创维2025年中报：穿越周期的“双轮驱动”样本

Core Insights - The article highlights how Skyworth Group has achieved a revenue of 36.264 billion yuan, with a year-on-year growth of 20.3%, by leveraging new energy as a "second growth curve" and globalization as a "risk hedge" [1][3] - Skyworth's performance serves as a valuable reference for the Chinese manufacturing industry on how to create incremental growth in a saturated market [1] Revenue Breakdown - The company's revenue can be dissected into segments, with the new energy business generating 13.836 billion yuan, reflecting a remarkable year-on-year growth of nearly 54%, especially in a challenging photovoltaic market [6] - The smart home appliance segment reported revenue of 17.074 billion yuan, with a year-on-year growth of 9.4%, indicating a shift from selling hardware to providing a comprehensive AI terminal ecosystem [8] Strategic Initiatives - Skyworth has redefined its business model by integrating traditional home appliances into a unified "full-scenario AI terminal" system, enhancing collaboration among products and creating a data-driven ecosystem [8][10] - The company has also ventured into the automotive display module market, applying its AI image quality algorithms to major car manufacturers, thus opening a third growth curve [10] R&D Focus - The company invested 1 billion yuan in R&D during the first half of 2025, which, while only 2.8% of revenue, is strategically focused on AI algorithms, energy storage, and advanced display technologies [11] - R&D is positioned as a central hub that connects new energy, home appliances, and automotive sectors, facilitating the development of reusable modules and algorithms [11] Future Outlook - Skyworth has transitioned from a "home appliance manufacturer" to a "green energy operator and AI terminal platform," aiming to leverage new energy for expansive growth and mitigate market fluctuations through globalization [13] - The company envisions a future where every unit of green electricity, every terminal device, and every piece of data continuously creates value within a global digital-energy dual cycle [13]