Whirlpool (China) (SH:600983) Chang Jiang Shang Bao·2025-07-06 22:40Core Viewpoint - Whirlpool's profitability has significantly improved due to innovation in research and development, optimization of product structure, and cost reduction efforts, leading to substantial growth in its main business revenue and net profit [1][2]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or 559% year-on-year [1][2]. - In Q1 2025, Whirlpool reported operating revenue of 1.215 billion yuan, a year-on-year increase of 36.07%, and a net profit attributable to shareholders of 116 million yuan, up 1029.06% year-on-year [2][3]. - The company's net profit excluding non-recurring gains and losses for Q1 2025 is expected to be around 111 million yuan, reflecting a year-on-year increase of 1199.87% [2]. R&D and Innovation - Whirlpool has prioritized technological innovation during the industry reshuffle, with R&D expenses totaling 721 million yuan from 2020 to 2024 [1][5]. - In the first half of 2025, the company obtained 55 new patent authorizations, a year-on-year increase of 243.75%, covering practical designs such as fan systems and integrated stoves [1][5]. - The company has established joint laboratories with leading firms like Haier and Midea to customize products for specific market demands [5]. Market Position and Strategy - Whirlpool has expanded its market presence in China through the acquisition of a controlling stake in Hefei Sanyo and the establishment of Whirlpool (China) Co., Ltd. [4]. - The company has built a strong innovation platform with its global R&D center and headquarters in Hefei, which supports its rapid development in the Chinese market [4][5]. - Whirlpool's product revenue from washing machines, home appliances, and refrigerators accounted for 90% of total revenue, with high-end products increasing their share from 18% in 2024 to 28% in 2025 [2][3].