21世纪商业评论 . 以下文章来源于21世纪商业评论 ，作者鄢子为 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 作者 ： 鄢子为 来源：21世纪商业评论 ----------------------------- 黄宏生家族，抛出大动作。 1月21日，他实控的创维集团宣告， 拟私有化退市，并分拆旗下光伏业务上市 。 在公告中，其给出"换股"和"现金套现"两个具备溢价的方案，股东可以按需求选择。当日复盘，创 维集团股价大涨37%，市值达到135亿港元。 据中诚达行数据，创维光伏的估值（中位数）约100亿元人民币。交易完成后，黄宏生家族，仍是 实际控制人，持股46.52%。 "近几年， 光伏业务做得比较好，公司希望将这块最优质的资产进行独立上市，反映出其价值 。"创维集团回复《21CBR》记者。 进退之间，创维集团这家彩电龙头，在港交所历经25年沉浮，如今挥别谢幕，舞台交给新人。 01 一退一进 创维集团的股东，还能领到一笔额外"福利"，每股分到约0.37股创维光伏股份，按估值算，这部 ...

来源：@21世纪商业评论微博 记者丨鄢子为 编辑丨李惠琳 黄宏生家族，抛出大动作。 1月21日，他实控的创维集团宣告，拟私有化退市，并分拆旗下光伏业务上市。 在公告中，其给出"换股"和"现金套现"两个具备溢价的方案，股东可以按需求选择。当日复盘，创维集团股价大涨37%，市值达到135亿港元。 据中诚达行数据，创维光伏的估值（中位数）约100亿元人民币。交易完成后，黄宏生家族，仍是实际控制人，持股46.52%。 "近几年，光伏业务做得比较好，公司希望将这块最优质的资产进行独立上市，反映出其价值。"创维集团回复《21CBR》记者。 进退之间，创维集团这家彩电龙头，在港交所历经25年沉浮，如今挥别谢幕，舞台交给新人。 一退一进 黄宏生此次大动作，可谓腾笼换鸟。 他采用独特的"介绍上市"，并不募集资金，而以一套精心设计的方案，实现"一退一进"，即私有化创维集团，再以"创维光伏"在联交所上市。 当前，黄宏生夫妇和林劲夫妇（一致行动人），持有创维集团12.6亿股，占比约66.46%。要完成私有化，其需向其它股东，回购6.35亿股。 "创维未来可能分拆10家上市公司，每家公司目标百亿规模。"他曾放言，要送10家创维系公司上 ...

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 36.264 billion RMB, a 20.3% increase from 30.153 billion RMB in the same period last year, marking a historical high for the period [2] - The company's strategic focus on the renewable energy sector has led to a remarkable growth in this area, with revenue reaching 13.801 billion RMB, a nearly 54% increase year-on-year, now accounting for 38% of total revenue [3] - The smart home appliance segment also showed robust growth, with revenue of 17.044 billion RMB, a 9.4% increase, driven by strong demand in both domestic and international markets [4] Revenue Breakdown - Domestic revenue reached approximately 28.290 billion RMB, up 24.6% year-on-year, primarily driven by the strong performance of the renewable energy business, which saw a 53.5% increase [2] - Overseas revenue amounted to 8.053 billion RMB, reflecting a 7.1% increase year-on-year, indicating an expansion in global market presence [2] Business Performance - The renewable energy business has transitioned from a "strategic nurturing" phase to a "scale contribution" phase, with a total installed capacity of over 25.6 GW [3] - The smart appliance segment's growth was supported by over 34% and 35% increases in domestic and overseas markets, respectively [4][6] - The company has successfully launched innovative products in the smart TV segment, achieving a top 5 global sales ranking [5] Financial Health - The company maintained a strong financial position with cash and cash equivalents reaching 10.627 billion RMB, a 27.3% increase from the end of 2024 [7] - The company implemented a share buyback plan, repurchasing approximately 341 million shares, which represents about 15.28% of the total shares issued, enhancing shareholder value [9] Strategic Outlook - The company plans to leverage opportunities in digitalization, intelligence, and low-carbon development to drive high-quality growth [10][11] - Future strategies include accelerating the development of energy storage and expanding the renewable energy business internationally, while enhancing competitiveness in the smart appliance sector [11]

Core Business Progress - The company has made significant progress in core business breakthroughs and long-term value cultivation, adapting its operational strategies to market demands for high-quality smart products domestically and differentiated solutions overseas [1] - The new energy business has become a key growth driver, with revenue reaching 13.801 billion yuan, a year-on-year increase of nearly 54%, accounting for 38% of total revenue [3][6] New Energy Business - The new energy business has transitioned from the "strategic cultivation" phase to the "scale contribution" phase, with installed capacity of grid-connected photovoltaic power stations exceeding 25.6 GW [3] - The company has developed a unique "photovoltaic + inclusive + digital technology" model, leading the industry in household distributed photovoltaic business [3] - The integration of photovoltaic generation, storage, and charging technologies has been enhanced, establishing a comprehensive green energy ecosystem [3] Smart Home Appliances - The smart home appliance segment has shown steady growth, with revenue reaching 17.044 billion yuan, a year-on-year increase of 9.4% [5][6] - Strong growth in smart appliances was observed in both domestic (over 34%) and overseas markets (35%) [5] - The company’s innovative products, such as the Smart Mini LED TV and AI embedded TVs, have positioned it among the top five global TV brands [5][7] Financial Performance - The company reported a total revenue of 36.264 billion yuan for the first half of the year, a significant increase of 20.3% compared to the previous year [6] - Cash and cash equivalents reached 10.627 billion yuan, up 27.3% from the end of 2024, providing solid financial support for business development [11] Strategic Investments and R&D - The company has increased R&D investment to 1 billion yuan, focusing on AI technology, smart interaction, and new energy technologies [14] - Strategic investments in emerging industries such as semiconductors and new materials have been made, holding stakes in 80 unlisted companies and 9 listed companies [14] - A share repurchase plan of approximately 1.061 billion HKD was successfully implemented, reflecting confidence in future growth [14] Future Outlook - The company aims to leverage opportunities in global digitalization, intelligence, and low-carbon development to drive high-quality business growth [16] - Plans to accelerate the development of energy storage and expand the new energy business internationally are in place [16] - The company will continue to enhance its high-end strategy in smart home appliances and strengthen synergies across business segments [17]

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 36.264 billion yuan, a 20.3% rise compared to the previous year, marking a historical high for the same period [1] - The growth was driven by strong performance in the new energy sector, which saw a revenue increase of 53.5%, contributing to 38% of total revenue [2] - The smart home appliance segment also showed robust growth, with revenue reaching 17.044 billion yuan, a 9.4% increase year-on-year, supported by strong demand in both domestic and overseas markets [3] Revenue Breakdown - Total revenue for the first half of 2025 was 36.264 billion yuan, up from 30.153 billion yuan in the same period last year [1] - Domestic market revenue was approximately 28.290 billion yuan, reflecting a 24.6% increase [1] - Overseas market revenue reached 8.053 billion yuan, a 7.1% increase [1] New Energy Business - The new energy business generated 13.801 billion yuan, marking a nearly 54% increase year-on-year [2] - The installed capacity of the company's photovoltaic power stations exceeded 25.6 GW, leading the industry in both scale and efficiency [2] - The innovative "photovoltaic + inclusive + digital technology" model has established the company as a leader in the household distributed photovoltaic sector [2] Smart Home Appliances - The smart home appliance segment achieved revenue of 17.044 billion yuan, with strong growth in both domestic (34%) and overseas (35%) markets [3] - The company’s smart TV products ranked among the top five global TV brands in sales [3] - The company continues to invest in R&D to enhance product quality and maintain competitive advantage [3] Financial Health - As of June 30, the company held cash and cash equivalents of 10.627 billion yuan, a 27.3% increase from the end of 2024 [4] - The company has maintained a reasonable debt level while increasing financing to support rapid business growth [4] - The company achieved a foreign exchange gain of 33 million yuan through optimized hedging strategies [5] Strategic Initiatives - The company is focusing on strategic adjustments and operational management to drive steady growth in core businesses [6] - Significant investments in emerging industries such as semiconductors and new materials are underway, with stakes in 80 unlisted and 9 listed companies [6] - The company has implemented a share buyback plan worth approximately 1.061 billion HKD, reflecting confidence in future growth [7] Future Outlook - The company aims to leverage opportunities in digitalization, intelligence, and low-carbon development to enhance business quality [8] - Plans to accelerate the development of energy storage and expand the new energy business globally are in place [8] - The company will continue to deepen its high-end strategy in smart home appliances and enhance synergy across business segments [9]