Imagine standing in the electronics store, captivated by an enormous 116-inch screen, its colors exploding like a painter's palette. This is Hisense's largest RGB-Mini LED TV, unveiled at CES 2025, equipped with RGB 3D color control technology, offering a color gamut coverage of up to 97% BT.2020—a 20% improvement over traditional Mini LED.

The figures are impressive, akin to a tech enthusiast's dream, but what do they mean for the average consumer? Crisper football matches or more immersive movie nights? The answer remains to be seen, as the TV won't hit the market until March, with market testing serving as the ultimate test.

Hisense's dominance in the large-screen market is undeniable. According to Omdia, in 2024, global TV shipments reached 208 million units, with Hisense accounting for 14%, trailing only Samsung. In the 75-inch and above market, Hisense reigns supreme, with a 30.3% share in 98-inch TVs and 58.8% in 100-inch TVs. In China, it dominates the above-100-inch segment, with 43.02% sales and 49.93% retail sales.

This isn't a coincidence but the fruit of Hisense's astute foresight in the "large-screen" trend. With the surge in home entertainment demand, consumers are no longer content with 50-inch screens, favoring 75-inch and 100-inch TVs. Hisense made an early move and has sustained growth for seven consecutive years, akin to a seasoned strategist on a chessboard.

Technological innovation is Hisense's strength. Recently, Hisense TVs integrated the DeepSeek AI agent, becoming the industry's first to equip with deep-thinking AI. By pressing the small AI button on the remote, you can converse with the TV, inquire about the weather, order programs, or even let it help plan your weekend. This intelligent experience feels like a scene from a sci-fi film, but Hisense has made it a reality.

At CES, the 116-inch RGB-Mini LED TV is anticipated to propel Hisense into the high-end market. However, high-end positioning isn't achieved through mere slogans. While Mini LED excels in color gamut and brightness, backlight uniformity and contrast ratio have always been issues. Hisense claims that RGB 3D color control technology has addressed these challenges, but compared to OLED's pure black performance, whether Mini LED can truly thrive in the high-end market depends on user feedback.

Even more daunting is the competition in brand power. Samsung, LG, Sony—these names are synonymous with prestige in the high-end market, and consumers are willing to pay for their reputation. Hisense's technological prowess is loud, but brand recognition is a mountain yet to be climbed. When faced with a Samsung of the same price, which would you choose: a 116-inch Hisense TV or a Samsung? This question hasn't been convincingly answered by Hisense. Moreover, high-end Mini LED isn't cheap, with 85-inch models easily costing over ten thousand, and the 116-inch model likely to be astronomical. Without a cost advantage, how far can Hisense's high-end aspirations reach?

Integrating DeepSeek is a highlight, but Hisense's AI experience lacks ecosystem interaction. In contrast, Xiaomi and Huawei have woven a vast smart home network with seamless connections between TVs, phones, and speakers. Hisense's TVs are smart, but how well do they communicate with your air conditioner and washing machine? In the era of ecosystems, a single breakthrough isn't enough. What Hisense needs isn't just a thinking TV but a collaborative home.

As Hisense ambitiously scaled the heights of high-end positioning, a layoff crisis plunged it into a public relations quagmire last year. In late 2024, rumors spread that Hisense had laid off 30,000 employees, reducing the workforce from 110,000 to 80,000, with a layoff ratio as high as 20%-30%. The news was like a rock thrown into a calm lake, causing ripples everywhere.

Netizens were up in arms, with some claiming "departments were laid off to the point where only one person was left" and others lamenting that "even senior employees close to retirement weren't spared." Hisense swiftly denied the rumors, stating that the data was fabricated and threatening legal action against rumor-mongers. However, the underlying anxiety was palpable.

Layoffs aren't new to Hisense. In 2020, amidst the Sino-US trade war and pandemic impact, Hisense resorted to "last-place elimination." A long-time Hisense employee witnessed that storm, recalling how every year-end brought anxiety, with the 10% elimination quota hanging over everyone's heads. She survived the 2008 financial crisis but was laid off in 2020, with her compensation reduced from 100,000 to 80,000, leaving with reluctance.

That year, Hisense's revenue was 140.9 billion yuan, with a profit of 9.83 billion yuan, a year-on-year increase of 23.7%. However, employees' fates weren't tied to this success. Now, history seems to be repeating itself, with rumors of layoffs resurfacing and employee panic escalating.

Meanwhile, Hisense's leadership welcomed new faces. In November 2024, Dai Huizhong stepped down due to age, and 43-year-old "post-80s" female master's degree holder Gao Yuling took over as chairman of Hisense Home Appliances. A "merger and acquisition expert" with a financial background, she led the acquisition of European company Gorenje in 2018, acquiring a new territory in white goods for 290 million euros, boasting an impressive resume.

But before her new policies could take effect, the layoff crisis served as a rude awakening. More critically, Hisense's performance wasn't optimistic. In the first three quarters of 2024, Hisense Home Appliances' revenue was 70.579 billion yuan, up 8.75%, but net profit in the third quarter fell by 16.29% year-on-year. Hisense Visual fared worse, with a 27.31% decrease in net profit after deducting non-recurring gains and losses, cost increases, and gross profit margin pressure, significantly slowing growth.

Market competition pressure is mounting. Midea and Haier are steadily advancing, with Xiaomi shipping 730,000 TVs in November, a year-on-year increase of 21.7%, closely trailing Hisense's 900,000 units. Xiaomi isn't just focused on TVs, with refrigerators and washing machines frequently appearing on charts, step by step pressuring with its ecosystem and cost-effectiveness.

Hisense's strength lies in color TVs, but in the white goods field, the gap between it and Midea, Haier, and Gree is vast. TV turn-on rates have dropped from 70% to 30%, and the ceiling of the traditional market is lowering. Hisense must find new breakthroughs. However, the layoff crisis and performance pressure are cracks in the ship, and before they can be repaired, the waves have already crashed in.

Gao Yuling bears a heavy burden. She needs to stabilize the troops and confront external challenges. With Xiaomi eyeing the market and Samsung towering above, Hisense's situation is akin to a besieged castle, needing to defend its position while carving out a path forward. Her M&A experience may bring new opportunities, but can mere acquisitions solve the problems of lacking an ecosystem, technological shortcomings, and insufficient brand power? The answer is likely more complex.

Globalization is a crucial path for Hisense's future. With acquisitions of Toshiba, Gorenje, and Sanden, Hisense's reach extends globally, but cultural clashes, channel construction, and brand localization are treacherous. In the first half of 2024, Hisense Home Appliances' overseas revenue increased by 27.87%, but the gross profit margin was only 11.13%, far lower than the 31.92% within China. Overseas expansion has gained popularity but not profits, and this path requires time to refine.

The second growth curve is another gamble for Hisense. Laser TVs and Mini LED are its attempts, but new technologies come with risks. RGB-Mini LED sounds impressive, but if it fails after launch, users won't easily forgive the "guinea pig experience" of spending tens of thousands. Apple's "green screen gate" serves as a recent reminder. If Hisense's high-end products want to thrive, they must not only have robust technology but also a solid reputation. Gao Yuling may continue the M&A tradition and buy more chips, but integrating resources and achieving synergy is harder than buying. The acquisition of Gorenje was successful, but the integration of Kelon took a detour. What Hisense needs isn't just expansion but digestion.

Industrial upgrading is a hurdle that cannot be bypassed. AI and ecosystem are the general trend. Hisense shouted "AI Your Life" at CES, but the "one-button smart wash" of washing machines and the "scene switching" of air conditioners are only functional-level smartness, far from ecosystem-level intelligence. Haier's Three-Winged Bird has already taken flight, Xiaomi's ecological network is getting denser, but Hisense is still fighting alone. It's not too late to catch up, but the window of opportunity is closing. From TVs to washing machines, if Hisense wants to break into new red oceans, it needs to reassemble the puzzle in terms of capital, brand, and user perception.

Gao Yuling stands at the helm, with a giant ship worth 40 billion yuan behind her and a tumultuous market ahead. She isn't fighting alone, with Jia Shaoqian steering the group and her leading home appliances, both working inside and outside to find a new direction for Hisense. Her financial thinking may optimize costs, and her M&A prowess may bring resources, but strategic vision and management ability are crucial in determining whether Hisense can break the deadlock. She didn't inherit an empire basking in glory but a chessboard full of challenges.

For Qingdao residents, Hisense is the black-and-white TV in their memories, the smart fridge in their living rooms, and a part of their lives. But for the market, Hisense must prove that it is not just the king of the past but also the powerhouse of the future.