Xin Lang Cai Jing·2025-09-30 10:33Core Viewpoint - The domestic home appliance market shows resilience in growth during the first half of 2025, supported by the "trade-in" policy, with the TV industry retail volume and value both increasing slightly compared to the previous year [1] Group 1: Market Performance - In the first half of 2025, the retail volume of the domestic TV industry reached 15.27 million units, a year-on-year increase of 0.9%, while the retail value was 62.5 billion yuan, showing a positive trend [1] - A total of 10 listed companies in the black home appliance sector reported a combined revenue of 102.15 billion yuan, representing a 6.3% increase compared to the same period in 2024 [1] Group 2: Company Performance - Sichuan Changhong led the revenue rankings with 56.71 billion yuan, approximately 2.08 times that of the second-ranked Hisense Visual, while the top company in other black home appliance categories, Skyworth Electronics, reported only 4.095 billion yuan [1] - The operating costs of black home appliance companies generally increased, with about two-thirds of the companies experiencing a cost growth rate higher than their revenue growth [1] Group 3: Cost and Efficiency - The operating cost as a percentage of revenue for black home appliance companies remained between 80% and 90%, with 70% of companies experiencing a decline in gross margin year-on-year [1] - *ST Gauss had an operating cost ratio as high as 96.5%, with a slight decrease in sales gross margin to 3.5% [1] - Companies like Chenyi Intelligent and Hisense Visual saw comprehensive growth in sales, management, and R&D expenses, while others like *ST Gauss and Jiulian Technology reduced both sales and R&D expenses [1] Group 4: Profitability - Hisense Visual achieved the highest net profit attributable to shareholders at approximately 1.056 billion yuan, nearly 400 million yuan higher than the second-ranked Zhao Chi Shares [1] - *ST Gauss and Jiulian Technology reported losses, marking three consecutive years of mid-year net losses [1] - Tongzhou Electronics led in sales net profit margin at 37.4%, nearly doubling compared to the same period in 2024, while *ST Gauss ranked last with a margin of -31.4% [1] Group 5: Cash Flow and Inventory - Zhao Chi Shares reported positive operating cash flow, while *ST Gauss, Tongzhou Electronics, Skyworth Digital, and others experienced net cash outflows from operating activities [1] - Approximately 60% of companies saw a year-on-year decrease in operating cash flow net amount [1] - *ST Gauss had accounts receivable turnover days exceeding 300, while Hisense Visual and Extreme Technology maintained turnover days below 30, indicating faster cash recovery [1] - Extreme Technology reported inventory turnover days of 172, significantly higher than the average of 75 days for comparable companies, attributed to preemptive stocking for promotional events [1]