Core Viewpoint - Hisense Visual (600060.SH) is focusing on the continuous upgrade of core capabilities in display terminals, emphasizing its proactive layout in self-developed chips and AI intelligence [1] Group 1: Company Strategy - The company is enhancing the comprehensive capabilities of its display products in areas such as image processing, scene perception, and user interaction [1] - Hisense Visual is committed to maintaining an open attitude towards collaboration, exploring various partnership opportunities with potential collaborators in the industry [1] Group 2: Technological Development - The company has made forward-looking investments in self-developed chips and AI technology to improve product performance [1]

海信视像1月21日在互动平台表示，公司已推出多款自有AI应用落地显示端，包括小聚超级智能体、多 模态小聚问屏等产品，通过语音交互、多模态识别等技术，为用户提供智能问答、场景化服务等功能。 未来公司将持续深化AI技术与显示端的融合创新，推出更多贴合用户需求的AI应用。 ...

格隆汇1月21日丨海信视像(600060.SH)在互动平台表示，公司已推出多款自有AI应用落地显示端，包括 小聚超级智能体、多模态小聚问屏等产品，通过语音交互、多模态识别等技术，为用户提供智能问答、 场景化服务等功能。未来公司将持续深化AI技术与显示端的融合创新，推出更多贴合用户需求的AI应 用。 ...

Group 1 - The company emphasizes the continuous upgrade of core capabilities in display terminals [1] - The company has made forward-looking layouts in self-developed chips and AI intelligence [1] - The company aims to enhance the comprehensive capabilities of display products in aspects such as image quality processing, scene perception, and user interaction [1] Group 2 - The company maintains an open attitude towards exploring various cooperation methods with potential partners [1] - The focus is on industrial synergy and long-term value creation [1]

格隆汇1月21日丨海信视像(600060.SH)在互动平台表示，公司已推出多款自有AI应用落地显示端，包括 小聚超级智能体、多模态小聚问屏等产品，通过语音交互、多模态识别等技术，为用户提供智能问答、 场景化服务等功能。未来公司将持续深化AI技术与显示端的融合创新，推出更多贴合用户需求的AI应 用。 ...

Group 1: Business Strategy and Focus - The company focuses on core display technology and aims to enhance its core display module business while accelerating the implementation of automotive display solutions and exploring AI+AR fields [2] - AI+AR glasses core display technology and optical components are positioned as seed businesses, with ongoing collaboration with universities for MicroLED micro-display technology [2] Group 2: Market Outlook - The global television market has shown stable shipment volumes, with an expected increase due to the FIFA World Cup and accelerated penetration of Mini technology [3] - The RGB-Mini LED backlight technology is anticipated to see significant growth, with a forecast of 500,000 units shipped in 2026, representing a 25-fold year-on-year increase [4] Group 3: Investment Projects - The company is involved in the Anhui Guohai Ruicheng Xinche Linked Venture Capital Fund, focusing on the new energy vehicle and intelligent connected vehicle sectors [5] - Notable projects include the Guoyi Quantum project, which is in the inquiry stage for the Sci-Tech Innovation Board, and the Kunlun Core project, which has submitted a listing application to the Hong Kong Stock Exchange [5] Group 4: Dividend and Buyback Plans - The company has consistently paid dividends since its listing, with total dividends nearing the amount raised during the IPO; the 2025 mid-year dividend distribution was completed on January 16, 2026 [6] - The company plans to repurchase shares worth between RMB 10 million and RMB 20 million, having already repurchased 391,500 shares, accounting for 0.1750% of the total share capital [8]

"湘西地区是乡村教育振兴的重点区域，泸溪二中的学子们勤奋刻苦、渴望成长，我们希望以阅览室为载体，为他们打开一扇眺望世界的窗口，让阅读成为 他们成长路上的有力支撑。"泸溪县第二中学校长姚芳称。 1月20日，由海信冰箱·雨辰助学联合蓝图公益基金会打造的第一座"海信·蓝图阅览室"，在湖南湘西泸溪县第二中学正式揭牌启用。作为海信冰箱·雨辰助学 2026年首个公益助学项目，该阅览室的落成，为山区学子搭建了优质的阅读空间，也标志着海信与蓝图公益基金会的公益合作迈出坚实第一步，以书香之力 助力乡村教育振兴。 2025年7月14日，海信冰箱与蓝图公益基金会达成合作，捐赠专项基金用于"海信·蓝图阅览室"的建设，基金将全面覆盖阅读室的设备购置、图书采购及长期 运营维护，切实解决山区学校阅读资源匮乏的痛点，让优质阅读资源走进大山深处。 之所以选择在泸溪二中设立第一座阅览室，也是对当地教育需求的精准回应。泸溪二中作为一所拥有80余年历史的学校，现有初高中学生三千余人，近年来 高考成绩稳步提升，展现出强劲的育人实力，但受制于地域条件，学校阅读资源相对短缺，学生接触课外书籍、开拓视野的渠道有限。 姚芳代表学校全体师生致谢，她表示，学校将 ...

Core Insights - The global television industry is undergoing unprecedented adjustments in 2026, with significant market structural changes driven by large-screen demand, Mini LED technology proliferation, and AI integration [1] Group 1: Market Trends - Global television shipments fell below 200 million units in 2025, marking a ten-year low, with a projected further decline of 5%-7% in 2026 [2] - China's television market, as the largest consumer market, saw a shipment volume of 32.895 million units in 2025, down 8.5% year-on-year, the lowest since 2010 [2] - The first half of 2025 saw a slight increase of 1.4% in shipments due to government subsidies, but the second half experienced a significant decline of 16.9% due to policy effects waning and demand being pulled forward [4] Group 2: Regional Performance - The European market is under pressure, with Western Europe expected to decline, while Eastern Europe shows slight growth due to economic recovery [4] - North America remains relatively stable, supported by a solid consumer base and event marketing [4] - Emerging markets in Asia-Pacific, Latin America, and the Middle East and Africa still have growth potential, but rising memory chip prices may limit actual volume due to price sensitivity [4][5] Group 3: Technology and Innovation - Mini LED technology is expected to enter its popularization phase in 2026, with global shipments projected to exceed 300,000 units, becoming a new profit engine for the high-end market [7] - Chinese brands like Hisense and TCL are leading innovations in RGB-Mini LED and SQD-Mini LED technologies, with significant growth in shipments expected [7][8] - AI technology is redefining the role of televisions, with companies like Huawei and Skyworth investing heavily in AI capabilities to enhance user experience [12][13] Group 4: Competitive Landscape - The competition is shifting from price wars to a comprehensive comparison of technology, supply chain, and globalization capabilities [5] - In 2025, the top three brands—Samsung, TCL, and Hisense—held over 43% of the global market share, with Samsung leading at 35.3 million units shipped [13] - The partnership between Sony and TCL for future strategic cooperation in home entertainment is expected to further disrupt the market dynamics [14]

未来，新公司将充分发挥索尼在音视频领域积累的技术、品牌力及供应链等运营管理能力，融合TCL的 显示技术、全球化规模优势、完善产业布局、端到端成本效率及垂直供应链优势，积极推进业务发展。 新公司包括电视机和家庭音响在内的产品将用"Sony"和"BRAVIA"品牌。（一财） 根据备忘录，双方拟设立一家承接索尼家庭娱乐业务、由TCL持股51%、索尼持股49%的合资公司（下 称"新公司"），并在全球范围内开展包括电视机和家庭音响等产品在内的，从产品开发、设计、制造、 销售、物流到客户服务的一体化业务运营。 双方计划2026年3月底前就订立具有法律约束力的最终协议进行磋商。在最终协议签署并取得相关主管 部门批准等条件满足后，新公司预计将于2027年4月开始运营。 【#TCL收购索尼电视#】1月20日，索尼公司与TCL电子控股有限公司签署意向备忘录，TCL将控股索 尼的电视和音响业务。TCL去年全球彩电出货量居行业第二，与三星的差距缩小，一旦控股索尼电视业 务，将向行业首位更进一步。 此次并非中国企业与日本企业在品牌电视业务上的首次战略合作，之前海信电视收购了东芝电视业务。 去年，创维接替船井电机，承接了飞利浦电视在北美 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around **TCL Electronics** and its potential future in the **television industry**, particularly in relation to **Sony's** television business. Core Points and Arguments - **Sony's Television Business**: The projected revenue for Sony's television business and related devices in 2024 is approximately **32 billion** (320亿) with expectations of current unprofitability. The integration with TCL's supply chain and operational efficiency improvements are anticipated to enhance profit margins significantly [1]. - **Profit Margin Assumptions**: A reasonable profit margin assumption is drawn from **Hisense's** Toshiba business, which is expected to achieve a net profit margin of **7.2%** by the first half of 2025. Given Sony's premium pricing strategy, which positions it as a high-end brand, the cost differences are not substantial. TCL's scale is expected to exceed Toshiba's, with projections of **4 billion** (40亿) in 2025 compared to Toshiba's **2 billion** (20亿) [1]. - **Profitability Forecast**: It is estimated that TCL Electronics could achieve a steady-state profit of around **1.6 billion** (16亿) following the integration and operational improvements [1]. Additional Important Content - **Valuation Multiples**: Considering Sony's high-end brand image, a valuation multiple of approximately **15 times** is suggested, which is a premium over the industry average of **10 times**. This implies an estimated market value of the incremental business at around **24 billion** (240亿) [2]. - **Cost Considerations**: It is noted that while TCL may gain equity in this business, there will be associated costs, although specific details on these costs are currently unavailable [2].