Hisense Home Appliances Group Co., Ltd.
HISEF · OTC
Company research
Hisense Home Appliances Group Co., Ltd. (OTC: HISEF) is a China-based manufacturer and marketer of a broad range of household electrical appliances, founded in 1984 and headquartered in Foshan, Guangdong Province. The company operates through Air Conditioning, Ice Cleaning Equipment, and other segments, offering products such as refrigerators, residential and central air conditioners, freezers, washing machines, kitchen appliances, automotive air conditioning compressors, and integrated thermal management systems, as well as comprehensive smart home solutions. Its products are marketed under well-known brands including Hisense, Ronshen, Kelon, Hitachi, York, Gorenje, ASKO, and Sanden, and are exported to over 130 countries and regions worldwide. Formerly known as Hisense Kelon Electrical Holdings Company Limited, the company renamed itself in October 2018 and has since grown into a global-scale enterprise with approximately 37,759 full-time employees and a market capitalization of approximately USD 4.8 billion.
Research reports
Guosen reviews 2025 results, highlighting resilient overseas white‑goods growth against pressured domestic HVAC demand, stable group margins, and a cash dividend payout ratio of about 55% that lifts implied dividend yield above 5%, while modestly trimming earnings forecasts but maintaining an “优于大市” (Outperform) stance.
Kaiyuan Securities (开源证券) · April 1, 20262025 年内销市场承压，外销稳中向好态势持续——公司信息更新报告Kaiyuan’s company update notes that domestic sales and margins are under pressure from real‑estate weakness and intense competition, but emphasizes steady overseas growth across Europe, the Americas and emerging markets, and keeps a “买入” (Buy) rating with lowered 2026–2028 profit forecasts while arguing the stock still offers attractive valuation and earnings resilience.
Guosen Securities (国信证券) · August 1, 2025海信家电（000921.SZ）2025 年中报点评：二季度经营略承压，经营性盈利表现稳健This mid‑year review analyzes 2025H1 results, noting that Q2 revenue and profit dipped slightly due to domestic air‑conditioner pricing pressure while overall H1 revenue and net profit grew low‑single digits, with solid HVAC, ice‑wash and auto thermal‑management contributions and strong overseas growth, leading Guosen to maintain its “优于大市” rating and PE‑based upside on earnings forecasts through 2027.
Haitong International (海通国际) · July 31, 2025海信家电 Hisense Home Appliances Group (000921 CH) – 25H1 收入利润维持稳健增长 / Stable growth of revenue and net profit in 25H1Haitong’s research report on the H‑share line (000921 CH) highlights mid‑2025 revenue and net profit growth, stronger overseas appliances performance and stable domestic profitability, presents detailed EPS and margin forecasts for 2025–2027, and assigns a 13x 2025E PE‑based target price of RMB 34.58 while reiterating an “Outperform/优于大市” rating and flagging demand, raw‑material and FX volatility as key risks.