Hisense 海信家電 海 信 家 電 集 團 股 份 有 限 公 司 Hisense Home Appliances Group Co., Ltd. 股份代號：000921 ( A股 ) 00921 (H股) 4896 Linn 42% Hisense FIFA WORLD CUP Qat ar2022 2022世界杯""官方赞助商 2021 年度報告 目錄 | --- | --- | --- | --- | --- | --- | |-------|-------|----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | 公司簡介 . | | | 2 | | | | 大事回顧 . | | | 3 | | | | 董事長報告書 | | | 5 | | | | 管理層討論與分析.. | | | 7 | | | | 企業管治報告 . . . . . | | | 28 | | | | | | | | | | | 董事、監事及高级管理人員簡介 . . . . . | | | ...

Hisense 海信家電 海 信 家 電 集 團 股 份 有 限 公 司 Hisense Home Appliances Group Co., Ltd. 股份代號：000921 ( A 股 ) 00921 (H股) 126551 Hisense | EURO2020 2020欧洲杯全球官方合作伙伴 2021 中期報告 目 錄 | --- | --- | |----------------------------------|-------| | | | | | | | | | | 公司资料 | 2 | | 管理層討論與分析 | 3 | | 其他資料 | 21 | | 釋愈. | 30 | | 按中國企業會計準則編製的財務報表 | 32 | | 財務報表附註. | 50 | 1 公司資料 海信家電集團股份有限公司（「本公司或公司」，連同其附屬公司「本集團」）主營業務涵蓋冰箱、中央空調、家用空調、冷櫃、洗衣機、商用冷 鏈、廚衛等電器產品的研發、製造和營銷，報告期內，本公司完成了對三電控股的併購，實現向汽車空調壓縮機、汽車空調產業拓展。 中國註冊辦事處 中國廣東省佛山市順德區容桂街道容港路8號 香港辦事處 香港干諾 ...

Financial Performance - Hisense achieved a revenue of CNY 48.393 billion and a net profit attributable to shareholders of CNY 1.579 billion in 2020, with earnings per share of CNY 1.16[9]. - The company achieved operating revenue of 48.393 billion yuan, a year-on-year increase of 29.21%[12]. - The net profit attributable to shareholders was 1.579 billion yuan, a decrease of 11.97% year-on-year, primarily due to losses in the home air conditioning segment[12]. - The company’s cash flow from operating activities was 5.963 billion yuan, reflecting a significant increase of 197.34% year-on-year[12]. - The company reported a total revenue of 1,362,725,570.00, with a significant increase in user data to 2,156,157,145.37[191]. - The net income for the period was 26,508,501.35, reflecting a strong performance compared to previous quarters[191]. - The company reported a significant increase in investment income, reaching CNY 195,655,206.20 in 2020, compared to CNY 1,122,348,640.53 in 2019, reflecting a substantial decrease[178]. Market Position and Product Development - The market share of Hisense's mid-to-high-end refrigerator products increased by 2.9 percentage points year-on-year in 2020[10]. - Hisense's new air conditioning products captured the second position in online retail market share and third position in offline retail market share in 2020[10]. - The company launched high-end new products focusing on "health and comfort" in response to consumer needs during the pandemic[9]. - The company launched a series of high-end products featuring vacuum preservation technology and RFID technology for food management[13]. - The company aims to become a world-leading high-end smart appliance manufacturer, focusing on technological innovation to improve the quality of human life[42]. - The company plans to enhance its digital marketing strategies to increase brand visibility and customer acquisition[192]. Research and Development - The company plans to deepen research and development in washing machines, commercial cold chain, and kitchen appliances to accelerate market expansion[10]. - Research and development expenses rose by 37.50% to RMB 1,284,848,949.46 in 2020, reflecting the company's increased investment in R&D[24]. - The company has a research and development team of nearly 1,700 high-level researchers and technical experts, focusing on technology innovation and high-quality products as core competitive advantages[19]. - The company has established a research and development system that includes "one generation in research, one generation in reserve, and one generation in development" to enhance its innovation capabilities[19]. Corporate Governance - The board of directors held a total of 15 meetings in 2020 to discuss significant operational matters[55]. - The board consists of nine members, including six executive directors and three independent non-executive directors[52]. - The company adopted a board diversity policy, considering factors such as gender, age, and professional experience for board member selection[53]. - The company has established a compliance organizational structure and system to adhere to corporate governance codes and relevant laws[57]. - The company has implemented a training program for directors to enhance corporate governance standards[74]. Risk Management - The company has implemented a robust internal control and risk management system, which was reviewed during the reporting period[57]. - The internal control and risk management system aims to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[78]. - The company faces risks from macroeconomic fluctuations that could impact consumer demand for home appliances[43]. - Rising raw material prices and labor costs pose a risk to the company's product cost and profitability[43]. Shareholder Information - Shareholders holding more than 3% of shares can propose temporary motions 16 days before the shareholders' meeting[51]. - The company ensures smooth communication channels for shareholders to raise inquiries and suggestions[50]. - The board proposed a cash dividend of RMB 3.47 per 10 shares, subject to approval at the annual general meeting, with an expected total distribution of RMB 472,865,703.39[91]. Related Party Transactions - The company entered into several significant related party transactions, including agreements with Hisense Group and its subsidiaries[123]. - The annual cap for sales of electrical products to Hisense Group is set at RMB 41 million, while sales to Hisense International Marketing is capped at RMB 1,539.298 million[128]. - The company has established financial service agreements with Hisense Financial Company and Hisense Financial Holdings[125]. Future Outlook - Future guidance indicates an expected revenue growth of approximately 5% for the next quarter, targeting 69,000,000,000.38[192]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[178]. - The company has initiated a strategic acquisition plan, aiming to enhance its market position and diversify its product offerings[192].

Financial Performance - In 2019, the company achieved a revenue of CNY 37.453 billion, representing a year-on-year growth of 3.98%, and a net profit attributable to shareholders of CNY 1.794 billion, up 30.22% year-on-year[6]. - The company achieved a total revenue of 37.453 billion CNY, representing a year-on-year growth of 3.98%[9]. - The net profit attributable to shareholders was 1.794 billion CNY, reflecting a year-on-year increase of 30.22%[9]. - The company's total operating revenue for 2019 was RMB 37,453,043,968.74, an increase of 3.98% compared to RMB 36,019,598,304.79 in 2018[18]. - Net profit attributable to shareholders of the listed company reached RMB 1,793,669,013.19, reflecting a significant increase of 30.22% from RMB 1,377,457,177.70 in the previous year[18]. - The company's net profit for the year 2019 was approximately RMB 759.63 million, with a distributable profit of RMB 2.40 billion after accounting for statutory reserves and previous undistributed profits[103]. - The total comprehensive income for 2019 was RMB 1.96 billion, a 37.32% increase from RMB 1.43 billion in 2018[192]. - The total profit for 2019 was RMB 2.15 billion, up 37.49% from RMB 1.56 billion in 2018[191]. Revenue Segmentation - The air conditioning segment generated a revenue of 16.369 billion CNY, with a year-on-year increase of 9.92%[9]. - The revenue from the home appliance manufacturing sector was RMB 34,196,927,100.83, accounting for 91.31% of total revenue, with a year-on-year growth of 4.29%[20]. - The refrigerator and washing machine sectors set historical revenue records in 2019, with profits reaching the best level in five years[6]. - The sales volume of washing machines and refrigerators reached 2,388,000 units in 2019, a 6.75% increase from 2,237,000 units in 2018[22]. Innovation and Technology - The company plans to focus on continuous product innovation and market expansion, particularly in the central air conditioning sector, to maintain its leading position in technology and quality[6]. - The refrigerator division will emphasize fresh-keeping technology, while the washing machine sector will focus on "steam washing" as a key technological direction[6]. - The company launched new technologies such as "strong heat floor heating" and "NB-IOT," enhancing its competitive edge in the market[10]. - The vacuum preservation technology in refrigerators extends the freshness of fruits and vegetables by 4 days and meat by 6 days, significantly enhancing product competitiveness[35]. - The steam ironing technology in washing machines achieves a wrinkle removal effect with a sterilization rate exceeding 99.9%, leading the industry in quality[35]. - The air conditioning segment introduced the "New Wind" series with industry-first technologies, addressing user health concerns and improving brand price index by 3 percentage points year-on-year[13]. Market Strategy - The company aims to leverage opportunities from consumption upgrades and market segmentation to achieve steady growth in scale and efficiency[6]. - The company plans to enhance its brand positioning in the refrigerator market, focusing on fresh-keeping standards and technology[6]. - The home air conditioning sector will target the fresh air market, promoting its brand proposition of "new air in three minutes" to capitalize on rapid market expansion[6]. - The company actively expanded its export market, significantly increasing export scale and profitability amid challenging domestic market conditions[13]. Corporate Governance - The company has adopted corporate governance codes in line with the Hong Kong Stock Exchange to ensure effective governance and compliance[45]. - The company has established communication channels with shareholders to maintain transparency and facilitate engagement[46]. - The board of directors consists of nine members, including five executive directors and three independent non-executive directors[54]. - The company has established clear procedures for shareholders to propose temporary motions at general meetings, requiring at least 3% shareholding[53]. - The company emphasizes the importance of corporate governance and compliance with the Corporate Governance Code and other legal regulations[59]. Risk Management - The company is prepared to face challenges posed by economic uncertainties and new competitors, particularly in light of the COVID-19 pandemic[6]. - The company faces risks from macroeconomic fluctuations, with decreased consumer demand for home appliances due to the COVID-19 pandemic impacting sales scale[44]. - Continuous cost pressures from rising raw material prices and labor costs are expected to adversely affect the company's profitability[44]. - The company has established a system to identify and prioritize risks that may impact business operations[85]. Human Resources and Training - The company conducted training for 1.024 million participants, totaling 54,000 hours, covering various courses from management to technical research[107]. - The company has established a three-tier training system to enhance the value of human resources effectively[107]. - The current management team includes experienced professionals with extensive backgrounds in various leadership roles within the company and its subsidiaries[92][93][94][95][96][97]. Financial Management - The company has a stable profit distribution policy, aiming for a cash distribution of at least 10% of the annual distributable profit[101]. - The company plans to maintain a continuous and stable profit distribution policy to ensure reasonable returns to investors[101]. - The company has no long-term bank loans but has short-term bank loans of RMB 100 million, which are due within one year[105]. - The company has entrusted financial management with a total amount of RMB 263 million, with an outstanding balance of RMB 212 million[159]. Audit and Compliance - The financial report for the year ended December 31, 2019, received a standard unqualified audit opinion from the accounting firm[171]. - The audit committee is responsible for reviewing the company's financial information and disclosures, including annual and semi-annual reports[73]. - The company has implemented internal controls to ensure the financial statements are free from material misstatement due to fraud or error[181]. - The audit included procedures to evaluate the adequacy of the inventory impairment provision, which is significant to the financial statements[178]. Future Outlook - Future outlook remains positive with projected revenue growth of approximately 10% for the next quarter[200]. - New product launches are expected to contribute an additional $800 million in revenue over the next fiscal year[200]. - Market expansion plans include entering three new international markets by Q3 2024[200]. - Strategic acquisitions are being considered to enhance product offerings and market share[200].

Financial Performance - The company's revenue for the year reached RMB 36.02 billion, representing a year-on-year growth of 7.56%[8] - Main business revenue amounted to RMB 32.79 billion, with a year-on-year increase of 7.76%, driven by a 13.90% growth in refrigerator and washing machine business revenue[8] - The net profit attributable to shareholders was RMB 1.377 billion, with a year-on-year increase of 12.36% after excluding non-recurring gains and losses[8] - The company's operating revenue reached RMB 36.02 billion, representing a year-on-year growth of 7.56%[12] - Net profit attributable to shareholders was RMB 1.377 billion, with a year-on-year growth of 12.36% after excluding non-recurring gains and losses[12] - Earnings per share stood at RMB 1.01[12] - The company reported a net profit attributable to shareholders of RMB 1,377 million for the year ended December 31, 2018, with a proposed dividend of RMB 3.03 per 10 shares[90] - The company reported a decrease in net profit for 2018 of 31.3% compared to 2017[178] Revenue Breakdown - Air conditioning business revenue grew by 2.08%, while domestic sales revenue reached RMB 22.04 billion, up 7.11% year-on-year[8] - The revenue from the refrigerator and washing machine segment accounted for 49.02% of main business revenue, growing by 13.90% year-on-year[12] - Air conditioning business revenue constituted 45.41% of main business revenue, with a year-on-year growth of 2.08%[12] - Export revenue reached RMB 10.75 billion, marking a year-on-year growth of 9.10%[12] Market Trends - The refrigerator market saw a retail volume decline of 6.2% year-on-year, while the air conditioning market experienced a retail volume growth of 2.3%[8] - Hisense's "Rongsheng" brand online retail sales increased by 26.4% year-on-year, significantly exceeding the industry online retail growth rate of 15.5%[13] - The commercial cold chain scale increased by 40% year-on-year, driven by the expansion of display cabinets, supermarket freezers, and vending machines[13] Innovation and Product Development - The company launched the "Hisense Home Appliance 3.0" strategy, focusing on revitalizing national industry and enhancing family happiness[8] - The company introduced several innovative products at the IFA exhibition, winning multiple awards for product and technology innovation[5] - The company emphasized technological innovation and product quality, aiming to enhance competitiveness in the commercial cold chain sector[9] - The company plans to continue enhancing employee training and welfare, investing in new facilities to improve employee quality of life[20] - The company is focused on expanding its product lines and enhancing its technological capabilities in the appliance sector[89] Corporate Governance - The board of directors and supervisory board successfully completed their re-election and revised governance documents to enhance corporate governance[39] - The company held one annual general meeting and three extraordinary general meetings in 2018, with attendance rates of 41.43%, 54.54%, 41.27%, and 40.49% respectively[41] - The board consists of eight members, including five executive directors and three independent non-executive directors[48] - The board has adopted a diversity policy, considering factors such as gender, age, and professional experience in selecting candidates[49] - The company has established a dedicated securities department for shareholder communication and inquiries[46] Internal Control and Compliance - The company has established an internal control system that was deemed effective, with no significant deficiencies reported for the 2018 fiscal year[79] - The company’s internal control evaluation covered key areas such as organizational structure, development strategy, and financial reporting, ensuring sustainable development[79] - The audit committee reviewed related party transactions to ensure fairness and protect minority shareholders' interests[71] - The company has complied with the Corporate Governance Code as per the listing rules during the reporting period[73] Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[187] - Future guidance indicates an expected revenue growth rate of 10-15% for the next fiscal year, driven by new product launches and market expansion strategies[190] - The company aims to enhance marketing capabilities by increasing the sales proportion of mid-to-high-end products and improving e-commerce operations[38] Employee and Operational Metrics - The company had a total of 32,858 employees, including 4,663 technical staff and 12,928 sales personnel[93] - The number of R&D personnel increased to 1,309 in 2018, up 11.88% from 1,170 in 2017, indicating a focus on enhancing innovation capabilities[28] - Employee expenses for the year amounted to RMB 3,169 million, an increase from RMB 2,866 million in the same period of 2017[93] Cash Flow and Financial Position - The net cash flow from operating activities for 2018 was RMB 1,049,366,564.25, an increase of 130.61% compared to RMB 455,048,576.31 in 2017[21] - The total assets at the end of 2018 were RMB 21,827,905,038.40, reflecting a year-on-year increase of 1.02% from RMB 21,473,666,822.72 in 2017[21] - The company reported a total inventory balance of ¥2,496,876,656.27 as of December 31, 2018, with a provision for inventory impairment of ¥34,639,801.73, resulting in a net book value of ¥2,462,236,854.54[166] Related Party Transactions - The company reported a total related party transaction amount of RMB 982,783.94 million for finished products sold to Hisense Group, accounting for 27.28% of similar transactions[131] - The company has a maximum annual limit of RMB 1,508,570 million for sales of products to related parties under the Business Cooperation Framework Agreement[133] Shareholder Information - The top shareholder, Qingdao Hisense Air Conditioning Co., Ltd., holds 516,758,670 shares, representing 37.92% of the total issued share capital[108] - The total number of shareholders as of December 31, 2018, is 39,996, with 35,587 shareholders reported before the earnings announcement date[109]