投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他 （线上会议） 参与单位名称及 人员姓名 东方基金管理股份有限公司，华夏基金管理有限公司，国信证券股份 有限公司，中信证券股份有限公司，国泰海通证券股份有限公司，长江证 券股份有限公司，东方财富证券股份有限公司，开源证券股份有限公司， 华安证券股份有限公司，华金证券股份有限公司，西南证券股份有限公司， 甬兴证券有限公司，兴业证券股份有限公司，招商证券股份有限公司，天 风证券股份有限公司，国盛证券有限责任公司，国金证券股份有限公司， 华源证券股份有限公司，中国银河证券股份有限公司，海南峰辰私募基金 管理有限公司，上海秀界投资管理中心（有限合伙），中兴汉广（北京） 投资管理有限公司，上海明河投资管理有限公司，上海同犇投资管理中心 （有限合伙），共 24 家调研机构。 时间 2025年8月26日 地点 公司会议室 上市公司接待 人员姓名 董秘办主任兼证代：范誉舒馨 董秘办工作人员 投资者关系活动 主要内容介绍 问题一、请介绍下公司 2025 年上半年的经营情况？ 答：公司 2025 年上半年实 ...

Core Viewpoint - The company has demonstrated significant transformation achievements, with high-tech business profitability exceeding 60%, becoming a new growth engine despite a challenging macroeconomic environment [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.483 billion yuan and a net profit of 661 million yuan, showing a slight year-on-year decline due to external pressures [1]. - The LED industry chain segment reported operating revenue of 2.808 billion yuan, marking the highest performance for the same period in history, with a year-on-year growth of 8.67% and a net profit of 403 million yuan [2]. Business Segments Smart Terminal Business - The smart terminal business has undergone upgrades in globalization, production capacity, and market expansion, enhancing overall stability [3]. - The company established its first overseas production base in Vietnam, increasing annual production capacity from 2 million to 11 million units [3]. LED Industry Chain - The LED business has progressed from capacity leadership to technology and market leadership, with advancements in chip technology and production capabilities [4]. - The company has achieved significant growth in new display areas, with a market share exceeding 85% for products with a pixel pitch of 1.5mm and above [4]. Optical Communication Business - The optical communication business has rapidly developed, achieving operating revenue of 309 million yuan in the first half of 2025 [5]. - The company has secured long-term orders for BOSA devices, with a market share of 40% and plans for further product launches in 2026 [5]. Strategic Outlook - The company is embedding innovation into its development strategy, focusing on technological breakthroughs and market expansion to drive future growth [6]. - The transformation efforts are expected to create long-term value for investors and establish a solid direction for high-quality development in the next decade [6].

2025 年 8 月 20 日，欧洲统一专利法院（UPC）曼海姆地方分庭更新的案件信息显示，日本电气株式会社（NEC）已对海信欧洲等公司提起 两项专利侵权指控。这是继诺基亚、韩国电子通信研究院（ETRI）之后，海信在欧洲遭遇的第三场诉讼，一系列密集的法律行动让中国企业 在全球市场扩张中的知识产权博弈愈发引人关注。 · Claimants: NEC Corporation Represented by Tilman Müller Case Number: ACT_34324/2025 图片来源：PRIP Research · Patent number: EP2645714 - Videodekodierungsvorrichtung, Videodekodierungsverfahren und Programm · Proceeding type: Proceeding · Action/Application: Infringement Action · Judges: Dirk Böttcher Peter Tochtermann Stefan Johansson · Court Division: F ...

证券研究报告 | 2025年08月21日 策略专题 "慢长牛"在途，怎么追，怎么切？ 从一轮流动性牛市拆解加速段与高低切。2014-2015 年是典型的流动性牛， 指数斜率存在四轮系统性提升过程，但行业的"花期"越来越短。2014 年 3 月-10 月期间，市场整体涨速相对平稳，成长风格和周期风格均有所表现，6、 7、8 月内部都出现了结构性的"高低切"，2014 年 10 月末至 2015 年 2 月， 非银金融上涨超过 83%，1 月下旬至 2 月上旬指数震荡整理完成后，非银开 始快速跑输，2 月 10 日至 5 月 8 日仅上涨 24.24%、5 月至 6 月市场加速赶顶 期间更是仅有个位数涨幅。从 2014 年 Q2 到 2015 年赶顶期间，存在较为明 显的行业轮动，具体看到二级行业，历次指数斜率抬升期间的领涨品种下一 段斜率抬升期间超额收益大幅跑输。地面兵装作为 1Q14-3Q14 期间唯一涨幅 翻倍的二级行业，在 4Q14-1Q15 排名全部二级行业的倒数前三，前期涨幅排 名第三、超过 50%的摩托车，同样在 14 年 10 月下旬至 15 年 2 月回调超过 10%。 加速模式探索：基本面重要 ...

智能电视板块领涨，上涨2.73%，其中同洲电子上涨10.01%，四川长虹上涨9.99%，康冠科技上涨 2.37%，创维数字涨超2%。（第一财经AI快讯） ...

Group 1 - The core stock price of Kangguan Technology as of August 14, 2025, is 23.68 yuan, reflecting a decline of 1.50% from the previous trading day [1] - The opening price on the same day was 24.05 yuan, with a highest point of 24.18 yuan and a lowest point of 23.53 yuan, resulting in a trading volume of 0.72 billion yuan [1] - Kangguan Technology specializes in the research, production, and sales of smart display products, including smart TVs and commercial display devices, and is part of the consumer electronics and Shenzhen Special Zone sectors [1] Group 2 - The company announced that the total balance of external guarantees provided by itself and its subsidiaries is 4.446 billion yuan, which accounts for 57.86% of the most recent audited net assets [1] - All guarantees are provided for subsidiaries within the consolidated financial statements, with no overdue payments or litigation issues reported [1] - On August 14, the net outflow of main funds was 12.05 million yuan, with a cumulative net outflow of 6.1855 million yuan over the past five days [1]

Group 1: Global Entertainment and Media Industry Outlook - By 2029, the global entertainment and media industry is expected to generate approximately $3.51 trillion, with China's share projected at $561 billion, accounting for 16% of the global total [1] - The compound annual growth rate (CAGR) for China's entertainment and media sector from 2024 to 2029 is forecasted at 4.5%, surpassing the global average of 3.7% [1] - The mixed reality market in China is anticipated to grow at a rate of 25.2% in 2024, with total revenue expected to reach $22.8 billion by 2029, reflecting a CAGR of 13.1% [1] Group 2: Internet Advertising Market - Internet advertising remains the largest segment within the advertising market, with China's total revenue projected to reach $143.8 billion in 2024 and $220.4 billion by 2029 [2] - The rise of content creators and short video platforms is expected to enhance the revenue share of internet advertising, driven by more precise ad targeting through data analytics [2] - The application of AI and generative AI technologies in advertising is becoming widespread, with major internet advertising agencies launching related tools [2] Group 3: Film Industry Insights - The Chinese film industry is experiencing a sustained recovery, with a projected CAGR of 5.25% for film revenue from 2024 to 2029 [2] - By 2029, China's share of global film revenue is expected to reach 22%, maintaining its position as one of the two largest film markets alongside the United States [2] - The domestic market continues to dominate box office revenues, with an increasing share of domestic films contributing to overall growth [2] Group 4: Video Game and E-sports Market - China is the largest market for video games and e-sports, with total revenue expected to grow at a CAGR of 5.73% to reach $82.7 billion by 2029 [3] - The share of social/casual games in China's total video game revenue is projected to increase from 85% in 2024 to 87% by 2029 [3] - The evolution of technologies like AIGC is driving growth in the OTT video sector, with China's smart TV market expected to lead globally [3] Group 5: Smart TV Market Dynamics - The number of smart TV households in China is projected to grow from 304 million to 324 million, nearly three times the size of the second-largest market, the United States [3] - By 2029, the smart TV penetration rate in China is expected to approach 57%, significantly higher than the global average of approximately 48% [3] - Despite a slower overall growth rate in the OTT market, China's large user base presents substantial revenue growth potential [3]

Core Insights - The article highlights the evolving preferences of young consumers towards home appliances, emphasizing aesthetics and smart features over traditional functionality [1][3][4] Group 1: Consumer Preferences - Young consumers are increasingly seeking products that enhance their living spaces, with a focus on design and integration into lifestyle rather than just technical specifications [3][4] - The popularity of the Samsung Frame TV, which doubles as an art piece when not in use, exemplifies this trend, as consumers like Xiao Yu appreciate its aesthetic contribution to home decor [1] - The "Mai Lang" series launched by Suning and Haier, featuring a warm-toned refrigerator, has gained traction among younger demographics, with nearly 90% of users being born in the 1990s and 2000s [3] Group 2: Smart Home Appliances - Smart home appliances are becoming essential for young consumers, with the 25-35 age group accounting for 42% of smart appliance sales, driven by a 68% weight on the importance of smart features in their purchasing decisions [4] - Examples of popular smart appliances include intelligent air conditioners that adjust settings based on voice commands and refrigerators that create personalized recipes based on user health data [4] Group 3: Marketing Strategies - Suning is implementing various strategies to promote smart appliances, including product launches, subsidies, and immersive experiences such as interactive events in stores [6] - The 818 shopping festival aims to transition smart appliances from novelty items to necessities, focusing on a "play before buy" approach to enhance consumer engagement [6] - Suning's commitment is to integrate technology into the daily lives of young consumers, promoting a lifestyle characterized by comfort and quality through smart solutions [6]

Core Viewpoint - The rural consumption market in China is experiencing significant growth, driven by tailored products and improved infrastructure, which is becoming a vital force for domestic demand expansion and economic stability [6][10]. Group 1: Rural Consumption Growth - In the first four months of this year, China's rural retail sales reached 21,412 billion yuan, with a year-on-year growth of 4.8%, surpassing urban growth rates [6]. - The introduction of various consumption-boosting policies has further stimulated the vitality of the rural consumption market [6]. Group 2: Product Adaptation to Rural Needs - Companies are increasingly focusing on the unique characteristics of rural consumers, adapting product designs to meet their specific needs [10]. - For instance, Haier's new washing machine features a high-foot design to prevent rust from water accumulation, and simplified controls for ease of use by older consumers [9]. - The introduction of smart appliances, such as air fryers and voice-controlled televisions, reflects a shift from basic functionality to enhanced user experience in rural households [10][15]. Group 3: Electric Vehicles in Rural Areas - The availability of charging infrastructure has made electric vehicles more accessible to rural consumers, with initiatives like the "ten-minute fast charging circle" addressing previous charging difficulties [11]. - Companies like SAIC-GM-Wuling are producing affordable electric vehicles priced between 30,000 to 50,000 yuan, catering to the budget of many rural families [13]. - The growing adoption of electric vehicles is evident, with more rural residents using them for daily activities and agricultural tasks [14]. Group 4: Shift in Consumer Behavior - There is a noticeable shift in rural consumer behavior from merely "getting by" to "enjoying life," with increased interest in entertainment and health-related products [15]. - The rise of online shopping has also transformed purchasing habits, with more rural residents embracing e-commerce for convenience and variety [16]. - The integration of smart technology in daily life, such as smartwatches and health monitoring devices, indicates a growing trend towards health and wellness among rural consumers [16].

Core Viewpoint - Xiaomi showcased its "Human-Vehicle-Home Ecosystem" at the 22nd ChinaJoy, emphasizing the integration of smart devices through its Surge OS to create a seamless intelligent living experience [1][3][13] Group 1: Exhibition Highlights - The exhibition featured a 820 square meter booth with three main areas: Automotive Experience Zone, Personal Mobile Computing Center, and Scenario Display Area [3] - The Automotive Experience Zone highlighted three models: Xiaomi SU7 Ultra, Xiaomi YU7 Max, and Xiaomi SU7 Max, attracting significant attention from attendees [3][5] - The Personal Mobile Computing Center displayed the Xiaomi 15 series, Xiaomi MIX Flip 2, and various wearable devices, including the Xiaomi AI glasses, which garnered considerable interest [7] Group 2: Smart Home Integration - Four lifestyle scenario spaces were created to showcase Xiaomi's home appliances and AIoT products, demonstrating the interconnectedness and collaborative operation of devices through Surge OS [9] - Featured products included air conditioners, refrigerators, smart TVs, and robotic vacuum cleaners, providing a tangible experience of a smart living environment [9] Group 3: Interactive Engagement - The booth included interactive elements where visitors could receive customized bottled water and ice cream, along with completing tasks for rewards [11] - This engagement strategy aimed to enhance visitor experience and promote brand interaction during the exhibition [11] Group 4: Future Outlook - Xiaomi aims to continue advancing its underlying technology and expanding the "Human-Vehicle-Home Ecosystem" to enhance user experience and convenience [13]