长沙晚报掌上长沙12月16日讯（全媒体记者 张禹）12月16日，位于宁乡经开区的海信（长沙）家电产业园正式投 产。 记者了解到，作为海信集团在中部地区布局的战略项目，海信长沙综合生产基地项目总投资100亿元，计划打造 全球家电行业智能制造标杆工厂。项目分两期建设，此次投产的一期项目投资50亿元，打造商用空调智能制造基 地，主要生产水机、多联机等产品。 2024年3月，海信长沙综合生产基地项目作为湖南省重大项目集中开工主会场，省市主要领导来到现场宣布开 工。一年多时间，项目从规划到落地，从施工图到实物量，充分彰显了"宁乡速度"与"海信力量"的双向奔赴。 近年来，宁乡市始终坚持"工业强市、幸福宁乡"发展定位和"建设省会副中心、挺进全国前十强"发展目标不动 摇，全力以赴推进先进制造业发展，培育新质生产力。宁乡经开区在"2025中国先进制造业百强园区"排名第60 位，特别是智能家电产业在海信、格力两大龙头的引领下，已形成上下游配套、前后端协同的产业生态，宁乡智 能家电产业入选湖南省级中小企业产业集群，宁乡经开区也获评湖南唯一的家电特色产业园。 ...

中资品牌面临质价比突围与本土化挑战 目前，在东盟三国中呈现日资品牌、中资品牌和美资品牌三足鼎立态势。其中，大金在三国市场均展现 出强大的渠道管理能力，通过"价格管控+项目保护+客户分层"三大策略构建竞争壁垒。技术层面，大 金以VRF多联机为核心竞争力，通过本地化适配（如高温环境改造）和专利标准主导，维持产品溢价。 三菱重工则聚焦高端细分市场，在泰国和印尼的医院、政府项目中通过"参数锁标"（如定制风管长度） 排除竞品，工程直营占比60%，技术团队占员工总数85%，强化专业场景解决方案能力。 □ 本报记者 王 洋 记者注意到，上述东盟三国商用空调市场呈现出"市场处于快速成长期""轻商占比超过50%""零售和制 造业领域增速更快"和"渠道为王"四大特征。即，与家用空调规模相比，商用空调市场中位数为70%， 远超中国市场，显示出巨大的增长潜力；轻型商用空调在市场中占比超过50%，中资品牌的性价比优势 将得到释放，有望在这一细分市场中获得更多份额；零售行业和制造业的增速更快，为中资品牌带来了 更多的增长空间，特别是在这些行业的定制化需求方面；日资品牌在渠道建设方面占据先机，中资品牌 亟待深入开发，通过加强渠道建设和市场 ...

Core Viewpoint - Hisense Home Appliances reported a strong performance in Q1 2025, driven by governance dividends and product structure improvements, indicating a positive outlook for the future [1] Financial Performance - In Q1 2025, the company achieved operating revenue of 24.838 billion (up 5.76%) and a net profit attributable to shareholders of 1.127 billion (up 14.89%), with a non-recurring net profit of 1.008 billion (up 20.27%) [2] - The revenue growth was supported by a robust performance in overseas markets, despite a slight decline in domestic sales due to seasonal factors [2] Business Segments - The central air conditioning segment is expected to show slight growth, reversing previous declines, while the home appliance segment achieved double-digit growth, particularly in exports [2] - The washing machine segment is projected to see high single-digit growth domestically, with strong export performance, while the three-electric segment is expected to continue its decline [2] Profitability Improvement - The gross margin for Q1 was 21.41%, a slight decrease of 0.22 percentage points year-on-year, attributed to structural changes [3] - The sales expense ratio decreased to 9.55% (down 0.45 percentage points), benefiting from enhanced digital marketing and optimized logistics [3] - The net profit margin improved to 4.54%, an increase of 0.36 percentage points year-on-year [4] Market Outlook - The central air conditioning business is expected to stabilize and improve in 2025, aided by a shift in the real estate market towards higher quality [5] - The company is expanding its product categories and enhancing brand marketing efforts, particularly for the Hitachi brand, to capture market share [5] - Continued growth in overseas markets is anticipated, particularly in Europe, driven by improved brand value and refined operations in key regions [5] Investment Recommendations - The comprehensive product matrix and clear growth trajectories position the company favorably for valuation recovery and sustained performance growth [6] - Projected revenues for 2025-2027 are 100.1 billion, 108.2 billion, and 116.5 billion, with corresponding net profits of 3.882 billion, 4.472 billion, and 5.137 billion [6]