来源：金融界 经营范围含许可项目：电影发行；营业性演出；演出经纪；广播电视节目制作经营；歌舞娱乐活动；舞 台工程施工；网络文化经营；电视剧制作；电视剧发行；广播电视节目传送（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）科技推广和应用服务；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；广播影视设备销售；广播电视传输设备销售； 广告设计、代理；文化娱乐经纪人服务；电影制片；组织文化艺术交流活动；电力电子元器件销售；集 成电路设计；生态环境监测及检测仪器仪表销售；智能控制系统集成；信息系统集成服务；电子测量仪 器销售；电子产品销售；电子专用设备销售；终端测试设备销售；新能源汽车生产测试设备销售；广告 制作；数字广告设计、代理；照相机及器材销售；其他文化艺术经纪代理；文化用品设备出租；广告发 布；数字广告发布；文艺创作；专业设计服务；业务培训（不含教育培训、职业技能培训等需取得许可 的培训）；影视美术道具置景服务；电影摄制服务；租借道具活动；租赁服务（不含许可类租赁服 务）；非居住房地产租赁；建筑材料销售；轻质建筑材料销售；组织体育表演活动；咨询策划服务；企 业 ...

智通财经6月7日电，洛图科技数据显示，2025年5月，中国电视市场品牌整机出货量为283.0万台，同比 下降2.1%。自去年10月"国补"见效以来，连续六个月的出货量均实现了同比增长；而从4月开始，则呈 现了连续两个月的同比下降。截至5月底，电视市场的累计出货量为1403.5万台，受益于第一季度的表 现，整体较去年同期小幅增长1.7%。 机构：5月中国电视市场品牌整机出货量为283万台 同比下降2.1% ...

Core Viewpoint - The recent revelation that Xiaomi air conditioners are produced by Sichuan Changhong has sparked widespread discussion, highlighting Changhong's role as a manufacturer for Xiaomi and raising questions about the company's current market position and historical significance [2][3]. Group 1: Changhong's Historical Context - Changhong, once a leading player in the Chinese television market, has seen a significant decline, dropping out of the top four brands in the industry [3][10]. - The company originated from a military background, transitioning to consumer electronics in 1972, focusing on television production due to rising market demand and its technological capabilities [5][6]. - By the mid-1990s, Changhong became the largest television manufacturer in China, achieving a market share of 35% and being recognized as the "King of Color TVs" [8][10]. Group 2: Market Performance and Current Standing - According to a report by Omdia, in 2024, the global television market is expected to reach 208 million units, with brands like Hisense, TCL, and Xiaomi leading the market, while Changhong's presence has diminished significantly [10][11]. - In the Chinese television market, Hisense leads with a shipment of 8 million units (22.5% market share), followed by Xiaomi with 7.1 million units (19.9% market share), while Changhong, along with other brands, accounts for only 495,000 units (13.8% market share) [11][10]. - Changhong's market capitalization has also declined, currently valued at 46 billion, which is significantly lower than its peak of 650 billion in 1998 [10][11]. Group 3: Reasons for Decline - Changhong's decline is attributed to critical technological missteps, particularly its investment in plasma technology, which resulted in over 2 billion in losses, while the liquid crystal television market surged [22][23][24]. - The company also faced commercial failures, including overexpansion and mismanagement of resources, leading to significant inventory issues and financial losses [25][29][37]. - The geographical disadvantage of being located in a third-tier city has hindered Changhong's ability to compete effectively with brands based in major urban centers [41][42]. Group 4: Current Business Diversification - Despite its struggles in the television market, Changhong has diversified its operations, reporting a production of approximately 16.54 million units in 2024, with a revenue of 16.037 billion, reflecting a year-on-year growth of 10.27% [45][47]. - The company has expanded into various sectors, including smart home technology, digital industries, and green energy, positioning itself as a technology group rather than just a consumer electronics manufacturer [45][48]. - Changhong's subsidiaries have achieved significant success in specialized markets, such as being the largest supplier of refrigerator compressors and a key player in lithium battery systems for high-speed magnetic levitation trains [50][52].

Core Insights - Hisense is entering a period of explosive growth with advancements in RGB three-color backlight technology, AI image quality chips, and strategic collaborations with competitors like Midea Group in AI applications and smart logistics [1] - The launch of the new laser television, the Exploration X1, aims to bring cinema-level projection technology into homes, featuring high-end components typically found in expensive cinema equipment [1] - Hisense has developed the Nano Spectrum Selective Screen Pro, achieving a stable brightness of 1000 nits and an environmental light blocking rate of 87%, significantly outperforming traditional LCD TVs [3] Product Developments - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the base model, Exploration X1 92-inch, starts at 21,999 yuan, with additional discounts available [3] - Hisense plans to release larger versions of the Exploration X1, including 139-inch and 150-inch models, with the latter being comparable in size to half a standard badminton court [3] Market Positioning - Hisense emphasizes emotional connections in its marketing, promoting the idea that its laser televisions can create a warm and memorable family environment [4] - The company's television activation rate is 1.43 times the industry average, and the engagement with movie content is 1.81 times higher than the industry average [5]

Core Viewpoint - Vidda has emerged as the fastest-growing brand in the domestic home audio-visual sector, despite being relatively unknown compared to competitors like Xiaomi and TCL [1][2]. Market Performance - As of early May 2025, Vidda's cumulative online sales market share reached 13%, placing it among the top two in the industry [2][9]. - Vidda's television sales have consistently ranked in the top five in the online market from 2022 to 2024, with a significant reduction in the gap with Xiaomi and TCL [9]. Brand Positioning - Vidda targets young consumers with a focus on stylish technology, leveraging Hisense's production and supply chain capabilities to enhance product quality [2][8]. - The brand emphasizes "quality-price ratio" over mere low pricing, catering to the evolving demands of young consumers who seek higher quality and diverse functionalities [8][10]. Product Development - Vidda has successfully diversified its product line from traditional televisions to include gaming TVs and laser projectors, addressing various market needs [4][5]. - The introduction of the Vidda gaming TV X series in 2022 featured advanced specifications such as 120Hz refresh rate and support for 4K/120fps transmission, appealing to both casual viewers and gaming enthusiasts [4]. Customer Service and Innovation - Vidda's unique "high-altitude mode" for projectors demonstrates its commitment to customer service, adapting products to specific user environments [6]. - The brand has established itself as a trustworthy player in the market by advocating for transparency in product specifications, such as not exaggerating brightness in projectors [5][9]. Recent Developments - In March 2025, Vidda launched the new X series of televisions, maintaining its competitive edge with unique features like the only ink crystal screen in its price range [10]. - The introduction of "wallpaper TVs" reflects Vidda's adaptation to market trends, emphasizing aesthetics alongside functionality [10].

Core Viewpoint - The 618 shopping festival this year is characterized by an extended promotional period, allowing consumers ample time to make informed purchasing decisions, particularly for large-screen televisions [1] Group 1: Market Trends - The trend of "buying big instead of small" is gaining traction among consumers, with a recommendation to opt for 100-inch televisions to enhance home entertainment experiences [1] - The market is seeing a significant focus on the quality of screens and chips, which are crucial for delivering a satisfactory viewing experience [2] Group 2: Product Recommendations - Hisense's 100-inch U8Q is highlighted as a premium choice, featuring advanced screen and chip technology, and is positioned as a high-end lifestyle product [3][5] - The 116-inch E8Q Pro is introduced as a flagship model for family entertainment, equipped with cutting-edge technology and promotional offers during the 618 event [6][8] - The 100-inch E7N Pro is recommended for budget-conscious consumers, offering a balance of performance and affordability, especially with national subsidies [9][11] - The 100-inch E5Q Pro is noted for its consistent sales performance and advanced features, making it a reliable choice for consumers [12][14] Group 3: Technical Features - The U8Q model boasts a unique black曜屏Ultra with a low reflection rate of 1.28%, enhancing viewing quality even in bright conditions [5] - The E8Q Pro features a 4K 170Hz native refresh rate and 330Hz dynamic refresh rate, providing an exceptional gaming experience [8] - The E7N Pro utilizes an upgraded AI chip for enhanced picture quality, capable of intelligent scene recognition and detail enhancement [11] - The E5Q Pro is designed with a low-reflection soft light screen, ensuring a pleasant viewing experience without the need for dimming lights [14] Group 4: Consumer Benefits - During the 618 event, consumers can enjoy various promotional benefits, including national energy-saving subsidies and additional gifts with purchases [15]

序号股东名称持股比例1福建颐爱佳康养产业发展有限公司100% 经营范围含组织文化艺术交流活动；摄像及视频制作服务；咨询策划服务；广告设计、代理；数字文化 创意内容应用服务；数字内容制作服务（不含出版发行）；电影摄制服务；平面设计；广告制作；广告 发布；数字广告制作；社会经济咨询服务；会议及展览服务；数字创意产品展览展示服务；市场营销策 划；文艺创作；企业形象策划；信息咨询服务（不含许可类信息咨询服务）；健康咨询服务（不含诊疗 服务）；互联网销售（除销售需要许可的商品）；专业设计服务；信息系统集成服务；信息技术咨询服 务；软件开发；企业管理；企业管理咨询。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动）许可项目：互联网信息服务；出版物互联网销售；网络文化经营。（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 天眼查App显示，近日，厦门颐程佳传媒有限公司成立，法定代表人为朱海波，注册资本200万人民 币，由福建颐爱佳康养产业发展有限公司全资持股。 来源：金融界 企业名称厦门颐程佳传媒有限公司法定代表人朱海波注册资本200万人民币国标行业文化、 ...

Investment Rating - The industry rating is maintained as "Positive" [7] Core Insights - In 2024, the company achieved significant growth in white goods, with smart home appliance revenue increasing by 56.4% year-on-year, and air conditioner shipments reaching 6.8 million units, up over 50% [12][13] - The company is focusing on upgrading its product structure, particularly in the Mini LED segment, while facing challenges in maintaining market share against competitors [4][12] - The company aims to balance profitability and market share, with a strategic focus on increasing its presence in higher price segments for air conditioners [3][29] Summary by Sections Air Conditioners - The core price range for air conditioners in Q1 2025 is between 2100 and 2700 yuan, with expected volume growth elasticity greater than price growth [16] - The company's strategy for 2025 includes targeting higher price segments and creating premium products to enhance average selling price (ASP) [29] - Challenges include balancing profitability and market share, with a projected net profit margin of around 2%, which is lower than competitors [40][45] Televisions - The company is emphasizing product upgrades, with a significant increase in the online retail average price of its televisions, which rose by 82% year-on-year in Q1 2025 [4][12] - The company faces obstacles in gaining market share through price competition, as its internet profit model has been hindered by regulatory changes [4][12] Investment Recommendations - For white goods, attention should be paid to the price competition of entry-level air conditioners and the responses from traditional market leaders [5] - For black goods, focus on the company's efforts to improve profitability while navigating the evolving competitive landscape [5]

Group 1 - Vidda TV has entered the top two in the domestic online TV market by the first quarter of 2025, following its rise to the top five in 2023 [1] - The growth of Vidda TV is attributed not only to sales data but also to learning from competitors skilled in marketing [1] - The company emphasizes the importance of adhering to laws and regulations in future marketing activities, respecting competitors, and maintaining a fair market environment [1]

每经记者｜彭斐 每经编辑｜文多 历经3年多时间后，小米公司与海信集团旗下聚好看科技股份有限公司之间发生的"Vidda"电视名誉权诉 讼案，有了终审结果。近日，针对"海报争议文案诋毁小米"事件，Vidda电视方面已发布声明，以期"消 除影响"。 这起案件的一审判决结果在2024年3月份宣布。当时小米法务部发文称，法院判定Vidda电视发布侮辱、 贬损小米公司的误导性信息，且主观恶意明显，最终判定Vidda赔偿小米公司经济损失50万元，并且连 续7日刊登微博置顶声明，以消除对小米的影响。 奥维云网近日发布的数据显示，在2025年1月—4月的国内线上电视市场上，小米旗下的红米品牌以 20.76%的市占率位列第一，Vidda品牌的市占率为13%，位列行业第二。 在一位不愿具名的家电行业人士看来，这几年电视行业的形势可谓天翻地覆，游戏电视、人工智能电视 等各种新品层出不穷，新品牌也乘势而上，营销手段已随之发生了很大变化。该人士还表示，希望品牌 之间理性竞争，最终能为消费者提供更多、更好的选择，这才是多赢的局面。 封面图片来源：视觉中国-VCG211410301566 Vidda电视5月10日发布的上述声明显示："202 ...