Investment Rating - The report assigns a "Buy" rating for Changhong Meiling [10][12]. Core Views - The company is expected to benefit from structural opportunities in the industry, including cautious domestic consumption, the rise of e-commerce, and the upgrade of refrigerator structures, as well as low penetration rates in emerging markets for white goods [3][10]. - The air conditioning business is rapidly increasing market share through e-commerce and competitive pricing, while the refrigerator segment is anticipated to see growth through structural upgrades and improved price-performance ratios [3][10]. - The company is focusing on operational efficiency improvements through management reforms and operational optimizations, which are expected to enhance profitability [9][10]. Company Overview - Changhong Meiling is one of the earliest brands in China's home appliance industry, starting refrigerator development in 1983. After restructuring with Changhong in 2004, the company has expanded into air conditioning and has established a diversified business model [6][22]. Domestic Sales - In the air conditioning sector, Changhong Meiling has achieved significant market share growth through deep cooperation with JD.com and a strong price-performance ratio, particularly in lower-tier markets [7][49]. - The refrigerator segment has seen an increase in average prices due to high-end product upgrades and technological innovations, meeting consumer demands for health and personalization [7][67]. International Sales - The company has actively established a presence in emerging markets since the last century, with significant growth potential due to low penetration rates for white goods in these regions [8][10]. - Changhong Meiling's early market entry and steady share growth in emerging markets position it well to capitalize on the industry's export trends [8][10]. Efficiency Improvements - The company has made notable progress in efficiency improvements through group reform measures, including market-oriented executive hiring and strict performance evaluations [9][10]. - Operationally, the establishment of an intelligent trading platform has led to reduced sales costs and improved overall operational efficiency [9][10]. Investment Recommendations - The report anticipates that the company's net profit attributable to shareholders will reach 806 million, 918 million, and 1.053 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 9.21, 8.09, and 7.05 times [10].

截至2025年7月3日收盘，长虹美菱(000521)报收于7.13元，下跌1.11%，换手率3.14%，成交量27.53万 手，成交额1.97亿元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 交易信息汇总：7月3日主力资金净流出3836.41万元，占总成交额19.43%。 公司公告汇总：长虹美菱股份有限公司计划通过集中竞价交易方式回购部分A股非限售股份，拟 用于回购的资金总额为15,000万元至30,000万元，回购股份价格上限为10.67元/股。 7月3日，长虹美菱的资金流向显示，主力资金净流出3836.41万元，占总成交额的19.43%；游资资金净 流入829.28万元，占总成交额的4.2%；散户资金净流入3007.13万元，占总成交额的15.23%。 公司公告汇总 长虹美菱股份有限公司发布了回购股份报告书，计划使用自有资金和自筹资金通过集中竞价交易方式回 购公司部分人民币普通股（A股）非限售股份，回购股份将用于股权激励。拟用于本次回购的资金总额 不低于人民币15,000万元且不超过人民币30,000万元，回购股份价格上限 ...

Core Viewpoint - Changhong Meiling plans to repurchase its A-shares using self-owned and self-raised funds, with a total amount between RMB 150 million and RMB 300 million, aimed at stock incentive programs to enhance investor confidence and improve shareholder returns [1][3][9] Summary by Sections Repurchase Plan - The repurchase will be conducted through centralized bidding, with a maximum price of RMB 10.67 per share, adjusted from RMB 11 due to profit distribution [5][13] - The estimated number of shares to be repurchased ranges from approximately 14,058,107 shares (1.36% of total shares) to 28,116,213 shares (2.73% of total shares) based on the total fund limits [1][8] Purpose of Repurchase - The repurchase aims to boost investor confidence, enhance shareholder returns, and establish a long-term incentive mechanism for the company [3][9] Funding Sources - The funding for the repurchase will come from the company's own funds and self-raised funds, including a commitment from a bank for a maximum loan of RMB 270 million [6][14] Implementation Period - The repurchase period will last up to 12 months from the board's approval date, with conditions for early termination if certain funding thresholds are met [6][12] Shareholder Plans - As of the announcement date, there are no plans for share reduction by directors, supervisors, senior management, or major shareholders during the repurchase period [2][9] Compliance and Conditions - The repurchase complies with relevant regulations and will be adjusted according to any corporate actions such as dividends or stock splits [4][6] Impact on Company Structure - If all repurchased shares are used for stock incentives, the expected changes in shareholding structure will be detailed, indicating a slight increase in shares with limited trading conditions [8][9] Disclosure and Reporting - The company will adhere to strict disclosure requirements throughout the repurchase process, including monthly updates and immediate reporting of significant changes [14][15]

长虹美菱股份有限公司 回购股份报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 一、回购股份的基本情况 长虹美菱股份有限公司（以下简称"长虹美菱"或"公司"）将使用自有资 金和自筹资金（含金融机构股票回购专项贷款等）通过集中竞价交易方式回购公 司发行的部分人民币普通股（A股）非限售股份（以下简称"本次回购"），回 购的股份将用于股权激励。拟用于本次回购的资金总额不低于人民币15,000万元 （含）且不超过人民币30,000万元（含），回购股份价格上限为10.67元/股（含）。 按本次回购资金总额上限人民币30,000万元和回购股份价格上限10.67元/股测 算，预计回购股份的数量约为28,116,213股，约占公司目前总股本的2.73%；按 本次回购资金总额下限人民币15,000万元和回购股份价格上限10.67元/股测算， 预计回购股份的数量约为14,058,107股，约占公司目前总股本的1.36%。公司具 体回购资金总额、股份数量以回购期限届满时实际回购股份使用的资金总额、回 购股份数量为准。本次回购股份的期限为自公司董事会审议通过本次 ...

Core Viewpoint - The company is actively preparing for the implementation of new energy efficiency standards for refrigerators, which will take effect on June 1, 2026, and aims to develop competitive products that meet these standards [2] Group 1: Stock Performance - As of July 2, 2025, the company's stock closed at 7.21 yuan, up 3.74%, with a turnover rate of 4.53%, a trading volume of 396,300 shares, and a transaction amount of 282 million yuan [1] - On the same day, the main funds had a net inflow of 31.12 million yuan, accounting for 11.04% of the total transaction amount [8][10] Group 2: Company Announcements - The company announced an adjustment to the maximum repurchase price of its shares from 11 yuan to 10.67 yuan, effective from June 11, 2025 [8][10] - The profit distribution plan for 2024 includes a cash dividend of 3.30 yuan per 10 shares (tax included), with the ex-dividend date set for June 11, 2025 [8] Group 3: Investor Relations - The company is aware of the market dynamics affecting its stock price and emphasizes its focus on core business operations to improve performance [4][5][7] - The company is exploring opportunities in overseas markets and is attentive to potential demand increases in regions affected by geopolitical events [4]

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-049 长虹美菱股份有限公司 关于2024年度利润分配方案实施后调整股份回购价格上限的 公告 基于2025年4月9日长虹美菱股份有限公司（以下简称"长虹美菱"或"公司"） 董事长提议回购公司A股股份，公司于2025年5月8日召开第十一届董事会第十五 次会议，审议通过了《关于回购公司A股股份方案的议案》，并于2025年6月3日召 开第十一届董事会第十七次会议，审议通过了《关于增加回购公司A股股份资金 来源的议案》。经公司董事会决议，同意公司使用自有资金和自筹资金（含金融 机构股票回购专项贷款等）通过集中竞价交易方式回购公司发行的部分人民币普 通股（A股）股份（以下简称"本次回购"），回购的股份将用于股权激励。拟用 于本次回购的资金总额不低于人民币15,000万元（含）且不超过人民币30,000 万元（含），回购股份价格上限为11元/股。按本次回购资金总额上限人民币30,000 万元和回购股份价格上限11元/股测算，预计回购股份的数量约为27,272,727股， 约占公司目前总股本的2.65%；按本次回购资金总额下限人民币15 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-050 2025年7月2日，公司披露了《关于2024年度权益分派实施后调整股份回购价 格上限的公告》，基于公司在回购实施期间内发生了利润分配事项，且公司暂未 实施股份回购，根据《关于回购公司A股股份方案的公告》相关规定，公司本次 回购A股股份的价格上限由11元/股(含)调整为10.67元/股(含)。 上述具体内容公司已于2025年4月10日、5月9日、6月5日、7月2日在指定信 息披露媒体《中国证券报》《证券时报》和巨潮资讯网(www.cninfo.com.cn)上 以公告形式（公告编号：2025-019号、2025-031号、2025-032号、2025-041号、 2025-049号公告）进行了披露。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号—回购股份》等相关规定，回购期间公司应当在每个月的前3个交易日内披露 截至上月末的回购进展情况。现将公司截至上月末的回购进展情况公告如下： 长虹美菱股份有限公司 关于回购公司A股股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整 ...

2.调整后回购价格上限：不超过人民币10.67元/股（含）； 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-049 长虹美菱股份有限公司 关于2024年度利润分配方案实施后调整股份回购价格上限的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1.调整前回购价格上限：不超过人民币11元/股（含）； 2025年6月5日，公司披露了《2024年度利润分配方案实施公告》，公司按照 "保持分配总额不变"的原则，分配方案如下：以公司2024年12月31日的总股本 1,029,923,715股（其中A股股本为881,733,881股；B股股本为148,189,834股） 为基数，向全体股东每10股派发现金红利3.30元（含税），不送红股，不以公积 金转增股本。本次A股股权登记日：2025年6月10日；除权除息日为：2025年6月 11日。 3.回购价格上限调整生效日期：2025年6月11日（2024年年度利润分配A股的 除权除息日）。 一、本次回购事项概述 基于2025年4月9日长虹美菱股份有限公司（以下简称 ...

投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员 中信资管：唐萤、张力琦、肖云凯、鲍明明、卢华权 时间 2025 年 6 月 26 日 地点 公司行政二号会议室 上市公司接待 人员姓名 副总裁兼董事会秘书：李霞 证券事务主管：肖莉 投资者关系活 动主要内容介 绍 1.请简要介绍 2025 年公司海外冰洗产业的市场策略 答：公司冰洗海外市场方面，在产品布局上紧密把握全球消 费需求升级趋势，主推"风冷、变频、多门、节能"等趋势性产 品，构建"高端高品味、中端高性价比、低端高效率"产品矩阵， 精准匹配差异化市场消费需求；构建以用户为中心的全方位营销 体系，提升大客户需求契合度及客户合作效率，进一步增强客户 黏性；业务拓展方面，深化合作挖掘存量市场潜力，巩固现有业 务基础，重点布局增长迅速的新兴市场，积极开拓增量空间，实 现市场份额的持续增长；深耕品牌根据地市场，从渠道纵深拓展、 产品矩阵完善、市场推广能力提升以及人才梯队建设等多维度发 力，全面提升品牌竞争力，加速海外自主品牌业务的规模化发展， ...

Core Viewpoint - Changhong Meiling plans to increase the production capacity of large-capacity refrigerators through a new investment project, aiming to capture market opportunities driven by domestic policies and international standards upgrades [1][2][3]. Investment Project - The company announced an investment of 877 million yuan in the Hefei Changhong Smart Home Appliance Industrial Park project, which will cover an area of approximately 89,000 square meters and have a construction area of about 168,300 square meters [2]. - The project is expected to start in August 2025 and will take 24 months to complete, resulting in an annual production capacity of 900,000 large-capacity refrigerators [2]. Business Performance - In 2024, the refrigerator business is projected to generate approximately 9.296 billion yuan in revenue, with a year-on-year growth of about 5.53% and a gross margin of 15.43% [2][4]. - The company reported a total revenue of 28.601 billion yuan in 2024, a year-on-year increase of 17.32%, while net profit slightly decreased by 4.97% to 699 million yuan [4][5]. Market Trends - The refrigerator industry is transitioning to a high-quality development phase, primarily driven by the "old-for-new" policy, leading to a structural recovery in the market [2][4]. - Demand for mid-to-high-end refrigerator products is increasing, particularly in the online price range of 4,000 to 5,000 yuan and offline products priced above 8,000 yuan [2]. Future Goals - For 2025, the company aims to achieve both scale and profit growth, ensuring a positive development trend with profitable scale growth [1][5]. - The company has also been actively engaging in shareholder returns, including a share buyback plan and promotional activities for various home appliance products [5].