While most home appliance giants are still seeking remedies for "inventory competition" and "low-price internal competition," SKYWORTH GROUP (00751.HK) delivered an interim report with revenue of 36.264 billion yuan, up 20.3% year-over-year, showcasing an alternative paradigm—turning new energy into a "second growth curve," globalization into a "risk hedging tool," and cash flow into "armor for navigating cycles." This represents not only SKYWORTH's "counter-cyclical growth" but also provides a highly valuable "SKYWORTH model" for Chinese manufacturing on how to unlock incremental growth opportunities in a stock market era.

**[Prologue] Turbulent Waters Behind the Numbers—How One Financial Report Ignited the Market**

When SKYWORTH GROUP chose to release its 2025 interim results after Hong Kong market close on August 28, the capital market initially expected a routine seasonal report, but was completely ignited by a series of record-breaking figures and narratives: 36.264 billion yuan in revenue, 20.3% year-over-year growth, 25.6GW of solar power plant grid-connected capacity, 10.627 billion yuan in cash and cash equivalents—any single metric would catch investors' attention, but when they all appear on the same financial statement, they form an impactful "cycle-navigating blueprint."

This interim report deserves extensive analysis not only because of impressive numbers, but because it transforms the "new energy + globalization" dual-wheel drive story into a replicable, verifiable, and sustainable systematic methodology, allowing the outside world to clearly see for the first time how a traditional home appliance leader repositions itself as a green energy operator and full-scenario AI terminal platform, finding new growth origins within the complex coordinate system of global supply chain restructuring, carbon neutrality windows, and consumer electronics stock competition.

**[Reconstruction] 13.8 Billion Yuan New Energy Revenue—Turning Rooftop Business into Consumer Product Paradigm**

If we decompose the 36.264 billion yuan revenue into a spectrum, the most brilliant segment is undoubtedly the new energy business's 13.836 billion yuan, with nearly 54% year-over-year growth appearing particularly striking when the photovoltaic industry is generally entering a "volume increase but price decrease bleeding channel" due to plummeting silicon material prices. SKYWORTH's secret lies not in hoarding silicon materials earlier than others, but in operating distributed photovoltaics as consumer products: through an integrated "photovoltaic + inclusive finance + digital technology" model, fragmenting the originally heavy-asset, long-cycle, primarily B2B photovoltaic business into rapidly replicable standardized product packages.

**[Upgrade] 17 Billion Yuan Home Appliance Revenue—From Selling Hardware to Selling Full-Scenario Gateways**

Compared to new energy's rapid surge, the smart home appliance business's 17.074 billion yuan revenue and 9.4% year-over-year growth appear moderate, yet hide another deeper industrial evolution curve. SKYWORTH no longer treats TVs, air conditioners, and washing machines as isolated SKUs, but unifies them within a "full-scenario AI terminal" system for coordinated operations: TVs serve as household computing centers, connecting air conditioners, washing machines, and even photovoltaic inverters through the Coocaa system, forming cross-terminal data closed loops; three premium product lines—MiniLED, wallpaper TVs, and hundred-inch giant screens—continue breakthrough innovations in picture quality, sound quality, modules, and ultra-thin design; air conditioners and washing machines leverage "national subsidies + green replacement" policy momentum, simultaneously advancing in domestic offline retail and overseas e-commerce, recording 34.1% and 35.5% shipment growth respectively in the first half, with electric shavers achieving cumulative sales exceeding 10 million units, becoming a phenomenal product in the personal care small appliance segment.

More intriguingly, SKYWORTH migrated AI picture quality engine algorithms from TV terminals to automotive display modules, entering the core supply chains of leading automakers including Audi, Geely, Chery, and Hyundai, opening a third growth curve for the display business. Thus, the home appliance segment is no longer a "weather-dependent" durable goods cyclical stock, but transforms into a composite ecosystem of "hardware gateway + data operations + scenario value-added services."

**[Reserves] 1 Billion Yuan R&D Investment—Deconstructing Technology into Reusable LEGO Blocks**

R&D represents one of the most underestimated highlights in this interim report. The 1 billion yuan R&D expenses in the first half of 2025, seemingly only 2.8% of revenue, are highly focused in their direction: AI algorithms and full-scenario OS, energy storage cells and liquid cooling systems, automotive displays and XR optics, plus serving as an advanced technology incubation pool. More crucially, SKYWORTH has digitized all five major segments—R&D, manufacturing, channels, finance, and operations—creating full-chain data closed loops from demand insights and product definition to flexible manufacturing and after-sales service. R&D is no longer a cost center but becomes a technology platform connecting new energy, home appliances, and automotive businesses, continuously outputting reusable modules and algorithms, amplifying marginal returns.

**[Future] From Manufacturing Dividends to System Dividends—Future Studies of Chinese Manufacturing in One Financial Report**

Looking back over the past three years, SKYWORTH has completed a thrilling leap from "home appliance manufacturer" to "green energy operator + AI terminal platform": using new energy to unlock ten-fold expansion space, using globalization to smooth single-market volatilities, and using cash flow and R&D reserves to define the next decade. Amid macroeconomic turbulence including plummeting silicon prices, high inflation in Europe and America, and frequent geopolitical conflicts, this company has instead transformed external shocks into internal reform momentum, converted cyclical fluctuations into structural upgrade opportunities, and unified shareholder returns, industrial synergy, and social value within a sustainable business blueprint.

The 36.2 billion yuan revenue is merely a prologue. What truly deserves attention is that when SKYWORTH integrates 25.6GW power plants, 17 billion yuan home appliance ecosystem, 10.6 billion yuan cash and equivalents, 1 billion yuan R&D investment, and channel networks spanning Asia, Africa, Latin America, Europe, and North America into a precisely operating "system-level machine," it has actually positioned itself at the forefront of Chinese manufacturing's transition toward high-quality development. Over the next decade, this company's main storyline will no longer be "how many TVs sold, how much photovoltaic installed," but rather "ensuring every kilowatt-hour of green electricity, every terminal device, every piece of data continuously creates value within the digital-energy dual circulation of global households." The starting point of this storyline is this seemingly modest yet subtly powerful 2025 interim financial report.