香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 海外市場監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 《海信家電集團股份有限公司 2025 年半年度報告》已刊載於深圳證券交易所指定之信 息披露網站：http://www.cninfo.com.cn，以供參閱。 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2025 年 7 月 30 日 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生及代慧忠先 生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生；及本公司的職 工代表董事為殷必彤先生。 海信家电集团股份有限公司 2025 年半年度报告 2025 年 7 月 海信家电集团股份有限公司 2 ...

Core Insights - The overall confidence index for the Haixi region in Q2 2025 is 109.20, showing a slight decline both quarter-on-quarter and year-on-year, indicating a stable yet cautious outlook among residents [2][3] Financial Confidence - The financial confidence index stands at 109.35, reflecting a quarter-on-quarter decrease of 2.30 and a year-on-year decrease of 0.55, but remains in the optimistic zone [2][7] - Financial investment plan index is at 109.60, with a quarter-on-quarter decline of 2.35 and a year-on-year decline of 0.60, indicating a slight reduction in investment intentions [7] Tourism Confidence - The tourism confidence index is recorded at 112.53, with a quarter-on-quarter decline of 2.20 and a year-on-year decline of 0.47, yet it remains the highest among the indices, suggesting strong tourism sentiment [2][5] - The tourism plan index is at 112.60, showing a quarter-on-quarter decline of 2.25 and a year-on-year decline of 0.45, indicating a need for attention despite overall optimism [5] Consumer Confidence - The consumer confidence index is at 107.81, with a quarter-on-quarter decline of 2.50 and a year-on-year decline of 0.62, marking it as the lowest among the indices and a primary factor in the overall index decline [2][3] Health Confidence - The health confidence index is at 111.28, with a quarter-on-quarter decline of 2.32 and a year-on-year decline of 0.60, indicating that residents maintain a positive outlook on health despite slight decreases [2][10] Living Conditions and Employment Confidence - The living conditions index is at 109.50, with a quarter-on-quarter decline of 2.33 and a year-on-year decline of 0.50, remaining in the optimistic zone [8] - The employment confidence index shows a slight decline to 107.85, with a quarter-on-quarter decrease of 2.45 and a year-on-year decrease of 0.65, reflecting cautious sentiment in the job market [8] Durable Goods and Construction Confidence - The durable goods investment index is at 107.43, with a quarter-on-quarter decline of 2.45 and a year-on-year decline of 0.57, yet remains optimistic [9] - The construction confidence index is at 110.00, showing a quarter-on-quarter decline of 2.35 and a year-on-year decline of 0.45, but still indicates a positive outlook [9]

Group 1 - The A-share market is currently in the latter half of a long adjustment phase, potentially entering an upward trend, with a significant bull market possible if breakthroughs in key technologies occur [2][11] - Historical parallels are drawn with Buffett and Munger's experiences during market downturns, suggesting a similar recovery phase for the A-share market [3][11] - The Japanese market's past experiences of significant declines followed by rebounds are cited as a potential roadmap for A-shares, indicating a possible replication of the "519 market" trajectory [15][16] Group 2 - Structural opportunities exist in new consumption, smart manufacturing, and life sciences, which are expected to be the most promising investment directions over the next decade [7][42] - The aging population in China, particularly the 300 million individuals from the 60s and 70s, is anticipated to drive demand in the healthcare sector, creating a robust investment landscape [36][38] - The pharmaceutical sector is highlighted for its potential, with innovative drug companies expected to thrive despite overall market volatility, marking the next three years as a critical investment window [28][39] Group 3 - The rise of "extreme cost-performance" products, exemplified by companies like Uniqlo, showcases how businesses can thrive during economic cycles [6][24] - The emergence of emotional value consumption, particularly among younger demographics, is reshaping market dynamics, with companies leveraging IP to create strong fan economies [25][26] - The healthcare sector's growth is characterized by a strong certainty of returns, with the potential for significant market expansion despite regulatory pressures [27][38] Group 4 - The ongoing technological revolution, particularly in AI and smart manufacturing, is seen as a transformative force for the economy, with China positioned to capitalize on these trends [32][34] - The investment landscape is compared to the real estate market of 20 years ago, suggesting a ripe environment for growth and opportunity in the stock market [46] - The current generation of entrepreneurs, equipped with international perspectives and modern education, is expected to drive the next wave of industrial innovation [45][46]

Core Viewpoint - Coca-Cola may switch from high fructose corn syrup to real cane sugar in its U.S. products, following discussions with President Trump, which could have significant implications for the agricultural sector and employment in the food manufacturing industry [1][2]. Group 1: Company Actions - Coca-Cola is currently using high fructose corn syrup in its U.S. products, while other countries like Mexico, the UK, and Australia use cane sugar [2]. - President Trump announced that Coca-Cola has agreed to consider using real cane sugar, which he believes is a positive step for the company [1]. - Coca-Cola's spokesperson did not confirm any changes to the formula but expressed gratitude for Trump's enthusiasm and mentioned upcoming details about innovative products [1]. Group 2: Industry Implications - Switching to cane sugar could lead to the loss of thousands of jobs in the U.S. food manufacturing sector and decrease agricultural income, according to the American Corn Processing Association [2]. - The potential shift may increase imports of foreign sugar, which raises concerns about nutritional value [2]. - The Midwest, a key corn-producing region and a stronghold for Trump’s support, could be adversely affected by this change [2].

Core Viewpoint - The most valuable aspects of life are not material possessions but rather the free things that one can possess, such as health, peace, contentment, family ties, kindness, and self-cultivation [5][35]. Group 1: Health - Health is considered the most valuable asset and capital in life, as emphasized by philosopher Arthur Schopenhauer, who warned against sacrificing health for material gains [8][14]. - Many individuals neglect their health in pursuit of wealth, only to regret it when faced with illness [10][12]. - Maintaining good health allows individuals to recover from setbacks and mend relationships [15][17]. Group 2: Peace - Inner peace is described as the most precious form of self-cultivation, enabling individuals to remain calm and composed regardless of external circumstances [20]. - A balanced mindset helps in managing emotions and maintaining healthy relationships, ultimately leading to a more fulfilling life [20]. Group 3: Contentment - Contentment is highlighted as a key to happiness, with the idea that those who are satisfied with what they have are truly wealthy [21][29]. - The pursuit of unattainable desires can lead to a lifetime of dissatisfaction, while appreciating what one has brings true happiness [23][29]. Group 4: Family Ties - Family is portrayed as the most reliable support system, especially in times of hardship, emphasizing the importance of cherishing familial relationships [31]. - Unlike other relationships that may fade over time, family bonds remain steadfast and provide essential emotional support [31]. Group 5: Kindness - Kindness is presented as a significant virtue that brings personal rewards and strengthens social bonds, despite a growing trend of cynicism in society [32]. - Acts of kindness not only benefit others but also enhance one's own well-being and fortune [32]. Group 6: Self-Cultivation - The importance of self-cultivation is underscored, with the notion that understanding one's desires leads to a peaceful and fulfilling life [35]. - The article suggests that societal definitions of success may not align with personal happiness, advocating for a focus on intrinsic values [35].

Core Viewpoint - The article emphasizes the importance of stability in various aspects of life, particularly health, work, emotions, and mindset, as a strategy to navigate uncertainties in the second half of 2025 [6][8][92]. Group 1: Health - Maintaining good health is highlighted as the most valuable asset, as wealth and achievements become meaningless without it [12][22]. - The article references the tragic case of musician Zhao Yingjun, who, despite his success, succumbed to liver cancer due to unhealthy work habits [13][19]. - It encourages individuals to prioritize health through proper exercise, diet, and regular routines to ensure a sustainable future [24][23]. Group 2: Work - The narrative stresses the importance of job stability, especially during economic downturns, as many may take their jobs for granted until faced with unemployment [28][30]. - It recounts the story of Chen Tao, who faced dire consequences after frequently changing jobs and ultimately resorted to delivering food for a living [31][37]. - The article advises against job-hopping and emphasizes the need to cherish current employment and perform well to secure financial stability [42][41]. Group 3: Emotions - The article discusses the necessity of emotional stability, especially in challenging times, to avoid making poor decisions driven by anxiety or panic [48][50]. - It illustrates this with the example of Li Guowei, who managed a crisis calmly and effectively, leading to his success in the public relations field [62][61]. - The message is to maintain composure and control over emotions to navigate life's challenges effectively [66][65]. Group 4: Mindset - The importance of patience and perseverance is emphasized, with references to writers and actors who achieved success through sustained effort rather than haste [70][81]. - The article encourages individuals to remain calm and focused, even in the face of adversity, to build resilience and ultimately succeed [85][88]. - It concludes with the metaphor of "wave-dissipating blocks," suggesting that individuals should create their own stability amidst life's turbulence [90][92].

Core Viewpoint - The article highlights the journey of Chen Yao, who transitioned from the internet industry to agriculture, focusing on the cultivation and processing of tomatoes, particularly the unique "Wuyuan Yellow Tomato" variety, to promote health and nutrition [3][4][6]. Group 1: Company Overview - The company, Meibanle, was founded by Chen Yao and Yu Haiqun, aiming to create a full industry chain in agriculture, specifically in tomato cultivation and processing [6][14]. - Meibanle has developed proprietary tomato varieties, including "Meibanle No. 1, 2, and 3," in collaboration with agricultural research institutions to ensure quality and yield [14][11]. - The company emphasizes ecological, green, and healthy practices, contributing to the improvement of local farmers' living standards through stable income from tomato cultivation [4][14]. Group 2: Product Development - Meibanle's products include fresh tomato juice, which is processed using advanced techniques like UST instant high-temperature sterilization, allowing for a longer shelf life and minimal additives [16][18]. - The company has diversified its product line to include various fruit juices, such as orange, grape, and strawberry, and has entered the school meal market in Shanghai [18]. Group 3: Market Potential - The article notes that there is significant room for growth in the deep processing of tomatoes in China, as the consumption of processed tomato products is much lower compared to the United States [7][6]. - The upcoming "Good Life Expo" in Beijing aims to stimulate consumer activity and support quality brands, providing a platform for companies like Meibanle to connect with potential buyers and expand their market reach [20].

Summary of Ulta Beauty (ULTA) 2025 Conference Call Company Overview - **Company**: Ulta Beauty - **Industry**: Beauty Retail - **Fiscal Year 2024 Revenue**: $11.3 billion with nearly $1 billion in cash flow [6][14] Key Points and Arguments Business Model and Market Position - Ulta Beauty is the largest specialty beauty retailer in the U.S. with approximately 1,450 stores, most of which include salons [6][7] - The beauty market in the U.S. is valued at $118 billion, with Ulta holding about 9% market share [10] - The beauty category has experienced a 5% growth over the past five years, with a normalization of growth rates post-pandemic [10][11] Strategic Initiatives - **Ulta Beauty Unleashed Plan**: Focuses on driving core growth, scaling new businesses, and realigning foundational strategies [15][31] - Long-term financial targets include net revenue growth of 4-6%, operating profit growth in the mid-single digits, and diluted EPS in the low double-digit growth range [15][49] - Investments in technology and infrastructure, including ERP upgrades and digital platforms, are aimed at enhancing customer engagement and operational efficiency [14][22] Consumer Insights and Spending Trends - Despite macroeconomic concerns, beauty is perceived as an affordable luxury, with consumers maintaining spending on beauty regimens [19] - Average spend per member increased in Q1, with consistent spending across income cohorts [20] Leadership and Organizational Changes - Recent leadership changes include the appointment of a new Chief Merchandising and Digital Officer, and a new Chief Marketing Officer, aimed at aligning strategies and enhancing execution [22][27] - The leadership team emphasizes a culture of diversity, with 65% of leadership roles held by women and 26% by people of color [13] Marketing and Brand Strategy - Ulta plans to target 20 key brands for growth and market share, leveraging a trifecta approach between merchandising, digital, and marketing [41] - The company has launched 19 new brands in Q1 2025, with a strong pipeline for the rest of the year [53] Financial Outlook and Margin Management - SG&A expenses are expected to grow by about 10% in 2025, driven by strategic investments and inflationary pressures [46] - Operating margin guidance for 2025 is between 11.7% and 11.8%, with a long-term goal of reaching 12% [48][49] Digital and E-commerce Performance - The digital platform has seen strong growth, with a 10% positive comp in Q1, attributed to enhanced agility in offers and communication [70][72] - 60% of e-commerce purchases are now made through the app, reflecting the effectiveness of digital investments [72] Expansion Plans - Ulta plans to open 200 new stores from 2025 to 2027, with a long-term goal of reaching 1,800 stores in the U.S. [67] - The company is also exploring international expansion with plans to open stores in Mexico City, Kuwait City, and Dubai [35] Additional Important Insights - The company is focused on cost optimization, aiming to reduce operating costs by $200 to $250 million by 2027 [38] - Ulta's marketplace initiative is expected to contribute to future growth, allowing for a curated assortment of brands [61][63] This summary encapsulates the key points discussed during the Ulta Beauty conference call, highlighting the company's strategic direction, market position, and financial outlook.

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]

Core Insights - The article highlights the significant health benefits of racket sports, indicating that participation can lead to increased longevity, with men gaining an average of 5.7 years and women 2.8 years [1] Group 1: Health Benefits of Racket Sports - Racket sports improve hand-eye coordination and overall body coordination, which is crucial for both children and older adults [5][7] - These sports enhance the musculoskeletal system by engaging multiple muscle groups, improving muscle strength, joint stability, and bone density [8] - Racket sports are effective in improving cardiovascular health, with studies showing a 47% reduction in the incidence of cardiovascular diseases among participants [9] Group 2: Psychological and Social Benefits - Engaging in racket sports can enhance focus and self-control due to the fast-paced nature of the game, while also helping to alleviate anxiety and boost confidence through the release of dopamine [10] - Racket sports promote social interaction and teamwork, which are beneficial for longevity and reducing cardiovascular disease mortality rates [11] Group 3: Recommendations for Participation - Optimal participation frequency is suggested to be three times a week, with each session lasting between 30 to 90 minutes, and maintaining moderate intensity [14] - Proper equipment selection, including appropriate clothing, shoes, and rackets, is essential for injury prevention [14][15] - Adequate warm-up and cool-down routines are necessary to prevent injuries and manage muscle soreness [16][18]