证券代码：600839 证券简称：四川长虹 公告编号：临 2025-036 号 四川长虹电器股份有限公司 第十二届董事会第二十八次会议决议公告 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。 四川长虹电器股份有限公司（以下简称"四川长虹"或"公司"）第十二届 董事会第二十八次会议通知及会议材料于 2025 年 5 月 21 日以电子邮件方式送达 全体董事，会议于 5 月 23 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： 一、审议通过《关于开展远期外汇交易业务的议案》 为有效规避进出口业务和短期外币借款形成的外汇风险（包括汇率和利率）， 降低汇率和利率波动对公司的影响，会议同意公司自有业务的外汇风险管理策略 如下：1.被套期项目：基于业务产生的外汇敞口及时锁定，外汇敞口包括账面资 产、账面负债和不可撤销订单；其中，不可撤销订单指尚未确认的确定承诺；尚 未确 ...

Core Viewpoint - The story highlights the emotional connection between consumers and the Changhong brand, exemplified by a consumer's decision to donate a 33-year-old packaging box of a Changhong television, symbolizing trust and loyalty to a national brand [2][7][12]. Group 1: Historical Context - The narrative begins in the 1980s when the consumer, Wei Wensong, purchased his first Changhong black-and-white television, reflecting the brand's early innovations in the television industry [2][3]. - Changhong achieved significant milestones, including the production of its first black-and-white television in 1972 and the first color television in 1976, establishing itself as a leading domestic appliance brand [2][3]. Group 2: Consumer Experience - The consumer recalls the joy and family bonding moments facilitated by the television, emphasizing the emotional significance of the Changhong brand in his life [3][8]. - The packaging box of the Changhong CK53A television, made from high-quality materials, was preserved for 33 years, serving as a durable storage solution and a testament to the product's quality [4][5]. Group 3: Brand Loyalty and Trust - The act of donating the packaging box to Changhong signifies a deep emotional connection and loyalty to the brand, reflecting a broader sentiment of trust in domestic products among consumers [6][7][12]. - The consumer's family history and experiences with Changhong products illustrate a generational commitment to supporting national brands, despite the influx of foreign competitors [8][12]. Group 4: Brand Evolution and Future - The narrative concludes with the consumer's excitement about the latest Changhong AI television, showcasing the brand's continuous innovation and adaptation to modern technology [9][10]. - Changhong is portrayed not just as a domestic appliance brand but as a symbol of Chinese manufacturing excellence, gaining recognition both nationally and internationally [11][12].

一、破茧成蝶的技术突围 如同雕琢钻石需要精准的切面设计，长虹新材料团队通过"原料选型+化学研磨"这对技术组合拳，在硅碳负极领域 实现了关键突破。据公开资料显示（来源：四川省国资委官网），该技术将材料比容量提升至450-500mAh/g区 间，相当于传统石墨负极3-4倍的储能能力。这种提升相当于把电池的"胃容量"从普通饭盒扩展到全家桶级别，让 每克材料都能存储更多能量。 化学研磨技术如同精密的分子剪刀，通过控制粒径分布与表面形貌，在微观尺度重构材料结构。这种纳米级别的 加工工艺，有效缓解了硅材料充放电过程中的体积膨胀问题——这个曾让无数科研团队头痛的"膨胀魔咒"，在长 虹实验室里找到了破解之道。 二、2000吨产能的战略布局 规划中的2000吨产能绝非简单的数字叠加。若以单吨硅碳负极材料可配套1.5GWh动力电池计算（数据来源：中国 化学与物理电源行业协会），这批材料足以支撑3GWh电池生产，相当于为6万辆续航500公里的电动汽车提供"心 脏动力源"。在绵阳经济技术开发区，智能化生产线的建设正如火如荼展开，预计将形成从原料处理到成品包装的 全流程自动化生产体系。 该项目的落地选址暗藏玄机：300公里半径内聚集了 ...

| | | 四川长虹 | 000016 | 深康佳A | -5.23 | 5.92 | -7945.49 | | --- | --- | --- | --- | --- | | 000651 | 格力电器 | 0.45 | 0.42 | -6266.68 | | 002050 | 三花智控 | -1.20 | 1.00 | -6139.00 | | 300217 | 东方电热 | -1.91 | 3.27 | -5145.94 | | 002402 | 和而泰 | -0.84 | 2.38 | -4204.35 | | 603486 | 科沃斯 | -1.54 | 0.76 | -3338.98 | | 301135 | 瑞德智能 | -4.07 | 11.08 | -3098.03 | | 002860 | 星帅尔 | -2.82 | 5.74 | -2721.50 | | 600336 | 澳柯玛 | -2.38 | 5.33 | -2539.84 | | 688609 | 九联科技 | -1.81 | 2.57 | -2529.17 | | 000541 | 佛山照明 | -2.65 | 2.33 | ...

Core Insights - The 618 Mid-Year Shopping Festival is a crucial promotional event for brands and retailers, with significant consumer engagement through trade-in programs and government subsidies in the home appliance sector [1][4] - Changhong is leveraging the "National Treasure, National Goods, National Subsidy" theme to provide substantial discounts and enhance consumer experience through AI-enabled home appliances [5][7] Group 1: Market Dynamics - The 618 shopping event's pre-sale period has been extended by over half a month, indicating its importance for first-half performance [4] - The home appliance industry has seen a notable rebound, with over 200 billion yuan in consumer spending driven by the trade-in policy, where over 90% of products sold are first-level energy efficiency [4] Group 2: Promotional Strategies - Changhong is actively promoting its trade-in program through various platforms, offering additional company subsidies on top of government incentives [5] - The collaboration with the panda IP enhances brand visibility and consumer engagement, creating a unique shopping experience that combines cultural elements with product offerings [7] Group 3: Product Innovation - Changhong's AI-enabled products, such as the AI TV and panda-themed air conditioners, showcase advanced technology and user-friendly features, enhancing the overall consumer experience [9][11] - The integration of AI in appliances aims to provide convenience and improve daily life, with products designed to meet diverse household needs [12][15] Group 4: Cultural Integration - The incorporation of panda culture into product design and marketing strategies strengthens the emotional connection with consumers, aligning with national pride and cultural identity [15][16] - Changhong's approach reflects a broader trend of merging technology with cultural narratives, enhancing brand loyalty and consumer engagement [15][17]

Core Insights - The air conditioning industry in China is undergoing a transformative shift towards smart, low-carbon, and health-oriented products by 2025, with Changhong Air Conditioning leading this revolution through technological innovation and user-centric design [1][10] - Changhong Air Conditioning has achieved significant historical breakthroughs in scale and has redefined the concept of "home" through smart integration, energy efficiency upgrades, and scenario reconstruction [1] Group 1: Technological Innovation - Changhong's digital simulation technology team is focused on solving complex issues in air conditioning product development, moving away from traditional trial-and-error methods to a comprehensive digital twin system [2][3] - The application of simulation technology has significantly reduced R&D costs and time while enhancing product reliability, positioning Changhong at the forefront of industry advancements [4] - Over 20 years of investment in simulation technology has allowed Changhong to lead in key performance indicators such as external machine low-frequency noise control [4] Group 2: Product Development - The launch of the Pro Shared Air Conditioner for living and dining rooms in 2025 represents a shift from traditional air conditioning to a more integrated space management solution [5][6] - The Pro Shared Air Conditioner features advanced airflow technology, achieving a 30% increase in airflow distance and an APF energy efficiency ratio of 5.20, which translates to significant energy savings [6] - Changhong's "Dining Room Upgrade Plan" invites users to participate in product optimization, emphasizing a collaborative approach to product development [7] Group 3: Historical Context - Changhong Air Conditioning was established in 1995 with a significant investment of 1 billion yuan, becoming a key player in China's air conditioning manufacturing sector [8] - The company has introduced several groundbreaking products over the years, including the first all-DC inverter air conditioner in 1999 and the first 5A-level fresh air conditioner in 2023 [9] - Continuous technological iterations have led to an annual growth of 23% in patent holdings and the revision of 11 industry standards in the past five years, marking a transition from technology follower to standard setter [9]

Core Viewpoint - The integration of digital twin technology and blockchain in Changhong's supply chain management has transformed traditional manufacturing processes into a transparent and efficient digital ecosystem, enhancing product quality and market competitiveness [1][4][5]. Group 1: Digital Transformation - Changhong's ISRM system enables comprehensive lifecycle management of suppliers and components, facilitating seamless processes from registration to quality control [1][3]. - The application of digital twin technology allows for real-time monitoring and analysis of production parameters, ensuring high product quality and supporting the goal of "zero defects" manufacturing [1][3][5]. Group 2: Quality Management - The ISRM system enhances quality management by providing traceable records of material sources and production processes, ensuring accountability and facilitating rapid response to quality issues [3][4]. - The integration of blockchain technology ensures that quality management records are immutable, thereby enhancing the reliability of the supply chain [3][5]. Group 3: Supply Chain Efficiency - The transition from a "black box" supply chain to a "transparent" one reduces inventory waste and improves supply chain efficiency through precise management [5][6]. - Changhong's digital platform supports small and medium enterprises in establishing their own risk monitoring systems, enabling proactive risk management [5][6]. Group 4: Industry Impact - The digital transformation leads to significant improvements in quality control, with defect rates decreasing dramatically and production response times accelerating from minutes to milliseconds [6]. - The emergence of cross-industry value networks fosters tighter and more efficient collaboration among different sectors, creating new paradigms for industrial cooperation [6].

长虹技佳精工冲压生产线 在工业制造的微观世界里，一枚价值不足一分钱的螺丝钉，正悄然演示着中国制造业的数字化转型浪 潮。踏入长虹控股集团的智能制造基地，这一基础工业元件正在经历前所未有的变革。从原材料开采， 到产品全生命周期管理，数字化技术赋予了这颗小小螺丝钉无限可能。 凭借数字孪生技术的精妙运 用，螺丝钉在参与生产过程中的每一个参数、每一道工序都被实时监控和深度分析，恰似一双无形却有 力的大手，始终将产品质量稳稳托举在顶尖水平。这种精细化管理模式，正是长虹实现"零缺陷"制造的 核心秘诀。 01 「 数字编码 」 工业毛细血管的数字革命 当晨曦穿透绵阳科技城的薄雾，长虹技佳精工有限公司的冲压生产线，已经奏响了智能制造的激昂乐 章。在这条繁忙而有序的生产线上，毫不起眼的螺丝钉，正演绎着一场颠覆传统认知的数字化传奇。曾 经静默无声、毫无生气的"哑巴零件"，在长虹智慧供应链信息系统(ISRM)的赋能下，摇身一变成为可追 溯、能感知、会"说话"的智能终端，开启了属于自己的数字之旅。 长虹质量管理人员使用ISRM系统 "一物一码，一码到底"，这一简单而有力的理念，早已突破了生产线的狭窄范畴，如涟漪般扩散至企业 运营的全链 ...

Core Viewpoint - The black home appliance industry in A-shares has shown significant performance divergence in 2024, with leading companies achieving stable growth through technological innovation and global expansion, while smaller firms struggle under cost pressures and market contraction [1][3]. Revenue and Profit Performance - The black home appliance industry achieved a total revenue of 202.938 billion yuan and a net profit attributable to shareholders of 4.961 billion yuan in 2024 [1][2]. - Major companies like Sichuan Changhong and Hisense Vision reported revenue and net profit growth, but their net profit growth lagged behind revenue growth, indicating room for improvement in profitability [3]. - Companies such as Skyworth Digital and XGIMI experienced declines in both revenue and net profit, with Skyworth's revenue down 18.20% and net profit down 58.34% [2][3]. Profitability Analysis - There is a significant disparity in profitability among companies in the black home appliance sector, with Sichuan Changhong's gross margin at only 10.02%, indicating low profitability despite high revenue [4][6]. - Companies like *ST Tongzhou and XGIMI have higher gross margins above 20%, but their net profit margins are low, suggesting reliance on non-core income to inflate profits [6][9]. Research and Development Expenditure - Over half of the companies in the black home appliance sector have reduced R&D spending, with XGIMI and Sichuan Changhong leading in sales expense ratios and absolute sales expenses [7][9]. - The R&D expense ratio for most companies is below 10%, reflecting a trend towards cost-cutting in favor of short-term profitability [9]. Operational Efficiency and Liquidity - Many companies face liquidity challenges, with over half having accounts receivable turnover days exceeding 100 days, indicating poor sales collection capabilities [10][11]. - Companies like Sichuan Jiuzhou and *ST Gaosi have extremely high accounts receivable turnover days of 226.27 and 387.60, respectively, highlighting severe cash flow issues [11][12].

1 序号 股东名称 持股数量（股） 占总股本比例 （%） 1 四川长虹电子控股集团有限公司 1,071,813,562 23.22 2 香港中央结算有限公司 71,516,424 1.55 3 中国农业银行股份有限公司－中证 500 交 易型开放式指数证券投资基金 56,854,720 1.23 4 王斌 26,768,777 0.58 5 厦门优采供应链管理有限公司 21,527,600 0.47 6 晋向东 12,349,000 0.27 7 招商银行股份有限公司－博时中证成渝地 区双城经济圈成份交易型开放式指数证券 8,452,070 0.18 一、2025 年 5 月 8 日登记在册的公司前十大股东持股情况 | | 投资基金 上海浦东发展银行股份有限公司－国泰中 | | | | --- | --- | --- | --- | | 8 | 证全指家用电器交易型开放式指数证券投 | 7,493,967 | 0.16 | | | 资基金 | | | | 9 | 马一卉 | 7,480,800 | 0.16 | | 10 | 胡静 | 6,720,000 | 0.15 | 注：以上股东的持股数量为合并普通账户 ...