Core Insights - The 22nd World Brand Conference was held in Beijing, where the World Brand Lab released the 2025 analysis report of "China's 500 Most Valuable Brands," with Changhong Holdings Group ranking 35th with a brand value of 252.139 billion yuan [1] - The conference focused on "Global Brand Strategy and Digital Supply Chain Management in the Context of the AI Revolution," featuring experts from prestigious universities and over 600 business leaders [1] Group 1: Innovation and Development - Changhong has adopted a dual-driven approach of independent and collaborative innovation since 2024, focusing on smart home, digital industry, AI, healthcare, green energy, and special equipment [2] - The company has established an innovation model combining talent, platforms, and mechanisms, resulting in the cultivation of 23 specialized enterprises and breakthroughs in various industry challenges [2] - Changhong is recognized as a pilot enterprise for digital transformation by the State-owned Assets Supervision and Administration Commission [2] Group 2: Manufacturing and Resilience - Manufacturing is the foundation of Changhong, which emphasizes lean manufacturing and the integration of technology to enhance production capabilities [3] - The company has achieved significant production volumes, including nearly 40 million large appliances and 85 million refrigerator compressors annually [3] - Changhong is advancing the transformation of 65 manufacturing plants towards automation and digitalization, aiming for a comprehensive manufacturing capability [3] Group 3: AI Integration - Since 2024, Changhong has strengthened its "AI+" strategy across the entire industry chain, focusing on AI-driven manufacturing, products, and operations [4] - The company has developed six major solutions for AI-driven manufacturing, achieving high efficiency and quality in production processes [4] - AI applications in products have led to innovations such as predictive preservation in refrigerators and enhanced washing machine performance [4] Group 4: Industry Development - Changhong is focusing on a "3+1+N" industrial development framework, strengthening core industries while nurturing emerging sectors [5] - Key industries include smart home, digital industry, and special equipment, with a strong emphasis on providing innovative consumer experiences [5] - The green energy sector is identified as a second growth curve, with Changhong becoming a leading player in alkaline batteries and lithium-ion batteries [5] Group 5: Brand Value and Market Management - In 2025, Changhong's brand value reached 252.139 billion yuan, an increase from 236.876 billion yuan in 2024, reflecting effective market management and brand communication [6] - The company has established a value management system and actively engages in share buybacks to enhance investor confidence [6] - Changhong's brand management includes a comprehensive system and innovative marketing strategies to boost brand influence [6]

四川长虹电器股份有限公司（以下简称"公司"）第十二届董事会第三十次 会议通知及会议材料于 2025 年 6 月 16 日以电子邮件方式送达全体董事，会议于 6 月 18 日以通讯方式召开。会议应出席董事 9 名，实际出席董事 9 名，公司全 体监事及高级管理人员列席了会议。会议召开符合《公司法》及《公司章程》的 规定。会议由董事长柳江先生主持，经与会董事充分讨论，审议通过了如下决议： 审议通过《关于公司下属子公司投资建设智慧家电产业园项目的议案》 证券代码：600839 证券简称：四川长虹 公告编号：临 2025-050 号 四川长虹电器股份有限公司 第十二届董事会第三十次会议决议公告 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。 特此公告。 四川长虹电器股份有限公司董事会 2025 年 6 月 19 日 1 根据公司下属子公司长虹美菱股份有限公司（以下简称"长虹美菱"）的战 略发展规划和经营需要，会议同意长虹美菱下属子公司合肥长虹实业有限公司以 自筹资金投资约人民币 87,705 万元建设合肥长虹智慧家电产业园项目。项目投 ...

二、取得《贷款承诺函》的具体情况 证券代码：600839 证券简称：四川长虹 公告编号：临 2025-049 号 四川长虹电器股份有限公司 关于取得金融机构股票回购专项贷款承诺函的公告 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。 一、回购股份方案的基本情况 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 5 月 8 日召开第十二届董事会第二十七次会议审议通过了《关于公司回购股份 方案的议案》。公司拟使用自有资金和/或自筹资金（含股票回购专项贷款资金 等），通过上海证券交易所交易系统以集中竞价交易方式回购公司发行的人民币 普通股 A 股股份，回购资金总额不低于人民币 25,000 万元（含）且不超过人民 币 50,000 万元（含），回购股份价格不超过人民币 14 元/股，回购股份拟用于 实施股权激励，回购股份的实施期限为自公司股东大会审议通过本次回购方案之 日起 12 个月内。本次回购股份方案尚需提交公司股东大会审议。 具体内容详见公司于 2025 年 5 月 9 日披露的《四川长虹第十二届董事 ...

Group 1 - The CSI 500 Consumer Discretionary Index has experienced a decline of 5.34% over the past month, 11.66% over the past three months, and 3.10% year-to-date [2][3] - The index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Consumer Discretionary Index include Sichuan Changhong (6.98%), Ninebot (6.47%), Wanfeng Aowei (4.58%), and others [2] Group 2 - The market capitalization distribution of the CSI 500 Consumer Discretionary Index shows that the Shanghai Stock Exchange accounts for 62.26% and the Shenzhen Stock Exchange accounts for 37.74% [2] - The industry composition of the index includes Passenger Cars and Parts (35.25%), Durable Consumer Goods (33.93%), Textiles, Apparel, and Jewelry (11.01%), Retail (10.46%), and Consumer Services (9.35%) [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - The 137th Canton Fair highlights the resilience of the Chinese home appliance industry amidst the ongoing tariff challenges from the U.S., with large enterprises showing better preparedness and adaptability compared to smaller firms [1][3][5]. Group 1: Impact of Tariffs on Large Enterprises - Large home appliance companies have limited exposure to U.S. tariffs due to strategic planning and diversified supply chains, with many having established manufacturing bases in emerging markets [4][5]. - For instance, Midea Group reported a revenue of 409.1 billion yuan and a net profit of 38.5 billion yuan for the year ending December 31, 2024, with a low revenue share from the U.S. market [4]. - Haier Smart Home achieved an overseas revenue of 143.814 billion yuan in 2024, marking a year-on-year growth of 5.43%, with significant growth in emerging markets [4]. Group 2: Adaptation Strategies of the Industry - The home appliance industry has proactively adjusted to tariff impacts by shifting production capacities and exploring new markets, reducing reliance on the U.S. market [5][6]. - Companies like TCL and Hisense have minimized direct exports to the U.S. by utilizing production facilities in Mexico and Southeast Asia, thus mitigating tariff impacts [5][6]. - The overall export value of China's home appliance industry reached 112.42 billion USD in 2024, with exports to the U.S. accounting for 20.71 billion USD, reflecting a 4.3% year-on-year increase but a reduced share of total revenue [5]. Group 3: Challenges Faced by Small Enterprises - Smaller home appliance companies are facing significant challenges due to their heavy reliance on the U.S. market, with many experiencing customer defaults on orders [7][8]. - The Canton Fair has introduced initiatives to assist small enterprises in finding new clients, particularly in countries involved in the Belt and Road Initiative [8][9]. - Experts suggest that small enterprises should adjust their strategies by expanding overseas production and tapping into domestic markets through e-commerce platforms [9].

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 6 月 10 日（星期二）下午 14:00-17:00 在上海证券交易所上证路演中心以现 场交流、视频直播和网络文字互动的方式召开了 2024 年度沪市主板智能家居专 题集体业绩说明会暨 2025 年第一季度业绩说明会，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 6 月 3 日在上海 证券交易所网站披露了《四川长虹关于参加 2024 年度沪市主板智能家居专题集 体业绩说明会暨召开 2025 年第一季度业绩说明会的公告》（临 2025-039 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 6 月 10 日（星期二）下午 14:00-17:00 证券代码：600839 证券简称：四川长虹 公告编号：临 2025-047 号 四川长虹电器股份有限公司 关于 2024 年度沪市主板智能家居专题集体业绩说明 会暨 2025 年第一季 ...

证券代码：600839 证券简称：四川长虹 公告编号：临 2025-048 号 四川长虹电器股份有限公司 关于参与投资设立的四川虹云创业投资合伙企业（有 限合伙）完成清算注销的公告 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。 一、基本情况概述 2024年8月22日，虹云基金二期召开2024年第一次临时合伙人大会，全体合 伙人一致同意将已实缴出资的款项及对该等款项现金管理的收益，按照全体合伙 人持有份额比例暂时返还,同时签订《四川虹云创业投资合伙企业（有限合伙） 合伙协议之补充协议》。 2025年1月23日，虹云基金二期召开2025年第一次临时合伙人大会，全体合 伙人一致同意终止合伙企业运作，成立清算组进行合伙企业的终止、清算等事宜， 并授权基金管理人办理清算及注销的相关事项。截至2025年1月24日，公司已收 到实缴出资的款项及该笔款项现金管理的收益合计2,016.90万元。 上述详细内容请见公司分别于2023年1月18日、2024年8月24日、2025年1月 24日披露的《四川长虹关于参与投资设立创业投资基金暨关联交易的 ...

Group 1 - The first meeting of the China-US economic and trade consultation mechanism is ongoing, with key US officials present [1] - The second round of talks is expected to focus on supply chain issues, particularly in the rare earth sector, with significant price increases observed [2][3] - Rare earth elements are critical for military applications, with specific examples such as the F-35 fighter jet highlighting the importance of dysprosium [3] Group 2 - Despite US efforts to collaborate with other countries for rare earth resource development, China dominates 90% of the global rare earth processing market [5] - Historical supply-demand imbalances in raw materials have led to significant market reactions, with examples from 2020 to 2024 showing dramatic stock price increases [5] - Three companies in the A-share market are highlighted as key investment opportunities, particularly one that controls 68% of China's medium and heavy rare earth mining quotas and supplies 60% to the aerospace sector [6]

Core Insights - The smart home industry is accelerating towards intelligence, greenness, and globalization, driven by AI technology [1][3] Group 1: AI Empowerment Across Industries - The smart terminal industry is undergoing a profound transformation driven by AI technology, with companies like Hisense leading the way in integrating display technology and AI interaction [3] - Hisense has developed RGB Mini LED liquid crystal modules and AI quality chips, enhancing color coverage and reducing energy consumption [3] - Rongtai Health integrates AI throughout its health services, using AI algorithms in massage chairs to create personalized experiences and improving production efficiency through AI industrial systems [3] - Sichuan Changhong is implementing AI across product development, manufacturing, and management, enhancing operational efficiency and reducing costs [4] - Jinhai High-Tech is advancing digital transformation through a comprehensive digital workshop management system and predictive maintenance using IoT technology [4] - Wanlong Magnetic Plastic is embracing the transformation in the home appliance industry by increasing R&D investment to enhance innovation capabilities [4] Group 2: Global Expansion Strategies - The globalization of China's home appliance industry presents opportunities for suppliers with international layouts, as highlighted by Wanlong Magnetic Plastic's expansion into 10 countries with 16 production bases by the end of 2024 [5] - Rongtai Health is enhancing global supply chain resilience with a new factory in Thailand expected to be operational by the end of 2025, while also strengthening partnerships with clients in the U.S. and other regions [5] - Sichuan Changhong has established R&D bases in the U.S., Spain, and the Czech Republic, and manufacturing bases in Mexico and Vietnam, aiming for coordinated development across the entire value chain [5] - Jinhai High-Tech has set up R&D and marketing centers in Thailand and Japan, achieving overseas revenue of 459 million yuan in 2024, a year-on-year increase of 16.99% [6] - Hisense is advancing its global strategy by enhancing product quality and brand influence through major sporting events and collaborations with various brands [6]

Core Viewpoint - The Chinese television market is experiencing a downturn, with a 2.1% year-on-year decline in May's shipment volume, despite the early start of the 618 shopping festival on May 13, 2025, which is the longest in history [1][3] Market Performance - In May, the total shipment volume of televisions in China was 2.83 million units, marking a continuous decline for two months [1] - Cumulative shipments from January to May reached 14.035 million units, showing a slight increase of 1.7% year-on-year, primarily supported by strong performance in the first quarter [1] Brand Analysis - The top eight television brands in May collectively shipped 2.7 million units, a slight decrease of 0.9% year-on-year, with market concentration rising to 95.4% [4] - TCL, Hisense, and Skyworth, the traditional top three brands, shipped a total of 1.66 million units, down 2.4%, holding a market share of 58.7% [4] - Xiaomi's shipments increased by 9.1% to 600,000 units, raising its market share to 21.2% [4] - Changhong, Haier, and Konka combined shipped 340,000 units, down 4.2%, with a market share of 12.0% [4] Market Trends - The cautious inventory preparation by brands for the 618 shopping festival has further suppressed shipment momentum [3] - The upcoming expiration of the home appliance replacement subsidy policy is expected to stimulate consumer purchases during the 618 period [4] - The market is undergoing a significant reshuffle, with oversupply, weak demand, and competition from substitutes leading to a "survival of the fittest" scenario [7] Competitive Landscape - Xiaomi's growth is attributed to its high cost-performance strategy and ecosystem synergy, making it a standout performer in a cooling market [5] - TCL is expected to maintain its leading position, having shipped nearly 2.6 million units from January to April, with a year-on-year growth of 20.2% [6] - Konka faces severe challenges, having dropped to eighth place and experiencing significant declines due to management changes affecting operational continuity [6]