海信家电_2025 年第二季度收益回顾_基本业绩好于表象，估值具吸引力；买入-Hisense Home Appliances Group (.SZ)_ 2Q25 Earnings Review_ Underlying results better than it appears, attractive valuation; Buy

1 August 2025 | 7:36AM CST Hisense Home Appliances Group (000921.SZ) 2Q25 Earnings Review: Underlying results better than it appears, attractive valuation; Buy Hisense Home Appliances reported below-expectation 2Q25 results mainly due to central AC weakness though margins were in-line (First Take). Total revenue/net profit in 1H25 was Rmb49,340mn/Rmb2,077mn, growing by +1%/+3% yoy, and implying -3%/-8% yoy in 2Q. Share price reacted negatively (A/H -5.6%/-6.4% vs CSI300/HSI -3.2%/-1.6%) to the results likel ...