CHANGHONG(SH:600839) 创业邦·2025-05-29 10:34Core Viewpoint - The article discusses the decline of Sichuan Changhong, once a leading television manufacturer in China, highlighting its historical successes and recent struggles in the competitive landscape of the television market [3][11][25]. Group 1: Historical Background - Sichuan Changhong originated from a military enterprise and began producing consumer electronics in 1972, focusing on the television industry due to high market demand and its military technology background [5][6]. - By 1990, Changhong became the largest television manufacturer in China, achieving a market share of 35% by 1997 and was the first home appliance company to be listed as the market leader in A-shares [9][11]. Group 2: Market Position and Competition - In 2024, the global television market is projected to reach 208 million units, with brands like Hisense, TCL, and Xiaomi dominating the top positions, while Changhong has fallen out of the top four in China [11][12]. - The 2024 report indicates that Changhong, along with Konka and Haier, collectively holds a market share of only 13.8%, with Changhong's individual sales significantly lower than its competitors [12]. Group 3: Strategic Missteps - Changhong's failure to adapt to technological advancements, particularly its investment in plasma technology over LCD, resulted in significant financial losses exceeding 2 billion yuan [18][19]. - The company also faced commercial missteps, including overexpansion and reliance on high-cost components, which led to inventory issues and a substantial loss of 3.68 billion yuan in 2004 [21][22]. Group 4: Current Status and Future Outlook - Despite its decline in the television sector, Changhong reported a production of approximately 16.54 million televisions in 2024, with a revenue increase of 10.27%, indicating a shift towards a broader technology group beyond traditional home appliances [25][27]. - The company has diversified into various sectors, including smart home technology and green energy, and has established itself as a significant player in multiple industries, suggesting a potential for recovery and growth [30][32].