两年后的俄罗斯，海信冰箱迎来了与世界杯的第一次亲密接触，被全世界球迷所熟知。此后无论欧洲杯还是世界杯，乃至今年国际足联改版后的世俱杯，连 续六届足球大赛，海信冰箱从未缺席，成为与世界知名体育赛事关联时间最长、参与程度最深的中国冰箱品牌之一。 明年的美加墨世界杯，将是海信冰箱与国际足球赛事结缘的第11个年头，这也是海信一直倡导的长期主义，通过足球赛事借船出海，来与全球消费者进行沟 通，从而拉近彼此的距离。 近日，海信冰箱官宣成为2026世界杯全球官方指定冰箱，这将是海信冰箱在赞助了三届欧洲杯、两届世界杯和一届世俱杯后，第七次亮相国际顶级足球赛事 的舞台。 如果用足球界的术语，海信冰箱过去已经实现了欧洲杯的帽子戏法，如今将要在世界杯赛场上"戴帽"——在足球大赛这个领域，从当年的探险家，到如今的 老牌玩家，已经屡有精彩表现的海信冰箱，在美加墨世界杯上，将会上演一脚怎样的世界波？ 海信冰箱与足球大赛的结缘，始于2016年的欧洲杯，当时国内还没有企业与欧洲杯这样的顶级足球赛事合作，志在走向国际市场的海信成为敲门人，被称为 中国体育营销的探险家，海信冰箱在赛场边亮相，由此走向世界大赛的舞台。 众所周知，新鲜，是人们对美食 ...

Group 1 - Hisense officially announced its sponsorship as a global partner for the 2026 FIFA World Cup, marking its third consecutive sponsorship after the 2018 and 2022 World Cups [1] - Midea Group has signed long-term cooperation agreements with FC Barcelona, with its logo to appear on the team's jerseys starting from the 2026/2027 season, reflecting a trend of increasing sponsorship in top international sports events [1] - The trend of major home appliance companies like TCL, Midea, and Hisense increasing their sponsorship in international sports events highlights the industry's need for brand premiumization and internationalization [1][2] Group 2 - Midea Group reported overseas revenue of 107.2 billion yuan in the first half of 2025, a year-on-year increase of 17.7%, with OBM revenue accounting for over 45% of its smart home business overseas [1] - Hisense's sponsorship of the 2025 FIFA Club World Cup aims to enhance its brand presence in five major overseas regions, contributing to a 70% overall revenue growth and a 156% increase in brand value since 2018 [2] - TCL has been involved in top-tier sports and entertainment IP for over 30 years, recently becoming a global partner of the Olympics, focusing on providing comprehensive support in smart terminal and display technology [3]

Group 1 - Hisense Refrigerator has been officially designated as the global official refrigerator for the 2026 FIFA World Cup, continuing its strategy of marketing through top-tier global sports events [1][4] - This partnership builds on Hisense's previous sponsorships, including the UEFA Euro 2016, the 2018 FIFA World Cup in Russia, and the 2022 FIFA World Cup in Qatar, making it the first Chinese home appliance brand to sponsor two consecutive World Cups [4] - The collaboration is expected to enhance Hisense's brand recognition and reputation in the global market, laying a solid foundation for its overseas market expansion [4] Group 2 - Hisense Refrigerator features a breakthrough vacuum magnetic field preservation technology that combines vacuum preservation with magnetic field control, significantly inhibiting food oxidation [4] - The core principle of this technology is based on the magneto-biological effect, which promotes the orderly arrangement of water molecules in food, effectively reducing enzyme activity and delaying spoilage [4] - Laboratory tests indicate that this technology can achieve an exceptional preservation effect, maintaining "first-class freshness" for up to 7 days, greatly improving the storage quality of meat, seafood, and various vegetables [4]

Group 1 - The core theme of Hisense at the IFA Berlin Consumer Electronics Show is "AI Your Life," focusing on practical applications of AI and business innovation, showcasing a future lifestyle empowered by AI technology [1] - Hisense's Connect Life smart home platform integrates AI and IoT, enabling interconnectivity among various home appliances, voice control, and intelligent scene linkage, accelerating the realization of smart home ecosystems [3] - In the first half of the year, Hisense's smart screen refrigerator equipped with the Connect Life application sold for nearly 3000 euros, with overseas market sales increasing by 2.8 times year-on-year, highlighting the strong competitiveness of Chinese smart manufacturing in the global high-end market [3] Group 2 - Europe is a key high-end market for Hisense, where the company is accelerating the iteration of differentiated products such as smart screen refrigerators, flush-mounted refrigerators, and high-efficiency refrigerators to meet consumer demands [3] - Hisense will present exciting content at the IFA Berlin Consumer Electronics Show on September 5, inviting attendees to explore the innovative world of Hisense [3]

Core Viewpoint - Hisense refrigerators have successfully passed the "Automatic Ice Making Performance Certification" by the China Household Electrical Appliances Research Institute, highlighting the company's innovation in automatic ice-making technology and its response to the modern lifestyle of urban youth, particularly the "early C (Coffee) and late A (Alcohol)" routine [1][5]. Group 1: Product Performance - The certification confirms the performance of Hisense's automatic ice-making technology, which integrates convenience and health standards to meet the needs of users for high-quality ice drinks [5][6]. - Hisense's five refrigerator models demonstrated outstanding performance in key metrics such as ice-making speed, uniformity of ice cubes, reliability of ice output, and ice box capacity, proving the stability and excellence of their 60-minute intelligent ice-making system [5][6]. Group 2: Health and Safety Features - Hisense has implemented a comprehensive health protection system for its automatic ice-making process, utilizing advanced antibacterial materials in its vacuum first-class refrigerator's water and ice storage boxes, achieving an antibacterial rate exceeding 99.99% [6]. - The focus on "clean and safe" ice production addresses a core consumer pain point, ensuring that the environment for ice production is hygienic and free from bacterial growth [6]. Group 3: Market Positioning and Consumer Insights - The recognition from the certification reflects Hisense's strong capabilities in technological innovation and quality control, catering to the refined lifestyle needs of young consumers while safeguarding family health [6]. - Hisense aims to lead the refrigerator industry into a new phase characterized by enhanced user experience and higher health standards through continuous technological advancements [6].

Core Viewpoint - The "Read the Sea and Explore the World" charity summer camp, initiated by Hisense Refrigerator, has successfully supported nearly 500 students from mountainous areas over the past decade, expanding their horizons and providing educational opportunities [1][3]. Group 1: Project Overview - The charity summer camp project began in 2016, starting with the construction of the Beichuan Hisense Chenjiaba Primary School, and has since reached over 40 schools across more than 10 provinces including Sichuan, Yunnan, and Guizhou [3]. - The program follows the philosophy of "going out and inviting in," creating a bridge for public welfare between mountainous regions and coastal areas [3]. - The initiative has organized diverse classes combining "ocean exploration, technology experience, and cultural heritage," allowing students to gain broader knowledge [3]. Group 2: Impact and Future Plans - The project aims to open a window of understanding for children from mountainous areas, addressing their curiosity about the outside world [3]. - Among the first participants, 32 students have successfully entered university, showcasing the program's positive impact on their educational journeys [3]. - Hisense Refrigerator has signed a special cooperation agreement with the Law School of Qingdao University of Science and Technology to provide professional support for the protection of minors, enhancing the project's scope [3]. - The marketing president of Hisense Refrigerator emphasized that educational charity is a core direction for practicing ESG principles, with plans to gather more social forces to expand the reach of their public welfare initiatives [3].

转自：新华财经 8月7日，海信冰箱举办了"读书看海观世界"公益夏令营十周年庆典活动。十年来，该项目已助力近500名山区学子走 出大山拓展视野。活动现场，海信冰箱还与青岛科技大学法学院签署"未成年儿童保护"专项合作协议，为公益项目注 入新动能。 大山外面的世界是什么样子？大海是什么颜色？孩子们这些充满想象力又让人心酸的疑问，催生了第一届"读书看海 观世界"夏令营。当年追问"大海颜色"的孩子们中，已有32人考入大学。 活动现场，海信冰箱与青岛科技大学法学院达成"未成年儿童保护"专项合作，为青少年成长提供专业支持。海信冰箱 营销总裁李强表示，公益助学是践行ESG理念的核心方向，未来将汇聚更多社会力量，以平台化运作扩大公益辐射范 围，让温暖火种传递更远。 在高速发展的同时，海信冰箱始终以公益行动践行社会责任，成为兼具担当与温度的典范。未来，海信冰箱将继续以 书为舟、以爱为桨，载着学子驶向更辽阔的天地。（永文） 编辑：罗浩 "读书看海观世界"公益夏令营项目始于2016年，以海信援建北川海信陈家坝小学为起点，秉持"走出去、请进来"理 念，架起山海间公益桥梁。十年间足迹遍及四川、云南、贵州等10余省份40多所学校，先后组织 ...

Core Viewpoint - The company's 1H25 performance slightly underperformed expectations due to currency fluctuations, personnel adjustments in the three electrical businesses, and ongoing negative impacts from the real estate sector on air conditioning sales [1][2]. Financial Performance - 1H25 revenue reached 49.34 billion yuan, a year-on-year increase of 1.4%, while net profit attributable to shareholders was 2.077 billion yuan, up 3.0% year-on-year [1]. - For 2Q25, revenue was 24.502 billion yuan, down 2.6% year-on-year, and net profit was 949 million yuan, a decrease of 8.3% year-on-year [1]. - The company's performance was pressured by exchange rate fluctuations, intensified competition in the air conditioning market, and a decline in domestic demand [1][2]. Market Trends - Domestic demand for air conditioning is weak, with intensified competition leading to a decline in retail prices; air conditioning retail sales saw a year-on-year increase of 26% in 4Q24 but a decrease of 2% in 1Q25 [1][2]. - The air conditioning market is facing increased competition, particularly from Xiaomi, which has accelerated its market presence [1]. - Hisense's air conditioning products, classified as second-tier assets, have been negatively impacted by the competitive environment, with online retail market share dropping by 0.5 percentage points to 4.2% in 2Q25 [1][2]. Business Segment Performance - The central air conditioning market in China contracted by 15.9% year-on-year in 1H25, with the home decoration retail market down 18% [2]. - Hisense's revenue from the air conditioning segment fell by 6% in 1H25, with a profit margin of 17.5%, an increase of 0.2 percentage points year-on-year [2]. - The three electrical businesses faced a significant decline in exchange income due to currency fluctuations, impacting profits by approximately 200 million yuan [2]. Export and Profitability - The export of white goods has slowed down, with a year-on-year increase of 8% in 1Q25 followed by a decrease of 7% in 2Q25 [2]. - Despite the slowdown, the operating profit margin for the washing machine business improved by 0.8 percentage points to 4.2% in 1H25 due to reduced losses from the Monterrey factory and improved sales structure [2]. Profit Forecast and Valuation - The company has slightly adjusted its net profit forecasts for 2025 and 2026 down by 2.5% and 4.8% to 3.742 billion yuan and 4.197 billion yuan, respectively [2]. - The current stock price corresponds to a P/E ratio of 10.1x for A shares and 8.3x for H shares for 2025E [2]. - The target price remains unchanged at 36.5 yuan for A shares and 32.5 HKD for H shares, indicating an upside potential of 34.2% and 34.6%, respectively [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 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]