另外，公司公布高管变动，因个人原因，胡剑涌先生不再担任公司董事、总裁职务以及战略委员会、 ESG委员会的委员职务；因工作安排调整，朱聃先生不再担任公司董事职务以及战略委员会的委员职 务。同时，聘任高玉玲女士为公司总裁。 海信家电（000921）(00921)绩后跌超6%，截至发稿，跌6.42%，报22.6港元，成交额1874.61万港元。 消息面上，海信家电发布2025年中期业绩，该集团营业总收入493.4亿元(人民币，下同)，同比增加 1.44%；归母净利润20.77亿元，同比增加3.01%。单计2025年第二季度，海信家电二季度实现营业总收 入为245.02亿元，同比减少2.60%；归母净利润为9.49亿元，同比减少8.25%。中金表示，公司业绩略低 于我们预期，主要由于日元汇率波动影响汇兑收益、三电业务人员调整，央空持续受到地产的负面影 响，空调内销竞争加剧，导致公司收入、利润均有承压。 ...

Group 1: Macro Insights - The core signal from the July Politburo meeting is the confirmation of the Fourth Plenary Session of the 20th Central Committee in October, focusing on reviewing the "14th Five-Year Plan" preparation suggestions [2] - The meeting emphasizes stabilizing policies in the second half of the year, aiming to achieve annual targets, indicating a focus on implementation rather than strong stimulus measures [2] - New policies are expected to be introduced if the situation worsens, with a focus on enhancing flexibility and predictability in economic measures [2] Group 2: Home Appliances - Hisense Electric - Hisense Electric reported a total revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% [5] - The second quarter of 2025 saw a revenue of 24.502 billion yuan, a decrease of 2.60% year-on-year, with a net profit of 949 million yuan, down 8.25% [5] - The company is expected to achieve net profits of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027, with growth rates of 12.0%, 11.6%, and 9.9% respectively, maintaining a "buy" rating [5] Group 3: Energy - Huaneng International - Huaneng International, a leading power company, is experiencing improved coal power profits and has significant growth potential in renewable energy, with projected net profits of 12.728 billion, 12.976 billion, and 13.561 billion yuan for 2025-2027 [6] - The expected earnings per share (EPS) for 2025-2027 are 0.81, 0.83, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 8.7, 8.5, and 8.1 [6] - The company maintains a "buy" rating based on its strong market position and growth prospects [6] Group 4: Environmental Protection - Huicheng Environmental - Huicheng Environmental reported a revenue of 560 million yuan for H1 2025, a year-on-year decrease of 5.1%, with a net profit of 5.02 million yuan, down 85.6% [9] - The second quarter of 2025 saw a revenue of 280 million yuan, a decrease of 5.9% year-on-year, and a net profit of 13.324 million yuan, down 7.4% [9] - The decline in revenue is attributed to delayed steam sales and increased competition in the catalyst business, leading to higher overall costs [9]

当天，海信家电的董事、总裁胡剑涌和董事朱聃请辞。公司董事会聘任公司董事长高玉玲为海信家电总 裁。今年加盟海信的美的原高管殷必彤获任海信家电的职工代表董事。海信海外业务负责人方雪玉被提 名为海信家电的执行董事候选人。 【#海信家电总裁变更#，#海信家电新总裁由董事长高玉玲兼任#】7月30日傍晚，海信家电 （000921.SZ）公布了半年报业绩及总裁变更的消息。2025年上半年，海信家电实现营收493.4亿元、归 母净利润20.77亿元，分别同比增长1.44%和3.01%。业绩增速相比去年有所放缓。 ...

海信家电（000921）公告，2025年上半年营业收入493.4亿元，同比增长1.44%。净利润20.77亿元，同 比增长3.01%。 ...

Core Insights - Midea Group is undergoing significant organizational changes, focusing on integrating its operations in the refrigerator, washing machine, and kitchen sectors, reflecting a shift from wholesale to retail thinking [1][2][3] - The company has experienced multiple rounds of layoffs, with a notable reduction in staff across various departments, indicating a broader trend of optimization within the organization [1][2][6] - The transition to a Direct-to-Consumer (DTC) model is central to Midea's strategy, aiming to enhance retail capabilities and streamline operations [2][3][7] Organizational Changes - Midea's operational centers in cities like Foshan, Ningbo, and Tianjin have seen significant staff reductions and even closures, with some centers merging into others [2][4] - The restructuring involves a shift in focus towards high-margin products, with retail sales accounting for 50% of the performance metrics for regional managers [2][6] - The adjustments are part of a broader strategy to simplify operations and enhance growth, as emphasized by Midea's leadership [6][7] Impact on Distributors and Employees - Regional distributors have expressed concerns over reduced support and increased operational costs, making it harder for them to compete [4][5] - The changes may lead to a consolidation of core retail points, potentially sidelining traditional distributors who cannot adapt to the new retail-focused model [5][7] - Employees face challenges in integrating diverse teams and maintaining professional standards amid the restructuring [5][6] Financial Performance - Midea reported a revenue of 407.15 billion yuan for 2024, with a year-on-year growth of 9.44%, and a net profit of 38.54 billion yuan, up 14.29% [6] - However, when excluding non-recurring gains, Midea's profit growth of 8.39% lags behind competitors like Haier and Gree, indicating concerns about core business profitability [6][7]

创维集团(00751)跌超3%，截至发稿，跌3.04%，报3.19港元，成交额786.24万港元。 消息面上，创维集团发盈警，预期集团截至2025年6月30日止6个月税后溢利较截至2024年6月30日止6个 月的税后溢利，将取得约50%的下降幅度。上述预期下降幅度主要受中国房地产市场持续下行、销售低 迷的影响，集团现代服务业业务板块中建设发展业务的部分区域物业因此计提减值及导致该业务业绩表 现欠佳。集团根据会计准则的要求增加了相关房地产存货减值准备，主要反映了当前市场环境的变化。 ...

文 | 《BUG》栏目 周文猛 美的集团的运营中心，正经历着又一场新变革。 近日，有接近美的管理层的知情人士透露："集团近期'组织架构调整决定'，通知将重点整合运营中心 （简称：运中）冰箱洗衣机厨房全通路业务，并要求厂商业务链同步调整，同时还优化了责任制考核机 制。"该人士透露，此举折射出美的从批发思维向零售思维彻底转变，"或有员工分流调整"。 对于上述变化，美的方面未作回应。不过《BUG》栏目注意到，今年四月，美的曾出现过一次减员。 彼时有内部人员透露，"美的运营中心出现合并调整"。此次冰洗业务再度调整，是上次运营中心调整后 的又一次变革。 在美的内部人士看来，向零售转型是"美的这两年中国市场的主旋律"。此次调整，许也是"基于经营需 要的政策调整"。但也有美的区域经销商抱怨道："近两年美的启动DTC（品牌直达消费者）转型，要求 经销商零售化转型，美的流量扶持政策的变化，正让一线经销门店的生意"越来越不好干"。" 年内第二次，"运中"再调整 近三个月，大量美的员工在社交平台反映自己遭遇公司裁员。据员工透露，五六月那波有两大特点：第 一，几乎每个部门都领了减员指标，包括美的家用电器、美的地产、美的工业技术等，多 ...

Core Viewpoint - Midea Group announced a share buyback plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company plans to repurchase A-shares worth 119 million yuan, acquiring 1.6685 million shares at a price range of 71.04 to 71.92 yuan per share [1] - Additionally, Midea Group will spend 19.9233 million Hong Kong dollars to buy back 253,400 shares at a price range of 77.95 to 79.1 Hong Kong dollars per share [1]

于同日，斥资1992.33万港元回购股份25.34万股，每股回购价格为77.95-79.1港元。 美的集团（000333）(00300)发布公告，于2025年7月29日斥资1.19亿元回购A股股份166.85万股，每股回 购价格为71.04-71.92元。 ...

今年夏天，全球多地遭遇极端高温天气，带动我国空调出口增长。海关最近公布数据显示，在去年较高 基数基础上，今年1至6月，我国空调累计出口额达93.5亿美元，同比增长近10%；其中，对欧盟国家空 调出口量同比增长43.2%，出口金额则达37.6亿美元，创同期历史新高。(央视财经) ...