HISENSE H.A.(000921)2025-03-28 12:45Financial Performance - In 2024, Hisense achieved a revenue of 92.746 billion RMB, representing a year-on-year growth of 8.35%[12] - The net profit attributable to shareholders reached 3.348 billion RMB, with a growth rate of 17.99%[12] - The compound annual growth rate (CAGR) for revenue over the past decade was 16%, while the CAGR for net profit was 21%[12] - Hisense Home Appliances reported a revenue of ¥92.75 billion in 2024, an increase of 8.35% compared to ¥85.60 billion in 2023[29] - The net profit attributable to shareholders reached ¥3.35 billion in 2024, reflecting a growth of 17.99% from ¥2.84 billion in 2023[29] - The basic earnings per share increased to ¥2.46 in 2024, up 18.27% from ¥2.08 in 2023[29] - The total operating revenue for 2024 reached ¥92.75 billion, an increase of 8.35% compared to ¥85.60 billion in 2023[100] - The manufacturing sector contributed ¥83.62 billion, accounting for 90.16% of total revenue, with a year-on-year growth of 8.66%[100] - The HVAC segment generated ¥40.28 billion, representing 43.43% of total revenue, with a growth of 4.22% year-on-year[100] - Overseas revenue increased significantly by 27.59% to ¥35.63 billion, while domestic revenue decreased by 2.12% to ¥47.99 billion[100] Dividend and Shareholder Returns - The company implemented a cash dividend of 12.30 RMB per 10 shares, based on a total share capital of 1,385,264,498 shares[3] - The company plans to increase the dividend per share to ¥1.23 in 2024, a year-on-year increase of 21.4%[21] - The company has cumulatively distributed approximately ¥5.05 billion in dividends to shareholders over the past ten years[21] - The company has returned approximately 5.05 billion yuan to minority shareholders over the past decade, increasing the dividend payout ratio from 30% to 50% in 2022[162] - The company has repurchased A-shares worth 550 million yuan by 2024 to support employee stock ownership plans, reinforcing long-term incentives[162] Market Expansion and Sales Growth - Overseas revenue exceeded 35.6 billion RMB, marking a 28% increase year-on-year, with the market share of Hisense refrigerators in Europe reaching 10.3% and in South Africa surpassing 34%[17] - The home air conditioning business achieved online and offline retail sales growth of 10.8% and 21.2% respectively in 2024, surpassing industry growth rates[53] - Hisense's refrigerator retail sales increased by 21% year-on-year in 2024, with market share rising by 0.8 percentage points[58] - In 2024, the overseas white goods revenue of the company increased by 36% year-on-year, with improved sales structure and profitability[74] - In the European region, the white goods business revenue grew by 35% year-on-year, with refrigerator sales up by 23% and market share increasing by 2.3 percentage points to 10.3%[75] - In the Americas, the appliance revenue surged by 46.5% year-on-year, with refrigerator sales increasing by 70.7% and washing machine revenue up by 70%[76] - The Middle East and Africa region saw a revenue increase of 27% year-on-year, with refrigerator sales growing by 19.7% and air conditioning revenue up by 27%[77][78] - The Asia-Pacific region's revenue grew by 15% year-on-year, focusing on air conditioning, washing machines, and kitchen appliances[79] - The ASEAN region's revenue increased by 32% year-on-year, with air conditioning revenue up by 45% and washing machine revenue growing by 58.2%[80] Innovation and Technology Development - The company launched a new air conditioning product, the "AI Air Butler," which focuses on personalized indoor air quality, achieving the highest sales and revenue in the industry[14] - Hisense's digital transformation efforts led to a 37.59% reduction in material numbers and a 25.8% decrease in order fulfillment cycle time[18] - The "ECO-B Smart Building System" was developed to enhance green and intelligent living environments[15] - Hisense's Yellow Island factory was recognized as a global "Lighthouse Factory," being the first in the world for multi-connected central air conditioning[20] - The company committed to achieving carbon peak by 2026 and carbon neutrality by 2050, aligning with national dual carbon strategies[20] - The company continues to focus on technology innovation, establishing multiple research centers and achieving breakthroughs in low-carbon, intelligent, and health-oriented technologies[86] - The company achieved a 36% energy efficiency improvement in air conditioning systems through innovative technologies, including precise temperature control and a wide operating temperature range from -36℃ to 66℃[88] - In the refrigerator segment, the company introduced a vacuum magnetic field preservation technology that maintains fresh meat for up to 7 days, while achieving a 30% increase in overall energy efficiency to meet European A-level standards[89] Corporate Governance and Management - The company has implemented 22 leadership principles to enhance the strategic execution capabilities of its management team[97] - The company aims to build a world-class enterprise and brand, driving organizational transformation and employee growth[98] - The company is focusing on enhancing its governance structure with the appointment of new independent directors and financial leadership[171] - The financial head, Sun Changchun, has a background as a senior accountant, indicating a strong focus on financial management[178] - The company is actively restructuring its board to align with strategic goals and improve oversight[171] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 1,968.80 million[186] - The chairman, Gao Yuling, received a pre-tax remuneration of CNY 235.66 million[186] - The president and director, Hu Jianrong, received a pre-tax remuneration of CNY 406.13 million[186] Strategic Initiatives and Future Plans - The company aims to achieve a sustainable and healthy development by advancing its green and low-carbon transformation initiatives[140] - The company plans to implement stock incentive and employee shareholding programs to align the interests of stakeholders and improve operational performance[147] - The company is focusing on expanding its market presence and enhancing product development strategies[195] - The company is set to appoint a new auditing firm for the 2024 fiscal year[196] - The company is revising its articles of association and shareholder meeting rules[196] - The company plans to conduct a risk assessment report for financial business deposits at Hisense Group Financial Co., Ltd.[198] Challenges and Risks - The company recognizes risks such as macroeconomic fluctuations, rising costs, and trade protectionism that could impact its operations and profitability[140]