从资金流向上来看，当日白色家电板块主力资金净流入2.36亿元，游资资金净流出8231.64万元，散户资 金净流出1.54亿元。白色家电板块个股资金流向见下表： 证券之星消息，11月28日白色家电板块较上一交易日上涨0.03%，深康佳Ａ领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000016 | 深康佳A | 5.20 | 1.76% | 25.44万 | | 1.32 Z | | 600983 | 惠而浦 | 10.15 | 0.89% | 2.08万 | 2099.05万 | | | 000333 | 美的集团 | 79.86 | 0.08% | C 18.13万 | | 14.45 Z | | 000651 | 格力电器 | 40.36 | 0.07% | 1 20.44万 | | 8.23亿 | | 600690 | 海尔智家 | 27. ...

Summary of Changhong Meiling Conference Call Industry Overview - The home appliance industry is facing increased sales pressure due to the gradual reduction of subsidies starting from Q3 2025, with a complete cancellation expected in Q4 2025. This has posed challenges for air conditioners, refrigerators, and washing machines [2][3][4] Company Performance - In Q4 2025, overall performance was subpar, with significant pressure on domestic sales due to high comparison bases from the previous year when subsidies were at their peak [3][4] - For external sales, refrigerators and washing machines are projected to maintain a growth rate of 10% to 20% for the year, but growth is slowing in Q4, stabilizing overall [2][3] - Air conditioning sales are primarily driven by orders and production concentrated in Q3 and Q4 of the previous year [3] Strategic Focus - Changhong Meiling adheres to a "profitable scale growth" strategy, emphasizing both scale and profit amidst fierce price competition [2][5] - The company is focused on resource integration and centralized procurement to reduce costs, with plans to enhance product line collaboration to unlock more potential [2][7] Market Dynamics - The impact of Xiaomi's self-built factories on Changhong Meiling is expected to be limited, with stable order expectations for the following year [2][6] - The overseas market for washing and refrigeration products is primarily in Europe (over 30% of revenue), with other regions like Africa and the Middle East contributing around 10% each [2][8] Production Capacity and Investment - Changhong Meiling plans to build new production lines to increase overseas air conditioning output due to insufficient capacity [3][11] - A new production line is being established in Mianyang to supplement the Hefei factory's annual capacity by 2 million units for washing machines [12] - A new base for large-capacity refrigerators is planned to meet overseas market demand [12] Product Development - High-end products, such as the M series, currently have a low market share but are gradually increasing. The company is introducing new products with enhanced preservation features [13] - Future investments will focus on health technology and innovation to improve the mid-to-high-end product structure [13] Challenges and Future Directions - The company faces challenges in both domestic and international markets but remains committed to developing its white goods matrix [17] - Future strategies include increasing R&D investment, enhancing brand recognition through industrial and channel collaboration, and steadily advancing market development to provide better returns for investors [17]

网络投票时间为：2025年11月24日，其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为2025年11月24日上午9:15—9:25，9:30—11:30，下午 13:00—15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025年11月24日上午9:15至下午15:00期间的任意时间。 证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-082 长虹美菱股份有限公司 2.现场会议召开地点：合肥市经济技术开发区莲花路 2163 号行政中心一号 会议室。 3.会议召开方式：现场表决与网络投票相结合的方式。 2025 年第二次临时股东会决议公告 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。 特别提示:长虹美菱股份有限公司（以下简称"公司"或"本公司"）2025 年第二次临时股东会通知及提示性公告已于 2025 年 11 月 6 日、2025 年 11 月 15 日在《证券时报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 进行了公告（公告编号：2025-080 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股东会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所 接受长虹美菱股份有限公司（以下简称"长虹美菱"）的委托，指派胡国 杰、欧林玉律师（以下简称"本律师"）就长虹美菱召开 2025 年第二次临 时股东会（以下简称"本次股东会"）出具法律意见书。 一、本次股东会召集人资格和召集、召开的程序 经核查，本次股东会是由长虹美菱第十一届董事会召集，会议通知已 于 2025 年 11 月 6 日刊登在中国证监会指定的信息披露报刊《证券时报》 《中国证券报》、巨潮资讯网和深圳证券交易所网站上。本次股东会已按 公告的要求如期召开。本次股东会的召集人资格和召集、召开程序符合法 律、法规、规范性文件和公司章程的规定。 安徽承义律师事务所 关于长虹美菱股份有限公司 召开 2025 年第二次临时股东会的法律意见书 承义证字〔2025〕第 00150 号 致：长虹美菱股份有限公司 二、本次股东会出席人员的资格 经核查，出席本次股东会的长虹美菱股东和授权委托代表共 486 名， 持有长虹美菱 406,391,325 股，均为截至 2025 年 11 月 14 日 ...

Core Insights - The Chinese whole-home smart industry is experiencing a growth trend in revenue, with a projected revenue of 211.85 billion in 2024, reflecting a growth rate of 10.6% [1] - The industry's sales gross margin shows a fluctuating trend, peaking at 34.8% in 2023 before declining to 33.5% in 2024 [2] - Inventory turnover rates are on a downward trend, decreasing from 5.14 times in 2020 to 4.64 times in 2024, attributed to changing consumer demands and rapid product updates [6] - Accounts receivable turnover rates have also shown a declining trend, from 17.53 times in 2020 to 15.23 times in 2024, indicating increasing management pressure [9] - The asset-liability ratio has fluctuated, decreasing to a low of 42.1% in 2022, then rising to 44.4% in the first half of 2025, reflecting dynamic adjustments in capital structure [11] Revenue Trends - The average revenue of representative companies in the Chinese whole-home smart industry is expected to grow significantly, reaching 211.85 billion in 2024, with a notable increase in the first half of 2025 at 116.69 billion [1] Profitability Analysis - The sales gross margin for the industry has shown volatility, starting at 33.9% in 2020, dropping to 32.2% in 2021, and then rising to 34.8% in 2023 before falling to 33.5% in 2024 [2] Inventory Management - The inventory turnover rate has decreased from 5.14 times in 2020 to 4.64 times in 2024, influenced by diverse consumer preferences and concerns over product depreciation [6] Accounts Receivable Management - The accounts receivable turnover rate has declined from 17.53 times in 2020 to 15.23 times in 2024, reflecting increased challenges in managing receivables [9] Capital Structure - The asset-liability ratio has shown a downward trend to 42.1% in 2022, followed by a rise to 44.4% in the first half of 2025, indicating changes in the industry's capital structure [11]

Market Overview - The white goods sector increased by 0.54% on November 21, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Midea Group closed at 78.75, up 1.04% with a trading volume of 439,500 shares and a transaction value of 3.443 billion yuan [1] - Haier Smart Home closed at 27.02, up 0.86% with a trading volume of 528,300 shares and a transaction value of 1.427 billion yuan [1] - Gree Electric Appliances closed at 40.25, down 0.25% with a trading volume of 550,900 shares and a transaction value of 2.218 billion yuan [1] - Hisense Home Appliances closed at 26.04, down 0.80% with a trading volume of 99,600 shares and a transaction value of 261 million yuan [1] - TCL Smart Home closed at 10.50, down 1.04% with a trading volume of 143,300 shares and a transaction value of 152 million yuan [1] - Aucma closed at 7.43, down 1.33% with a trading volume of 213,100 shares and a transaction value of 159 million yuan [1] - Whirlpool closed at 9.83, down 3.06% with a trading volume of 29,200 shares and a transaction value of 29.104 million yuan [1] - Deep Kangjia A closed at 5.03, down 3.08% with a trading volume of 352,600 shares and a transaction value of 179 million yuan [1] - Changhong Meiling closed at 6.67, down 3.19% with a trading volume of 146,500 shares and a transaction value of 98.744 million yuan [1] - Snowman Electric closed at 13.25, down 5.49% with a trading volume of 39,300 shares and a transaction value of 53.1525 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 4.7305 million yuan [1] - Haier Smart Home had a net inflow of 64.2082 million yuan from institutional investors, while it faced a net outflow of 92.977 million yuan from speculative funds [2] - Whirlpool had a net inflow of 578,200 yuan from institutional investors, with a net outflow of 1.4406 million yuan from retail investors [2] - Aucma experienced a net outflow of 179,900 yuan from institutional investors, while it had a net inflow of 6.4482 million yuan from speculative funds [2] - Gree Electric Appliances faced a net outflow of 1.36 million yuan from institutional investors, while retail investors had a net inflow of 7.08976 million yuan [2]

Market Overview - The white goods sector increased by 0.66% on November 20, with Hisense Home Appliances leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Hisense Home Appliances (000921) closed at 26.25, up 1.35% with a trading volume of 73,200 shares and a turnover of 191 million yuan [1] - Haier Smart Home (600690) closed at 26.79, up 1.02% with a trading volume of 286,200 shares and a turnover of 769 million yuan [1] - Midea Group (000333) closed at 77.94, up 0.70% with a trading volume of 261,900 shares and a turnover of 2.05 billion yuan [1] - Gree Electric Appliances (000651) closed at 40.35, up 0.47% with a trading volume of 332,900 shares and a turnover of 1.35 billion yuan [1] - Whirlpool (600983) closed at 10.14, up 0.40% with a trading volume of 15,800 shares and a turnover of 1.6 million yuan [1] - Other notable performances include Changhong Meiling (000521) at 6.89, up 0.15%, and TCL Smart Home (002668) at 10.61, down 1.67% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 22.28 million yuan from institutional investors and 33.49 million yuan from retail investors, while retail investors had a net outflow of 55.77 million yuan [1] - Midea Group experienced a net inflow of 47.03 million yuan from institutional investors, while retail investors had a net outflow of 4.07 million yuan [2] - Hisense Home Appliances had a net inflow of 17.62 million yuan from institutional investors, with a significant net outflow from retail investors of 15.98 million yuan [2] - Gree Electric Appliances and TCL Smart Home both faced net outflows from institutional investors, indicating a shift in investor sentiment [2]

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

Meeting Overview - The company will hold its second extraordinary general meeting of shareholders in 2025 on November 24, 2025, at 13:30 [2] - The meeting will be conducted through a combination of on-site voting and online voting [3] - The legal compliance of the meeting's procedures adheres to relevant laws and regulations [1] Voting Details - The online voting will be available on November 24, 2025, during specified time slots [2] - Shareholders can only choose one voting method: on-site, trading system, or internet voting [3] - The record date for shareholders to attend the meeting is November 14, 2025 [3] Attendance - Eligible attendees include ordinary shareholders or their agents, company directors, senior management, and appointed lawyers [4][5] - Shareholders must register to attend the meeting, with specific registration methods outlined [12] Proposals and Voting Process - The meeting will include proposals that will be separately counted for small and medium investors [7] - The company has provided a coding system for the proposals, with no conflicting or classified voting proposals [10][11] - Voting can be conducted through the Shenzhen Stock Exchange trading system or internet voting system [17] Registration and Contact Information - Registration for the meeting will occur on November 21, 2025, with specific requirements for both individual and corporate shareholders [13][14] - Contact details for the company are provided for any inquiries related to the meeting [15]