Core Viewpoint - Sichuan Changhong announced that its subsidiary, Changhong Jiahua Holdings Co., Ltd., has suspended trading of its shares on the Hong Kong Stock Exchange due to the pending release of insider information [1] Group 1 - Changhong Jiahua's shares will be suspended from trading starting at 9 AM on September 12, 2025 [1] - The company will fulfill its information disclosure obligations on the Shanghai Stock Exchange [1] - Investors are reminded to pay attention to investment risks [1]

Market Performance - On September 11, the black home appliance sector rose by 2.0%, with Jiulian Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Jiulian Technology (688609) closed at 10.54, up 4.05% with a trading volume of 169,500 shares and a turnover of 175 million yuan [1] - Sichuan Changhong (600839) closed at 10.73, up 3.27% with a trading volume of 2.18 million shares and a turnover of 2.31 billion yuan [1] - Non-Axis Co., Ltd. (002429) closed at 5.94, up 4.03% with a trading volume of 1.81 million shares and a turnover of 1.06 billion yuan [1] Capital Flow - The black home appliance sector saw a net inflow of 350 million yuan from main funds, while retail funds experienced a net outflow of 307 million yuan [1] - Main funds showed varying net inflows and outflows across different stocks, with Sichuan Changhong receiving a net inflow of 23.3 million yuan [2] - Jiulian Technology had a net inflow of 3.3 million yuan from main funds, while retail investors showed a net outflow of 626,000 yuan [2]

证券代码：600839 证券简称：四川长虹 公告编号：临 2025-071 号 四川长虹电器股份有限公司 关于公司下属控股子公司涉及诉讼的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●案件所处的诉讼阶段：二审判决。 ●四川长虹电器股份有限公司（以下简称"公司"或"四川长虹"）下属公 司在案件中的当事人地位：被上诉人（原审原告）。 ●案件的涉案金额：维持一审原判；二审案件受理费 664,871 元，由上诉人 苏宁易购集团股份有限公司苏宁采购中心（以下简称"苏宁采购中心"）负担。 ●是否会对上市公司损益产生负面影响：截至本公告日，本次诉讼案件尚在 法院判决的履行期限内，后续案件的执行结果尚存在不确定性，暂无法预计本案 对公司及下属公司四川长虹佳华数字技术有限公司（以下简称"佳华数字"）本 期利润或期后利润的影响。公司及佳华数字将依法主张自身合法权益，积极采取 相关法律措施，维护公司、佳华数字及广大投资者的合法权益。敬请广大投资者 理性投资，注意投资风险。 一、诉讼基本情况 公司下属上市子公司长虹佳华控 ...

Global TV Market Overview - In 2023, global TV shipments reached 214 million units, a decline of 3.0% year-on-year, marking the lowest level in nearly a decade due to weak demand influenced by global economic downturn, high inflation, and consumer downgrade [1] - A slight recovery is expected in 2024, with shipments projected to increase to 215 million units, reflecting a year-on-year growth of 0.6% [1] 4K Ultra HD TV Market - In 2023, global 4K TV shipments were approximately 150 million units, accounting for over 70% of total TV shipments, solidifying its position as the market's absolute mainstream [2] - The 4K TV market is expected to grow to 160 million units in 2024, representing a year-on-year increase of about 6.7% [2] - North America is the largest contributor, with shipments reaching 65 million units, representing 40% of the global total, followed by the Asia-Pacific region, driven by the expansion of the middle class and broadband accessibility [2] Competitive Landscape of 4K/8K TV Market - Major players in the global 4K/8K TV market include Sony, LG, Samsung, and Sharp, with Samsung and Sony offering a wider range of sizes, while LG and Sony have relatively higher entry prices [4] - Domestic manufacturers such as TCL, Skyworth, and Hisense also hold a significant share in the global market [4] 8K Ultra HD TV Market - The growth of the 8K TV market has been slow compared to 4K TVs, with global shipments only reaching approximately 150,000 units in 2024, accounting for just 0.7% of total TV shipments [8] - The 8K TV market has faced several challenges, including high production costs, insufficient native 8K content, and the need for high bandwidth for streaming, which limits its penetration [9] - Despite these challenges, the 8K TV market still holds long-term potential under favorable policies, technological advancements, and industry collaboration [9]

9月3日，四川长虹盘中下跌2.08%，截至10:15，报10.81元/股，成交6.87亿元，换手率1.36%，总市值 499.02亿元。 四川长虹所属申万行业为：家用电器-黑色家电-彩电。所属概念板块包括：网络直播、跨境电商、网红 经济、区块链、数字经济等。 截至6月30日，四川长虹股东户数75.71万，较上期减少9.80%；人均流通股6095股，较上期增加 10.87%。2025年1月-6月，四川长虹实现营业收入567.05亿元，同比增长10.28%；归母净利润5.01亿元， 同比增长78.60%。 分红方面，四川长虹A股上市后累计派现28.46亿元。近三年，累计派现6.46亿元。 机构持仓方面，截止2025年6月30日，四川长虹十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8143.38万股，相比上期增加848.24万股。南方中证500ETF（510500）位居第三大流通股 东，持股5484.03万股，相比上期增加738.05万股。博时成渝经济圈ETF（159623）位居第七大流通股 东，持股852.63万股，相比上期增加2.27万股。华夏中证500ETF（512500）位居第十大流通股东 ...

Financial Performance - The company reported a revenue of 56.705 billion yuan, representing a year-on-year increase of 10.28% [1] - Net profit reached 501 million yuan, a significant year-on-year growth of 78.60% [2] - The net profit after deducting non-recurring gains was 161 million yuan, showing a year-on-year decline of 13.41% [2] Profitability - The weighted average return on equity increased to 3.41%, up by 1.44 percentage points compared to the same period last year [1][2] - Earnings per share rose to 0.1085 yuan, reflecting a year-on-year increase of 78.47% [1][2] Cash Flow Situation - The net cash flow from operating activities was -913 million yuan, although it improved from -1.049 billion yuan in the previous year, it remains negative [2] - The situation of "increased revenue without increased cash" is concerning for a large enterprise with over 50 billion yuan in revenue [2] Asset Scale - Total assets reached 104 billion yuan, marking a year-on-year growth of 4.65% [3] - The net assets attributable to shareholders were 14.95 billion yuan, an increase of 1.98% [3] Shareholding Structure - The controlling shareholder, Sichuan Changhong Electronics Holding Group, holds 23.22% of the shares, indicating a relatively stable shareholding structure [4] - Hong Kong Central Clearing Limited is the second-largest shareholder with a 1.76% stake, showing continued foreign interest in the company [4] Development Logic and Expectations - The company is at a critical juncture of transformation and upgrading as a traditional home appliance manufacturer [5] - There are concerns regarding the sustainability of core competitiveness despite achieving revenue growth and improved profitability [5] Key Focus Areas - Market attention may shift towards the decline in net profit excluding non-recurring items and the ongoing cash flow pressure, which reflect the true operational status of the core business [6] - Future focus should include the company's progress in intelligent transformation, product structure optimization, supply chain management efficiency, and specific measures for cash flow improvement [6]

Group 1 - The company held a half-year performance briefing on September 8, 2025, to address investor concerns and discuss its operational strategies [1][2] - The company reported a decline in gross margin in the first half of 2025 due to increased procurement costs of core components like LCD screens and chips, as well as high tariffs impacting global trade [2] - The total number of ordinary shareholders as of June 30, 2025, was approximately 757,100 [2] Group 2 - The company plans to maintain strategic focus and enhance core competitiveness in response to challenges in the real estate market and intense competition in the home appliance sector [2] - The company aims for high-quality sustainable development by optimizing operational efficiency and fostering new growth drivers [2][4] - Investors are encouraged to engage with the company through various communication channels for ongoing dialogue [3][4]

证券代码：600839 证券简称：四川长虹 公告编号：临 2025-070 号 二、本次业绩说明会投资者提出的主要问题及公司回复情况 公司就本次业绩说明会上投资者关心的问题进行了回复，现将主要问题及回 复情况整理如下： 四川长虹电器股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川长虹电器股份有限公司（以下简称"公司"或"四川长虹"）于 2025 年 9 月 8 日（星期一）下午 13:00-14:00 在上海证券交易所上证路演中心以网络 互动的方式召开了 2025 年半年度业绩说明会，就投资者关注的问题进行了沟通 和交流。关于本次业绩说明会的召开事项，公司于 2025 年 8 月 29 日在上海证券 交易所网站披露了《四川长虹关于召开 2025 年半年度业绩说明会的公告》（临 2025-066 号）。现将有关情况公告如下： 一、本次业绩说明会召开情况 召开时间：2025 年 9 月 8 日（星期一）13:00-14:00 召开平台：上海证券交易所上证路演中心（ ...

Core Viewpoint - The IFA exhibition in Berlin serves as a significant platform for Chinese companies like Changhong to enter the European market, showcasing a new model of international dialogue through "technological innovation + emotional culture" [1][17]. Group 1: Product Innovation - Changhong debuted its panda-themed home appliances at IFA, integrating Chinese panda culture with advanced AI technology [5][9]. - The AI TV features a personified intelligent agent "Panda Xiaobai," providing a 24-hour interactive experience that showcases panda activities in a simulated environment [5]. - The refrigerator employs AI cloud moisture technology to maintain the freshness of fruits and vegetables for seven days, mimicking the panda's natural habitat [7]. - The air conditioner adjusts indoor conditions based on data from the Wolong Nature Reserve, reflecting the cool bamboo forest environment [7]. - The washing machine uses a three-step cleaning technique inspired by panda cubs, promoting a philosophy of natural cleanliness [7]. Group 2: Brand Internationalization - Changhong has recognized the rapid growth of winter sports and has engaged in ice and snow IP marketing to enhance brand internationalization [9][10]. - The company has sponsored the FIS Ski World Cup and partnered with the German Ski Association, aiming to connect with global audiences through sports [10][12]. - Changhong's products are designed to resonate with the spirit of winter sports, such as high refresh rate TVs and cooling air conditioners, aligning with the active lifestyle of consumers [15]. Group 3: ESG Practices - Changhong's commitment to ESG principles is evident in its technological advancements and sustainable development strategies, positioning itself as a benchmark in the tech manufacturing industry [17]. - The company has partnered with the German Tennis Association, further demonstrating its dedication to social responsibility and sustainable practices [17]. - Changhong's approach emphasizes the integration of technology with social impact, showcasing a long-term focus on inclusivity and sustainability [17]. Group 4: Market Trends - The emotional appliance market is projected to grow at a rate of 41% by 2025, significantly outpacing the traditional appliance market's growth of 12% [19]. - Changhong's strategy of focusing on emotional value in products aligns with future market growth opportunities, indicating a shift from price competition to innovation and emotional resonance [19].

Group 1 - IFA 2025 emphasizes practical innovation and sustainability, moving away from merely "stacking features" to delivering real improvements in products [2][21] - NAVEE, a high-end smart mobility brand, showcased a range of products including high-performance electric scooters and smart golf bag robots, indicating a strong understanding of user needs [5][18] - The NAVEE XT5 series electric scooter features a dual motor all-wheel drive system with a power output of 2200W*2, significantly higher than the typical 500W of competitors, allowing it to tackle steep inclines [6][10] Group 2 - The event highlights a trend towards creating comprehensive ecosystems among manufacturers, with companies like ANKER expanding their product lines beyond charging accessories to include smart home devices [22][36] - Major Chinese brands such as Hisense and TCL are leading the television market with innovative technologies like RGB-Mini LED and QD-Mini LED, setting new standards in display technology [37][48] - AI technology is a focal point at IFA 2025, with products like AI translation earbuds and AI PCs being showcased, reflecting a shift towards integrating AI into everyday devices [68][76] Group 3 - The presence of Chinese brands at IFA 2025 demonstrates their growing influence in the European market, with a focus on localizing operations and understanding consumer needs [79][82] - The event serves as a platform for various players in the industry, from established giants to startups, to showcase their innovations and respond to market demands [79][83]