证券日报网讯 12月4日，格力电器在互动平台回答投资者提问时表示，公司近十年、近五年累计分红金 额在A股上市公司（剔除金融石油石化行业）中分别位列第七位、第八位，近10年实施分红15次（含拟 实施2025年中期分配预案），分红水平、分红持续性及稳定性均位于上市公司前列。关于股东回报规 划，公司董事会将结合市场环境、经营状况及资金规划等因素综合考虑。 （编辑 丛可心 袁冠琳） ...

作者 | 方璐 编辑丨于婞 来源 | 野马财经 临近年末，长虹美菱（000521.SZ）对内进行一次重整，砍掉两家业绩堪忧的企业，并为另一些企业的 长期发展进行担保。 注销的好处显而易见，在香颂资本执行董事沈萌看来，针对一些没有实际经营的企业会增加经营资源消 耗，注销可降低相关成本。 事实上，得到母公司担保的子公司，经营状况亦存在挑战，比如，一些公司负债率过高或存在扭亏挑 战。如何看待长虹美菱一手注销，一手担保？中国企业资本联盟副理事长、中国区首席经济学家柏文喜 认为，长虹美菱近期"注销+担保"并举，本质是一次"止血"与"输血"同步进行的资本动作，背后体现的 是上市公司对子公司"分类处置、有进有退"的再平衡逻辑。 截至12月3日收盘，长虹美菱报收于6.8元/股，涨幅0.74%，总市值70.03亿元。 01 长虹美菱"止血"又"输血"。 砍掉弱势"枝丫" 瘦身输血优化布局 11月29日，长虹美菱称要清算注销两家公司，分别是成立于2019年1月的合肥美菱物联科技有限公司 （简称"物联科技"）、成立于2017年7月的河北虹茂日用电器科技有限公司（简称"河北虹茂"）。 物联科技注资1000万元，长虹美菱持其100%股 ...

Core Viewpoint - Changhong Meiling is undergoing a restructuring process, which includes the cancellation of two underperforming subsidiaries and providing guarantees for others, reflecting a dual strategy of "stopping the bleeding" and "infusing blood" to optimize its capital structure and resource allocation [1][21]. Group 1: Company Actions - On November 29, Changhong Meiling announced the liquidation of two companies: Hefei Meiling Internet of Things Technology Co., Ltd. and Hebei Hongmao Daily Electric Appliance Technology Co., Ltd. [4][24]. - The cancellation of these subsidiaries is expected to reduce management costs and improve asset turnover and return on equity (ROE) by approximately 0.6 billion yuan [4][24]. - The company plans to provide guarantees totaling approximately 1.83 billion yuan for its subsidiaries, which represents 30.07% of its latest audited net assets [5][25]. Group 2: Financial Performance - As of December 3, Changhong Meiling's stock price was 6.8 yuan per share, with a market capitalization of 7.003 billion yuan [2][22]. - For the first three quarters of 2025, the company reported revenue of approximately 25.393 billion yuan, a year-on-year increase of 11.49%, but a net profit of about 488 million yuan, a decrease of 8.2% year-on-year [11][31]. - The company's cash flow from operating activities decreased by 51.17% year-on-year, indicating challenges in maintaining profitability despite revenue growth [11][31]. Group 3: Subsidiary Performance - Hefei Meiling Internet of Things Technology Co., Ltd. had total assets of 27.5644 million yuan and liabilities of 4,400 yuan, with a revenue of only 831,500 yuan and a net loss of 4.9731 million yuan for the first three quarters [4][24]. - Hebei Hongmao reported total assets of approximately 8.5713 million yuan and liabilities of 70 yuan, with no revenue and a net profit of 1.4406 million yuan during the same period [4][24]. - The subsidiaries that are receiving guarantees have high debt ratios, with Meiling Group at 130.62% and Changhong Industry at 72.54% [6][26]. Group 4: Strategic Insights - The dual strategy of cancellation and guarantees is seen as a necessary measure to manage underperforming assets while supporting those with strategic importance to the company's revenue base [9][29]. - Analysts suggest that the guarantees are intended to replace high-cost financing for subsidiaries, thereby stabilizing the financial situation ahead of potential industry price wars [9][29]. - The restructuring is viewed as a way to avoid significant losses in revenue and workforce that would occur if the underperforming subsidiaries were simply cut [10][30].

拿市场服务体系变革来说，以前用户从经销商那里购买产品，物流送到用户家后，售后才会联系用户预 约安装，整个过程货到哪了，用户不知道，要去问客服，客服再去问物流、售后，信息链路长且不可 视。而从ToB到全面ToC后，商品可以直达用户，送装同步且在平台上全流程可视，不仅保障了时效， 还提升了用户满意度。截至2025前三季度，区县专卖店已有74%的商品直达用户。 同时，商品直达用户也减少了客户的资金及仓储压力，提升了货物的周转效率，降低了运营成本。客户 还可以拿出更多地时间来找用户。 近日，中国上市公司协会第三届理事会第六次会议在北京召开。会上，海尔智家（600690）作为行业唯 一代表，分享了其发展新质生产力的实践。海尔智家董事长兼总裁李华刚表示："我们发展新质生产 力，就必须以用户为中心建开放共赢的平台。简单来说，就是从'自上而下'的管理体系，转化成'自下而 上'的服务体系。" 也就是说海尔智家要以用户为中心进行全面变革：从制造分销型企业转型为服务平台型企业。这就要求 海尔智家从市场体系到服务体系，再到管理体系进行全面变革，最终与用户建立永久的联系。 轻资产运营的模式也让海尔智家吸引了更多客户。海尔智家最新202 ...

Core Viewpoint - Chinese cold chain appliance companies are intensifying investments in Indonesia, establishing production bases to tap into the Southeast Asian market, driven by favorable market conditions and strategic positioning [1][4]. Group 1: Company Investments - Qingdao Hairong Commercial Cold Chain Co., Ltd. has opened its first overseas production base in Indonesia with a total investment of 467 million RMB, covering over 70,000 square meters [1]. - Haier Smart Home has laid the foundation for its Indonesian refrigerator base, planning an annual production capacity of 1 million units, focusing on customized products for local families and commercial storage [2]. - Aucma has initiated a phased construction approach for its Indonesian smart manufacturing plant, with a planned annual capacity of 500,000 refrigerators, aiming for comprehensive coverage of household and commercial cold chain needs [3]. Group 2: Market Insights - Indonesia's dense population and high temperatures create strong demand for cold chain equipment, with a projected annual market growth rate exceeding 15% [6]. - The cold chain infrastructure in Southeast Asia is still developing, with commercial cold chain penetration below 30%, indicating significant market opportunities for companies [6]. - Localized production strategies are being employed by companies to enhance service response times and reduce delivery cycles by over 30% [2]. Group 3: Strategic Considerations - The shift from "product export" to "industry and brand export" marks a critical transition for Chinese home appliance companies, with a focus on local market integration [5]. - Companies are leveraging Indonesia's favorable investment policies and political stability to mitigate international trade risks and enhance supply chain resilience [4][5]. - The establishment of manufacturing bases in Indonesia is seen as a strategic move to transform the country from a cold chain product importer to a manufacturing hub [3]. Group 4: Competitive Landscape - As Chinese cold chain appliance companies expand their capacities, they face increasing competition from international brands like Samsung and LG, necessitating continuous innovation and localized operations to maintain market share [7].

Core Viewpoint - Changhong Meiling (000521) announced on November 28 that its wholly-owned subsidiary, Changhong Air Conditioning, plans to invest 12.5784 million yuan in a technology renovation project to enhance production efficiency, reduce manufacturing costs, and improve market competitiveness [1] Group 1 - The company aims to implement the technology renovation project using self-raised funds of 12.5784 million yuan [1] - The initiative is part of the company's strategy to improve production efficiency and lower manufacturing costs [1] - The project is expected to enhance the company's competitiveness in the market [1]

Core Insights - The Ministry of Industry and Information Technology has officially announced the list of smart factory gradient cultivation projects for 2025, with Gree Electric's "Full Value Chain Gree Collaborative Air Conditioning Smart Factory" being selected, showcasing a replicable "Chinese solution" for global manufacturing transformation [1] - The Gree Jinwan factory's "full value chain collaboration" model breaks through efficiency bottlenecks by integrating all manufacturing processes, utilizing 5G-A technology and full-process digitalization [1] - The factory's AI vision system enhances defect identification efficiency and accuracy, while the AGV robot logistics system improves material turnover efficiency by 40% [1] - The digital management model reduces order delivery cycles from 30 days to 15 days, setting a new benchmark for efficient production in the industry [1] Technology Autonomy - Gree's 30 years of technological accumulation is evident in its smart factory, which achieves complete domestic substitution from core equipment to software systems [2] - The self-developed intelligent CNC system adjusts cutting parameters automatically based on material types, while the 10KG - SCARA robot boasts a positioning accuracy of ±0.01 mm, breaking foreign monopolies in the mid-to-high-end market [2] - Gree's fully autonomous production capabilities allow it to maintain stability amid global supply chain fluctuations [2] Green and Intelligent Integration - The Gree Jinwan factory exemplifies the deep integration of green and intelligent manufacturing, reducing energy consumption per product and aligning with the "Innovate Gree, Low Carbon Life" philosophy [3] - The factory has processed over 69.72 million discarded appliances, embedding green principles throughout the production process [3] - Gree's products, such as the GMV9 central air conditioning series, operate in a wide temperature range and contribute to energy efficiency upgrades in commercial buildings [3] Global Competitiveness - The smart factory enhances Gree's global competitiveness, with air conditioning products receiving Singapore's Green Mark Platinum certification and overseas revenue reaching 16.335 billion yuan, with a 70% share of self-branded exports [3] - Gree's leadership in establishing two international standards for refrigeration compressors marks a significant shift from "product export" to "standard export," enhancing China's manufacturing voice on the global stage [3] - The success of Gree Jinwan smart factory reflects a broader narrative of China's manufacturing transformation and its potential to occupy a higher position in the global industrial value chain [4]

近日，"2025轻工业科技创新与绿色发展大会"在南京召开。大会正式发布了"十四五"轻工业先进科技创 新成果目录，海尔凭借其在前沿科技领域的卓越贡献，共有三项科技创新项目成功入选，入选项目数量 位居行业之首。 源源不断的原创科技产出，源于全球化研发布局和长期投入。通过线下构建"10+N"全球开放式创新体 系，线上则打造HOPE创新生态平台，海尔能够无缝对接全球用户需求，汇聚全球超25万技术专家，实 现了科技创新"来自全球，服务全球";高达千亿级别的原创技术攻关投入和行业最高的研发营收占比， 则为其产出行业最多的发明专利、标准和国家级科技奖励提供了坚实基础。 当科技创新从引领产品技术迭代，迈向定义行业未来的智慧生态，海尔用三项入选"十四五"重点项目的 科技成果，为中国轻工业向高端化、智能化、绿色化迈进作出了有力注脚——中国轻工业的下半场，不 再是规模的竞争，而是基础科技与原始创新的较量。 破解感知弱、成本高难题，家庭机器人走向高度智能。"异构数据协同大模型推理关键技术研发及在服 务机器人的应用"的出现，让服务机器人不再是简单的执行工具，而是能够主动感知、思考和规划的智 能管家。它能根据室内空气质量自动启动清洁，依 ...

上市企业：美的集团（000333）,海尔智家（600690）,格力电器（000651）,惠而浦（600983）,TCL科技 （000100）,创维数字（000810） 相关报告：智研咨询发布的《2025-2031年中国洗衣机行业市场供需态势及投资前景研判报告》 根据国家统计局数据显示：2025年9月中国家用洗衣机产量为1179万台，同比增长5.6%；2025年1-9月中 国家用洗衣机累计产量为9005.4万台，累计增长7.5%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国家用洗衣机产量统计图 ...

Core Points - A brand counterfeiting incident involving the "Little Swan" washing machine has emerged, with the brand confirming that "Little Ouz" is a malicious imitation by illegal merchants [1] - The incident has sparked widespread public discussion about brand confusion, leading to the brand's official response and legal actions against the counterfeiters [1] Company Overview - The "Little Swan" brand has over 60 years of history, dating back to 1958, and was the first to manufacture fully automatic washing machines in China in 1978 [3] - The company faced significant challenges in 2008, reporting revenue of 4.293 billion yuan and a net profit of only 40 million yuan, a year-on-year decline of 87.99% [3] - In 2008, Midea Group acquired a 24.01% stake in Little Swan for 1.68 billion yuan, facilitating its transition from a state-owned enterprise to a private company [3] Business Recovery - Following Midea's acquisition, Little Swan's net profit surged over 400% in 2009, reaching 222 million yuan, and revenue returned to a growth trajectory [4] - In 2010, Midea integrated its subsidiary Rongshida with Little Swan, consolidating most of its washing machine manufacturing under the Little Swan brand while maintaining a dual-brand strategy [4] - Currently, Little Swan's product range includes washing and drying sets, washing machines, dryers, air conditioners, and refrigerators [4]