Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 49.34 billion CNY, slight growth year-on-year - **Main Business Revenue**: 45.7 billion CNY, up 4.98% year-on-year - **Net Profit**: 2.077 billion CNY, up 3% year-on-year - **Operating Cash Flow**: 5.322 billion CNY, up 153% year-on-year - **Earnings per Share**: 1.52 CNY, slight growth year-on-year [4][5][6] Industry and Market Dynamics - **Domestic Market**: Intense competition, particularly from new entrants like Xiaomi and established players like Midea [7] - **Central Air Conditioning Market**: Overall slight decline, but Hisense Hitachi's performance outperformed the market [4][15] - **Overseas Market**: Continued growth expected, although second-quarter growth slowed [9][11] Strategic Initiatives - **Cost Control and Efficiency**: Implemented organizational changes, R&D collaboration, supply chain integration, and manufacturing optimization to enhance efficiency and reduce costs [2][7] - **Global Strategy**: Transitioned to a "7+1" global operational center layout to strengthen overseas team building and market responsiveness [2][10] - **Product Development**: Focus on high-margin new products and optimizing product structure to improve profitability [16][17] Product Performance - **Ice and Washing Products**: Profit margins improved due to scale effects and product enhancements; Hisense refrigerators ranked first in sales in 12 countries [12] - **Three Electric Business**: Affected by exchange losses and personnel optimization costs, but expected to save 100-120 million CNY annually through personnel optimization [13] - **Central Air Conditioning**: New products to be launched in the home decoration sector, with a focus on heat pump products [15] Future Outlook - **Revenue and Profit Goals**: Despite second-quarter performance concerns, the company remains optimistic about achieving annual targets [14][30] - **Market Growth Expectations**: Anticipated growth in the third quarter, with better performance expected in the fourth quarter [26] - **Impact of Subsidy Policies**: The effectiveness of subsidy policies for home appliances is expected to continue, supporting market growth [32] Challenges and Risks - **Competitive Pressure**: Increased competition in the domestic market and potential impacts from geopolitical factors on production capacity [27][28] - **Inventory Management**: Central air conditioning inventory expected to clear in the third quarter, with a focus on improving efficiency [31] Management Changes - **Leadership Adjustments**: Recent changes in the board reflect a strategic upgrade for air conditioning and overseas business segments, aiming to enhance international marketing and operational synergy [17][18] Conclusion Hisense Home Appliances is navigating a competitive landscape with strategic initiatives aimed at improving efficiency, expanding market presence, and enhancing product offerings. The company remains optimistic about future growth despite current challenges and is focused on maintaining profitability through cost control and product innovation.

Summary of Hisense Home Appliances Group (000921.SZ) Earnings Call Company Overview - **Company**: Hisense Home Appliances Group - **Ticker**: 000921.SZ - **Industry**: Home Appliances Key Financial Results - **2Q25 Performance**: - Total revenue: Rmb 49,340 million, Net profit: Rmb 2,077 million - Year-over-year growth: +1% in revenue, +3% in net profit - 2Q25 implied decline: -3% in revenue, -8% in net profit - **Market Reaction**: - Share price declined by 5.6% in A-shares and 6.4% in H-shares, compared to CSI300 (-3.2%) and HSI (-1.6%) [1][2] Management Insights - **Earnings Call Date**: July 31 - **Key Topics Discussed**: - 2025 guidance, Hisense-Hitachi partnership, overseas updates, domestic competition, margin outlook - **Management's View**: - Results may be better than they appear due to short-term adjustments in the central AC business, which is expected to improve [2][4] - Developer channel revenue declined, but retail and commercial channels remained stable [2][4] Margin and Revenue Insights - **Margins**: - Domestic margins remained stable while export margins improved due to product upgrades and operational efficiency [2][8] - **Channel Performance**: - Core central AC business saw a decline, but positive growth was noted in the 2C channel [5][8] - **Overseas Sales**: - Negative growth in overseas sales attributed to proactive risk management; expected improvement in 4Q25 [8] Earnings Forecast and Valuation - **Revised Earnings Estimates**: - EPS estimates for 2025E-2027E revised down by 0-2% [6][10] - **Price Target**: - 12-month target price set at Rmb 34 for A-shares and HK$ 29 for H-shares, based on 14x/11x 2027E P/Es [12][14] - **Valuation Metrics**: - Current trading at 10x/8x 25E P/E with a dividend yield of 5%/6% [2][10] Investment Thesis - **Reasons for Buy Rating**: - High earnings growth visibility supported by 2024 ESOP target - Attractive dividend yield - Undemanding forward P/E against high single-digit profit growth [10][11] Risks Identified - **Key Risks**: - Weaker global demand for white goods - Property market slowdown affecting VRF demand - Increased domestic competition impacting Hisense-Hitachi JV - Margin dilution from developer channel penetration - Integration challenges with Hisense-Hitachi JV [13][10] Conclusion - **Overall Outlook**: - Despite short-term challenges, the long-term growth potential remains strong due to product expansion and operational improvements. The company is positioned to benefit from synergies between its central and split AC businesses, as well as overseas market opportunities [2][10][11]

Group 1 - The core viewpoint of the article highlights the movements of social security funds in the stock market, revealing that they appeared in the top ten circulating shareholders of 14 stocks by the end of the second quarter, with a total holding of 175 million shares valued at 4.237 billion yuan [1][2] - Social security funds increased their holdings in 5 stocks and initiated positions in 4 new stocks, while reducing their stakes in 4 stocks [1][2] - The stock with the highest number of social security fund shareholders is Su Shi Testing, with 3 funds listed among the top ten shareholders, holding a total of 14.862 million shares, accounting for 2.94% of the circulating shares [1][2] Group 2 - Among the stocks held by social security funds, 12 companies reported year-on-year net profit growth in their semi-annual reports, with Ding Tong Technology achieving the highest growth rate of 134.06%, followed by Hui Jia Times and Cangge Mining with increases of 62.64% and 38.80% respectively [2] - The distribution of stocks held by social security funds shows that 10 are from the main board, 2 from the ChiNext board, and 2 from the Sci-Tech Innovation board, with a concentration in the pharmaceutical and electrical equipment industries [2] - Since July, the average increase of stocks heavily held by social security funds is 10.24%, outperforming the Shanghai Composite Index, with Ding Tong Technology showing the best performance with a cumulative increase of 44.64% [2][3]

Core Insights - The report highlights a decrease in the activity of the new stock market in July 2025, with only 7 new stocks listed, and a significant drop in the first-day gains of new stocks on the Sci-Tech Innovation Board, although their opening valuations increased [5][6] - The report emphasizes the international expansion of the company, particularly in the electric tools sector, with a new large order from a European retailer, indicating strong recognition of its products globally [8][11] - The financial performance of the company shows steady growth, with a projected net profit increase from 26.1 billion to 38.5 billion from 2025 to 2027, reflecting a robust growth trajectory [10][15] New Stock Market Analysis - In July 2025, the new stock market saw a total of 7 new listings, with a notable decline in the first-day gains of new stocks on the Sci-Tech Innovation Board, which recorded a first-day gain of 210.06% for Yitang Co. [5][6] - The overall market activity decreased, with only 41.46% of new stocks showing positive gains, down from 71.74% in the previous period [5] Company Performance - The company achieved a revenue of 493.4 billion in H1 2025, with a year-on-year growth of 1.44%, and a net profit of 20.77 billion, reflecting a 3.01% increase [14] - The overseas revenue significantly outperformed domestic revenue, with a 12.34% increase in foreign sales compared to a slight decline in domestic sales [14] - The electric tools segment saw a 36.53% year-on-year growth in revenue, indicating a strong market presence and potential for future expansion [11] International Expansion - The company secured a major order for electric tools from a European retailer, expected to generate at least 15 million USD annually, which is over 5% of its projected revenue for 2024 [8] - The company has established a comprehensive global manufacturing and supply chain management system, enhancing its international competitive edge [11] Financial Projections - The company forecasts revenues of 985.42 billion, 1040.12 billion, and 1122.66 billion for 2025 to 2027, with corresponding net profits of 36.91 billion, 41.71 billion, and 45.87 billion, indicating a strong growth outlook [15] - The projected earnings per share (EPS) are expected to rise from 2.67 to 3.31 over the same period, reflecting a favorable valuation with a PE ratio decreasing from 9.6 to 7.7 [15]

Core Viewpoint - Hisense Home Appliances Group Co., Ltd. announced the completion of a shareholding increase plan by its controlling shareholder's concerted action party, Qingdao Hisense Communication Co., Ltd., which has acquired a total of 13,856,065 shares, representing 1.00% of the company's total share capital [2][11]. Group 1: Shareholding Increase Plan - The shareholding increase plan was disclosed on July 9, 2025, with a timeframe from July 4, 2025, to January 3, 2026, aiming to acquire between 6,928,084 and 13,856,168 shares [2][7]. - As of the announcement date, Qingdao Hisense Communication has completed the acquisition of 13,856,065 shares, amounting to 356,690,000 yuan [2][11]. - Following this increase, Qingdao Hisense Communication holds a total of 27,716,093 shares, which is 2.00% of the total share capital [2][11]. Group 2: Changes in Shareholding Structure - The total share capital of the company decreased from 1,385,616,805 shares to 1,384,861,171 shares due to the repurchase and cancellation of 755,634 restricted shares [3][10]. - The indirect controlling shareholder, Hisense Group Holdings Co., Ltd., increased its total shareholding from 47.28% to 48.30% after the completion of the shareholding increase [3][11]. - The shareholding structure includes 516,758,670 shares held by Qingdao Hisense Air Conditioning Co., Ltd. (37.31%), 124,452,000 shares held by Hisense (Hong Kong) Co., Ltd. (8.99%), and 27,716,093 shares held by Qingdao Hisense Communication (2.00%) [3][11]. Group 3: Compliance and Legal Aspects - The shareholding increase does not violate any relevant regulations and will not lead to a change in the company's control [13]. - The implementation of the shareholding increase plan complies with the provisions of the Company Law and the relevant regulations of the Shenzhen Stock Exchange [13]. - A legal opinion was issued confirming that the increase does not require a mandatory tender offer [13].

消息面上，公司控股股东一致行动人青岛海信通信有限公司已完成增持计划，累计增持1386万股，占总 股本的1%，增持金额约3.57亿元。此外，社保基金在二季度末持有海信家电1790.06万股，持仓市值达 4.60亿元，位列社保基金持仓市值排名第三位。 资金流向方面，8月4日主力资金净流入2142.88万元，近五日主力资金累计净流入8843.31万元。 截至2025年8月4日15时，海信家电股价报25.42元，较前一交易日下跌0.31%，成交额达3.92亿元。 海信家电主营业务涵盖家用电器制造与销售，产品包括空调、冰箱、洗衣机等，是国内家电行业的重要 企业之一。 风险提示：市场有风险，投资需谨慎。 来源:金融界 ...

2025年7月4日至2025年8月1日，海信通信已通过深圳证券交易所交易系统，以集中竞价方式累计增持公 司股份13,856,065股，占公司总股本的1.00%，累计增持股份金额356,690,000元，本次增持计划已提前 实施完毕。本次增持后，海信通信累计持有公司股份27,716,093股，占公司总股本的2.00%。 海信家电（000921）(00921)公布，公司于2025年8月1日收到海信通信出具的《青岛海信通信有限公司 增持计划完成的告知函》。 ...

智通财经APP讯，海信家电(00921)公布，公司于 2025 年 8 月 1 日收到海信通信出具的《青岛海信通信 有限公司增持计划完成的告知函》。 2025 年 7 月 4 日至 2025 年 8 月 1 日，海信通信已通过深圳证券交易所交易系统，以集中竞价方式累计 增持公司股份 13,856,065 股，占公司总股本的1.00%，累计增持股份金额356,690,000元，本次增持计划 已提前实施完毕。本次增持后，海信通信累计持有公司股份27,716,093股，占公司总股本的2.00%。 ...

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份內容而產生或 因倚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） 海外市場監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 《海信家電集團股份有限公司關於控股股東一致行動人增持股份計劃實施完成暨觸及 1% 整 數 倍 的 公 告 》 已 刊 載 於 深 圳 證 券 交 易 所 指 定 之 信 息 披 露 網 站 ： http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2025 年 8 月 4 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生及代慧忠先 生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生；及本公司的職 工代表董事為殷必彤先生。 海信 ...

Wind数据显示，截至8月4日15:30，共有83家A股上市公司披露2025年半年报，社保基金出现在13家上市公司前十大流通股东名单中。 2025年二季度，社保基金新进成为4家上市公司的前十大流通股东，对3家上市公司的持股数量增加。根据已披露的半年报，截至二季度末，社保基金合计持 股数量达1.60亿股，持股市值为41.26亿元（按照二季度末收盘价计算）。 从社保基金持仓市值排名看，社保基金对海大集团的持仓市值达12.32亿元，位居第一；藏格矿业、海信家电的持仓市值分居第二、第三位，分别达7.73亿 元、4.60亿元。此外，社保基金对东方雨虹持仓市值超4亿元，对宏发股份持仓市值超3亿元。 | 代理 | 名称 | | 培设量(同時) | | | | --- | --- | --- | --- | --- | --- | | | | 45.El. | (स्प्रेस) | 上期 | ↓本目 | | 002311.SZ | ：海大集团 | 2.103.4350 | 1.015.0118 | 1.088.4232 : | 123,240.26 | | 000408.SZ | ：藏格矿业 | 1,812.0000 | ...