股票代码：000921 股票简称：海信家电 公告编号：2025-064 海信家电集团股份有限公司 关于购买股权、出售资产暨关联交易公告 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9月26日召开第十二届董事会2025 年第五次临时会议，审议通过了《关于向海信视像科技股份有限公司购买股权暨关联交 易的议案》《关于向海信视像科技股份有限公司出售资产暨关联交易的议案》《关于向 广东海信电子有限公司出售资产暨关联交易的议案》，现将相关事项公告如下： 一、关于向海信视像科技股份有限公司购买股权暨关联交易的事项 住所、注册地及主要办公地点：青岛市经济技术开发区前湾港路218号 （一）关联交易概述 1.2025年9月26日，本公司审议通过了《关于向海信视像科技股份有限公司购买股 权暨关联交易的议案》，为整合注塑、冲压业务，优化子公司的业务定位，提升内部管 理协同效益，本公司全资子公司青岛海信模具有限公司（「海信模具」）与海信视像科 技股份有限公司（「海信视像」）签署了《股权转让协议》，海信模具拟以自有资金购 买海信视像持 ...

证券之星消息，9月26日白色家电板块较上一交易日上涨1.43%，美的集团领涨。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。白色家电板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 2.56亿 | 7.26% | 168.00万 | 0.05% | -2.58 Z | -7.31% | | 600690 海尔智家 | | 2.55 Z | 19.68% | -1.76亿 | -13.61% | -7844.78万 | -6.06% | | 000651 | 格力电器 | 4593.05万 | 2.57% | -5287.34万 | -2.96% | 694.29万 | 0.39% | | 00 ...

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Date**: Q3 2025 Key Points Industry and Market Performance - **White Goods Business**: Accelerated growth in Q3 compared to Q2, with improvements in HVAC, compressors, and washing machines. New air conditioning installations increased by over 50% [2][9] - **Domestic Market**: Intense competition; Hisense is launching high-end products and cost-effective models to enhance competitiveness while reducing SKU to improve product focus [2][5] - **Export Market**: Significant growth driver, with 60% of the processing segment's revenue from exports. The washing machine segment's export sales are nearly half, with rising profit margins aimed to match domestic levels in 2-3 years [2][8] Financial Performance - **Q3 Performance**: Steady domestic sales with HVAC demand spiking in July due to weather, leading to a recovery in refrigerator sales from a slight decline in Q2 to positive growth in Q3. Japanese subsidiary revenue grew approximately 10% in Q2, with expectations of 3-4% growth in H2 [3][9] - **Profit Margins**: While competition has eased slightly, increased costs in online and lower-tier channels may impact overall profit margins [10][11] Strategic Initiatives - **Response to Tariffs**: Gradual relocation of production lines to Mexico and ASEAN to mitigate North American tariff impacts, alongside efficiency improvements in manufacturing [4][28] - **Product Strategy**: Focus on high-end products and innovative designs, such as integrated refrigerators and zone washing machines, to drive sustainable growth beyond subsidies [5][7][8] Future Outlook - **Q4 Expectations**: Anticipated greater pressure in Q4 due to high baseline from last year's subsidy rollout. The company is preparing for a competitive environment regardless of subsidy availability [6][8] - **Long-term Growth**: Aiming for mid-single-digit revenue growth in 2026, with a focus on both traditional and new energy vehicle markets [26] Market Expansion - **Emerging Markets**: High growth potential in regions like Middle East, ASEAN, and Latin America, with expected growth rates of 10-20% [2][20][22] - **Brand Strategy**: Emphasis on building brand presence through sports marketing in Europe, achieving the highest market share in refrigerators [2][20][21] Challenges and Risks - **Competitive Landscape**: Ongoing intense competition in the domestic market, with expectations of continued price wars [8][10] - **Currency Fluctuations**: Minimal impact from currency fluctuations due to neutral exchange management strategies [30] Employee Incentives - **Stock Incentives**: Plans to introduce a new stock incentive scheme to motivate employees, alongside considerations for increasing dividend payouts [32][33] Conclusion Hisense Home Appliances is navigating a competitive landscape with strategic initiatives focused on product innovation, market expansion, and operational efficiency to drive growth and profitability in both domestic and international markets.

Core Insights - The article highlights the rapid integration of embodied intelligence robots in various sectors in Qingdao, showcasing the city's ambition to establish a strong foothold in this emerging industry [1][10]. Group 1: Technological Advancements - Qingdao Leju Robotics has developed the humanoid robot "Kua Fu," which features advanced AI capabilities for interaction and decision-making, enhancing visitor experiences in exhibition settings [2][3]. - The ARTROBOT series by Qingdao Iron Man Technology has evolved from basic bipedal movement to complex tasks like serving tea and screwing, demonstrating significant advancements in robotic action capabilities [3][4]. - The fifth generation of ARTROBOT incorporates a self-developed "motion brain," which enhances precision and fluidity in robotic movements while reducing power consumption [3][4]. Group 2: Medical and Rehabilitation Innovations - Shandong Zhuoye Medical has created the world's first AI percutaneous puncture navigation robot, achieving sub-millimeter precision, which is crucial for tumor intervention surgeries [4][5]. - Kangdao (Qingdao) Medical Technology focuses on AI and embodied intelligence in rehabilitation, with its lower limb exoskeleton robot aiding patients with mobility impairments [4][5]. Group 3: Industry Leadership and Collaborations - Qingdao enterprises have achieved multiple "firsts" in the core areas of the embodied robot industry, showcasing their competitive edge [6][10]. - Companies like Guohua (Qingdao) Intelligent Equipment and Hexagon are making significant contributions to the development of key components and digital solutions for the robotics industry [6][7]. Group 4: Government Support and Strategic Initiatives - The Qingdao government has launched action plans to support the humanoid robot industry, focusing on technology development, platform support, and ecosystem building [11][12]. - A substantial fund has been established to provide financial backing for research and production expansion, alongside talent policies to address workforce needs [11][12]. Group 5: Future Directions and Market Potential - Qingdao aims to create a comprehensive ecosystem for embodied intelligence robots, with over 60 application scenarios across various sectors, including healthcare and industrial automation [12]. - The city is positioning itself as a leader in the smart manufacturing upgrade in China, leveraging its industrial foundation, corporate dynamism, and government commitment [12].

Core Viewpoint - Hisense's HHA Smart Manufacturing Industrial Park in Thailand marks a significant overseas expansion, aimed at enhancing its presence in ASEAN and globally [1][3][4] Group 1: Project Overview - The HHA Industrial Park is Hisense's largest overseas production base, with a planned annual capacity of 12 million units and an annual output value of 100 billion Thai Baht by 2030 [1] - The first phase of the project involves an investment of 4.7 billion Thai Baht, establishing a factory for refrigerators, freezers, and washing machines, with an expected annual capacity of 2.6 million units and an output value of 8 billion Thai Baht [1] - The park aims to meet "global lighthouse factory" standards, incorporating advanced technologies such as AI quality inspection and digital twin technology to enhance production efficiency [1] Group 2: Strategic Location and Benefits - The industrial park is strategically located in the Eastern Economic Corridor (EEC) of Thailand, near deep-water ports and international airports, allowing for shared resources with established companies like Panasonic and Hitachi [2] - The Thailand Board of Investment has classified the project as a key foreign investment initiative, which is expected to reduce local operational costs by approximately 12% through shared facilities [2] Group 3: Business Performance and Market Context - Hisense's overseas revenue reached 20.451 billion yuan in the first half of 2025, a year-on-year increase of 12.34%, significantly outpacing the domestic business which saw a decline of 0.31% [3] - The ASEAN region, targeted by the HHA Industrial Park, experienced a 46% increase in sales of open-door refrigerators and a 55% increase in washing machine revenue in the same period [3] - The global home appliance trade is undergoing significant changes, with export volumes for refrigerators, washing machines, and air conditioners increasing by 6.5%, 10%, and 15.2% respectively in early 2025, amidst rising trade protectionism [3] Group 4: Long-term Vision and Industry Impact - The establishment of the HHA Industrial Park signifies Hisense's shift from "product output" to "ecosystem output," aiming to create a global supply chain model for Chinese home appliance companies [6] - Hisense's overseas strategy emphasizes deep localization through integrated R&D, production, and sales, with significant investments in R&D leading to over 20 technological breakthroughs [5]

Market Overview - As of September 24, the Shanghai Composite Index closed at 3853.64 points, with a gain of 0.83%. The Shenzhen Component Index closed at 13356.14 points, up by 1.80%. The ChiNext Index closed at 3185.57 points, increasing by 2.28% [1]. Trading Activity - A total of 2309 stocks saw an increase in average transaction volume, with 57 stocks experiencing a rise of over 50% in average transaction volume. Conversely, 2250 stocks reported a decrease in average transaction volume [1]. - Notable stocks with significant increases in average transaction volume include ST Jinggu, *ST Yatai, and Shibei Gaoxin, which showed substantial growth [1]. Individual Stock Performance - The following stocks had the highest increases in average transaction volume on September 24: - ST Jinggu: 5.00% increase, average transaction volume of 4012 shares, up by 248.10% - *ST Yatai: 5.04% increase, average transaction volume of 5621 shares, up by 159.79% - Shibei Gaoxin: 9.98% increase, average transaction volume of 2946 shares, up by 158.79% [1]. Trading Volume and Transaction Count - The stocks with the highest increase in transaction count include: - Heertai: 1.47% increase, 453,845 transactions, up by 7936.92% - Dazhong Public Utilities: 4.79% increase, 278,574 transactions, up by 2732.19% - ST Chuangyi: -4.13% decrease, 37,426 transactions, up by 2449.46% [2]. Stocks with Significant Growth - The following stocks had both average transaction volume and transaction count increase by over 50%: - *ST Yatai: 5.04% increase, average transaction volume of 5621 shares, up by 159.79%, with 2238 transactions, up by 1273.01% [3]. - Other notable stocks include: - Yangyuan Beverage: 9.98% increase, average transaction volume of 785 shares, up by 104.84%, with 17,973 transactions, up by 118.81% [4].

Market Overview - The Shanghai Composite Index closed at 3853.64 points, above the six-month moving average, with a gain of 0.83% [1] - The total trading volume of A-shares reached 23,471.54 million yuan [1] Stocks Breaking Six-Month Moving Average - A total of 303 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Shengyang Technology (603703) with a deviation rate of 8.72% and a daily increase of 10.02% [1] - Zhizheng Co., Ltd. (603991) with a deviation rate of 8.38% and a daily increase of 10.00% [1] - Shangong Shenbei (600843) with a deviation rate of 8.31% and a daily increase of 10.02% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Jiabiou (688038) with a deviation rate of 8.14% and a daily increase of 11.09% [1] - Pairui Co., Ltd. (603156) with a deviation rate of 7.66% and a daily increase of 9.98% [1] - Jiahuan Technology (002129) with a deviation rate of 6.72% and a daily increase of 10.04% [1] Additional Notable Stocks - Other stocks with notable performance include: - Haier Smart Home (000921) with a deviation rate of 6.72% and a daily increase of 8.64% [1] - Hangang Co., Ltd. (600126) with a deviation rate of 6.61% and a daily increase of 10.02% [1] - Yonyou Network Technology (600588) with a deviation rate of 4.11% and a daily increase of 4.95% [1]

Group 1 - The Hang Seng Index rose by 1.37%, while the Hang Seng Tech Index increased by 2.53% [1] - Technology stocks showed strong performance, with Alibaba rising by 9% to reach a new high, announcing a collaboration with NVIDIA on Physical AI [1] - Semiconductor company SMIC saw a nearly 6% increase, hitting a historical high [1] Group 2 - Home appliance stocks performed well, with Hisense Home Appliances surging by 14% after establishing a joint laboratory with Dow [1] - Pharmaceutical stocks faced a downturn, with Yimeng Bio falling by nearly 9% [1]

Core Viewpoint - Hisense Home Appliances (000921)(00921) has seen a significant stock price increase following the signing of a strategic cooperation memorandum with Dow Chemical, indicating a deepening partnership and potential for future collaboration in the appliance and polyurethane sectors [1] Group 1: Strategic Developments - On September 8, Hisense Home Appliances and Dow Chemical signed a strategic cooperation memorandum, establishing a solid foundation for collaboration in the polyurethane business and home appliances [1] - The agreement includes the establishment of a joint laboratory at the Dow Shanghai Center, focusing on the development of new materials and technologies to meet the evolving demands of the home appliance market [1] Group 2: Financial Outlook - Goldman Sachs recently reported discussions with Hisense management, who expressed confidence in achieving their employee stock ownership plan by 2025 [1] - Management anticipates a compound annual growth rate (CAGR) of mid-to-high single digits for revenue and 10%-20% for profit over the next three years [1] - The management expects an improvement in domestic business profit margins in the second half of the year due to a relatively low revenue base compared to leading competitors [1] Group 3: Business Performance - The overseas home appliance business is expected to accelerate growth in Q3, with further improvements anticipated in Q4, driven by inventory normalization and demand recovery [1] - The central air conditioning business showed month-on-month improvement in July, although ongoing pressures from the real estate market may persist [1] - The company believes that various initiatives will help mitigate the impact of the real estate market challenges [1]

高盛近期发布研报称，近期与海信家电管理层进行了交流。管理层表示将努力达成2025年员工持股计划 目标，并预计未来三年收入/利润年均复合增速将分别达到中高个位数/10%-20%区间；由于相对龙头企 业的收入基数较低，管理层预计下半年国内业务利润率将改善；管理层预计海外家电业务三季度增长加 速，四季度将进一步改善，受到库存和需求正常化推动；中央空调业务7月份环比改善，但房地产市场 压力可能持续，公司称各项举措有望缓和这一影响。 消息面上，9月8日，陶氏公司与海信家电集团正式签署战略合作谅解备忘录，标志着双方合作关系进一 步深化。此次签约不仅奠定了双方在聚氨酯业务、家用电器及相关领域的坚实基础，也为未来更广泛的 合作打开了新局面。双方一致同意在上海陶氏中心设立联合实验室，专注于开发新材料与新技术，以更 好地满足家电市场日益变化的需求。 智通财经APP获悉，海信家电(00921)早盘涨超6%，截至发稿，涨5.78%，报24.88港元，成交额7012.15 万港元。 ...