Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Outperform the Market" [6][29]. Core Views - The company achieved accelerated revenue growth in Q2 2025, with a total revenue of 27.23 billion (+7.0%) and a net profit attributable to shareholders of 1.06 billion (+26.6%) for H1 2025. Q2 revenue reached 13.86 billion (+8.6%) with a net profit of 500 million (+36.8%) [1]. - The global TV industry shows stable sales with a clear trend towards structural upgrades, with global TV shipments at 94.57 million units (+0.1%) in H1 2025, and domestic shipments at 17.1 million units (+2.4%) [2]. - The company is expected to see both volume and price increases in domestic sales, with a projected improvement in market share and product structure, particularly in larger screen sizes and Mini LED products [3]. - New display business is performing well, with revenue of 3.43 billion (+7.4%) in H1 2025, driven by laser displays and commercial displays [4]. - The company maintains a positive outlook on profitability, with an expected net profit growth of 15% for 2025, 12% for 2026, and 10% for 2027, alongside a stable PE ratio [4][5]. Summary by Sections Financial Performance - In H1 2025, Hisense Visual reported a revenue of 27.23 billion (+7.0%) and a net profit of 1.06 billion (+26.6%). Q2 alone contributed 13.86 billion in revenue (+8.6%) and 500 million in net profit (+36.8%) [1]. - The gross margin improved to 16.4% (+1.0 percentage points) in H1 2025, with Q2 gross margin at 16.8% (+1.4 percentage points) [4]. Market Trends - The global TV market is experiencing a shift towards larger screens and Mini LED technology, with global shipments of Mini LED TVs increasing by 150% and over 200% in China [2]. - Hisense's market share in global shipments reached 14.4% (+0.6 percentage points), with domestic retail sales share at 30.0% and retail volume share at 25.7% [3]. Future Projections - The company forecasts net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025, 2026, and 2027 respectively, with corresponding growth rates of 15%, 12%, and 10% [5]. - The expected PE ratios for the next three years are 11, 10, and 9 times [4][5].

Core Viewpoint - The recent popularity of large-screen televisions, particularly 100-inch models, is driven by their immersive viewing experience and advanced technology, making them a preferred choice for both entertainment and gaming. Group 1: Market Trends - The Haier TV brand has become synonymous with large-screen televisions, with one in every two 100-inch TVs sold globally being a Haier product, indicating its market leadership [9][10]. - The trend towards larger screens is supported by consumer testimonials on social media platforms, emphasizing the regret of not purchasing larger models sooner [1][3]. Group 2: Technological Advancements - The integration of AI quality chips in 100-inch TVs enhances image clarity and depth, comparable to IMAX screens, while also providing features that protect users' eyes [3][8]. - High refresh rates of up to 330Hz in gaming TVs eliminate lag and tearing, significantly improving the gaming experience for users [5]. Group 3: Consumer Experience - Families with children report that large screens reduce eye strain compared to smaller devices, making them a safer option for viewing content [3][7]. - The smart features of 100-inch TVs allow for voice-activated commands, making them user-friendly for all age groups, including children and the elderly [7][8]. Group 4: Product Offerings - Haier offers a diverse range of over 50 models of 100-inch TVs, catering to various consumer preferences and needs, from aesthetics to performance [9][10]. - Current promotional activities include significant discounts and incentives, such as government subsidies and extended service options, encouraging consumers to invest in large-screen TVs [10].