丨证券研究报告丨 公司研究丨点评报告丨海信视像（600060.SH） [Table_Title] 全球市场地位稳固，2025Q2 经营利润显著改善 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 272.31 亿元，同比增长 6.95%；归母净利润 10.56 亿元， 同比增长 26.63%；扣非归母净利润 8.12 亿元，同比增长 26.57%。其中，2025 年第二季度， 公司实现营收 138.55 亿元，同比增长 8.59%；归母净利润 5.02 亿元，同比增长 36.82%，扣 非归母净利润 3.60 亿元，同比增长 36.71%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信视像（600060.SH） cjzqdt11111 [Table_Title2] 全球市场地位稳固，2025Q2 经营利润显著改善 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025 年上半年，公司实现 ...

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]