Financial Performance - The company's after-tax operating profit and EBIT increased from approximately 200 million to over 400 million between 2021 and 2022, resulting in ROE rising from 1% in 2021 to 6% in 2022 [1] - The net profit excluding non-recurring gains rose from 30 million to 220 million during the same period, attributed to improved product structure and operational management [1] - The decrease in inventory write-down losses and the decline in raw material prices also positively impacted profitability [1] Sales and Market Position - Despite a decline of 610,000 units in compressor sales from 2021 to 2022, revenue continued to increase, indicating improved market competitiveness and higher product prices [2] - The company is focusing on enhancing the proportion of high-value-added products, such as commercial and variable frequency compressors, to improve average selling prices [2] Strategic Initiatives - The establishment of a manufacturing facility in Mexico aims to mitigate the impacts of U.S. tariff policies, with the plant already in mass production for North American clients [2] - The company is actively monitoring changes in tariff policies and is prepared to adapt strategies to maintain healthy growth [2] Regulatory Impact - The implementation of the 2025 energy efficiency standards for refrigerators is expected to favor high-efficiency products, prompting the company to increase investments in variable frequency technology [3] Client Base - Key clients for the company's new energy vehicle air conditioning compressors include SAIC-GM-Wuling, Yijiete, and Dongfeng Motor, with ongoing efforts to expand the customer base [3] Investor Engagement - The online earnings presentation on August 19, 2025, aimed to provide a convenient platform for investors to engage and understand the company's operational status and future plans [4]

格隆汇8月15日丨长虹华意(000404.SZ)在互动平台表示，制造算力中心（数据中心）的液冷设备是指专 门用于为高性能计算（HPC）、人工智能（AI）训练、区块链挖矿等场景下的服务器和芯片提供高效散 热的技术装备。而公司主营全封闭活塞压缩机业务和新能源汽车空调压缩机业务，主要应用于冰箱冰柜 和新能源汽车空调。公司没有从事算力中心液冷设备相关业务。 ...

金融界8月15日消息，有投资者在互动平台向长虹华意提问：董秘您好，在网上查到此消息，上市公司 长虹华意生产液冷设备属实吗？长虹华意依托其在制冷领域的技术优势，积极布局液冷相关业务，在数 据中心、算力设备等领域，可为客户提供液冷产品和温控节能解决方案。公司的液冷散热板已实现批量 出货，且其超充液冷模块功率密度达3.0kW/L，较传统方案提升50%，已通过华为、阳光电源认证。请 回复一下？属实吗？ 公司回答表示：尊敬的投资者您好，感谢您对公司的关注。制造算力中心（数据中心）的液冷设备是指 专门用于为高性能计算（HPC）、人工智能（AI）训练、区块链挖矿等场景下的服务器和芯片提供高效 散热的技术装备。而公司主营全封闭活塞压缩机业务和新能源汽车空调压缩机业务，主要应用于冰箱冰 柜和新能源汽车空调。公司没有从事算力中心液冷设备相关业务。 ...

证券日报网讯长虹华意8月14日在互动平台回答投资者提问时表示，公司主营全封闭活塞压缩机业务和 新能源汽车空调压缩机业务，没有制造算力中心液冷设备。 （文章来源：证券日报） ...

格隆汇8月14日丨长虹华意(000404.SZ)在互动平台表示，公司主营全封闭活塞压缩机业务和新能源汽车 空调压缩机业务，没有制造算力中心液冷设备。 ...

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]

Group 1: Macro Strategy - The report highlights that the U.S. labor market shows signs of weakening, with non-farm payrolls for July coming in at 73,000, below expectations of 108,000, leading to increased market expectations for interest rate cuts in September, October, and December [6] - The report notes a significant drop in the unemployment rate to 4.2% and a decrease in the labor participation rate to 62.2%, indicating a cooling labor market [6] Group 2: Industry Commentary - Chemical Raw Materials - The report discusses the upcoming World Robot Conference, emphasizing the importance of material advancements in the humanoid robot sector, with the global humanoid robot market projected to grow from $2.16 billion in 2023 to $32.4 billion by 2029, reflecting a compound annual growth rate (CAGR) of 57% [7][9] - It suggests focusing on PEEK materials, which are expected to see a market size of 2.1 billion yuan in China by 2025, growing at a rate of 10.53% year-on-year [10] Group 3: Agricultural Sector - The report indicates a rebound in pig prices, with average prices in key provinces showing increases of 0.74% to 3.22% as of August 1, while average pork prices decreased by 1.29% [12] - It highlights that the feed industry is expected to see a recovery due to falling upstream raw material prices and improving conditions in the breeding sector, recommending investment in Hai Da Group [12] Group 4: Company Review - Changhong Huayi - The report provides an analysis of Changhong Huayi's 2025 mid-year report, noting a revenue of 6.628 billion yuan, a year-on-year decrease of 1.52%, but a net profit increase of 13.42% to 257 million yuan [15] - It emphasizes the significant growth in sales of automotive air conditioning compressors, particularly for new energy vehicles, which saw a 164% year-on-year increase [15]

Core Viewpoint - Changhong Huayi (SZ000404) reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a potential shift in operational efficiency despite lower sales figures [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 6.63 billion yuan, a decrease of 1.52% compared to the same period last year [2]. - Net profit attributable to shareholders was 257.26 million yuan, reflecting a year-on-year increase of 13.42% [2]. - The net profit after deducting non-recurring gains and losses was 214.35 million yuan, up 1.38% year-on-year [2]. - Basic earnings per share (EPS) stood at 0.3696 yuan, an increase of 13.42% compared to the previous year [2]. - The net cash flow from operating activities was 269.02 million yuan, down 27.12% year-on-year [3]. Sales Performance - The total sales volume of closed piston compressors reached 47.59 million units, marking a year-on-year growth of 2.9% [3]. - Sales of commercial compressors increased significantly, with 8.32 million units sold, representing a growth of 38% [3]. - Variable frequency compressor sales also saw an increase of 11%, totaling 1.68 million units [3]. - Sales of air conditioning compressors for new energy vehicles surged by 164%, reaching 670,000 units [3]. Company Overview - Changhong Huayi is located in Jingdezhen, Jiangxi Province, and was established on June 13, 1996, with its listing date on June 19, 1996 [6]. - The company specializes in the production of refrigerator compressors, new energy vehicle components, and household service robots [6].

Investment Rating - The report assigns a "Buy-A" rating for Changhong Huayi (000404.SZ) [1] Core Views - The company reported a revenue of 6.628 billion yuan for H1 2025, a year-on-year decrease of 1.52%, while the net profit attributable to shareholders was 257 million yuan, an increase of 13.42% year-on-year [4] - The sales volume of compressors is steadily increasing, with a significant growth in the sales of automotive air conditioning compressors for new energy vehicles, which rose by 164% year-on-year [5] - The company's gross profit margin improved year-on-year, although the gross margin for new energy vehicle air conditioning compressors decreased significantly [6] Financial Performance - For H1 2025, the company achieved a gross margin of 12.69%, up by 1.27 percentage points year-on-year, with a net profit margin of 5.34%, an increase of 0.58 percentage points year-on-year [6] - The forecasted revenues for 2025-2027 are 12.57 billion yuan, 13.73 billion yuan, and 14.94 billion yuan, representing year-on-year growth rates of 5.0%, 9.2%, and 8.8% respectively [7] - The projected net profits for the same period are 507 million yuan, 566 million yuan, and 638 million yuan, with growth rates of 12.7%, 11.4%, and 12.8% respectively [7] Market Data - As of August 5, 2025, the closing price was 7.39 yuan, with a market capitalization of 5.143 billion yuan [3] - The basic earnings per share for H1 2025 was 0.37 yuan, with a diluted earnings per share also at 0.37 yuan [3]

卖出回购金融资产款 吸收存款及同业存放 | 代理买卖证券款 | | | --- | --- | | 代理承销证券款 | | | 应付职工薪酬 | 256,017,256.15 272,088,009.88 | | 应交税费 | 68,538,760.96 69,182,777.70 | | 其他应付款 | 410,537,089.37 150,098,856.96 | | 其中：应付利息 | | | 应付股利 | 208,798,793.70 | | 应付手续费及佣金 | | | 应付分保账款 | | | 持有待售负债 | | | 一年内到期的非流动负债 | 73,462,883.99 19,595,580.89 | | 其他流动负债 | 4,954,192.36 3,143,394.67 | | 流动负债合计 | 9,672,435,201.82 7,643,270,800.48 | | 非流动负债： | | | 保险合同准备金 | | | 长期借款 | | | 应付债券 | | | | 长虹华意压缩机股份有限公司 2025 年半年度财务报告 | | 其中：优先股 | | | 永续债 | | | 租赁负债 ...