幅均超过 15%， 头部品牌如美的、小米、海尔表现突出，品牌集中度提升，产品上"新一级能效"占据绝对主流（线上线下占比均超 95%），"舒适风"功能线上渗透率升至 27.66%。洗衣机市场线上线下零售额分别同比增长 17.1%和 12.1%，行业竞争 焦点转向大容量、分区洗等功能升级。冰箱品类增长稳健，全渠道零售额同比增长 3.3%，消费以刚需替换为主。彩电 则实现了销量与销额的双位数增长，产品结构升级显著，大尺寸、高刷新率、Mini LED 及艺术电视渗透率持续提升， 行业竞争正从价格导向转向用户体验和价值导向。 美越达成初步贸易协议，关税政策落地低于预期，有望显著提振中国家电出口链市场情绪。根据协议，美国将对大部 分越南出口商品 ...

行 业 及 产 业 家用电器 2025 年 07 月 05 日 白电企业集体布局机器人，特朗普 称美越达成贸易协议 看好 ——《2025/6/30-2025/7/4》家电周报 本期投资提示： ⚫ 数据观察：5 月白电内销延续增长，外销表现分化 A、空调出货端：总体销量增长，内外销表现分化。根据产业在线披露数据，2025 年 5 月空调行业实现产量 2081.20 万台，同比下降 1.8%；实现总销量 2203.38 万台，同 比上升 2.34%，其中内销 1412.50 万台，同比上升 13.39%，出口 790.88 万台，同比 下降 12.83%。分品牌出货端：空调总销量美的位列第一。根据产业在线披露，2025 年 5 月空调总销量市占率美的以 29.50%的市占率位列第一，格力、海信、奥克斯、海 尔市占率分别为 20.70%、6.50%、10.50%和 9.20%。 B、冰箱出货端：内销保持增长，外销有所下降。根据产业在线披露数据，2025 年 5 月冰箱行业实现产量 839.90 万台，同比上升 2.0%；实现销量 849.70 万台，同比上升 1.83%，其中内销 388.50 万台，同比上升 13 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-048 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 6 月 30 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 6 月 30 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。 背景 本公司第十二屆董事會 2025 年第一次會議以及 2024 年股東周年大會已分別於 2025 年 3 月 28 日以及 2025 年 6 月 25 日審議批准了本公司《關於以自有閒置資金進行委託理財的議案》， 同意本公司在控制投資風險的前提下，以提高資金使用 ...

Summary of Hisense Home Appliances Conference Call Company and Industry Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning and related products Key Points and Arguments 1. **Pressure on Air Conditioning Profit Margins**: In May-June 2025, air conditioning profit margins were under pressure due to price competition in the low-end market, leading to a year-on-year decline in domestic air conditioning profit margins. However, significant relief in revenue and profit margin pressure is expected in Q3 2024 [2][5][10] 2. **Integration of Air Conditioning Division**: Hisense is advancing the integration of its air conditioning division, which includes resource integration in marketing and product development. This is expected to enhance efficiency, although challenges exist due to the legal structure of joint ventures [2][6][7] 3. **Impact of U.S. Tariffs**: The imposition of tariffs on appliances exported to the U.S. has had a limited impact on Hisense, as the North American market accounts for less than 10% of overall sales. The company’s overseas business growth remains better than the domestic market [2][8][10] 4. **Growth in European Market**: There is an increasing demand for heat pumps in Europe, contributing to product structure upgrades. The "Brilliant" series is benefiting from subsidies in the mid-to-high-end market, with revenue nearing 5% of total domestic sales [2][12] 5. **Challenges in the Central Air Conditioning Market**: The shrinking of the refined decoration market has negatively impacted the central air conditioning business, although there is slight growth in non-real estate public construction projects. The C-end market is facing intensified competition [2][14] 6. **Performance of Washing Machines**: The washing machine segment, while smaller in revenue contribution, is experiencing the fastest growth, with GMV increasing over 50% during the 618 shopping festival in 2025 [4][20] 7. **Future Growth Potential**: Hisense's future growth potential lies in system efficiency integration and channel collaboration, particularly between home appliances and central air conditioning channels [2][25][26] 8. **Investment in New Business Areas**: The company is actively expanding into smart building management systems, energy storage, and data centers, with plans to increase production capacity in ASEAN regions to meet local demand [3][16][22] 9. **Challenges in Export Markets**: The growth rate in developing markets has slowed down to single or double digits, contrasting with previous growth rates of 30-40% [9][10] 10. **Stock Valuation and Dividend Policy**: The current stock price is at a historical low, with a dividend of 1.23 CNY per share approved, indicating a relatively high dividend yield in the consumer goods sector [27] Other Important but Overlooked Content - **Brand Positioning**: Hisense is maintaining a high-end brand image in overseas markets, particularly in ASEAN, which is crucial for future growth [11][12] - **Market Dynamics**: The air conditioning market is experiencing a price competition cycle, but it is expected to be shorter than previous cycles, with a potential recovery in prices anticipated in Q3 2025 [24] - **Strategic Partnerships**: The company is exploring potential collaborations with Bosch Group post-shareholder changes, which could lead to new cooperative opportunities [13]