证券代码：600060 证券简称：海信视像 公告编号：2025-058 海信视像科技股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 12 月 26 日 （二）股东会召开的地点：山东省青岛市崂山区香港东路 88 号海信国际中 心 A 座公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次股东会采取现场投票和网络投票相结合的方式，会议的召集、召开及表 决方式符合《公司法》和《公司章程》等的相关规定。 本次股东会由董事长于芝涛先生主持。 （五）公司董事和董事会秘书的出席情况 1、公司在任董事8人，出席8人。其中，于芝涛、李炜、李敏华、赵曙明现 场出席；贾少谦、方雪玉、王爱国、严群线上出席。 2、董事会秘书范潇出席了会议；其他高级管理人员列席了会议。 1、议案名称：《关于公司 ...

青岛市崂山区香港东路 195 号 3 号楼 青岛上实中心 1401、1402、1403 单元 邮编：266071 电话：（86-532）6869-5000 传真：（86-532）6869-5010 北京市君合（青岛）律师事务所 关于海信视像科技股份有限公司 2025 年第二次临时股东会的法律意见书 本法律意见书仅就本次股东会的召集和召开程序、现场出席本次股东会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东会所审议的议案内 容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 本法律意见书仅供见证本次股东会相关事项合法性之目的而使用，未经本所 书面同意，任何人不得将其用作其他任何目的。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证保证本法律意见书所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不 ...

Core Viewpoint - The article emphasizes that transformative technologies, like the new wireless short-range communication technology "Star Flash," often become essential infrastructure that is taken for granted rather than being constantly highlighted as groundbreaking innovations [1][3]. Group 1: Technology Evolution - The development of Star Flash follows a clear industrial evolution path, marked by the establishment of the International Star Flash Alliance in September 2020, its commercial launch in 2023, and the release of the Star Flash 2.0 standard in March 2025 [5]. - Star Flash's approach is characterized by a "slow start, heavy standards, and later explosion" strategy, allowing it to bridge gaps between devices and systems in the AI-driven digital transformation wave [5][12]. Group 2: Standardization and Industry Consensus - The competition in wireless short-range communication is fundamentally a competition at the standards level, focusing on how devices can collaborate under a unified set of rules [7][9]. - The release of the Star Flash 2.0 standard signifies a critical industrial leap, integrating key capabilities into a standardized framework that can be reused across various scenarios [16][17]. Group 3: Ecosystem Development - As of 2025, Star Flash has crossed the critical threshold of 100 million devices, indicating its transition from a validated technology solution to a widely adopted connectivity foundation across multiple sectors [21][22]. - The Star Flash ecosystem has attracted over 1,200 partners since the establishment of the International Star Flash Alliance, forming a complete collaborative network that includes chips, modules, terminals, and applications [19]. Group 4: Application Scenarios - In smart home scenarios, Star Flash enhances the integration of appliances, enabling precise control and interaction, as demonstrated by products like the Haier air conditioner that utilizes Star Flash's capabilities for improved user experience [23]. - In the consumer electronics sector, Star Flash 2.0 provides a stable wireless audio experience, allowing high bitrate and low-latency audio transmission, as seen in products like Huawei's FreeBuds Pro 5 [25]. - In the automotive industry, Star Flash is reshaping core interaction scenarios, with over 50 vehicle models adopting the Star Flash digital key technology, showcasing its broad applicability [29]. Group 5: Future Prospects - The combination of Star Flash and open-source HarmonyOS is seen as a critical step towards building a new generation of interconnected systems, enhancing both connectivity and system-level collaboration [35][37]. - The integration of Star Flash with HarmonyOS allows for seamless interaction across diverse devices, paving the way for a more interconnected and intelligent ecosystem [38].

Market Overview - The black home appliance sector increased by 0.28% on December 26, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Zhao Chi Co., Ltd. (002429) closed at 7.81, with a rise of 4.27% and a trading volume of 1.6376 million shares [1] - Sichuan Jiuzhou (000801) closed at 17.44, up 0.75%, with a trading volume of 442,300 shares [1] - Chuangwei Digital (000810) closed at 11.61, up 0.17%, with a trading volume of 102,300 shares [1] - Other notable stocks include Jiu Lian Technology (688609) down 0.20% and Sichuan Changhong (600839) down 0.44% [1] Capital Flow - The black home appliance sector experienced a net outflow of 160 million yuan from institutional investors, while retail investors saw a net inflow of 166.7 million yuan [1] - Detailed capital flow for key stocks shows Zhao Chi Co., Ltd. with a net inflow of 14.5567 million yuan from institutional investors [2] - Sichuan Changhong had a significant net outflow of 44.1126 million yuan from institutional investors, but a net inflow of 46.6045 million yuan from retail investors [2]

Core Insights - Companies are increasingly obsessed with benchmarking and best practices, driven by a collective desire to "avoid detours" in their operations [1] - Xiaohongshu's proposition of "grass planting entering the effect-oriented era" signifies a clear departure from traditional performance advertising models [1][2] Group 1: Effectiveness of "Grass Planting" - The definition of "effectiveness" varies widely among companies based on their stage, size, and industry, leading to diverse interpretations [2] - Xiaohongshu's "grass planting effectiveness" emphasizes the need for companies to adapt their strategies to their unique operational challenges rather than chasing standardized answers [2][3] Group 2: Customized Growth Models - Companies are encouraged to build their growth models using Xiaohongshu's various capabilities and tools, akin to assembling Lego blocks [3] - The consumer's needs are becoming more fragmented, necessitating a shift in marketing strategies to be more aligned with real human experiences [3][5] Group 3: Diverse Paths to Growth - Xiaohongshu's ecosystem offers multiple pathways for growth, including "direct grass planting, in-platform transactions, lead generation, and user growth," tailored to different industries and stages of development [5] - The pursuit of "effectiveness" is no longer uniform; companies are adopting varied strategies based on their specific goals and challenges [5][10] Group 4: Understanding Consumers - Xiaohongshu has developed a comprehensive system to understand consumers beyond basic demographic labels, focusing on scenarios, emotions, aesthetics, and social networks [5][12] - The platform's insights allow companies to match products with consumer needs more accurately, moving beyond traditional segmentation methods [12][14] Group 5: Case Studies - Companies like Kelon and Hisense illustrate the importance of localized strategies and targeted content to address specific consumer needs and market challenges [6][7] - Hisense's focus on the gaming community led to significant sales growth, demonstrating the effectiveness of tailored marketing strategies [7][9] Group 6: Long-term Relationships - Successful companies prioritize building long-term relationships with consumers by deeply understanding their needs and preferences [10][15] - Xiaohongshu's approach emphasizes the importance of loving specific consumers, which is fundamental to achieving effectiveness in marketing [10][15]

Core Insights - The annual container handling volume at the SCO Demonstration Zone's multimodal transport center has surpassed 300,000 TEU, marking a year-on-year increase of 29.02%, indicating significant progress in the development of the multimodal transport system and open hub construction [1] - The SCO Demonstration Zone has launched 32 international and domestic train routes, connecting 23 countries and 54 cities involved in the SCO and the Belt and Road Initiative, thereby establishing a comprehensive international logistics channel [2] Group 1 - The SCO Demonstration Zone has operated 1,126 China-Europe freight trains in the first 11 months of the year, reflecting a year-on-year growth of 17.2%, with a total of 92,310 TEU of goods shipped, also up by 17.2% [1] - The implementation of the "SCO Fast Pass" regulatory model aims to enhance the efficiency and service capability of the multimodal transport center, reducing port time by 35% and improving customs clearance efficiency by 60% [1] - By 2025, the multimodal transport center will initiate the construction of a 25,000 square meter intelligent yard to further enhance hub operational support capabilities [1] Group 2 - The SCO Demonstration Zone has cumulatively launched over 5,100 China-Europe freight trains, regularly operating specialized trains for household appliances, tires, vehicles, and grains, serving over 7,000 foreign trade enterprises [2] - The zone is accelerating the construction of the Shandong China-Europe Freight Train (Jiqing) National Gathering Center in Qingdao, with regular operations for storage of goods such as Russian pulp, Central Asian grains, and Southeast Asian rubber [2] - The focus is on enhancing the logistics hub capabilities and strengthening the China-Europe freight train brand, aiming to create a modern logistics comprehensive service system that integrates logistics, trade, and industry [2]

12月26日，海信视像盘中下跌2.01%，截至13:10，报23.83元/股，成交1.52亿元，换手率0.49%，总市值 310.97亿元。 分红方面，海信视像A股上市后累计派现69.70亿元。近三年，累计派现30.39亿元。 资金流向方面，主力资金净流出3137.22万元，特大单买入0.00元，占比0.00%，卖出1260.26万元，占比 8.29%；大单买入2164.31万元，占比14.23%，卖出4041.26万元，占比26.57%。 机构持仓方面，截止2025年9月30日，海信视像十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7577.56万股，相比上期增加1907.11万股。南方中证500ETF（510500）位居第八大流通股 东，持股1142.23万股，相比上期减少17.55万股。嘉实价值长青混合A（010273）位居第九大流通股 东，持股1123.82万股，持股数量较上期不变。嘉实价值精选股票A（005267）退出十大流通股东之列。 海信视像今年以来股价涨25.03%，近5个交易日跌4.83%，近20日跌8.03%，近60日跌5.17%。 责任编辑：小浪快报 资料显示，海信视像科 ...

Core Viewpoint - The Chinese air conditioning industry is experiencing a shift towards aluminum replacing copper in manufacturing, leading to a complex competitive landscape among major players like Gree, Haier, and Xiaomi [2][5][11]. Group 1: Industry Developments - The China Refrigeration Society released a standard for aluminum tube heat exchangers for air conditioners, with 19 companies, including Haier and Midea, joining a self-regulatory agreement to promote aluminum use [2][5]. - Gree Electric, a major player in the air conditioning sector, has opted not to participate in the aluminum initiative, citing concerns over aluminum's performance compared to copper [5][7]. - The global trend shows a significant shift towards aluminum in air conditioning, with North America and Japan having over 50% and 40% adoption rates, respectively [11]. Group 2: Cost and Material Comparison - Copper constitutes about 20% of the total cost of an air conditioner, while aluminum costs approximately 1/12 of copper, leading to potential cost savings if aluminum is fully adopted [5][12]. - Current copper prices are around 93,000 yuan per ton, while aluminum prices are about 22,000 yuan, creating a price difference of over four times [11][12]. Group 3: Consumer Trust and Market Dynamics - Consumer trust remains a significant issue, with 68% of users concerned about whether Gree's products are fully copper, indicating a strong preference for perceived quality [10][16]. - Past experiences with aluminum in lower-end models have led to consumer skepticism, as many have faced issues like corrosion and leaks [16][18]. - The Chinese Household Electrical Appliances Association suggests that companies should carefully consider the introduction of aluminum products based on regional climate and usage patterns to mitigate risks [19][20].

Core Viewpoint - The report from Guojin Securities indicates that the home appliance industry will experience a "front high and back stable" trend in domestic demand by 2025, with a focus on volume growth in white goods and structural upgrades in black goods [1][2]. Domestic Demand - In 2025, the home appliance market is expected to show a "front high and back stable" trend driven by policy continuation and seasonal consumption [2]. - For white goods, volume growth is the main focus, with air conditioning performing better than refrigerators and washing machines in the first three quarters of 2025. The shipment growth rates for air conditioners, refrigerators, and washing machines are projected at +8.4%, +2.4%, and +4.1% year-on-year respectively [2]. - Black goods are expected to continue structural upgrades, with Mini LED penetration reaching 33% in Q2 2025, more than doubling year-on-year. Despite a decline in growth due to subsidy reductions in Q3, Mini LED penetration remains high at 28.3% [2]. - For 2026, the continuation of national subsidies may help mitigate pressures from high baselines and overspending. The report estimates potential declines in the overall home appliance market under different subsidy scenarios, with expected declines of -4%, -5.7%, and -7.3% for "same scale subsidy," "half scale," and "no subsidy" respectively [2]. External Demand - From early 2025, home appliance export growth has slowed due to tariff policies and global supply chain adjustments, but it still shows resilience and structural highlights [3]. - The export performance of refrigerators and washing machines is better than that of air conditioners, influenced by weather factors and a high baseline from 2024 [3]. - Black goods have shown resilience, with a notable recovery in TV exports since July 2025, attributed to easing tariffs and replenishment in overseas channels [3]. - The global home appliance demand is expected to remain relatively stable in 2025, with various regional outlooks indicating neutral to negative sentiments [3]. Investment Themes - Investment Theme 1: The global narrative for black goods is shifting from "market share pursuit" to "profit and pricing power." Chinese companies are expected to leverage their integrated supply chain advantages to convert market share into profits, with recommendations for Hisense and TCL [4]. - Investment Theme 2: White goods maintain growth potential due to their historical resilience through cycles, with strong cash flow and high dividend willingness. Recommended companies include Midea Group and Haier Smart Home [4]. - Investment Theme 3: The emerging consumption sector shows significant global competitiveness, particularly in smart imaging and robotic vacuum markets, with recommendations for companies like Roborock and Ecovacs [4].

Summary of Conference Call Records Industry and Company Focus Home Appliances Industry - The tightening of national subsidy policies is focusing on core categories such as black and white appliances, which supports companies like Midea, Haier, TCL Electronics, and Hisense Visual. However, competition remains fierce for brands like Hisense Home Appliances and Gree Electric, with better investment opportunities expected after Q1 [1][4] Pet Industry - The pet industry continues to experience high single-digit growth, with pet food growth around 10%. Online channels, particularly Douyin and Pinduoduo, are seeing significant growth, while offline channels face pressure. The industry is expected to add approximately 4 million new pet owners in 2025, driving demand [5][6] - Head brands are growing significantly faster than the industry average, while smaller brands are struggling, often focusing on offline channels to maintain profitability. The trend is increasingly favoring market concentration towards head brands [6] Education Industry - China Oriental Education is benefiting from post-pandemic expansion and a national focus on employment, with double-digit growth in enrollment numbers. The company specializes in vocational education with a high employment rate, which provides a competitive advantage. New training programs are rapidly growing, and the company is expanding into emerging fields [8][10] Pharmaceutical Industry - The pharmaceutical industry is focusing on the small nucleic acid supply chain, with Novartis's Inqisiran entering medical insurance but facing capacity shortages. Companies that meet FDA audit standards and enter multinational supply chains, such as Lianhua Technology and Chen Da Pharmaceutical, are recommended for attention [11] Food and Beverage Industry - The food and beverage industry is seeing trends towards spring excitement, health directions, new products, and cyclical growth. Health products and oatmeal sectors are performing well, with companies like Dongpeng Beverage expected to grow over 20% next year [12][13] Light Industry - The light industry is adopting a dual strategy focusing on both domestic and international sales. The two-wheeler market is performing well, and solid-state batteries may drive growth in the electric vehicle sector. The industry is expected to have a positive outlook in the near future [14] Key Points and Arguments Home Appliances - The 2026 home appliance replacement policy will focus more on traditional large appliances, reducing the variety of small appliances eligible for subsidies. The overall subsidy amount may decrease, but support for core categories is expected to remain stable or even increase [2] Pet Industry - The pet industry is facing a bottleneck in product innovation, with most developments being minor improvements. There is a consensus on the need for functional and specialized products, requiring more investment in consumer education and brand building [5][6][7] Education Industry - The company expects to achieve a revenue of 1 billion yuan in 2026, with a projected compound profit growth rate of 15%-20% over the next three years. The current valuation is low, with a high dividend rate, making it a recommended investment target [9][10] Pharmaceutical Industry - The small nucleic acid supply chain is critical, with China being the largest production market. The industry faces challenges in meeting quality standards for FDA compliance, making it essential to focus on companies that can meet these standards [11] Food and Beverage Industry - Companies with strong operational momentum are expected to perform well, and the white liquor sector is seen as having good investment value [12][13] Light Industry - The light industry is expected to see sales growth due to inventory levels being low and potential technological effects in the upcoming quarters [14][15] Globalization and Export Markets - The export market is influenced by the appreciation of the RMB and pessimistic expectations regarding the US real estate market. However, long-term focus should be on new product development and self-owned brands [17][18] Pulp Industry - The pulp sector is expected to have significant elasticity in the first half of next year due to external factors affecting wood chip supply and no new capacity expansion, leading to potential price increases [19][20]