Core Viewpoint - Skyworth Group is experiencing a significant decline in net profit, with expectations of a 50% drop, following a previous 46.9% decrease in 2024, indicating a troubling trend in financial performance [2][9]. Financial Performance - From 2021 to 2023, Skyworth's net profit has shown a clear downward trend, with figures of 1.634 billion yuan, 827 million yuan, and 1.069 billion yuan respectively. The 2022 net profit saw a drastic decline of 49.39% [1]. - Skyworth Digital, a subsidiary, anticipates a net profit of 43 million to 63 million yuan for the first half of 2025, representing a year-on-year drop of 76.35% to 65.35% [9]. Market Conditions - The decline in performance is attributed to the ongoing downturn in the domestic real estate market, which has led to reduced sales and subsequent impairment provisions in the modern service sector [1]. - National statistics indicate a 12.9% year-on-year decrease in new residential property sales area in 2024, with sales revenue down 17.1%, further impacting the demand for major appliances [1]. Product Performance - Skyworth's main products, including televisions, refrigerators, and washing machines, are facing a slowdown in the overall domestic major appliance market, which has even seen periods of negative growth [5]. - The domestic TV market has been particularly hard hit, with retail volume dropping by 13.6% in 2023 and a further decline of 1.8% expected in 2024 [5]. Competitive Landscape - Skyworth's market share in television reached 17.0% in 2024, a slight increase of 0.4 percentage points from 2023, but the company faces stiff competition from domestic brands like Hisense and TCL, as well as international players [8]. - The entry of internet brands like Xiaomi has intensified price competition in the TV sector, leading to a phenomenon where some brands are reportedly selling at a loss [8]. Future Outlook - The company is under pressure to navigate through intense market competition and find ways to reverse the declining trend in performance [11].
创维集团发布盈利警告，预计上半年净利润暴降50%