CHANGHONG(SH:600839) Zheng Quan Shi Bao Wang·2025-06-26 11:34Core Viewpoint - Sichuan Changhong's 2024 annual shareholder meeting highlighted the company's recovery in core business demand, driven by government policies and improved market conditions, with all proposed resolutions approved unanimously by shareholders [2][3]. Financial Performance - In 2024, Sichuan Changhong achieved approximately 103.7 billion yuan in revenue, a 6.4% increase year-on-year, and a net profit exceeding 700 million yuan, up 2.3% year-on-year [3]. - The company's core appliance business generated revenue of 45.09 billion yuan, reflecting a 15.29% year-on-year growth [3]. - The television segment produced about 16.54 million units, with sales of approximately 16.30 million units, resulting in revenue of around 16.04 billion yuan, a 10.27% increase [3]. - The refrigerator segment produced 8.97 million units, achieving revenue of 10.19 billion yuan, a 5.53% increase [3]. - The air conditioning segment saw production of 12.43 million units, with revenue of 15.55 billion yuan, a 33.23% increase [3]. - The washing machine segment's production increased by 30.99%, generating revenue of 1.91 billion yuan, up over 32% [3]. Strategic Initiatives - Sichuan Changhong is leveraging AI technologies and government subsidies to enhance product and market capabilities, achieving over 20% improvement in production efficiency [4]. - The company is expanding into the electric vehicle compressor market, focusing on core product development, with production in general equipment manufacturing reaching 86.11 million units, a nearly 17% increase, and revenue exceeding 10.11 billion yuan, up 14.2% [4]. - The ICT service segment, under Changhong Jiahua, reported revenue of approximately 36.88 billion yuan, an 8.28% increase, driven by investments in AI and cloud computing [4]. Market Outlook - Sichuan Changhong acknowledges the need for cautious observation regarding the sustainability of market recovery, influenced by policy effects and consumer confidence [5]. - The company plans to navigate the complex macroeconomic environment and competitive market landscape by focusing on user-centric strategies and enhancing core competitive capabilities [5]. - For 2025, Sichuan Changhong aims to capitalize on domestic policy opportunities while addressing challenges posed by de-globalization, adhering to a strategy of risk management and innovation for development [5].