证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-016 长虹美菱股份有限公司 关于向银行申请授信额度的公告 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。 长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十一届董事会 第十二次会议于 2025 年 4 月 1 日召开，审议通过了《关于公司向交通银行股份 有限公司安徽省分行申请 8 亿元人民币最高授信额度的议案》《关于公司向平安 银行股份有限公司合肥分行申请 5 亿元人民币最高授信额度的议案》等合计 11 项关于向银行申请授信额度的议案。根据《公司法》、《深圳证券交易所股票上市 规则》和《公司章程》的有关规定，该类议案事项属于公司董事会审批权限，无 需提交公司股东大会审议。现将相关情况公告如下（下列财务数据，除特殊说明 外，币种均为人民币）： 一、 申请授信额度情况概述 1.公司向交通银行股份有限公司安徽省分行申请 8 亿元最高授信额度，授信 期限为 1 年，自董事会审议通过之日起计算。授信品种包括流动资金贷款、银行 承兑汇票、贸易融资、国内信用证等，采用信用担保方式 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-018 长虹美菱股份有限公司 关于召开 2024 年年度股东大会的通知 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。 经长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十一届董事 会第十二次会议审议通过,公司决定于2025年4月25日召开2024年年度股东大会。 现将会议的有关事项公告如下： 一、召开会议的基本情况 （一）股东大会届次：2024年年度股东大会 （二）本次股东大会召开的日期、时间 1.现场会议召开时间为：2025年4月25日（星期五）下午13:30开始 2.网络投票时间为：2025年4月25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4月25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4月25日上午9:15至下午15:00期间的任意时间。 （三）A股股权登记日/B股最后交易日：2025年4月17日（星期四），其中， B股股东 ...

综上所述，监事会认为：公司 2024 年度内部控制评价报告全面、客观、真 实地反映了公司内部控制体系的建设及运行情况，有效地控制了经营风险。监事 会对公司 2024 年度内部控制评价报告无异议。 长虹美菱股份有限公司 监事会关于公司 2024 年度内部控制评价报告的意见 根据《企业内部控制基本规范》及其配套指引的规定和证监会、财政部联合 下发的《公开发行证券的公司信息披露编报规则第 21 号——年度内部控制评价 报告的一般规定》、《深圳证券交易所股票上市规则》等有关规定，通过认真审 核董事会出具的《公司 2024 年度内部控制评价报告》内容，并与公司管理层和 有关管理部门交流，查阅公司的管理制度,公司监事会发表意见如下： 一、公司根据中国证监会、安徽证监局、深圳证券交易所的有关规定，遵循 内部控制的基本原则，结合自身的实际情况，建立健全了覆盖公司各环节的内部 控制制度，保证了公司业务活动的正常进行，保护公司资产的安全和完整，有效 防范和降低经营过程中的风险。公司如实编制 2024 年度内部控制评价报告，没 有虚假的信息、误导性陈述或隐瞒重要事实，不存在财务报告内部控制重大缺陷， 未发现非财务报告内部控制重大缺 ...

根据《公司法》《公司章程》《监事会议事规则》等法律、行政法规的有关 规定，从切实维护公司利益和全体股东权益出发，在公司 2024 年运作情况做详 细了解和分析的基础上，我们就公司 2024 年运作情况发表如下独立意见： 一、公司依法运作情况 报告期内，公司监事会根据《公司法》、《公司章程》及《监事会议事规则》 等有关规定，勤勉尽责，规范运作，对"三会"运作及召集召开程序、决策事项、 董事会对股东大会决议的执行情况、董事和高级管理人员履行职责的情况进行了 监督。2024 年度，监事会通过召开 10 次会议对公司的重大事项及相关决策程序 进行了审议，在会议中结合会议议案和自身的监督职责发表了相关意见和建议； 同时通过出席股东大会、列席董事会，履行了监事的知情、监督、检查职能，保 证了各次会议依法有序地进行。 监事会认为：报告期内，公司董事会能够严格按照《公司法》《证券法》《公 司章程》及其他有关法律法规和制度的要求，依法经营、规范运作。公司召开的 股东大会和董事会的决策程序符合相关法律、法规及公司各项规章制度的要求， 重大经营决策事项程序合理、合法、有效。公司董事、高级管理人员履职时，能 够忠于职守、勤勉尽责，对 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-008 长虹美菱股份有限公司 一、监事会会议召开情况 1.长虹美菱股份有限公司（以下简称"公司"或"本公司"）第十一届监事 会第八次会议通知于 2025 年 3 月 21 日以电子邮件方式送达全体监事。 2.会议于2025年4月1日以现场结合通讯方式召开。 3.会议应出席监事3名，实际出席监事3名。监事会主席邱锦先生、监事马羽 先生出席了现场会议，监事季阁女士以通讯方式出席了本次监事会。 4.会议由监事会主席邱锦先生主持，公司部分高级管理人员列席了本次会议。 5.本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、监事会会议审议情况 1．审议通过《2024 年年度报告及年度报告摘要》 第十一届监事会第八次会议决议公告 本公司及监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。 监事会认为，公司董事会编制和审议《2024 年年度报告》的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的 实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 表决结 ...

证券代码：000521、200521 证券简称：长虹美菱、虹美菱Ｂ 公告编号：2025-010 长虹美菱股份有限公司 关于 2024 年度利润分配预案的公告 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。 长虹美菱股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 1 日召开第十一届董事会第十二次会议、第十一届监事会第八次会议，分别审议通 过了《关于公司 2024 年度利润分配预案》。现将具体情况公告如下： 一、审议程序 （一）董事会审议情况 本议案提交董事会审议前，已经独立董事专门会议审议通过，并同意将该议 案提交公司第十一届董事会第十二次会议审议。 2025 年 4 月 1 日，公司召开第十一届董事会第十二次会议，本次会议应出 席董事 9 名，实际出席董事 9 名，会议的召开符合有关规定，会议审议通过了《关 于公司 2024 年度利润分配预案》，表决结果为同意 9 票，反对 0 票，弃权 0 票， 并同意将本议案提交公司 2024 年年度股东大会审议。 （二）监事会审议情况 别报表累计未分配利润为 1,213,740,009.40 元。另 ...

Financial Performance - The company's operating revenue for 2024 reached ¥28,601,036,014.96, an increase of 17.32% compared to ¥24,247,678,970.56 in 2023[27]. - The net profit attributable to shareholders for 2024 was ¥699,270,051.82, reflecting a decrease of 4.97% from ¥741,038,108.54 in 2023[27]. - The net cash flow from operating activities significantly increased by 91.53% to ¥3,970,257,217.96 in 2024, compared to ¥2,082,343,305.04 in 2023[27]. - The total assets of the company at the end of 2024 were ¥23,972,603,896.48, representing a 22.07% increase from ¥19,391,604,526.19 at the end of 2023[27]. - The basic earnings per share for 2024 were ¥0.6790, down 4.96% from ¥0.7195 in 2023[27]. - The weighted average return on net assets decreased to 11.18% in 2024, down 2.22 percentage points from 13.49% in 2023[27]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥690,447,639.63, a decrease of 7.28% from ¥749,415,002.39 in 2023[27]. - The company's net assets attributable to shareholders at the end of 2024 were ¥6,085,800,940.38, a slight increase of 0.40% from ¥5,824,782,654.09 at the end of 2023[27]. Dividend and Capital Management - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares based on a total share capital of 1,029,923,715 shares as of December 31, 2024[12]. - The company has not proposed a capital reserve transfer to increase share capital for the 2024 fiscal year[12]. Audit and Compliance - The company has received a standard unqualified audit opinion for its 2024 annual financial report from Tianjian Accounting Firm[7]. - There are no significant internal control deficiencies reported during the reporting period[8]. - The company has not reported any significant discrepancies between domestic and international accounting standards in its financial statements[33]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[9]. - The company has established a risk management framework to address market, liquidity, credit, operational, and legal risks associated with foreign exchange transactions[101]. Market and Product Development - The company has established several national-level research and innovation centers, enhancing its core competitiveness in technology and product innovation[45]. - The company has launched several new products, including the "Frozen Fresh" refrigerator and the "Blue Oxygen" washing machine, focusing on technology-driven innovation and market demand[49][52]. - The company is committed to expanding its product lines, including the launch of energy-efficient air conditioners and advanced washing machines, to meet diverse consumer needs[52][53]. - The company achieved a 28.3% year-on-year increase in air conditioner exports, totaling 85 million units in 2024[42]. - The company is focused on product innovation and quality upgrades, launching the world's first frost-free ultra-low temperature freezer for blood and drug storage[54]. Sales and Revenue Breakdown - The refrigerator business generated approximately 9.296 billion yuan in revenue, reflecting a year-on-year growth of about 5.53%[61]. - The air conditioning segment achieved revenue of approximately 15.407 billion yuan, marking a year-on-year increase of about 33.20%[63]. - The washing machine division reported revenue of approximately 1.747 billion yuan, with a year-on-year growth of about 31.44%[65]. - The kitchen and small appliance sector recorded revenue of approximately 1.492 billion yuan, representing a year-on-year decrease of about 19.34%[67]. - The biomedical business achieved revenue of approximately 264 million yuan, a year-on-year decrease of about 5.36%[68]. Investor Relations and Communication - The company conducted multiple investor meetings in early 2024, discussing operational performance with various institutional investors[137]. - The company hosted an annual performance briefing on April 15, 2024, addressing investor concerns and questions[138]. - The company emphasized its commitment to transparency and communication with investors through regular updates and meetings[137]. - The company is focused on maintaining strong relationships with institutional investors to enhance market confidence[138]. Governance and Management Structure - The company maintains independence from its controlling shareholder, ensuring no interference in decision-making or operations[146]. - The company has established independent departments for procurement, production, technology, sales, and human resources, ensuring autonomous business operations[153]. - The company has a total of 17 board members, with 7 serving as independent directors, ensuring a diverse governance structure[184]. - The company has established a performance evaluation and incentive mechanism for directors and senior management, ensuring transparency and fairness[148]. Research and Development - Research and development expenses amounted to approximately 637 million yuan, reflecting a year-on-year increase of 6.65%[80]. - The number of R&D personnel rose to 1,781, a 6.84% increase from 2023, with the proportion of R&D staff in the total workforce increasing by 1.83 percentage points[86]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency and sustainability[177]. Strategic Planning and Future Outlook - The company aims for dual growth in scale and profit by 2025, focusing on innovation-driven development and resource integration[119]. - The company acknowledges risks such as intensified industry competition, currency fluctuations, and raw material price volatility, which may impact performance in 2025[131][134][135]. - The company plans to leverage national policies to stimulate consumer demand and enhance product quality to capture more market share amid potential demand slowdown[133]. Employee Management and Development - The total number of employees at the end of the reporting period was 14,655, with 3,918 in the parent company and 10,737 in major subsidiaries[196]. - The company has established a differentiated reward scheme to enhance operational vitality across various business units[198]. - The company has implemented a quarterly performance evaluation communication and feedback system[198].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company's profitability is expected to continue improving due to multiple reforms, with a focus on enhancing operational efficiency and adapting to market demands [4]. - The company has shown steady revenue and profit growth, with projected net profits for 2024-2026 at 703 million, 807 million, and 911 million yuan respectively, corresponding to EPS of 0.68, 0.78, and 0.88 yuan [4][5]. - The report highlights the company's strong performance in both domestic and international markets, with a significant focus on product quality and price competitiveness [4]. Company Overview - The company, originally established as a refrigerator manufacturer, has diversified into a range of home appliances following a strategic restructuring with Sichuan Changhong [14]. - The current major revenue sources are air conditioning and refrigerators, which together account for nearly 95% of total revenue [17][34]. - The company has a professional management structure, with a significant portion of its executives having backgrounds in Sichuan Changhong, enhancing operational efficiency [20][23]. Financial Performance - The company reported revenues of 24.25 billion yuan and a net profit of 741 million yuan in 2023, with a CAGR of 6.75% for revenue and 80.52% for net profit from 2018 to 2023 [25]. - The gross profit margin has been gradually recovering, reaching 13.9% in 2023, although it is expected to face pressure in 2024 due to rising raw material costs and increased competition [39][44]. - The company maintains a strong cash flow position, with operating cash flow net amounting to 2.75 billion yuan in the first three quarters of 2024, reflecting a 14.1% increase [54]. Industry Insights - The home appliance industry is witnessing a trend towards high-end products in the domestic market, while the international market is experiencing a recovery in demand [57]. - The refrigerator market is projected to see a total shipment of approximately 96.71 million units in 2024, with exports growing faster than domestic sales [57][64]. - The company is focusing on health preservation and innovative designs in its refrigerator offerings, aligning with consumer preferences for quality and aesthetics [64].

家用电器/白色家电 长虹美菱（000521.SZ） 多重改革下盈利能力处于上升渠道，老牌国企再出发 2025 年 04 月 02 日 投资评级：买入（首次） | 日期 | 2025/4/1 | | --- | --- | | 当前股价(元) | 8.24 | | 一年最高最低(元) | 12.64/6.76 | | 总市值(亿元) | 84.87 | | 流通市值(亿元) | 72.12 | | 总股本(亿股) | 10.30 | | 流通股本(亿股) | 8.75 | | 近 3 个月换手率(%) | 186.41 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 长虹美菱 沪深300 ——公司首次覆盖报告 | 吕明（分析师） | 周嘉乐（分析师） | 陈怡仲（联系人） | | --- | --- | --- | | lvming@kysec.cn | zhoujiale@kysec.cn | chenyizhong@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 | ...

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].