2．增持结果：截至本公告披露日，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本公司股份13,856,065股，占本公司总股本的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 持有本公司股份27,716,093股，占本公司总股本的2.00%。 3．本公司在海信通信增持计划期间，已完成回购注销限制性股票755,634股，本公 司总股本由1,385,616,805股变更为1,384,861,171股，导致本公司控股股东青岛海信空 调有限公司(「青岛海信空调」)及其一致行动人合计持有本公司的股份比例被动增加。 本次增持后，本公司间接控股股东海信集团控股股份有限公司(「海信集团控股公司」) 合计持有本公司668,926,763股股份，合计持有本公司的股份比例从47.28%增加至 48.30%，适用权益变动触及1%整数倍的情形。其中，通过本公司控股股东青岛海信空调 持有516,758,670股，占本公司总股本的37.31%，通过海信（香港）有限公司持有 124,452,000股，占本公司总股本的8.99%，通过海信通信持有27,716,093 ...

北京德和衡律师事务所 关于青岛海信通信有限公司及一致行动人 免于发出要约相关事项的 法律意见书 德和衡证律意见（2025）第417号 B E I J I N G D H H L A W F I R M - 1 - 北京德和衡律师事务所 B E I J I N G D H H L A W F I R M 北京德和衡律师事务所 关于青岛海信通信有限公司及一致行动人 免于发出要约相关事项的 法律意见书 德和衡证律意见（2025）第417号 致：青岛海信通信有限公司 本所受青岛海信通信有限公司（以下简称"海信通信"或"收购人"）委托，担任其专 项法律顾问，就海信通信增持海信家电集团股份有限公司（以下简称"海信家电"或"上 市公司"）股票是否符合免于发出要约收购义务事项进行核查并出具本法律意见。 本所律师已得到相关各方的保证，即其向本所律师提供的所有法律文件和资料（包 括原始书面材料、副本材料或口头证言）均是完整的、真实的、有效的，且已将全部事 实向本所律师披露，无任何隐瞒、遗漏、虚假或误导之处，其所有副本与正本一致，所 有文件和材料上的签名与印章都是真实的，并且已向本所律师提供了为出具本法律意见 书所需要的全部事实材 ...

Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]

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。 茲提述海信家電集團股份有限公司（「本公司」，連同其附屬公司「本集團」）日期為 2025年7月30日有關（其中包括）胡先生辭任本公司執行董事、總裁、戰略委員會成員 及ESG委員會成員職務之公告（「該公告」）。除文中另有規定，本公告所用術語與該 公告所界定者具有相同涵義。 除該公告的披露內容外，董事會獲悉胡先生提出請辭以便投放更多時間追求個人發展。 除上文所披露者外，該公告所載之所有其他信息保持不變。 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。 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 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600983 | 惠両浦 | 11.22 | 1.91% | 7.50万 | 8357.12万 | | 001387 | 雪祺电气 | 14.48 | 1.83% | 4.59万 | 6594.47万 | | 000651 | 格力电器 | 46.12 | 0.50% | 21.08万 | 9.71亿 | | 600336 | 澳柯玛 | 6.97 | 0.43% | 9.51万 | 6602.08万 | | 600690 | 海尔智家 | 24.96 | 0.24% | 19.99万 | 4.98 Z | | 000333 | 美的隻厨 | 70.94 | 0.21% | 19.78万 | 13.98亿 | | 000016 | 深康佳A | 4.84 | -0.21% | 19.45万 | 9372.97万 | | 000921 | 海信家电 | 25.42 | -0.31% | 15.47万 | 3.92亿 | | 000521 | 长虹美菱 ...

Investment Rating - The report assigns a "Buy-A" rating for Hisense Home Appliances (000921.SZ) with a strong performance outlook [1][12]. Core Views - The company achieved a revenue of 49.34 billion yuan in H1 2025, with a year-on-year growth of 1.44%, and a net profit of 2.077 billion yuan, reflecting a year-on-year increase of 3.01% [2]. - The overseas market is driving performance, with foreign revenue growing by 12.34% year-on-year, while domestic revenue slightly declined by 0.31% [3]. - The company is expected to see steady growth in revenue and net profit from 2025 to 2027, with projected revenues of 98.54 billion yuan, 104.01 billion yuan, and 112.27 billion yuan, and net profits of 3.691 billion yuan, 4.171 billion yuan, and 4.587 billion yuan respectively [12]. Regional Performance Summary - Domestic revenue was 25.25 billion yuan, down 0.31% year-on-year, while overseas revenue reached 20.45 billion yuan, up 12.34% year-on-year [3]. - In Europe, revenue increased by 22.7%, with air conditioning and washing machine sales growing by 34.5% and 38.9% respectively [3]. - The Americas saw a revenue increase of 26.2%, with significant growth in washing machines (71%) and central air conditioning (59%) [3]. - The Middle East reported a 22.8% revenue increase, while the Asia-Pacific region grew by 14.5% [3]. - ASEAN region sales for refrigerators and washing machines surged by 46% and 55% respectively, with air conditioning brand revenue exceeding 80% [3]. Product Category Performance Summary - The HVAC segment generated 23.69 billion yuan, up 4.07% year-on-year, although Hisense Hitachi's revenue declined by 6.0% [4]. - The washing machine and refrigerator segment reported revenues of 15.39 billion yuan, up 4.76%, with an improvement in gross margin to 18.74% [5]. - Other main business revenues reached 6.61 billion yuan, reflecting an 8.89% increase, with significant contributions from the three electrical companies [5]. Financial Performance Summary - The company's gross margin for H1 2025 was 21.48%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin was 6.06%, down 0.17 percentage points [5]. - The financial expenses increased by 0.3 percentage points, impacting profitability [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.67 yuan, 3.01 yuan, and 3.31 yuan respectively, indicating a low valuation with strong performance certainty [12].

Core Insights - The company reported a revenue of 49.34 billion yuan for H1 2025, with a year-over-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-over-year [1] - In Q2 2025, the company achieved a revenue of 24.502 billion yuan, down 2.60% year-over-year, and a net profit of 949 million yuan, down 8.25% year-over-year [1] Regional Performance - Domestic revenue was 25.25 billion yuan, down 0.31% year-over-year, while overseas revenue reached 20.45 billion yuan, up 12.34% year-over-year [2] - Europe saw a revenue increase of 22.7%, with air conditioning business up 34.5% and washing machines up 38.9% [2] - The Americas experienced a revenue growth of 26.2%, with home air conditioning up 19.3%, washing machines up 71%, and central air conditioning up 59% [3] - The Middle East reported a revenue increase of 22.8%, with home air conditioning up 28.9% and washing machines up 21.7% [4] - The Asia-Pacific region had a revenue growth of 14.5%, with home air conditioning up 12.3% and washing machines up 9% [5] - The ASEAN region saw significant growth, with open-door refrigerator sales up 46%, washing machine revenue up 55%, and central air conditioning up 26% [5] Product Category Performance - HVAC revenue was 23.69 billion yuan, up 4.07% year-over-year, with a gross margin of 27.12%, down 1.56% [6] - Refrigeration and washing machine revenue was 15.39 billion yuan, up 4.76% year-over-year, with a gross margin of 18.74%, up 2.12% [6] - Other main revenue was 6.61 billion yuan, up 8.89% year-over-year, with significant contributions from the three electric companies [6] Profitability - The company's gross margin for H1 2025 was 21.48%, up 0.2 percentage points year-over-year, while the net profit margin was 6.06%, down 0.17 percentage points [7] - In Q2 2025, the gross margin was 21.55%, up 0.6 percentage points year-over-year, and the net profit margin was 5.53%, down 0.4 percentage points [7] Management Changes - Mr. Hu Jianrong resigned from his positions as director and president, along with his roles in the strategic and ESG committees [7] - Ms. Gao Yuling was appointed as the new president, and Mr. Yin Bitong was elected as a representative director [7] Investment Outlook - The company is projected to achieve revenues of 98.542 billion yuan, 104.012 billion yuan, and 112.266 billion yuan for 2025-2027, with year-over-year growth rates of 6.2%, 5.6%, and 7.9% respectively [8] - Net profits are expected to be 3.691 billion yuan, 4.171 billion yuan, and 4.587 billion yuan for the same period, with growth rates of 10.3%, 13%, and 10% respectively [8] - The company is considered undervalued with a projected PE ratio of 9.6, 8.5, and 7.7 for 2025-2027 [8]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]

Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3] Core Insights - The report highlights that Ninebot achieved a significant revenue increase in Q2 2025, with total revenue reaching 11.742 billion yuan, up 76.14%, and net profit increasing by 108.45% to 1.242 billion yuan [5] - The overall performance of the home appliance sector has been mixed, with the sector index declining by 1.87% in the week of July 28 to August 1, 2025, and a year-to-date performance of -0.04%, ranking 21st among Shenwan's primary industries [7][14] - The report emphasizes the potential recovery in the white goods sector due to government policies aimed at boosting consumer confidence and the ongoing recovery in the real estate market, which is expected to benefit major players like Midea, Haier, Gree, and Hisense [9][31] Summary by Sections Company Dynamics - Ninebot's Q2 2025 revenue reached 6.630 billion yuan, a 61.54% increase, with net profit at 0.786 billion yuan, up 70.77% [5] - Biyi plans to issue up to 5.6344 million shares to raise no more than 624 million yuan for the construction of a smart kitchen appliance project [6] - Hisense reported a total revenue of 49.340 billion yuan in H1 2025, a 1.44% increase, but a decline in Q2 revenue by 2.60% [6] Market Performance Review - The home appliance sector index decreased by 1.87% during the reporting week, with notable individual stock performances from Taotao Automotive and Rongtai Health, which have seen significant gains since the beginning of 2025 [14] - The real estate market showed a decline in transaction volume, with July 2025 seeing a 11.73% drop in transaction area to 7.1951 million square meters, while transaction units increased by 1.44% [21] Investment Recommendations - The report suggests focusing on the white goods sector, which is expected to benefit from government policies and a recovering real estate market, recommending stocks like Midea, Haier, Gree, and Hisense [31] - For the black goods sector, TCL is highlighted for its strong performance in high-end large-screen products and Mini LED TV shipments [31] - Ninebot is recommended for its strong R&D capabilities and growth potential in the service robot market [31]

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, but faced challenges in the second quarter due to weak domestic demand and increased competition in the air conditioning sector [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year [1][2]. - Q2 2025 revenue was 24.50 billion yuan, down 2.6% year-on-year, with a net profit of 0.95 billion yuan, a decline of 8.3% year-on-year [1][3]. - The company’s revenue from domestic and overseas markets in H1 2025 showed a slight decline of 0.3% and an increase of 12.3%, respectively [2]. Business Segment Analysis - Air Conditioning Business: H1 2025 revenue was 23.69 billion yuan, up 4.1% year-on-year, but central air conditioning growth was under pressure, declining by 6.0% due to a weak real estate market [2]. - Washing and Refrigeration Business: H1 2025 revenue reached 15.39 billion yuan, a 4.8% increase year-on-year, with washing machine revenue growing by 37.6% due to technological upgrades [2]. - Automotive Thermal Management: H1 2025 revenue increased by 3.0%, benefiting from the gradual realization of previous new energy orders [2]. Cost and Profitability - The net profit margin in Q2 2025 was 3.9%, down 0.2 percentage points year-on-year, despite a gross margin increase of 1.0 percentage points to 21.5% [3]. - The company faced a one-time expense impact from layoffs in the automotive thermal management segment, amounting to 1.9 billion yen [3]. Future Outlook - The company anticipates a recovery in performance due to favorable weather conditions and the successful rollout of government subsidies [4]. - Internal governance improvements are expected to drive growth, with a focus on supply chain efficiency and cost reduction [4]. - The company has adjusted its EPS forecasts for 2025, 2026, and 2027 to 2.68, 2.94, and 3.20 yuan, respectively, reflecting a slight decrease from previous estimates [4].