Core Insights - Hisense Visual Technology Co., Ltd. reported a revenue of 27.231 billion yuan for the first half of 2025, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% [1] - The company is advancing its globalization and high-end strategies while promoting digital transformation, achieving significant breakthroughs in core display technologies [1][2] - Hisense holds a 47.7% market share in the global market for televisions 100 inches and above, and a 70.0% share in the laser television segment, both ranking first globally [1] Financial Performance - The weighted average return on equity increased by 0.84 percentage points year-on-year [1] - Operating cash flow increased by 48.59% to 1.802 billion yuan [1] Technological Advancements - The company successfully developed RGB-Mini LED technology, overcoming challenges in chip and algorithm efficiency, marking a significant advancement in liquid crystal display technology [2] - Hisense launched the RGB color control AI picture quality chip H7, enhancing its competitive edge in the mid-to-high-end television market [4] Market Position and Strategy - Hisense's global shipment of 98-inch and larger products increased by 85.29%, while Mini LED product shipments grew by 108.24% [3] - The company is expanding its presence in the commercial display sector and has increased its overseas market reach to over 60 countries, with overseas revenue growing by 43% [4] AI and Future Growth - The AI television market presents significant growth opportunities, with Hisense leading through self-developed chips and algorithms [5] - The company is also exploring AI/AR smart terminal products and has initiated research on intelligent robots in collaboration with Fuyao Technology University [6]

此外，海信视像深度布局LED芯片产业，报告期内，自研高性能RGB-Mini LED背光芯片，并应用于 RGB-Mini LED电视；Mini COB多层氧化物控光技术和Mini RGB混排方案得到行业认可，成功开拓海 内外客户，背光芯片业务营收同比增长约400%。Micro MIP 芯片已经获得显示行业头部企业量产认 证；不论应用于大屏还是穿戴产品的Micro COG芯片，技术上都取得了较大突破，正在进行国际客户认 证；并积极储备AR等微显示产品开发能力。 从单季度业绩来看，海信视像2025年第二季度营收同比增长8.59%至138.55亿元，净利润同比增长 36.82%至5.02亿元，扣非后净利润同比增长36.67%至3.60亿元。海信视像2025年第一季度营收、净利 润、扣非后净利润同比分别增长5.31%、18.61%、19.52%。 海信视像在半年报中表示，报告期内，公司通过自研芯片、大模型算法及场景化应用，构建"端-云- 芯"一体化AI能力体系，推动电视从单一显示设备向家庭智能中枢演进。凭借全栈自研、场景化落地及 生态构建，公司已在AI电视领域确立领先地位。未来，公司将持续深化技术突破与生态完善，推动电 ...

Core Insights - The smart home industry is accelerating towards intelligence, greenness, and globalization, driven by AI technology [1][3] Group 1: AI Empowerment Across Industries - The smart terminal industry is undergoing a profound transformation driven by AI technology, with companies like Hisense leading the way in integrating display technology and AI interaction [3] - Hisense has developed RGB Mini LED liquid crystal modules and AI quality chips, enhancing color coverage and reducing energy consumption [3] - Rongtai Health integrates AI throughout its health services, using AI algorithms in massage chairs to create personalized experiences and improving production efficiency through AI industrial systems [3] - Sichuan Changhong is implementing AI across product development, manufacturing, and management, enhancing operational efficiency and reducing costs [4] - Jinhai High-Tech is advancing digital transformation through a comprehensive digital workshop management system and predictive maintenance using IoT technology [4] - Wanlong Magnetic Plastic is embracing the transformation in the home appliance industry by increasing R&D investment to enhance innovation capabilities [4] Group 2: Global Expansion Strategies - The globalization of China's home appliance industry presents opportunities for suppliers with international layouts, as highlighted by Wanlong Magnetic Plastic's expansion into 10 countries with 16 production bases by the end of 2024 [5] - Rongtai Health is enhancing global supply chain resilience with a new factory in Thailand expected to be operational by the end of 2025, while also strengthening partnerships with clients in the U.S. and other regions [5] - Sichuan Changhong has established R&D bases in the U.S., Spain, and the Czech Republic, and manufacturing bases in Mexico and Vietnam, aiming for coordinated development across the entire value chain [5] - Jinhai High-Tech has set up R&D and marketing centers in Thailand and Japan, achieving overseas revenue of 459 million yuan in 2024, a year-on-year increase of 16.99% [6] - Hisense is advancing its global strategy by enhancing product quality and brand influence through major sporting events and collaborations with various brands [6]