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]

Group 1 - The company has appointed Tang Youdao as the president after a 10-month acting period [1] - The previous president, Zhong Ming, resigned due to personal work changes after serving from December 2020 to November 2024 [4] - Tang Youdao has held various positions within the company, including vice president and general manager of the international washing and refrigeration division [9] Group 2 - As of the announcement date, Tang Youdao holds 800,000 shares of the company's A-shares and has no related party relationships with other major stakeholders [10] - Changhong Meiling, established in 1983, is one of China's earliest home appliance manufacturers, with a product range that includes refrigerators, washing machines, and air conditioners [10] - The company is recognized as a national-level green factory and a model enterprise for industrial internet by the Ministry of Industry and Information Technology [10]

Summary of Changhong Meiling's Conference Call Company Overview - **Company**: Changhong Meiling - **Date**: 2025 H1 Key Points Industry Performance - **Refrigerator and Freezer Business**: Revenue decreased by 4% to 4.4 billion yuan [2][3] - **Air Conditioning Business**: Revenue increased by 36% to 11.6 billion yuan [2][3] - **Washing Machine Business**: Revenue increased by 32.7% to 1.04 billion yuan [2][3] - **Kitchen and Small Appliances**: Slight decline in revenue, close to 700 million yuan [2][3] - **Biomedical Business**: Revenue increased to 150 million yuan [2][3] Financial Performance - **Total Revenue**: 18.072 billion yuan, a year-on-year increase of 20% [3] - **Net Profit**: Remained stable compared to the previous year [3] - **Income Tax**: Increased by approximately 50% to over 80 million yuan, primarily due to profit growth in headquarters and central air conditioning department [2][8] - **Asset and Credit Impairment**: Increased due to rising inventory and accounts receivable, with potential recovery dependent on market conditions [2][9] Strategic Initiatives - **Marketing Transformation**: Implementing user direct strategies and product integration to address domestic market pressures [2][5] - **Dual-Drive Strategy for Air Conditioning**: Focusing on both B2B and B2C markets to achieve growth [2][5] - **Washing Machine Focus**: Emphasizing core channels and differentiated products, particularly in overseas markets [2][5] - **Inventory Management**: Plans to optimize inventory and improve supply chain efficiency to mitigate impairment risks [2][6] Future Outlook - **Market Challenges**: Facing intensified competition in the domestic appliance market and international trade barriers [2][3] - **Production Capacity Expansion**: Ongoing projects for air conditioning, washing machines, and high-end refrigerators to meet future demand [4][12][16][17] - **Profitability Improvement**: Aiming to enhance product structure and increase the proportion of high-value products [7][33] International Market Performance - **Emerging Markets**: Significant growth in overseas markets, particularly in Europe, with a focus on high-end and cost-effective products [22][25] - **Sales Channels**: Domestic sales channels are evenly split between online and offline, with an expected increase in online sales [26] Challenges and Responses - **External Market Pressures**: High tariffs and competitive pricing in international markets affecting profitability [14][29] - **Response Strategies**: Early production, inventory management optimization, and strengthening customer collaboration [14] Product Development - **High-End Product Focus**: Approximately 30% of sales from high-end refrigerators and washing machines, with margins between 30% to 40% [21] - **New Product Launches**: Plans to introduce new high-end product lines to enhance market performance [21] Conclusion - **Overall Strategy**: Changhong Meiling aims to leverage both domestic and international markets, focusing on innovation, resource integration, and enhancing operational efficiency to achieve growth targets in 2025 and beyond [32][33]

Core Viewpoint - Changhong Meiling Co., Ltd. reported a 20.80% increase in operating income for the first half of 2025 compared to the same period last year, indicating strong financial performance despite a slight increase in net profit attributable to shareholders of only 0.26% [1][2]. Financial Performance - Operating income for the current period reached RMB 18,071.52 million, up from RMB 14,959.35 million in the same period last year [1]. - Net profit attributable to shareholders of the listed company was RMB 417.19 million, a marginal increase from RMB 416.09 million year-on-year [1]. - Net cash flow from operating activities decreased by 50.24% to RMB 1,360.57 million compared to RMB 2,728.23 million in the previous year [1]. - Basic and diluted earnings per share were both reported at RMB 0.4030, showing a slight decrease of 0.27% from the previous year [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 68,212, with no preference shareholders reported [2][4]. - Major shareholders include Sichuan Changhong Electric Co., Ltd. and CHANGHONG (HK) TRADING LIMITED, both of which are state-owned entities [2][3]. Significant Events - The company approved a profit distribution plan for 2024, proposing a cash dividend of RMB 3.3 per 10 shares, totaling approximately RMB 339.87 million, which is 48.60% of the net profit attributable to shareholders [4]. - A share repurchase plan was approved, with a budget of RMB 150 million to RMB 300 million for repurchasing A-shares at a price not exceeding RMB 10.67 per share [4]. - The company appointed Mr. Wang Xiaocheng as vice president and Mr. Yang Bing as financial director, effective from the date of board approval [5][6].

CHANGHONG MEILING CO., LTD. Semi-Annual Report 2025 August 2025 Changhong Meiling Co., Ltd. Semi-Annual Report 2025 CHANGHONG MEILING CO., LTD SEMI-ANNUALFINANCIAL REPORT 2025 (Unaudited) I. Audit report Whether the semi-annual report is audited □Yes No The company's semi-annual financial report has not been audited II. Financial Statement Statement in Financial Notes are carried in RMB/CNY 1. Consolidated Balance Sheet Prepared by CHANGHONG MEILING CO., LTD. June 30, 2025 | | | In RMB | | --- | --- | --- | ...

Group 1 - The audit committee believes that the retrospective adjustment of financial statements related to the merger under common control complies with relevant regulations and accurately reflects the company's financial status and operating results [1][2][3] - The board of directors agrees that the retrospective adjustments are fair and do not harm the interests of the company and all shareholders [2][3] - The supervisory committee confirms that the decision-making process for the retrospective adjustments adheres to legal and regulatory requirements, ensuring no harm to the interests of shareholders, especially minority shareholders [3] Group 2 - The company plans to conduct forward foreign exchange transactions from July 1, 2025, to June 30, 2026, with a maximum transaction balance of $20.09 billion, primarily involving USD, AUD, and EUR [6][7][8] - The purpose of these transactions is to mitigate exchange rate risks associated with the company's growing overseas export business [7][8] - The company will utilize its own or self-raised funds for these foreign exchange transactions [9] Group 3 - The company has identified potential risks associated with the forward foreign exchange transactions, including market risk, receivables forecasting risk, bank default risk, operational risk, and legal risk [9][10][11] - To mitigate these risks, the company has established a comprehensive risk control framework, including strict adherence to operational procedures and the selection of reputable banks for transactions [12][13] Group 4 - The board of directors has approved the application for credit limits from various banks, totaling 8 billion RMB from Bank of Communications, 5 billion RMB from Ping An Bank, and additional amounts from other banks, all with a one-year term [19][20][21][22][23] - The credit facilities are intended to support the company's operational funding needs and enhance its sustainable development capabilities [23] Group 5 - The company has decided to implement a bill pool business to improve the efficiency of its liquid assets and reduce the capital occupied by receivables [26][27][28] - The bill pool business will involve applying for special credit limits from banks, allowing for centralized management of commercial bills [27][29] - The company aims to maximize shareholder value through efficient management of its receivables and cash flow [28][36]

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。 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 二、2024 年度利润分配预案的基本情况 （一）本次利润分配预案的基本内容 别报表中实现净利润为 254,008,762.00 元，根据《公司法 ...

Dedication, Responsibility, Co-Creation, and Sharing Company¡s Internet Website: www.meiling.com Tel: 0551-62219021 Offices add：No. 2163, Lianhua Road, Economic and Technology Development Zone, Hefei 2024 Environmental, Social, and Governance (ESG) Report Changhong Meiling Co., Ltd. ContentsCONTENTS Report Preparation Notes | Introduction | 1 | | --- | --- | | Preparation Basis | 1 | | Scope | 1 | | Data Description | 2 | | Definitions | 2 | | Report Access and Feedback | 2 | Chairman's Message Board of Dir ...

Financial Performance - Operating income for the current period reached RMB 7,810,029,557.25, an increase of 23.21% compared to the same period last year[4] - Net profit attributable to shareholders decreased by 17.99% to RMB 115,406,948.15 compared to the same period last year[4] - Net profit after deducting non-recurring gains and losses fell by 37.66% to RMB 81,836,690.17[4] - Total operating income for the current period reached ¥22,757,699,848.95, up from ¥19,167,615,833.84 in the last period, representing an increase of approximately 18.5%[24] - Net profit for the current period was ¥543,278,883.64, compared to ¥518,975,128.41 in the last period, indicating a growth of approximately 4.7%[25] - Operating profit improved to ¥616,582,416.27 from ¥513,896,264.24, marking an increase of around 20.1%[25] - Total comprehensive income attributable to owners of the parent company was ¥530,595,766.96, compared to ¥500,084,061.41 in the last period, an increase of approximately 6.1%[26] - Basic earnings per share for the current period was ¥0.5150, up from ¥0.4843 in the last period, indicating an increase of about 6.9%[26] Asset and Liability Changes - Total assets increased by 16.70% to RMB 22,630,704,631.07 compared to the end of the previous year[4] - The company's total current assets increased to RMB 16,894,634,993.70 from RMB 14,668,161,406.55, representing a growth of approximately 15.2%[20] - The total assets of the company rose to RMB 22,630,704,631.07 from RMB 19,391,604,526.19, indicating an increase of about 16.5%[23] - The total liabilities increased to RMB 16,205,891,885.49 from RMB 13,197,569,739.73, reflecting a growth of approximately 22.7%[22] Cash Flow and Investments - Cash received from recovery of investment surged to $7.44 billion, reflecting a 1,080.63% increase year-over-year attributed to wealth management recovery[11] - Cash paid for investments rose significantly to $9.87 billion, marking a 591.50% increase year-over-year due to increased purchases of wealth management products[11] - Cash received from borrowing amounted to $1.80 billion, a 58.31% increase year-over-year driven by higher bank borrowings[11] - Cash paid for settling debts reached $1.94 billion, reflecting a 157.81% increase year-over-year due to increased repayment of borrowings[11] - Cash flows from operating activities generated ¥2,745,427,803.45, compared to ¥2,406,267,035.85 in the previous period, an increase of about 14.1%[28] - Cash inflow from investing activities totaled ¥7,629,810,130.35, compared to ¥803,428,693.81 in the last period, showing a significant increase[29] - The company reported a net cash outflow from investing activities of ¥2,473,421,453.37, compared to a smaller outflow of ¥874,325,022.58 in the previous period[29] Shareholder Information - The top shareholder, Sichuan Changhong Electric Co., Ltd., holds 24.12% of shares, totaling 248,457,724 shares[12] - The total number of common shareholders at the end of the reporting period was 55,993[12] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling approximately 308.98 million yuan, which accounts for 41.70% of the net profit attributable to shareholders in 2023[16] Research and Development - The company plans to increase R&D investment, as indicated by a 35.82% rise in development expenses to RMB 131,983,953.57[8] - The company has allocated RMB 131,983,953.57 for research and development expenses, up from RMB 97,177,535.34, marking an increase of about 36%[21] - The company plans to invest RMB 16.35 million for technical transformation of refrigerator production line to enhance manufacturing capacity[20] Future Plans and Investments - The company will invest 88 million yuan to renovate the refrigerator production line at the Hefei manufacturing base to enhance production capacity and market competitiveness[16] - Sichuan Changhong Air Conditioning Co., Ltd. will invest 100 million yuan to establish a wholly-owned subsidiary focused on manufacturing and sales of variable frequency drive control boards in the air conditioning industry[16] - The company will apply for a special credit line of up to 500 million yuan for the bill pool from Ping An Bank Co., Ltd.[17] - The company will increase the use of idle funds of no more than 1.85 billion yuan to invest in bank wealth management products within one year[17] - The expected total amount of routine related party transactions with subsidiaries and Sichuan Changhong Electronic Holding Group Co., Ltd. will not exceed 2.938 billion yuan in 2024[17] - The company has agreed to increase related party transactions with Yuanxin Financial Leasing to not exceed RMB 1,090 million in 2024, up from the previous limit[20] - The company participated in the establishment of "Sichuan Hongyun Venture Capital Partnership" with an investment of RMB 45 million[20] Organizational Changes - An ESG management organizational structure is to be established under the board of directors as per the resolution passed[15] - The company will re-elect its Board of Directors, which will consist of 9 directors, including 6 non-independent and 3 independent directors[17] - The company agreed to provide a total guarantee amount of no more than 600 million yuan for raw materials purchased by its wholly-owned subsidiary, Changhong Air Conditioning[17] - The company held the "Changhong Meiling Shareholder Thanksgiving Festival" to enhance shareholder engagement and recognition of the company's value[17]

MELiNG美菱 长虹美菱股份有限公司 2024 年半年度报告 2024 年 8 月 1 长虹美菱股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人吴定刚先生、主管会计工作负责人庞海涛先生及会计机构负责人(会计主 管人员)杨俊先生声明：保证本半年度报告中财务报告的真实、准确、完整。 本公司不存在董事、监事、高级管理人员声明对本半年度报告内容的真实性、准确性 和完整性无法做出保证或存在异议的情形。 所有董事均以现场会议方式出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √ 不适用 对半年度报告涉及未来计划等前瞻性陈述的风险提示 √ 适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者 及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 敬请投资者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因素： 公司在本报告第三节"管理 ...