Group 1 - The core viewpoint of the report indicates that Hisense Home Appliances has shown steady growth in overseas revenue, although the net profit attributable to the parent company faced short-term pressure in Q2 [1] - The company offers a diverse range of products under eight major brands, including Hisense, Rongsheng, Kelon, Hitachi, and York, catering to differentiated customer needs [1] - Hisense's brand equity and recognition continue to improve, supported by its ongoing internationalization strategy, which includes sponsorship of major global sporting events from 2016 to 2024 [1] Group 2 - The report highlights that Hisense's brand influence in international markets is expected to increase, particularly with the announcement of sponsorship for the 2025 FIFA Club World Cup [1] - As of July 31, 2025, the closing price of 25.69 yuan corresponds to price-to-earnings ratios of 10, 8, and 8 times for the next three years [1] - The report maintains an "overweight" rating for the company, indicating a positive outlook on its performance [1]

Core Insights - The Dragon Boat Festival coincided with the 618 mid-year shopping festival, leading to a surge in consumer potential in the home appliance and 3C market due to favorable policies and a revival of offline experiences [1][9] - Suning.com opened and upgraded 38 stores in major cities, focusing on high-end technology product launches and immersive experiences [1][9] Group 1: Store Experience and Offerings - Suning Max stores are becoming key venues for the offline launch of new technology products, featuring flagship resources from major domestic and international brands [3][5] - The stores are designed to provide a one-stop lifestyle experience, integrating various themes such as kitchen, gaming, and family activities [5][6] - Special events during the Dragon Boat Festival included free workshops and interactive experiences, enhancing the shopping atmosphere and consumer engagement [6][8] Group 2: Promotions and Consumer Engagement - Suning.com launched the "万人空巷抢家电" campaign, offering extensive discounts on core categories like air conditioning and washing machines, along with exclusive in-store benefits [6][8] - The Nanjing Suning Max store offered significant subsidies and promotions during its "满月庆" event, including a 50% subsidy and various discount schemes [8] - The company aims to enhance customer loyalty and store visit frequency by creating engaging shopping environments that resonate with younger consumers [9]