Zhi Tong Cai Jing·2025-07-30 10:12Core Insights - Hisense Home Appliances (000921) reported a total revenue of 49.34 billion RMB for the first half of 2025, representing a year-on-year increase of 1.44% [1] - The net profit attributable to shareholders reached 2.077 billion RMB, marking a year-on-year growth of 3.01% [1] - Basic earnings per share stood at 1.52 RMB [1] Industry Overview - The domestic washing machine industry experienced a release of consumer potential due to the national subsidy policy for "old-for-new" appliance exchanges [1] - According to AVC monitoring data, the retail volume of the washing machine market grew by 7.3% year-on-year in the first half of 2025 [1] - The policy benefits are gradually diminishing, indicating a transition to a high-quality development phase in the industry, with increasing consumer demand for integrated washing and drying machines, large-capacity models, and segmented washing functions [1] Global Market Trends - Despite challenges such as geopolitical risks and rising shipping costs, the global home appliance market demonstrated strong resilience [1] - Data from the industry online indicates that from January to May 2025, the export volume of refrigerators increased by 6.5%, washing machines by 10%, and air conditioners by 15.2% year-on-year [1] - The demand for upgrades and high-end products in the European and American markets continues to drive market growth, with consumers increasingly favoring energy-efficient and smart appliances [1] - Emerging markets like Latin America and ASEAN are experiencing significant consumer potential due to their large population bases, leading to a continuous increase in the penetration rate of home appliance products [1]