财务出身的高玉玲，去年接替代慧忠，出任海信家电董事长，这是海信家电发展历史上首位女性董事长。她曾在海信并购欧洲品牌Gorenje的过程中发挥 作用。如今，高玉玲兼任海信家电总裁，将有利于提高公司的决策和执行效率。海信家电的主要竞争对手美的集团（000333.SZ）、海尔智家 （600690.SH）的董事长均兼任总裁。 7月30日晚，海信家电发布了家电行业首份半年报。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%， 相比2024年同期的13.27%和34.61%增幅，今年上半年营收和净利增速均大幅下滑。 其中，第二季度海信家电业绩承压，营收为245亿元，同比下滑了2.6%，环比下滑了1.35%；归母净利润为9.49亿元，同比下滑了8.25%，环比下滑了 15.81%。 公告显示：上半年海信家电的暖通空调业务营收为237亿元，同比增长了4.07%，毛利率下滑了1.56%；冰洗业务为154亿元，同比增长4.76%，毛利率增长 2.12%；其他业务为66亿元，同比增长了12.48%。其中境内营收为253亿元，微跌0.31%；境外营收为205亿元，增长了1 ...

近日，证券之星第三届ESG新标杆企业评选结果揭晓，格力电器凭借在环境、社会和治理(ESG)领域的卓越实践，荣获"ESG新标杆企业奖"并入选"ESG投资 价值榜"。该奖项是由证券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立的ESG领域权威奖项，旨在挖掘并表彰在环境(如低碳 减排、绿色供应链)、社会(如乡村振兴、公益慈善)及公司治理(如合规管理、风险防控)三大维度实现卓越实践，推动经济效能与社会责任深度融合的企业。 格力电器以科技创新作为发展的核心驱动力，始终坚持核心技术自主研发，秉持按需投入不设上限的原则。多年来，公司不断升级完善研发管理组织架构， 搭建了以国家级科研平台为依托的多层次、高水平研发平台体系，形成了"以企业为主体，以市场为导向，产学研相结合"的技术创新体系。 2024年，公司共有6项研发成果达到"国际领先"水平，其中"120°C+工业大容量高效高温离心式热泵"和"COP7.0+双级永磁变频螺杆冷水机组技术及应用"节 能效果显著，助力能源低碳发展和工业碳中和。 在绿色发展方面，格力电器积极应对气候变化，推动可持续发展。公司全球首创的"零碳源"光储空调系统为全球实现"双碳"目标提 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [9] Core Views - The company's Q2 revenue and profit have slowed down mainly due to pressure in the air conditioning business, while the profitability of the washing and refrigeration segment has improved significantly due to cost reduction and efficiency enhancements [11] - The company is expected to see a low single-digit decline in air conditioning sales in Q2, while the washing and refrigeration segment is projected to grow at a low single-digit rate [6][11] - The company has announced changes in its board of directors, which may lead to potential overseas growth opportunities [8] Financial Performance - Q2 revenue was 24.502 billion yuan, a year-on-year decrease of 2.6%, with a net profit attributable to shareholders of 949 million yuan, down 8.3% year-on-year [9] - For the first half of the year, revenue reached 49.34 billion yuan, an increase of 1.4% year-on-year, and net profit attributable to shareholders was 2.077 billion yuan, up 3.0% year-on-year [9] - The gross profit margin for Q2 was 21.55%, an increase of 1.1 percentage points year-on-year [10] Revenue Analysis - Domestic sales are expected to remain flat, while external sales are projected to grow by approximately 5% in Q2 [9] - The revenue growth ranking by product is expected to be washing and refrigeration > home air conditioning > central air conditioning [9] Profitability Analysis - The gross margin for the washing and refrigeration segment improved due to increased capacity utilization and structural improvements [10] - The net profit margin for Q2 was 3.9%, a decrease of 0.2 percentage points year-on-year, primarily impacted by the air conditioning business [10] Earnings Forecast - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 98.449 billion yuan, 104.069 billion yuan, and 109.518 billion yuan, with year-on-year growth rates of 6.1%, 5.7%, and 5.2% respectively [11] - The forecasted net profit attributable to shareholders for 2025-2027 is 3.561 billion yuan, 3.778 billion yuan, and 4.003 billion yuan, with year-on-year growth rates of 6.4%, 6.1%, and 5.9% respectively [11]

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。 ...

Core Viewpoint - 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 [2][3][4] Group 1: Organizational Changes - Midea has announced an organizational restructuring aimed at consolidating its operational centers and optimizing its accountability mechanisms [2] - The restructuring includes merging operational centers in various locations, such as the transfer of the Linyi operational center to Qingdao, resulting in significant staff reductions [3] - This is the second major adjustment within a few months, indicating a trend towards streamlining operations and enhancing efficiency [3] Group 2: Retail Transformation - The shift towards retail is described as the main theme for Midea in the Chinese market over the past two years, with a focus on Direct-to-Consumer (DTC) strategies [4][10] - Midea's management has emphasized the need for simplification and self-revolution to meet market challenges, as articulated by Chairman Fang Hongbo [6][10] - The company is prioritizing DTC and overseas Original Brand Manufacturing (OBM) strategies, which may impact traditional distributors and retailers [4][10] Group 3: Impact on Distributors and Employees - The restructuring has led to complaints from regional distributors about reduced support and increased operational difficulties, as resources are being redirected towards e-commerce and direct consumer engagement [4][5] - Distributors are facing heightened competition and operational challenges due to decreased traffic support for physical stores, leading to increased customer acquisition costs [5] - Employees within the operational centers are also facing uncertainty regarding job security and the integration of different teams post-restructuring [5][10] Group 4: Financial Performance Concerns - Midea's revenue for 2024 is reported at 407.15 billion yuan, with a year-on-year growth of 9.44%, while net profit attributable to shareholders is 38.54 billion yuan, up 14.29% [10] - However, when excluding non-recurring gains, Midea's net profit growth of 8.39% lags behind competitors like Haier and Gree, raising concerns about its core business profitability [10] - The company is under pressure to enhance its main business revenue and profit growth amid a slowing home appliance market [10]