证券代码：002668 证券简称：TCL 智家 广东 TCL 智慧家电股份有限公司 投资者关系活动记录表 编号：2025-11 | | 特定对象调研 ☐ 分析师会议 | | --- | --- | | 投资者关系活 动类别 | 媒体采访 业绩说明会 ☐ | | | 新闻发布会 路演活动 ☐ ☐ | | | ☐ 现场参观 | | | 其他 ☐ | | 参与单位名称 | 9 月 2 日：国信家电陈伟奇、王兆康，富国基金樊博文，国投瑞银张宇初 | | 及人员姓名 | 9 月 3 日：线上参与公司 2025 年半年度业绩说明会的投资者 | | 时间 | 年 月 日-9 月 日 2025 9 2 3 | | 地点 | 价值在线（https://www.ir-online.cn/）及线上会议 | | 上市公司接待 | 独立董事 刘宁，总经理兼财务总监 王浩，董事会秘书 温晓瑞 | | 人员姓名 | 证券事务代表 吴鑫，投资者关系主管 王珮璇 | | | 1、公司2025年上半年经营情况介绍？ | | | 答：2025 年上半年，面对不利的市场环境，公司采取多项措施积极 | | 投资者关系活 | 应对，总体业绩实现平稳 ...

消费板块中，啤酒、家电、汽车、节假日概念、航空、新消费概念等板块均纷纷下行。其中，华润啤酒（00291.HK）跌3.45%，海信家电 （00921.HK）跌5.07%，华住集团-S（01179.HK）跌1.93%，小鹏汽车-W（09868.HK）跌2.23%，比亚迪股份（01211.HK）跌2.53%，中国南 方航空股份（01055.HK）跌2.37%，中国国航（00753.HK）跌1.79%。 内房股、物管股、建材水泥股均承压走弱。世茂集团（00813.HK）跌7.69%，越秀地产（00123.HK）跌2.46%，雅生活服务（03319.HK）跌 3.58%，新城发展（01030.HK）跌2.45%，绿城中国（03900.HK）跌1.58%。 其它方面，机器人概念、特斯拉概念、脑机接口等板块等也都表现低迷。力劲科技（00558.HK）跌7%，南京熊猫电子股份（00553.HK）跌 4.17%，比亚迪电子（00285.HK）跌4.99%。 9月3日，港股三大指数集体走弱。截至收盘，恒生指数跌0.6%，国企指数跌0.64%，恒生科技指数跌0.78%。 分板块看，中资券商股跌幅居前。国联民生（01456.HK）跌 ...

截至2025年上半年，光峰在氮化镓（GaN）和砷化镓（GaAs）材料体系的半导体激光技术上已积累深厚，能够满 足超小体积、高分辨率和高色彩还原度等新兴显示需求。这些突破不仅体现了企业的科研实力，也回应了国家对 新质生产力发展的战略要求。 商汤科技董事长兼首席执行官徐立同样作为企业代表出席了此次纪念大会。他说："非常荣幸能够参与本次纪念大 会，这是值得毕生珍藏的庄严时刻。特别是全场合唱《歌唱祖国》时，深切感受到祖国的强大。80年前那段艰苦 卓绝的历史，提醒我们和平来之不易。" 2025年9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年阅兵式在北京天安门广场隆重举行。作为 企业代表，来自粤港澳大湾区的多位科技企业家受邀观礼，亲身见证了这一历史时刻。他们在接受采访时纷纷表 示，将把爱国热情转化为推动科技创新和产业发展的强大动力，把企业的发展与国家的命运紧密相连。 光峰科技（688007.SH）创始人、董事长兼CEO李屹博士受邀现场观礼。他坦言："能受邀参与此次观礼，我深感 荣幸与自豪。现场震撼的场面让我深刻体会到国家强盛的底气与民族凝聚的力量，更真切感悟到今日和平生活的 来之不易。" 光峰科技创始人、董 ...

Core Viewpoint - After a long journey to go public, Aux Electric has finally listed on the Hong Kong Stock Exchange, but the market response has been lukewarm, with its stock price declining significantly on its debut [2][3]. Group 1: Company Overview - Aux Electric is the fifth largest air conditioning manufacturer globally, with nearly 30 billion yuan in revenue and a net profit of 2.91 billion yuan last year [2]. - The company has faced challenges in the domestic market due to intense price competition, which has diminished its previous advantages in low pricing and online sales [2][8]. - Aux Electric's controlling shareholder, Aux Holdings, retains 81.91% of the company's shares post-listing, with the Zheng family holding significant stakes [3]. Group 2: Listing Journey - Aux Electric's path to listing has been fraught with difficulties, initially attempting to list on the A-share market before ultimately opting for the Hong Kong Stock Exchange due to uncertainties in the A-share timeline [4][5]. - The company raised approximately 39.94 billion HKD through the issuance of over 200 million shares, with 95% allocated for international placement [3][4]. Group 3: Financial Performance - The company's operating cash flow has decreased from around 4 billion yuan in 2022 to 2.52 billion yuan in 2024, indicating financial strain [7]. - In the first quarter of 2025, Aux Electric's overseas revenue accounted for 57.1% of total revenue, with significant growth in markets outside of China [6][8]. Group 4: Market Position and Competition - Aux Electric's market share in China has been declining, with its revenue from the domestic market growing by only 9.6% in the first quarter of this year, while overseas revenue grew by 44.2% [8]. - The company has lost its competitive edge in pricing to rivals like Gree and Midea, with its air conditioning products facing intense competition in both online and offline markets [8][9]. - The gross margin for Aux Electric's air conditioning business was reported at 19.8% in the first quarter of 2025, significantly lower than that of leading competitors [9].

1 国泰海通证券 | 研究所 消费时代 C DEMMER 1 国特周通证 铜归母净利润同 大多数种子 约先玉1 ¤在产量 1 国热热通证券 新清楚时代 【发时代 2000年 1982年 上海钻石 1 国泰海通辽养 V 恢复销售 交易所成立 黄金首饰 200 1993年 鼓比尔斯 fer 开启钻石推广 新消费时代 新道 Getty aH 1 国泰海通证券 1 国语海语馆 文化符号、收藏歌、分享歌 维深信息Wellsen 公司,公司致力为 客观、全面、有前 【播拆卡和页 1 国际用品区 公司自成立以来- 恒动性、参与! 国际局局近存 中国X型风量发 l 演员时代 2025年 9月2日-3日 上海 · 会符君悦大酒店 国泰海通证券 新消费时代 国泰海通证券 SUOTAI HAITONG SECURITIES 国泰海通证券2025消费品年会 泰田 IP i 7月 2 202 E 国泰海通证券 GUOTAIHATONG SECURITIES 新消费时代 国泰海通证券2025消费品年会 国泰海通证 翻滿氣味 T N 国泰海通证券 新消费时代 国泰海通证券2025消费品年会 117 : 5消 2025年 9 国泰周旭址 泰 ...

8月28日晚，海尔智家（600690）发布了2025半年报。财报显示，2025年上半年，海外收入增长11.66% 全面领跑。 同时，数据显示"后易"市场正在通过四大布局全面加速拓展市场。首先是加速本土化产品创新，即以本 土用户为中心企划适合当地的产品，而且是市场引领的产品，严谨的产品迭代路径确保上市即引爆;其 次是加快产能的建设和渠道的布局，目前正加速推进埃及生态园二期冰箱等工厂建设，泰国空调工业园 项目已成功试产，新增产能600万台;第三是加速终端零售数字化转型，以泰国市场为例，已经实现一千 多家门店上平台，实现了100%零售系统是通过海尔的平台向外的，全面提升用户体验和经营效率;最后 是加速新机会寻找培育，择机并购整合，2024年收购南非Kwikot后有效整合其分销网络与客户基础，并 持续在新兴市场寻找优质标的扩大市场占有率。 海尔智家在海外市场实施的"先难后易"战略，就是先进入发达国家创牌，在实现引领后再以高屋建瓴之 势进入新兴市场。从半年报披露的数据看，海尔智家在北美、欧洲等发达市场持续跑赢行业。同时，在 新兴市场的增速更为显著，譬如在南亚增长32.47%，东南亚增长18.29%，中东非增长65.42 ...

8月28日晚，海尔智家发布了2025半年报。财报显示，2025上半年，海尔智家实现营业收入1564.94亿元，同比增长10.2%；归母净利润120.33亿元，同比 增长15.6%，创历史新高。其中，Q2单季实现归母净利润65.46亿元，同比增长16.14%，业绩增长加速明显。 但深入挖掘财报细节，就会发现其旗下的海尔、卡萨帝、Leader、GE Appliances、Candy、Fisher&Paykel（FPA）、AQUA、CCR、Kwikot这九个品牌， 正陷入一场"九子夺嫡"般的混战，定位重叠致使"同室操戈"，内部竞争内耗现象严重。 | | | | 单位:元 币种:人民币 | | | --- | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | | 本报告期 比上年同 | | | (1-6月) | 调整后 | 调整前 | 期增减 | | | | | | (%) | | 营业收入 | 156,494,034,448.85 | 141,982,482,605.75 | 135,622,549,121.01 | 10.22 | | 利润息额 | 14.997.0 ...

智通财经APP获悉，国泰海通发布研报称，予家电行业"增持"评级。Q2龙头品牌经营稳健，关税短期扰 动，后续影响效应递减，业绩超预期主要集中在小家电和清洁电器。建议把握四条主线：1)出海核心驱 动，智能家居核心标的;2)业绩稳中向好，兼顾向上弹性;3)龙头稳健经营叠加高股息，配置具备性价 比;4)家电企业跨界拓展第二曲线。 国泰海通主要观点如下： 风险提示：原材料价格波动风险、行业竞争加剧。 出海仍为长期方向，新业务陆续涌现 2025H1家电板块整体海外收入占比39.5%(同比+1.4pcts)，海外占比仍在提升。值得注意的的是，多公司 在半年报中表示加大新领域的拓展力度。公牛表示在积极推动数据中心、太阳能照明业务布局，亿田智 能对于液冷和算力布局积极，荣泰健康对于车载按摩、按摩机器人的表述也更加积极。 相较于盈利预测，2025Q2各公司业绩超预期主要集中在小家电和清洁电器 在该行核心覆盖的40家公司中，有6家公司收入超预期，4家公司业绩超预期;有13家公司收入低于预 期，19家公司业绩低于预期。其中：1)白电龙头基本符合预期，其中格力和二三线白电Q2释放压力;2) 厨电板块中传统厨电龙头(老板电器、华帝)虽略 ...

Core Viewpoint - Midea Group has reported record-breaking half-year results for 2025, with a significant increase in stock price following the announcement of a mid-year dividend of 5 yuan per 10 shares (before tax) [1] Financial Performance - In the first half of 2025, Midea Group achieved total revenue of 252.3 billion yuan, a year-on-year increase of 15.7% - The net profit attributable to shareholders reached 26 billion yuan, up 25% year-on-year - Operating cash flow net amount was 37.3 billion yuan, reflecting an 11.3% increase, with a net profit margin of 10.6%, up 0.9 percentage points year-on-year [4][5] Business Segments - The home appliance business showed steady growth, while the ToB (business-to-business) segment experienced significant expansion, with ToB revenue reaching 64.5 billion yuan, a 20.8% increase [4][5] - Midea's smart home business revenue was 167.2 billion yuan, growing by 13.31% [5] Market Trends - The domestic home appliance market saw a retail value of 453.7 billion yuan in the first half of 2025, a 9.2% increase, while white goods exports reached 68.794 billion USD, up 6.3% [5] - Midea's innovative products and multi-brand strategy have allowed it to capture the M-shaped consumption trend, solidifying its market leadership [9] Global Expansion - Midea Group's revenue from domestic markets was 145.1 billion yuan, a 14.2% increase, while international revenue reached 107.2 billion yuan, growing by 17.7% [11] - The company has established 63 major overseas manufacturing bases and expanded its presence in over 200 countries and regions [14] Innovation and R&D - Midea's R&D investment in the first half of 2025 was 8.8 billion yuan, a 14.4% increase, leading to significant technological advancements and product innovations [26] - The company has entered the humanoid robotics sector, with its first humanoid robot, Meiro, successfully operating in its manufacturing facility [15][22] Shareholder Returns - Midea Group has announced plans for a mid-year dividend and has repurchased over 4.4 billion yuan worth of shares, reflecting its commitment to enhancing shareholder returns [27]

Economic Performance - Harbin's economy showed steady improvement in the first half of the year, with a total retail sales of social consumer goods reaching 1210.6 billion yuan, a year-on-year increase of 5.2%, outperforming the national average [1] - The growth rate increased by 2.1 percentage points compared to the same period last year, indicating a vibrant consumption market [1] Consumer Policies - The "old-for-new" policy for home appliances has been popular, with consumers saving an average of 1.7 million yuan on purchases, demonstrating the effectiveness of government subsidies and merchant discounts [1] - The policy has expanded to cover various categories, including automobiles, home appliances, and digital products, with 195 car companies and 417 home appliance and digital enterprises participating [3] Automotive Market - The automotive consumption market is thriving, driven by consumption upgrades and policy incentives, with consumers benefiting from significant discounts on new energy vehicles [3] - The "old-for-new" policy has been instrumental in releasing consumption potential in the automotive sector [3] Holiday and Event-Driven Consumption - Holiday economies have become a crucial driver of consumption, with significant increases in foot traffic during festive periods, such as a 300% increase in customer visits during the Spring Festival [3] - Concerts, such as the "Mayday" concert in June, attracted over 105,000 attendees, contributing approximately 200 million yuan to local consumption [3] New Store Openings - Harbin has successfully attracted major brands to open their first stores or experience centers, including Xiaomi, JD, and Huawei, enhancing the commercial vitality of the city [4] - Notable openings include JD's first restaurant infrastructure brand and various flagship stores of well-known brands, which are expected to inject new energy into the local market [4]