长虹华意半年报：营收66.3亿元 净利润2.57亿元

Core Insights - Changhong Huayi Compressor Co., Ltd. reported a revenue of 6.628 billion yuan for the first half of 2025, a decrease of 1.52% year-on-year, while net profit attributable to shareholders reached 257 million yuan, an increase of 13.42% [1][2] Revenue and Profit Analysis - The total sales volume of the main business, compressors, reached 47.59 million units, a year-on-year increase of 2.9%, but revenue slightly declined due to industry price competition and changes in product structure [2] - The significant increase in net profit compared to revenue growth is attributed to a higher proportion of high-value-added products and optimized cost control [2] - Excluding non-recurring gains and losses, net profit was 214 million yuan, a slight increase of 1.38% year-on-year [2] Business Segment Performance - The traditional flagship product, the fully enclosed piston compressor, generated revenue of 5.660 billion yuan, accounting for 85.4% of total revenue [2] - Commercial compressor sales increased by 38% year-on-year, while variable frequency compressor sales grew by 11% [2] - The biggest highlight was the revenue from electric vehicle air conditioning compressors, which reached 387 million yuan, a year-on-year increase of 126.69%, with sales of 670,000 units, up 164% [2] International Operations - The overseas subsidiary, Huayi Barcelona in Spain, contributed a net profit of 16.21 million yuan, while the subsidiary in Mexico, Gabey, contributed 6.45 million yuan [2] - The brand matrix, including Huayi, Casibella, Kubein, and Weile, covers household, commercial, and new energy sectors, with overseas revenue accounting for 32.93% of total revenue [2] Market Outlook - The company indicated that the downstream refrigerator and cabinet market lacks sustained growth momentum, with weakened overseas demand for fully enclosed piston compressors and insufficient domestic sales growth [2] - According to industry forecasts, the production and sales volume of fully enclosed piston compressors in China is expected to decline year-on-year in 2025, and the increasing proportion of export business will be more significantly affected by the international environment [2]