Core Viewpoint - Hisense is strategically opening over 1,300 core patents related to three-color laser technology to strengthen its industry position and expand the market scale, while also aiming to influence industry standards [2][9][10] Market Trends - The smart projection market, excluding laser TVs, saw a decline in sales volume by 3.9% year-on-year to 2.778 million units in the first half of 2025, with sales revenue dropping by 2.9% to 4.68 billion yuan [3] - The decline in the market is primarily attributed to a significant drop in low-end projector sales, as the market is undergoing a phase of clearing out low-end capacity [4] Product Performance - Despite the overall market contraction, the high-end segment, particularly laser display products, is experiencing growth, with the global laser projection market expected to reach a compound annual growth rate of 23.4% from 2020 to 2025 [4][5] - In the first half of 2025, the shipment of laser TVs over 100 inches in China increased by 177% year-on-year, indicating a shift towards high-quality display products [6] Technological Advancements - The adoption of advanced technologies such as 8K ultra-high definition and HDR Pro is expected to enhance the penetration of laser sources in emerging fields like AR/VR and automotive HUDs [6] - Hisense's three-color laser technology offers superior brightness and color range compared to traditional LED projectors, covering over 90% of the Rec. 2020 color gamut [7][8] Strategic Implications - By opening its patents, Hisense aims to create a dual-driven model of "technology output + complete machine sales," which will stabilize revenue through patent licensing while increasing market share for its products [7][9] - The move is seen as a way to avoid the pitfalls of a "patent jungle," which could hinder technological commercialization and market growth [8][9]

Core Insights - The article highlights the rapid adoption of ultra-high-definition (UHD) televisions in Shanghai, with some manufacturers reporting sales proportions as high as 95% for UHD models [1][2]. Group 1: Market Trends - The penetration rate of UHD televisions is increasing significantly, with TCL reporting a 95% sales share for UHD TVs in Shanghai as of 2025 [1]. - Hisense has sold over 150 million TVs in Shanghai, with all models 55 inches and above being 4K UHD products, indicating a shift towards larger screen sizes and enhanced clarity [2]. - The market is witnessing a transition from "parameter competition" to "experience upgrade," with consumers increasingly valuing immersive experiences over technical specifications [3]. Group 2: Sales Strategies - TCL is collaborating with local telecom operators to promote UHD TVs through bundled offers, such as "4K packages + TV" to stimulate sales [1]. - Hisense suggests enhancing UHD penetration through offline experiences and promotional campaigns that facilitate easy upgrades for consumers [2]. - Pinduoduo reports a double-digit growth in UHD TV sales this year, driven by government subsidies and the popularity of Mini LED technology [3]. Group 3: Consumer Preferences - There is a growing demand for large-screen TVs (75 inches and above) and high-refresh-rate models (120Hz and above), reflecting consumers' desire for better viewing and gaming experiences [3]. - Sales of 98-inch and larger TVs at Suning increased by 70.9% year-on-year, indicating a trend towards larger, smarter, and more diverse television options [3]. - The market is evolving to include various lifestyle applications for TVs, such as leisure, fitness, and outdoor activities, broadening the scope of consumer engagement [3].

Core Viewpoint - Hisense showcased its innovative RGB-Mini LED television and smart home appliances at the IFA in Berlin, emphasizing the deep application of AI technology in display innovation, smart home integration, and energy management [1][2]. Group 1: RGB-Mini LED Technology - Hisense has introduced the world's first mass-produced RGB-Mini LED television, marking a significant breakthrough in display technology that transitions from single-color to RGB multi-color display, which is expected to define the television industry by 2025 [2][3]. - The company has developed its own AI quality chip and high-performance RGB-Mini LED chip, overcoming global challenges in RGB color control and establishing a complete technology loop from chip design to material preparation [3]. Group 2: Smart Home Integration - Hisense's smart appliances, such as intelligent refrigerators and air conditioners, provide comprehensive services from shopping to cooking, enhancing user experience through AI-driven features [4][5]. - The company has launched five AI-driven smart categories, including AI air, AI laundry, AI cuisine, AI energy, and AI services, which have become popular attractions at the IFA [4]. Group 3: Market Performance - Hisense has seen significant sales growth in various international markets, with smart refrigerators experiencing a 2.8 times increase in sales from January to June, and laser TVs achieving over 80% sales growth in France [7]. - The brand's success reflects the strong competitiveness of Chinese smart manufacturing in the global high-end market, with Hisense leading the way in high-tech, high-value, and high-quality products [7]. Group 4: Strategic Marketing - Hisense has become the global official sponsor of the 2026 FIFA World Cup, marking its third sponsorship of the event, which has significantly enhanced its global brand recognition [8][9]. - The company's partnership with FIFA has led to a substantial increase in brand awareness, with overseas recognition rising from 30% in 2018 to 56% in 2024, and overall revenue growing by 70% during the same period [8]. Group 5: Future Innovations - Hisense is actively exploring advancements in humanoid robotics and AI, showcasing a humanoid robot at the IFA, which highlights its commitment to integrating practical and forward-looking smart experiences [10].

Group 1: Hong Kong Stock Exchange Performance - The total market capitalization of the Hong Kong Stock Exchange reached HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading volume in August 2025 was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - These positive figures indicate enhanced attractiveness of the Hong Kong Stock Exchange and increased vitality in the capital market, suggesting a favorable outlook for future market development [1] Group 2: Goldman Sachs Target Price Adjustment - Goldman Sachs raised the target price for Hong Kong Stock Exchange from HKD 509 to HKD 524, maintaining a "Buy" rating [2] - The firm noted that the exchange is improving market efficiency and aligning with international standards through simplified trading and settlement fee structures [2] - Despite lowering the forecast for margin income due to anticipated changes in interbank lending rates, Goldman Sachs increased its earnings per share estimates for the exchange [2] Group 3: Company Listings and Developments - Guangdong Jinsheng New Energy Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, marking its second attempt after a previous application expired in December 2024 [3] - Jinsheng New Energy is a leading provider of lithium battery recycling solutions, ranking second globally and first in third-party recycling [3] - The company has faced losses due to declining product prices, but a successful listing could provide necessary capital to expand its operations and alleviate financial pressures [3] Group 4: XGIMI Technology's IPO Plans - XGIMI Technology announced plans to issue shares overseas (H-shares) and apply for a listing on the main board of the Hong Kong Stock Exchange [4] - Founded in 2013, XGIMI specializes in new display technologies, focusing on smart projectors and laser TVs, with multiple core technologies and capabilities [4] - The move to list in Hong Kong is expected to facilitate the company's expansion into overseas markets and support its development in the automotive sector [4] Group 5: Hong Kong Stock Market Indices - The Hang Seng Index closed at 25,058.51, down 1.12% on September 4 [5] - The Hang Seng Tech Index fell by 1.85% to 5,578.86 [5] - The National Enterprises Index decreased by 1.25%, closing at 8,937.09 [5]

Core Viewpoint - The company, XGIMI Technology, announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and competitiveness [1] Group 1: Company Overview - XGIMI Technology was founded in 2013 in Chengdu High-tech Zone, focusing on innovative products in the new display sector, particularly smart projectors and laser TVs [2] - The company has established a strong market position, being the leader in shipment volume in the Chinese projector market for five and a half consecutive years since 2018, breaking the foreign brand monopoly [2] - As of the first half of 2025, XGIMI reported a revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit of 88.66 million yuan, a significant increase of 2062.34% [2] Group 2: Business Expansion - In the first half of the year, XGIMI expanded its technology and product applications into the automotive projection sector, securing multiple contracts in smart cockpit and smart lighting areas [3] - Several of the company's automotive products have been delivered and are now featured in models such as the Wenjie M8, Wenjie M9, Zun Jie S800, and Xiang Jie S9 [3] Group 3: Market Position and Financials - As of September 2, the company's stock price was 128.9 yuan, with a total market capitalization of 9.023 billion yuan [4]

Core Viewpoint - The acceleration of overseas expansion by listed companies is driven by policy support, technological innovation, and globalization strategies, with overseas business becoming a significant growth driver for performance [1] Group 1: Overseas Business Performance - In the first half of the year, 3,019 A-share listed companies reported overseas business revenue totaling 4.90 trillion yuan [1] - Companies with overseas business revenue exceeding 100 billion yuan include China National Petroleum Corporation, BYD, Midea Group, and Luxshare Precision [2] - BYD reported sales of 464,300 new energy vehicles overseas, a year-on-year increase of 128.25% [2] - Haier Smart Home achieved overseas sales revenue of 85.23 billion yuan, accounting for 46.88% of total revenue, with a year-on-year growth of 10.52% [3] Group 2: Market Expansion Strategies - The "going out" strategy of listed companies has evolved from merely exporting products to a more integrated approach involving local market penetration [3] - Localized teams are essential for meeting local demands and enhancing competitiveness in overseas markets [3] Group 3: Diversified "Going Out" Models - Companies are diversifying their overseas strategies to include production, technology, and capital expansion [4] - For instance, Sailun Group plans to invest 291 million USD in a tire production facility in Egypt, while BYD is set to establish a CKD factory in Malaysia [4] - Jiangsu Hengrui Medicine is collaborating with Merck Group for the commercialization of a drug, receiving an upfront payment of 15 million euros [4] Group 4: Capital Expansion - Hangzhou Guoli Microelectronics acquired 100% of Belgian company LUCEDA for 40 million euros, marking a significant move in capital expansion [5]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 27.231 billion yuan, a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders reached 1.056 billion yuan, up 26.63% compared to the same period in 2024, significantly outpacing revenue growth [1] - Operating cash flow increased by 48.59% to 1.802 billion yuan, and the weighted average return on net assets rose by 0.84 percentage points [1] Technological Advancements - The company made significant technological breakthroughs, particularly in overcoming the "two-chip" challenge in RGB-Mini LED industrialization using the ULED technology platform [2] - The RGB-Mini LED technology allows for a major leap from traditional monochrome backlighting to RGB three-color backlighting, enhancing display quality [2][4] - The self-developed RGB color control AI image quality chip H7 has been applied in various mid-to-high-end television models, creating a differentiated market advantage [8] Market Trends and Product Strategy - The global shipment of televisions 98 inches and above increased by 109.30% in the first half of 2025, with domestic sales rising by 123.50% [9] - The company optimized its product structure, leading to an 85.29% increase in global shipments of products 98 inches and above and a 108.24% increase in Mini LED products [10] - In the domestic market, the company maintained a leading position with a retail volume and value market share of 41.65% and 48.66% respectively for televisions 100 inches and above [12] Global Presence and Brand Recognition - The company ranks first in market share for 75 inches and above products globally, with nearly 20% market share for products 75 inches and above [12] - The brand's global influence has been enhanced through partnerships with major events and games, leading to a significant increase in sales [17] - The company has established nine production bases and 13 R&D centers worldwide, improving research efficiency and product competitiveness [19] New Business Ventures - In the first half of 2025, the new display business generated revenue of 3.434 billion yuan, a year-on-year increase of 7.43% [15] - The company is expanding into new fields such as laser display and AI, with a focus on multi-dimensional growth engines [13][14]

Group 1 - The company achieved accelerated growth in Q2, with revenue of 27.23 billion (+7.0%) and net profit attributable to shareholders of 1.06 billion (+26.6%) in H1 2025 [1] - The global TV shipment volume remained stable at 94.57 million units (+0.1%) in H1 2025, with domestic shipments at 17.1 million units (+2.4%) [1] - The company's market share increased, with a global shipment market share of 14.4% (+0.6 percentage points) and a domestic retail market share of 30.0% in revenue and 25.7% in volume, ranking first in China [1] Group 2 - The new display business showed good growth, generating revenue of 3.43 billion (+7.4%) in H1 2025, with significant overseas revenue growth of 43% [1] - The gross margin improved, with H1 gross margin up by 1.0 percentage points to 16.4%, and Q2 gross margin up by 1.4 percentage points to 16.8% [1] - The company maintains its profit forecast, expecting net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025-2027, with growth rates of 15%, 12%, and 10% respectively [2]

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Outperform the Market" [6][29]. Core Views - The company achieved accelerated revenue growth in Q2 2025, with a total revenue of 27.23 billion (+7.0%) and a net profit attributable to shareholders of 1.06 billion (+26.6%) for H1 2025. Q2 revenue reached 13.86 billion (+8.6%) with a net profit of 500 million (+36.8%) [1]. - The global TV industry shows stable sales with a clear trend towards structural upgrades, with global TV shipments at 94.57 million units (+0.1%) in H1 2025, and domestic shipments at 17.1 million units (+2.4%) [2]. - The company is expected to see both volume and price increases in domestic sales, with a projected improvement in market share and product structure, particularly in larger screen sizes and Mini LED products [3]. - New display business is performing well, with revenue of 3.43 billion (+7.4%) in H1 2025, driven by laser displays and commercial displays [4]. - The company maintains a positive outlook on profitability, with an expected net profit growth of 15% for 2025, 12% for 2026, and 10% for 2027, alongside a stable PE ratio [4][5]. Summary by Sections Financial Performance - In H1 2025, Hisense Visual reported a revenue of 27.23 billion (+7.0%) and a net profit of 1.06 billion (+26.6%). Q2 alone contributed 13.86 billion in revenue (+8.6%) and 500 million in net profit (+36.8%) [1]. - The gross margin improved to 16.4% (+1.0 percentage points) in H1 2025, with Q2 gross margin at 16.8% (+1.4 percentage points) [4]. Market Trends - The global TV market is experiencing a shift towards larger screens and Mini LED technology, with global shipments of Mini LED TVs increasing by 150% and over 200% in China [2]. - Hisense's market share in global shipments reached 14.4% (+0.6 percentage points), with domestic retail sales share at 30.0% and retail volume share at 25.7% [3]. Future Projections - The company forecasts net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025, 2026, and 2027 respectively, with corresponding growth rates of 15%, 12%, and 10% [5]. - The expected PE ratios for the next three years are 11, 10, and 9 times [4][5].

Core Insights - Company achieved a revenue of 27.231 billion yuan, a year-on-year increase of 6.95%, and a net profit of 1.056 billion yuan, up 26.63% year-on-year [1] - The company is advancing its globalization and high-end strategies while enhancing its digital transformation, establishing a competitive global operational system [1] - Significant breakthroughs in core display technologies such as RGB-Mini LED and laser display have contributed to the company's robust growth and solidified its leadership in the high-end market [1] Financial Performance - The weighted average return on equity increased by 0.84 percentage points year-on-year [1] - Net cash flow from operating activities grew by 48.59% to 1.802 billion yuan [1] Market Position - In the global market for televisions 100 inches and above, the company holds a shipment share of 47.7%, while its laser televisions account for 70.0% of global shipments, both ranking first worldwide [1] - In the Chinese mainland market, the company's retail sales and volume market shares are 29.96% and 25.73%, respectively, maintaining the top position [1] Technological Advancements - The company successfully overcame challenges in the RGB-Mini LED industry, achieving significant advancements in chip and algorithm technology [2] - The transition from traditional monochrome backlighting to RGB three-color backlighting represents a major leap in liquid crystal display technology [2] Brand Influence - The company has enhanced its global brand influence through partnerships with major events and popular gaming IPs, ranking among the top 10 global brands in BrandZ for nine consecutive years [2] - Domestic sales of 100-inch and larger televisions increased by over 100% during the first week of the World Club Cup, with significant growth in key markets like the US, Canada, and the UK [2] Global Operations - The company has established 9 production bases and 13 R&D centers worldwide, improving R&D efficiency and product competitiveness [3] - The global shipment volume of products 98 inches and above increased by 85.29%, while Mini LED product shipments rose by 108.24% year-on-year [3]