海信家电：2025 年第二季度初步分析 - 中央空调拖累增长，核心利润率符合预期；买入评级-Hisense Home Appliances Group (.SZ)_ 2Q25 First Take_ Central AC weigh on growth, core margins in-line; Buy

30 July 2025 | 7:17PM CST Hisense Home Appliances Group (000921.SZ): 2Q25 First Take: Central AC weigh on growth, core margins in-line; Buy Hisense Home Appliances reported below-expectation 2Q25 results post market close of July 30. Total revenue/net profit in 1H25 was Rmb49,340mn/Rmb2,077mn, growing by +1%/+3% yoy, and implying -3%/-8% yoy in 2Q (-7%/-8% vs. GSe). The by-product performance is consistent with our preview where we expect central AC to decelerate again impacted by both less support from tra ...