Investment Rating - The report assigns a "Cautious Accumulate" rating to the company [6][13]. Core Views - The company is experiencing pressure on performance due to a temporary decline in demand, fluctuations in exchange rates, and changes in income tax rates [3][13]. - The company is focusing on enhancing product intelligence and high-end positioning while expanding its presence in key overseas markets, particularly in Latin America and the Middle East [13]. - The report has revised down the profit forecast for 2025-2026 and introduced a new forecast for 2027, estimating net profits attributable to the parent company at 669 million, 718 million, and 795 million yuan for 2025, 2026, and 2027 respectively [13]. Financial Summary - Total revenue is projected to grow from 24,378 million yuan in 2023 to 34,460 million yuan in 2027, with a compound annual growth rate (CAGR) of 6.3% [5]. - Net profit attributable to the parent company is expected to decrease from 736 million yuan in 2023 to 669 million yuan in 2025, before recovering to 795 million yuan in 2027 [5]. - Earnings per share (EPS) is forecasted to decline from 0.71 yuan in 2023 to 0.65 yuan in 2025, then increase to 0.77 yuan in 2027 [5]. Market Data - The company's stock has a 52-week price range of 6.83 to 9.69 yuan, with a total market capitalization of 7,395 million yuan [7]. - The company has a net asset value per share of 6.03 yuan and a price-to-book ratio of 1.2 [8]. Performance Overview - For the first three quarters of 2025, the company achieved a total revenue of 25,393 million yuan, a year-on-year increase of 11.49%, while the net profit was 488 million yuan, down 8.2% year-on-year [13]. - In Q3 2025, the company reported a revenue of 7,321 million yuan, a decrease of 6.33% year-on-year, and a net profit of 71 million yuan, down 38.58% year-on-year [13].

Core Viewpoint - Changhong Meiling's Q3 2025 report shows robust growth with revenue of 25.393 billion yuan, a year-on-year increase of 11.49%, and a net profit of 488 million yuan, reflecting the company's strong resilience in a challenging external environment [1] Financial Performance - The company achieved operating revenue of 25.393 billion yuan, representing an 11.49% increase year-on-year [1] - Net profit attributable to shareholders was 488 million yuan [1] - Total assets reached 24.059 billion yuan [1] Industry and Product Development - Changhong Meiling has established a comprehensive industrial chain covering core sectors such as refrigerators, air conditioners, washing machines, and life appliances, as well as the biomedical industry [1] - The company emphasizes product innovation as a key strategy for market capture, with recent launches in the refrigerator segment including the M Fresh Ultra502F and M Fresh Ultra570S models [1] - In the air conditioning sector, new products like the shared air conditioner and Panda Lazy Ultra air conditioning unit have gained market popularity due to their appealing design and performance [1] Technological Advancements - The company is advancing in the biomedical low-temperature storage field, launching the world's first vaccine storage solution in September 2025, leveraging over 20 years of expertise [1] - Changhong Meiling is focusing on digital transformation and has established a 5G + industrial internet innovation application laboratory in collaboration with various partners [1] Strategic Direction - The company aims to enhance traditional industries, cultivate emerging sectors, and prepare for future industries to build a modern industrial system [1] - Changhong Meiling is committed to a user-centered core value, focusing on innovation-driven, resource integration, industrial collaboration, and internal-external integration strategies [1] - The company is targeting high-end, intelligent, and green transformation directions while continuously refining its products and services [1]

Market Overview - The white goods sector increased by 0.83% on October 23, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.56, up 3.35% with a trading volume of 1.31 million shares and a turnover of 736 million yuan [1] - TCL Smart Home (002668) closed at 9.90, up 1.64% with a trading volume of 135,300 shares and a turnover of 133 million yuan [1] - Midea Group (000333) closed at 74.89, up 1.37% with a trading volume of 347,600 shares and a turnover of 2.588 billion yuan [1] - Other notable performances include Snowman Electric (001387) up 1.08%, and Haier Smart Home (600690) up 0.59% [1] Capital Flow - The white goods sector experienced a net outflow of 141 million yuan from institutional investors, while retail investors saw a net inflow of 233 million yuan [1] - The detailed capital flow for individual stocks shows that TCL Smart Home had a net inflow of 12.34 million yuan from institutional investors, while Midea Group had a net inflow of 9.24 million yuan [2] - Conversely, Gree Electric (000651) faced a significant net outflow of 85.24 million yuan from institutional investors [2]

Financial Performance - The company's operating revenue for the reporting period is approximately 7.32 billion yuan, a decrease from 7.81 billion yuan in the same period last year [1] - The net profit attributable to shareholders is approximately 711.19 million yuan, down from 1.15 billion yuan year-on-year [1] - The net profit after deducting non-recurring gains and losses is approximately 599.81 million yuan, compared to 818.37 million yuan in the previous year [1] - Basic and diluted earnings per share are both 0.0692 yuan, a decrease of 3% from the previous year [1] - The weighted average return on equity is 1.16%, down from 1.96% year-on-year [1] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters of 2025 is approximately 1.345 billion yuan, a decrease of 51.17% year-on-year [23] - The total assets at the end of the reporting period are approximately 24.06 billion yuan [1] - The company's cash and cash equivalents decreased by 12.45% compared to the end of the previous year [31] Shareholder Structure - As of the end of the third quarter of 2025, new shareholders include the Social Security Fund 1106 Combination and Wang Jialing, replacing previous shareholders [42] - The largest shareholder, Sichuan Changhong Electric Co., Ltd., holds approximately 24.12% of the total shares, unchanged from the previous period [43] Valuation Metrics - As of October 22, the company's price-to-earnings ratio (TTM) is approximately 11.28 times, the price-to-book ratio (LF) is approximately 1.19 times, and the price-to-sales ratio (TTM) is approximately 0.24 times [1]

Group 1 - The company announced that its 11th Board of Directors held its 22nd meeting on October 22, 2025, where it approved nine proposals related to credit applications to banks [1] - The company is applying for a maximum credit limit of 830 million RMB from Hangzhou Bank Co., Ltd. Hefei Branch [1] - The company is also seeking a maximum credit limit of 770 million RMB from Agricultural Bank of China Hefei Jinzhai Road Branch [1]

Group 1 - The company announced the appointment of Yang Liuxu as the secretary of the board of directors [1]

Core Viewpoint - Changhong Meiling (000521.SZ) reported a revenue increase of 11.49% year-on-year for the first three quarters of 2025, reaching 25.393 billion yuan, while net profit attributable to shareholders decreased by 8.20% to 488 million yuan [1] Financial Performance - The company achieved an operating income of 25.393 billion yuan, reflecting a year-on-year growth of 11.49% [1] - Net profit attributable to shareholders was 488 million yuan, showing a decline of 8.20% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 451 million yuan, which represents a decrease of 12.47% year-on-year [1]

Core Viewpoint - Changhong Meiling (000521.SZ) reported a revenue of 25.39 billion yuan for the first three quarters, reflecting a year-on-year growth of 11.49%, while the net profit attributable to shareholders decreased by 8.2% to 488 million yuan [1] Financial Performance - Revenue for the first three quarters reached 25.39 billion yuan, marking an increase of 11.49% compared to the previous year [1] - Net profit attributable to shareholders was 488 million yuan, showing a decline of 8.2% year-on-year [1] - The net profit excluding non-recurring gains and losses was 451 million yuan, which represents a decrease of 12.47% year-on-year [1]

Core Viewpoint - Changhong Meiling announced the resignation of Vice President and Board Secretary Li Xia due to personal work adjustments, effective from October 21, 2025. Li will continue to serve as Vice President, Chief Compliance Officer, and General Counsel [1] Summary by Relevant Sections - **Management Changes** - Li Xia has submitted her resignation as Board Secretary, effective from October 21, 2025, but will retain her roles as Vice President, Chief Compliance Officer, and General Counsel [1] - The board has approved the appointment of Yang Liuxu as the new Board Secretary, who possesses the necessary professional knowledge and qualifications [1]

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-074 一、关于公司董事会秘书辞职情况 公司董事会于 2025 年 10 月 21 日收到公司副总裁、董事会秘书李霞女士的 书面辞职报告，李霞女士因个人工作调整原因申请辞去其担任的本公司董事会秘 书职务，但其仍将继续担任公司副总裁、首席合规官、总法律顾问等职务。根据 《公司法》《公司章程》等有关规定，辞职报告自送达董事会之日起生效，公司 董事会同意李霞女士的辞职申请，李霞女士关于董事会秘书职务的辞职不会对公 司的生产经营产生不利影响。截至本公告披露日，李霞女士持有本公司 A 股股票 414,600 股。 李霞女士在担任本公司董事会秘书期间，勤勉尽责、兢兢业业、恪尽职守， 认真履行各项职责，在公司治理和规范运作、资本运作、信息披露、投资者关系 管理、可持续发展等方面做出了积极贡献。本公司董事会对李霞女士在任职董事 会秘书期间为公司发展所做的贡献表示由衷的敬意和诚挚的感谢！ 二、关于公司聘任董事会秘书情况 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》和《 ...