Core Insights - The "21st China Household Appliance Innovation Achievement Promotion" event was successfully held during the IFA 2025 in Berlin, where the Rongsheng brand was awarded the "Annual Technology Innovation Achievement" for its "WILL Natural Fresh-keeping Technology" [1][4] Group 1: Technology Innovation - Rongsheng's WILL Natural Fresh-keeping Technology integrates three core elements: light, water, and ions, transforming the traditional passive preservation method into an active fresh-keeping approach [4] - The technology simulates a natural ecological environment within the refrigerator, creating a mini "fruit and vegetable growth garden" that maintains or even enhances the nutritional value of stored ingredients [4] - The core breakthroughs of this technology are based on three systems: - The SUPL four-season multi-frequency light system promotes photosynthesis in fruits and vegetables, increasing the content of vitamins and chlorophyll [4] - The smart dynamic water mist system maintains 70% humidity, effectively delaying moisture loss and preserving the texture of fruits and vegetables [4] - The AI negative ion high-energy sterilization and deodorization system releases a high concentration of negative ions, achieving multiple health and quality benefits for stored food [4] Group 2: Market Performance - In the first half of 2025, six models of Rongsheng refrigerators, including the Rongsheng 560 WILL refrigerator, ranked among the top ten in industry sales, demonstrating strong market appeal and consumer recognition [4]

Core Insights - The automatic ice-making function is evolving from a high-end feature to a standard configuration in mid-to-high-end refrigerators, driven by the rising "ice culture" in consumer trends [1][2] - Rongsheng brand refrigerator has received the industry's first technical certification for automatic ice-making, marking a significant step towards standardization in the refrigerator industry [1][3] - The certification addresses long-standing issues such as low ice-making efficiency and hygiene concerns, providing a framework for improved consumer experience and industry standards [1][2][3] Industry Trends - The demand for ice has become a new necessity in family life, with applications expanding from beverages to food preservation and creative cooking [2] - 90% of consumers are willing to pay a premium for refrigerators with automatic ice-making capabilities, leading to a significant increase in sales of such products [2] - Despite market growth, there are notable gaps in user experience, with some products taking over 80 minutes to produce ice, highlighting the need for improved efficiency [2][3] Technological Advancements - Rongsheng has developed a comprehensive clean system to address hygiene concerns, utilizing high antibacterial materials and advanced AI technology [3] - The company has achieved a new level of ice-making efficiency, completing a cycle in 60 minutes under rapid mode, which enhances user satisfaction [3] - The technical certification sets a new benchmark for the industry, indicating a shift towards differentiated competition and the potential for automatic ice-making to become a new value driver in the refrigerator market [3]

Core Viewpoint - The rise of homemade coffee and ice drink culture has led to an increased demand for refrigerators with ice-making functions, marking the beginning of the "ice-making era" in the industry [1][4]. Group 1: Industry Trends - The demand for ice cubes has grown significantly as consumers increasingly prefer homemade beverages, leading to a diversification in the need for refrigerators equipped with ice-making capabilities [1][4]. - The introduction of the first "automatic ice-making performance certification" by Rongsheng Refrigerator signifies a major advancement in the technical standards and quality assurance systems within the ice-making function of refrigerators [1][4]. Group 2: Consumer Needs and Challenges - Current challenges in the automatic ice-making process include slow ice-making speed, melting ice cubes, small storage capacity, hygiene issues related to water storage, and the potential for cross-contamination of flavors [2][3]. - Consumers are demanding cleaner and higher-quality ice cubes, which has prompted companies to innovate and improve their ice-making technologies [3][4]. Group 3: Company Innovations - Rongsheng Refrigerator has increased its R&D investment in ice-making technology, with the W60 series capable of producing ice in just 60 minutes and featuring antibacterial designs and easy-to-clean components [3][4]. - The automatic ice-making technology developed by Rongsheng covers four key advantages: cleanliness, efficiency, quality assurance, and user convenience, addressing core consumer needs [4]. Group 4: Industry Impact - The certification of Rongsheng's automatic ice-making technology sets a new technical benchmark for the refrigerator industry, indicating the formal arrival of the "ice-making era" and outlining future development directions [4].

炎炎夏日，一杯冰爽饮品成为无数家庭的"续命神器"。自制冰饮、冰咖的潮流席卷而来，带动搭载自动制冰功能的高端冰箱销售激增。然而，当消费者兴致 勃勃开启家庭制冰时，却常面临令人沮丧的痛点：手动制冰耗时漫长，卫生状况令人担忧，冰块疏松易融，清洁难题更是挥之不去。 这些看似琐碎的困扰，实则是用户对自动制冰冰箱核心诉求的集中体现——高效、洁净、耐用、便捷。市场虽积极响应，纷纷将自动制冰列为中高端冰箱标 配，但产品表现却良莠不齐：追求速度牺牲卫生、标榜"快速"实则超80分钟漫长等待、冰块粘连易碎等问题频现。 行业标准的缺失，一度成为困扰消费者选择与行业健康发展的瓶颈。 中国家用电器研究院副院长葛丰亮在"制冰时代 容声领先"首款自动制冰冰箱技术认证盛典上强调："消费者对制冰冰箱的卫生、效率与品质要求日益提升， 统一、权威的评测标准是规范市场、推动行业技术升级、保障消费者权益的关键基石。"这一评价，为冰箱制冰技术领域树立了清晰的坐标。 另外， 得益于冷冻室-31℃的冰封锁鲜科技，水分子在超低温环境下急速结晶，形成结构致密、不易碎裂的优质冰块，融化速度显著减缓。无论是制作绵密 冰沙，还是长时间冰镇饮品，都能持久锁住最佳冰爽口感 ...

近日，中国家用电器研究院对容声冰箱完成了"电冰箱自动制冰性能认证"测试并予以通过。据悉，这是该认证在行业内的首次颁发，标志着冰箱自动制冰功 能领域的技术规范与品质保障体系取得重要进展。 伴随国内消费者对生活品质需求的提升，具备自动制冰功能的冰箱正从以往主要面向出口，逐步成为国内市场的新兴需求点，尤其在年轻消费群体中关注度 显著增加。为满足消费者对洁净冰块的品质要求，容声冰箱在相关技术研发上进行了针对性投入。 中国家用电器研究院副院长葛丰亮表示："此次对容声冰箱的自动制冰性能认证，是我们推动家电行业技术规范化、品质化发展的重要一步。随着消费者对 生活品质追求的不断提高，像冰箱自动制冰这样的细分功能领域，也需要明确的技术标准和品质保障。容声冰箱此次率先通过认证，不仅体现了其自身强大 的技术研发实力，也为整个行业在该领域的发展树立了榜样。" 据了解，容声冰箱在实现自动制冰功能的关键部件上采取了多项卫生保障措施。储冰盒、储水盒及制冰管路均使用了抗菌材质，其抗菌率可达 99.99%。同 时，冰箱还配备了AI负离子高能除菌净味系统，应用于冷冻室和冷藏室，通过释放负离子主动捕捉并分解空气中的细菌和异味，除菌率可达 99.9 ...

Core Viewpoint - Hisense is facing challenges in its home appliance segment despite revenue and net profit growth, with a need for strategic adjustments to compete effectively in a highly competitive market [1][2][8] Financial Performance - In the first half of 2025, Hisense Home Appliances reported revenue of 49.34 billion yuan, a slight increase of 1.44% year-on-year, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [4][6] - The air conditioning segment remains the largest revenue contributor, generating 23.69 billion yuan, a growth of 4.1% [10][12] - The washing and refrigeration business saw revenue of 15.39 billion yuan, with a year-on-year growth of 4.8% [6] Market Position and Competition - Hisense is positioned in the second tier of the white goods market, facing intense competition from industry leaders like Midea, Haier, and Gree, which dominate nearly 70% of the air conditioning market [8][13] - The company’s growth rates in revenue and net profit are at their lowest in five years, contrasting sharply with the previous year's growth rates of 13.27% and 34.61%, respectively [8][9] Strategic Leadership Changes - The appointment of Gao Yuling as both Chairman and CEO marks a significant leadership change aimed at revitalizing the company’s growth strategy [15][17] - The introduction of experienced executives from Midea into key positions indicates a strategic shift to enhance operational efficiency and market competitiveness [14][15] International Expansion and Diversification - Hisense is focusing on international markets, with overseas revenue reaching 20.45 billion yuan, a growth of 12.34% year-on-year, particularly strong in Europe and the Americas [7][18] - The company is diversifying its product offerings, including a recent acquisition in the automotive supply chain, to explore new growth avenues [18][19] Technological Innovation - Hisense is investing in smart technology, particularly in air conditioning products, to enhance user experience and capture the younger consumer demographic [19] - The integration of AI technology into product development is seen as a critical factor for Hisense to maintain competitiveness in the evolving market landscape [19]

Group 1 - Hisense Home Appliances Group Co., Ltd. reported a steady growth in core business driven by technological innovation in its 2025 semi-annual report [1] - The multi-split central air conditioning system from Hisense holds over 20% market share, ranking first in the industry [3] - Hisense's new air conditioning products achieved a sales revenue market share of 43.9% in the fresh air segment, an increase of 12.3 percentage points year-on-year [3] Group 2 - The refrigerator business showed robust performance with a retail sales revenue growth of 9.5% year-on-year, and market share increased by 1.64 percentage points [3] - Hisense's washing machine domestic main business revenue grew by 37.58%, leading the industry, with a doubling of market share in the mid-to-high-end segment [5] - The launch of the world's first 4-in-1 heat pump washing and drying machine, the Cotton Candy Ultra, showcases Hisense's innovation in washing technology [5] Group 3 - Hisense's kitchen appliances saw a 52% year-on-year increase in offline retail revenue, reflecting product strength and channel synergy [5] - The company accelerated its overseas business expansion, achieving overseas revenue of 20.451 billion yuan, a year-on-year growth of 12.34% [5] - Revenue growth in Europe, the Middle East, and Africa exceeded 22.7%, while the Americas saw a 26.2% increase [5] Group 4 - Hisense washing machines achieved the highest market share in the UK, with over 30% market share in several European countries [7] - Hisense refrigerators ranked first in sales volume or revenue share in 12 countries, marking a historical high [7] - The company’s products gained significant recognition among overseas users, enhancing its brand presence globally [7]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved revenue of 49.34 billion yuan in H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% year-on-year. However, in Q2 2025, revenue was 24.50 billion yuan, down 2.60% year-on-year, and net profit was 949 million yuan, down 8.25% year-on-year [2] Summary by Sections Business Performance - External sales revenue showed steady growth, while domestic sales faced short-term pressure. In H1 2025, the HVAC segment generated revenue of 23.69 billion yuan, up 4.07% year-on-year, with the central air conditioning business affected by the real estate renovation market, leading to a decline in Hisense Hitachi's revenue by 6.0% year-on-year. The new air conditioning segment saw rapid growth, with a 48% increase in revenue for the high-end series [3] - The washing and refrigeration segment achieved revenue of 15.39 billion yuan, up 4.76% year-on-year, with retail sales of Rongsheng refrigerators and Hisense refrigerators increasing by 9.7% and 8.6% respectively. Hisense washing machines focused on technological upgrades and scenario-based innovations, with domestic revenue up 37.6% year-on-year [3] - Other main businesses generated revenue of 6.61 billion yuan, up 8.89% year-on-year, with the three electric companies achieving a 3% year-on-year revenue increase and new business rights of 6.9 billion yuan, laying a foundation for future order growth [3] - By region, domestic revenue in H1 2025 was 25.25 billion yuan, down 0.31% year-on-year, while overseas revenue was 20.45 billion yuan, up 12.34% year-on-year, with significant growth in Europe (22.7%), the Americas (26.2%), and the Middle East and Africa (22.8%) [3] Profitability Analysis - The gross margin for H1 2025 was 21.48%, up 0.2 percentage points year-on-year. The HVAC segment's gross margin was 27.12%, down 1.56 percentage points, while the washing and refrigeration segment's gross margin was 18.74%, up 2.12 percentage points. The gross margin for other main businesses was 15.80%, up 0.99 percentage points [4] - Domestic gross margin was 31.02%, down 0.06 percentage points, while overseas gross margin was 12.33%, up 1.35 percentage points, attributed to scale effects and product improvements [4] - The net profit margin for H1 2025 was 6.06%, down 0.17 percentage points, and for Q2 2025, it was 5.53%, down 0.41 percentage points, influenced by exchange losses and increased operational costs due to organizational restructuring [5] Strategic Initiatives - The company is focusing on smart living strategies and technological innovation, with a diverse brand matrix including Hisense, Rongsheng, Kelon, Hitachi, and York, catering to differentiated customer needs. Hisense's brand value and recognition continue to rise, supported by sponsorship of major international sports events, enhancing its global brand influence [6] Financial Forecast - The company adjusted its profit forecast, expecting revenues of 99.2 billion yuan, 106.8 billion yuan, and 114.2 billion yuan for 2025-2027, with net profits of 3.72 billion yuan, 4.21 billion yuan, and 4.66 billion yuan respectively. The corresponding EPS is projected to be 2.68 yuan, 3.04 yuan, and 3.36 yuan, maintaining a PE ratio of 10, 8, and 8 times for the respective years [8]

Core Insights - Hisense Home Appliances reported a strong performance in its 2025 semi-annual report, driven by technological innovation and steady growth in core businesses [2] - The company maintained a leading position in the multi-split central air conditioning market with over 20% market share [2] - Hisense's air conditioning products achieved the highest market share in the fresh air segment, with a sales share of 43.9%, an increase of 12.3 percentage points year-on-year [2] Air Conditioning Business - Hisense's air conditioning segment showed significant growth, leading the fresh air market with a 43.9% sales share [2] - The company’s multi-split central air conditioning maintained over 20% market share, solidifying its industry leadership [2] Refrigerator Business - The refrigerator segment demonstrated robust performance, with retail sales increasing by 9.5% year-on-year and market share rising by 1.64 percentage points [2] - Rongsheng refrigerators saw a retail sales increase of 9.7%, while Hisense refrigerators experienced an 8.6% growth in retail sales [2] Washing Machine Business - Hisense's washing machine domestic revenue grew by 37.58% year-on-year, outpacing industry growth [2] - The company launched the world's first 4-in-1 heat pump washing and drying machine, showcasing significant technological advancements [2] Kitchen Appliances - Hisense's kitchen appliance business saw a 52% year-on-year increase in offline retail revenue, reflecting successful product upgrades and channel integration [2]

Core Insights - Hisense Home Appliances reported a strong performance in its 2025 semi-annual report, driven by technological innovation and steady growth in core business segments [2] - The company maintained a leading position in the multi-split central air conditioning market with over 20% market share [2] - Hisense's air conditioning products achieved the highest market share in the fresh air segment, with a sales share of 43.9%, an increase of 12.3 percentage points year-on-year [2] Air Conditioning Segment - Hisense's air conditioning business led the fresh air market with a 43.9% sales share, reflecting a significant year-on-year improvement [2] - The multi-split central air conditioning segment holds over 20% market share, reinforcing the company's industry leadership [2] Refrigerator Segment - The refrigerator business showed robust performance with a retail sales increase of 9.5% year-on-year, and market share grew by 1.64 percentage points [2] - Rongsheng refrigerators experienced a retail sales growth of 9.7%, while Hisense refrigerators saw an 8.6% increase in retail sales [2] Washing Machine Segment - Domestic revenue for Hisense washing machines grew by 37.58% year-on-year, outpacing industry growth [2] - The company introduced the world's first 4-in-1 heat pump washing and drying machine, showcasing significant technological advancements [2] Kitchen Appliances Segment - Hisense's kitchen appliance business saw a 52% year-on-year increase in offline retail revenue, indicating successful product upgrades and channel integration [2]