Core Viewpoint - The legal opinion letter confirms that Hisense Home Appliances Group Co., Ltd. has met the necessary conditions for the second phase of unlocking and the repurchase and cancellation of certain A-share restricted stocks as per the 2022 A-share restricted stock incentive plan [1][11]. Group 1: Approval and Authorization - The company has completed the necessary approval and authorization procedures for the repurchase and cancellation of restricted stocks, including resolutions from the board of directors, supervisory board, and shareholders' meetings [3][5][11]. - Independent non-executive directors have provided their consent and independent opinions regarding the incentive plan [4][6]. Group 2: Unlocking Conditions - The second unlocking period for the restricted stocks is set to occur 24 months after the completion of the grant registration, which was completed on May 23, 2023, making the unlocking date May 23, 2025 [8][9]. - The unlocking conditions require that certain performance metrics and compliance with regulations are met, including a net profit growth rate of 244.23% from 2021 to 2024 [10][11]. Group 3: Repurchase and Cancellation Details - The repurchase and cancellation involve 755,634 shares of restricted stocks due to the departure of 6 incentive targets, adjustments in 8 positions, and performance evaluations of 82 individuals [11][12]. - The repurchase price is set at 5.157 yuan per share, and the funding for this repurchase will come from the company's own funds [11][12]. Group 4: Information Disclosure - The company is required to announce the resolutions related to the unlocking and repurchase within two trading days following the meetings of the board and supervisory board [12]. - The company will continue to fulfill its legal obligations for information disclosure as the incentive plan progresses [12].

Core Viewpoint - The announcement details the upcoming expiration of the second lock-up period and the first lock-up period of the remaining reserved shares under the 2022 A-share employee stock ownership plan of Hisense Home Appliances Group Co., Ltd, indicating that the conditions for unlocking have been met [2][4]. Summary by Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved at the 2023 second extraordinary general meeting and involves a total of up to 11.7 million shares, including 2 million reserved shares, which represents approximately 0.86% of the company's total share capital of 1,362.725370 million shares [2][3]. Unlocking Conditions Achievement - The total number of shares eligible for unlocking in the second lock-up period is 2,971,500 shares, accounting for 0.21% of the company's total share capital. For the remaining reserved shares, 415,130 shares are eligible for unlocking, representing 0.03% of the total share capital [2][8]. Performance Assessment and Unlocking Criteria - The performance assessment for the employee stock ownership plan spans three accounting years (2023-2025), with specific annual net profit growth targets set for unlocking conditions. For 2024, the target net profit growth rate is set at 86%, with a trigger value of 69% [5][6]. Individual Performance Evaluation - The plan includes individual performance evaluations categorized into five levels (S, A, B, C, D), determining the unlocking ratio for each participant. Currently, 80 participants remain in the plan, with 73 achieving performance levels of S/A/B, allowing for a 100% unlocking ratio for the first lock-up period [7][8]. Post-Unlocking Arrangements - Following the unlocking period, the management committee will handle the rights associated with the employee stock ownership plan based on the authorization from the participants' meeting [8]. Ongoing Monitoring and Disclosure - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its information disclosure obligations in accordance with relevant laws and regulations [8].

Group 1 - The board of directors of Hisense Home Appliances Group Co., Ltd. held its third interim meeting of the 2025 fiscal year on May 27, 2025, with all nine directors present [1] - The board approved the unlocking of shares under the 2022 A-share employee stock ownership plan, with a total of 3,386,630 shares eligible for unlocking, representing 0.25% of the company's total share capital [2][3] - The board also approved the unlocking of 6,397,866 shares under the 2022 A-share restricted stock incentive plan, which accounts for 0.46% of the company's total share capital [3] Group 2 - The first unlocking period of the 2024 A-share employee stock ownership plan is set to expire on July 15, 2025, with 4,419,638 shares eligible for unlocking, representing 0.32% of the company's total share capital [4] - The board approved a proposal to repurchase and cancel 755,634 shares of restricted stock due to various reasons including employee departures and performance evaluations [5] - The board proposed amendments to the company's articles of association and related rules, including the abolition of the supervisory board, which will be replaced by the audit committee of the board [6] Group 3 - The board proposed to grant general authority to issue A-shares or H-shares, not exceeding 20% of the total issued shares, subject to shareholder approval [7][8] - The board also sought authorization to issue debt financing instruments, including various types of bonds, with a maximum term of 15 years [9][10] - The company plans to provide guarantees for its subsidiaries, with a total guarantee limit of up to RMB 8 billion for 2026 [14][15] Group 4 - The board approved the basic annual salary for the chairman at RMB 1.596 million before tax, which will be submitted for shareholder approval [13] - The board approved the appointment of a securities affairs representative, which will also be disclosed to shareholders [13] - The board proposed to hold the 2024 annual general meeting of shareholders, with all resolutions receiving unanimous support [15]

Core Viewpoint - Walmart's decision to raise prices on certain products in the U.S. due to increased costs from U.S. tariff policies highlights the conflict between U.S. economic policy and market dynamics, raising concerns among consumers and drawing criticism from President Trump [2][3]. Group 1: Price Increase and Economic Impact - Walmart plans to implement price increases that will become more noticeable in June, as the company faces significant supply chain cost increases due to tariffs imposed by the U.S. government [3][4]. - The company's first-quarter financial report showed a net profit of $4.49 billion, a decrease of over 12% year-on-year, indicating the financial strain caused by rising costs [3][4]. - Other companies are also raising prices in response to tariffs, including Microsoft, Ford, Mattel, Whirlpool, Ferrari, and Hermès, suggesting a widespread trend affecting various sectors of the U.S. economy [4][5]. Group 2: Consumer Sentiment and Economic Indicators - The Michigan Consumer Sentiment Index fell to 50.8 in May, marking a continuous decline for five months and the lowest level since June 2022, reflecting growing pessimism among American households regarding the economic outlook [5]. - The U.S. GDP contracted by 0.3% in the first quarter, marking the first negative growth in three years, which may further impact consumer spending and economic growth expectations [5]. - The U.S. government's tariff policies are projected to increase the tax burden on American households by $1,200 by 2025, exacerbating the financial strain on consumers [4][5].

32支球队、横跨六大洲、为期一个月的赛程，今年六月，扩军后的首届，也是史上规模最大的一届世俱 杯即将正式拉开帷幕。作为FIFA世俱杯首个全球官方合作伙伴，海信也在继赞助欧洲杯、世界杯后，再 次将扩充自身体育营销的国际赛事版图。 5月2 8日，海信正式发布世俱杯AI足球家庭焕新计划，通过产品升级、用户权益升级和终端场 景升级，围绕AI显示、AI空气、AI美食等观赛全场景，联合国际足联打造行业唯一的AI全景 世俱杯体验。 借助本次赞助世俱杯，海信在巩固现有体育营销的同时，正开启品牌出海加速时期——通过 赛事打开品牌认知，以AI赋能产品体验，在初步建立起全球知名的家电品牌后，海信开始向 更多元、更高端化的品牌价值转变。 体育营销再加码 加速开拓国际市场 自2 0 1 6年首度赞助欧洲杯以来，海信已经连续赞助了三届欧洲杯与两届世界杯，借助两大国 际足球赛事的影响力，成功在全球市场打响了品牌知名度。 高额且精准的营销投放为海信的出海增长打开了局面。数据显示，自2 0 1 6年以来，海信全球 营 收 增 长 了 1 倍 ， 海 外 收 入 增 长 3 倍 ， 自 主 品 牌 占 比 由 5 1 . 8% 提 升 到 8 ...

Core Insights - The seminar focused on expanding into the Brazilian market and leveraging Macau's bilingual talent and financial services to assist companies in entering Portuguese-speaking countries [1][3][6] Group 1: Seminar Overview - The fifth session of the "Cooperation Zone Sino-Portuguese Economic and Trade Service Enterprises Exchange Seminar" was held, attracting 44 entrepreneurs over three days [3][4] - A total of five seminars have been conducted since the project's inception, involving 239 companies and 280 representatives, with 11 experts providing insights on various relevant fields [4][6] Group 2: Market Opportunities - The seminar aimed to help businesses capture the latest policies and dynamics in Portuguese-speaking countries, particularly Brazil, and develop actionable market entry strategies [6][11] - The Brazilian market is driven by three factors: a young population, lagging digital infrastructure, and open policies, presenting significant opportunities for Chinese companies [11] Group 3: Practical Insights - Gree International Trade's Vice President shared practical experiences in expanding into Portuguese-speaking markets, emphasizing Macau's advantages [8] - Participants received in-depth training on Brazil's macro market analysis, company registration, and cross-border taxation, enhancing their confidence in operating in Brazil [8][13] Group 4: Legal and Compliance Considerations - Legal experts highlighted the complexities of Brazil's tax system, advising companies to understand local tax regulations before investing [10][13] - The seminar included a presentation from the International Tax Management Department of the National Taxation Administration, focusing on Brazil's tax system [13] Group 5: Future Initiatives - The seminar series will continue monthly, with the next session scheduled for June 24-26, aimed at fostering Sino-Portuguese economic cooperation [16] - The cooperation zone will enhance policies and services to facilitate investment approvals and improve the ease of doing business with Portuguese-speaking countries [16]

Group 1: Financial Performance - Xiaomi reported a revenue of 111.3 billion, a year-on-year increase of 47.4%, and a net profit of 10.7 billion, up 64.5% year-on-year [1] - The company's mobile phone segment regained the top market share in China with a shipment of 13.3 million units, capturing 18.8% of the market from Huawei [5] - The IoT business generated 32.3 billion in revenue, a year-on-year growth of 58.7%, with significant increases in sales of washing machines, refrigerators, and air conditioners [9] Group 2: Market Dynamics - The growth in mobile phone sales was significantly supported by government subsidies, which provided a 15% rebate for phones priced under 6,000 yuan [5] - There are concerns about the sustainability of this growth once the subsidy policy diminishes, especially with Huawei's competitive offerings [8] - Xiaomi's ecosystem strategy is proving effective, with over 600 million devices connected through the Mi Home app, enhancing user retention [9] Group 3: Automotive Sector - The automotive segment delivered 75,869 vehicles, generating 18.1 billion in revenue, with a gross margin of 23.2%, surpassing BYD's margin of 20.07% [10] - The SU7 model has seen significant demand, with a monthly delivery of 28,000 units, indicating a strong market position [10] - However, there are challenges regarding production capacity, with the first phase factory operating at full capacity of 240,000 units, and the second phase set to launch in June [12] Group 4: Strategic Outlook - Xiaomi's strategy appears robust, with strong performance across mobile, IoT, and automotive sectors, indicating a potential acceleration in growth [14] - The company faces risks from reliance on government policies, competition from major players in the home appliance sector, and production limitations in the automotive division [14] - The future growth trajectory will depend on the sustainability of its AIoT ecosystem and its ability to maintain profitability across its diverse business segments [14]

Group 1: 2025 Business Strategy - The company aims for dual growth in scale and profit, ensuring a healthy development trend of profitable scale growth in 2025 [1] - The overseas business accounted for 35.83% of total revenue in 2024, highlighting its strategic importance [1] Group 2: Overseas Market Strategy - The company will focus on profitable scale growth and cash flow, emphasizing brand priority and expanding regional brand agents [2] - Strategies include targeting key customers, enhancing product quality, and improving customer service and satisfaction [2] Group 3: Domestic Market Strategy - The domestic air conditioning market strategy leverages AI technology for user experience and differentiation, promoting key products like "all-dust-free" and "kitchen-cabinet" [3] - Increased marketing investment through event marketing and new media to enhance brand awareness and reputation [3] - Implementation of regional differentiation management strategies to improve service capabilities and user satisfaction [3] Group 4: Overseas Ice Washing Market Strategy - The overseas ice washing market will focus on high-demand products such as "air-cooled, variable frequency, multi-door, and energy-saving" [4] - A comprehensive marketing system centered on user needs will be established to enhance customer cooperation efficiency [4] - The strategy includes deepening cooperation to explore existing market potential and expanding into rapidly growing emerging markets [4] Group 5: Share Buyback Progress - The company approved a share buyback plan on May 8, 2025, with a maximum implementation period of 12 months, currently progressing smoothly [6]

Core Viewpoint - Foshan is enhancing its foreign trade products' domestic sales channels through various initiatives, including offline zones and online platforms, to boost consumer awareness and integrate domestic and foreign trade [1][2][3] Group 1: Offline Initiatives - The first "Foreign Trade Quality Products, Enjoy Foshan" offline zone has opened in Wangfujing Zihui Port, showcasing over 300 quality export products [1] - The zone features products from nearly 30 foreign trade enterprises, including smart home appliances and health products, allowing consumers to experience the quality of "Foshan manufacturing" [2] - The Wangfujing Zihui Port area attracts over 60,000 young consumers daily, providing high exposure for the products [2] Group 2: Online Expansion - Since April, Foshan's Commerce Bureau has been promoting online zones for foreign trade products on major e-commerce platforms, connecting over 1,600 foreign trade enterprises to domestic sales [3] - Consumers can enjoy promotional discounts such as "15% off" and "30 yuan off every 200 yuan spent" on various platforms [3] - Local platforms like "Hui Mai Mai" and "Shun Qi Zhi Mai" are supporting enterprises with cost discounts and facilitating "online + offline" exhibitions [3] Group 3: Future Plans - Foshan plans to continue resource integration and will hold the "Ring Liangjiang" foreign trade product domestic sales and international emerging market procurement matchmaking conference in mid-June [4] - The goal is to help foreign trade enterprises diversify their markets and enhance their risk resistance and competitiveness [4]

Core Viewpoint - The article discusses the evolving landscape of global supply chains and the opportunities and challenges faced by Chinese enterprises as they expand internationally, particularly in the context of changing U.S. tariff policies and the emergence of parallel supply chains [1][3]. Group 1: Parallel Supply Chains - The transition from globalization 1.0 to 2.0 has led to the establishment of "parallel supply chains" that seek to replace Chinese supply chains, with production moving to countries like Mexico, Vietnam, and India [4]. - The ideal scenario is for China to maintain its position as the main supply chain hub while having secondary chains overseas, which would be beneficial for China under the "China +1" strategy [4][5]. - The rapid development of parallel supply chains could lead to a decrease in production costs overseas, making it challenging for Chinese supply chains to compete [5]. Group 2: Key Capabilities in Supply Chain Defense - The "Three Forces Model" identifies control power, connection power, and design power as essential elements for navigating complex supply chains [6]. - Control power involves managing critical nodes in the supply chain, which is crucial for maintaining domestic production and employment [6][7]. - Connection power highlights the strength of relationships between enterprises, which is a significant advantage for Chinese manufacturing [7][8]. - Design power refers to the ability to strategically plan and design supply chains, which is increasingly important as companies face tariffs and export controls [9]. Group 3: Role of Chain Leaders - Chain leaders play a vital role in protecting upstream suppliers and small enterprises, especially in challenging international markets [10]. - Companies like Samsung, with substantial investments in regions like Vietnam, can negotiate effectively with local governments to ensure operational stability [10][11]. - Chinese enterprises often lack the brand power and negotiation skills that chain leaders possess, making it difficult for them to secure favorable conditions for their suppliers [11][12]. Group 4: Global Supply Chain Dynamics - The current global supply chain landscape is characterized by a significant shift towards distributed manufacturing, with Southeast Asia emerging as a key investment area [13]. - The competition between the U.S. and China is fundamentally a competition over supply chains, necessitating that Chinese enterprises gain control over their supply chains to become global value leaders [13][14]. - The upcoming summit will focus on the reconstruction and innovation of global supply chains, featuring insights from various industry leaders [14].