日前，海信家电发布2025年三季报。报告期内，海信洗衣机业务稳步增长，国内主营业务收入同比增长30%以上，中 高端及高端市场占有率翻倍增长，产品结构持续优化。"618"大促期间，电商销售规模同比提升83%。 与此同时，海外市场也取得突破性成绩。6月份，海信洗衣机英国市场份额突破11%，并在克罗地亚、塞尔维亚、南非 等多国市场份额超30%，稳居行业前列。 海信洗衣机深耕热泵洗烘一体技术，在9月底推出的大薄荷热泵洗烘一体机E8Q，率先在热泵洗烘一体领域实现 850mm×600mm标准尺寸，在高效烘干的同时，极大优化了空间利用率，用户无须局改便能实现原地换机。同时其搭 配超薄全嵌式外观，更好地契合一体化家居美学风格。据奥维云网数据显示，E8Q上市后两周内便跃居销量排行榜 TOP2，市场表现引人瞩目，并荣获中国家电网颁发的"杰出渠道表现产品奖"。 市场表现与产品创新也为海信洗衣机赢得广泛行业认可。海信洗衣机先后获评"健康洗护领军品牌""洗衣机行业十强品 牌"等荣誉，彰显出海信在洗衣机领域的综合实力与行业引领地位。（蒋芳 胡雷剑） 编辑：赵鼎 基于对用户分区洗护和高效烘干需求的洞察，海信洗衣机推出4合1热泵洗烘一体机— ...

Core Insights - Hisense washing machines have been recognized as the "No. 1 in sales for heat pump washing and drying integrated machines" and "Pioneer of three-tub washing machines" at the Aowei Cloud Digital Ecological Conference held on August 27, 2025, showcasing the company's innovation and market performance [1][2] - The Hisense Cotton Candy Ultra family tub washing machine has also won the "2024-2025 Trend Product Cloud Summit Award," highlighting its excellence in product innovation and user experience [1] - Hisense's achievements reflect eight years of technological accumulation and market cultivation, establishing the company as a significant leader in the high-end laundry care sector [1][3] Product Innovation - The three-tub washing machine, launched in 2017, introduced a new category of health-oriented washing, addressing the pain points of washing different fabric types separately [2] - The Cotton Candy Ultra family tub washing machine, released in 2025, further solidifies Hisense's technical authority and market leadership in the three-tub segment [3] - The machine features a Zeus integrated heat pump drying system, which reduces the heat pump module size to one-third of traditional structures, allowing for efficient integration within standard machine bodies [4] Market Performance - In its first month of launch, the Cotton Candy Ultra family tub washing machine achieved sales exceeding 10,000 units, marking it as a benchmark product in the high-end laundry market [4] - The machine's innovative low-temperature drying technology at 42°C simulates natural air drying, protecting delicate fabrics from damage [4][5] - Hisense's washing machines have seen a 37.58% year-on-year increase in main business revenue in the first half of 2025, indicating strong growth in the domestic market [7] Technological Advancements - The Cotton Candy Ultra family tub washing machine is equipped with three independent variable frequency motors, ensuring even heat penetration and addressing common drying issues [5] - Hisense's patented active water washing technology achieves a 90% removal rate of lint and a 93% scale prevention rate, providing deep cleaning and health protection for garments [5] - The company's focus on user needs has driven continuous innovation, transitioning from a technology follower to an industry leader [3][6] Industry Trends - The home appliance market is entering a phase of stock competition, necessitating original technology to address user pain points for sustainable growth [6] - Hisense's journey from launching the world's first three-tub washing machine to becoming the top seller in the heat pump washing and drying category illustrates the shift in China's home appliance industry towards innovation-driven development [6][7] - The evolving consumer demand has shifted from merely "cleaning" to "healthy" and "refined" washing experiences, prompting Hisense to maintain a user-oriented innovation approach [6]

Group 1 - Hisense Home Appliances Group Co., Ltd. reported a steady growth in core business driven by technological innovation in its 2025 semi-annual report [1] - The multi-split central air conditioning system from Hisense holds over 20% market share, ranking first in the industry [3] - Hisense's new air conditioning products achieved a sales revenue market share of 43.9% in the fresh air segment, an increase of 12.3 percentage points year-on-year [3] Group 2 - The refrigerator business showed robust performance with a retail sales revenue growth of 9.5% year-on-year, and market share increased by 1.64 percentage points [3] - Hisense's washing machine domestic main business revenue grew by 37.58%, leading the industry, with a doubling of market share in the mid-to-high-end segment [5] - The launch of the world's first 4-in-1 heat pump washing and drying machine, the Cotton Candy Ultra, showcases Hisense's innovation in washing technology [5] Group 3 - Hisense's kitchen appliances saw a 52% year-on-year increase in offline retail revenue, reflecting product strength and channel synergy [5] - The company accelerated its overseas business expansion, achieving overseas revenue of 20.451 billion yuan, a year-on-year growth of 12.34% [5] - Revenue growth in Europe, the Middle East, and Africa exceeded 22.7%, while the Americas saw a 26.2% increase [5] Group 4 - Hisense washing machines achieved the highest market share in the UK, with over 30% market share in several European countries [7] - Hisense refrigerators ranked first in sales volume or revenue share in 12 countries, marking a historical high [7] - The company’s products gained significant recognition among overseas users, enhancing its brand presence globally [7]

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [1] Core Views - The company achieved revenue of 49.34 billion yuan in H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.01% year-on-year. However, in Q2 2025, revenue was 24.50 billion yuan, down 2.60% year-on-year, and net profit was 949 million yuan, down 8.25% year-on-year [2] Summary by Sections Business Performance - External sales revenue showed steady growth, while domestic sales faced short-term pressure. In H1 2025, the HVAC segment generated revenue of 23.69 billion yuan, up 4.07% year-on-year, with the central air conditioning business affected by the real estate renovation market, leading to a decline in Hisense Hitachi's revenue by 6.0% year-on-year. The new air conditioning segment saw rapid growth, with a 48% increase in revenue for the high-end series [3] - The washing and refrigeration segment achieved revenue of 15.39 billion yuan, up 4.76% year-on-year, with retail sales of Rongsheng refrigerators and Hisense refrigerators increasing by 9.7% and 8.6% respectively. Hisense washing machines focused on technological upgrades and scenario-based innovations, with domestic revenue up 37.6% year-on-year [3] - Other main businesses generated revenue of 6.61 billion yuan, up 8.89% year-on-year, with the three electric companies achieving a 3% year-on-year revenue increase and new business rights of 6.9 billion yuan, laying a foundation for future order growth [3] - By region, domestic revenue in H1 2025 was 25.25 billion yuan, down 0.31% year-on-year, while overseas revenue was 20.45 billion yuan, up 12.34% year-on-year, with significant growth in Europe (22.7%), the Americas (26.2%), and the Middle East and Africa (22.8%) [3] Profitability Analysis - The gross margin for H1 2025 was 21.48%, up 0.2 percentage points year-on-year. The HVAC segment's gross margin was 27.12%, down 1.56 percentage points, while the washing and refrigeration segment's gross margin was 18.74%, up 2.12 percentage points. The gross margin for other main businesses was 15.80%, up 0.99 percentage points [4] - Domestic gross margin was 31.02%, down 0.06 percentage points, while overseas gross margin was 12.33%, up 1.35 percentage points, attributed to scale effects and product improvements [4] - The net profit margin for H1 2025 was 6.06%, down 0.17 percentage points, and for Q2 2025, it was 5.53%, down 0.41 percentage points, influenced by exchange losses and increased operational costs due to organizational restructuring [5] Strategic Initiatives - The company is focusing on smart living strategies and technological innovation, with a diverse brand matrix including Hisense, Rongsheng, Kelon, Hitachi, and York, catering to differentiated customer needs. Hisense's brand value and recognition continue to rise, supported by sponsorship of major international sports events, enhancing its global brand influence [6] Financial Forecast - The company adjusted its profit forecast, expecting revenues of 99.2 billion yuan, 106.8 billion yuan, and 114.2 billion yuan for 2025-2027, with net profits of 3.72 billion yuan, 4.21 billion yuan, and 4.66 billion yuan respectively. The corresponding EPS is projected to be 2.68 yuan, 3.04 yuan, and 3.36 yuan, maintaining a PE ratio of 10, 8, and 8 times for the respective years [8]

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]

Core Insights - Hisense Home Appliances reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [1][2] Group 1: Business Performance - The HVAC (Heating, Ventilation, and Air Conditioning) segment generated revenue of 23.694 billion yuan, reflecting a year-on-year growth of 4.07%, with a gross margin of 27.12%, down 1.56% [2] - The washing and refrigeration segment achieved revenue of 15.392 billion yuan, a year-on-year increase of 4.76%, with a gross margin of 18.74%, up 2.12% [2] - Hisense washing machines saw a significant domestic revenue growth of 37.58% [2] Group 2: Market Expansion - Hisense's air conditioning exports reached 5.371 million units, marking a year-on-year increase of 17%, with the multi-split central air conditioning systems holding over 20% market share [2] - The company's air conditioning exports accounted for 9.5% of the national total [2] - Revenue from the European region grew by 22.7%, with air conditioning and washing machine revenues increasing by 34.5% and 38.9% respectively [2] Group 3: Channel Development - In the first half of 2025, the company opened 1,821 new proprietary stores, with store revenue increasing by 18% [2] - Revenue from the Douyin channel grew by 51%, with the 5A customer group showing an 82% increase in repurchase and active recommendations [2]

Core Viewpoint - Hisense has established itself as a key player in sports marketing and technology, transitioning from a simple sponsor to a co-builder of the event technology ecosystem, particularly through its partnership with FIFA for VAR technology support [1][2]. Group 1: Sports Marketing Journey - Hisense began its sports marketing journey in 2008 by sponsoring the Australian Open, with overseas revenue below 6 billion yuan and a self-owned brand ratio of only 21% [2]. - As of now, Hisense's overseas revenue has reached 99.6 billion yuan, with the self-owned brand ratio increasing to 86%, and brand awareness rising from 28% in 2017 to 56% in 2024 [2]. - Over 17 years, Hisense has evolved from brand exposure to technical collaboration, significantly enhancing its presence in the sports marketing sector [1][2]. Group 2: Technological Advancements - Hisense has been recognized for its technological contributions, with the VAR technology reducing average review time by 5 seconds during the 2024 European Championship, enhancing game continuity [2]. - The company has developed an AI-driven viewing experience, offering services such as pre-match predictions, real-time tactical analysis, and post-match summaries [4][5]. - Hisense's AI technology extends beyond visual experiences, integrating smart home appliances to create a comprehensive viewing ecosystem [5]. Group 3: Globalization and Localization Strategy - Hisense's global trust index has improved due to its dual strategy of "technology + localization," investing nearly 5% of its revenue in R&D and leading the establishment of international standards [6]. - The company operates 31 R&D centers and 36 manufacturing bases worldwide, tailoring products to local markets, such as a large-capacity refrigerator designed for the U.S. market [6]. - According to Ipsos' 2024 Global Trust Index, Hisense ranks first in the smart home appliance sector and is the only appliance brand in the top ten overall [6].

Core Viewpoint - Hisense Home Appliances reported strong Q1 2025 results, achieving revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year, marking the best performance for the same period since Q1 2002 [2] Financial Performance - Revenue for Q1 2025 reached 24.838 billion yuan, with a net profit of 1.127 billion yuan and a non-recurring net profit of 1.008 billion yuan, reflecting year-on-year growth of 14.89% and 20.27% respectively [2] - The company's return on equity (ROE) for 2024 was reported at 23.27%, outperforming competitors such as Haier Smart Home (17.70%), Midea Group (21.29%), and Gree Electric (25.42%) [5] Market Position and Product Performance - Hisense's multi-split air conditioning systems captured over 20% market share, while the company maintained the top position in the fresh air air conditioning category with a sales share of 42.8% [3] - The refrigerator segment saw an increase in market share by 2.6 percentage points, with the Rongsheng brand also experiencing a 2.3 percentage point increase [3] - The washing machine business improved user experience, resulting in a 0.7 percentage point increase in offline market share [3] Growth Drivers - The growth in Q1 performance is attributed to several factors: recovery in central air conditioning sales, strong growth in home air conditioning, high single-digit growth in refrigeration and washing machine segments, and significant orders in the HVAC sector for new energy vehicles [4] - Domestic and international sales trends indicate a positive outlook, with exports expected to grow over 20% year-on-year [4] Financial Stability - The company reported a total debt of 52 billion yuan, with non-interest-bearing liabilities accounting for 92% of total debt, indicating strong bargaining power within the appliance supply chain [6] - The liquidity surplus after settling all payables and interest-bearing debts is 21.8 billion yuan, showcasing financial stability [5]