Core Viewpoint - Hisense Home Appliances is facing unprecedented challenges following the sudden resignation of former president Hu Jianyong and the appointment of Gao Yuling as the new president, leading to uncertainty about the company's future [1][3]. Management Changes - Hu Jianyong resigned from his positions due to personal reasons, and Gao Yuling has been appointed as the new president [3]. - Hu Jianyong's tenure saw a significant decline in company performance, with retail volume and revenue for home air conditioners showing a downward trend in 2024 [3][4]. Financial Performance - In the first half of 2025, Hisense Home Appliances reported a revenue of 49.34 billion, a year-on-year increase of 1.44%, significantly down from 13.27% in the previous year [4]. - The net profit attributable to shareholders for the same period was 2.08 billion, up 3.01%, but this growth rate also decreased sharply from 34.61% year-on-year [4]. - The company's asset-liability ratio reached 73.91% in the first half of 2025, indicating a serious financial burden [5][6]. Profitability and Cash Flow - Hisense's sales gross margin was 20.78% and net margin was 5.53% in 2024, both below industry averages, suggesting reliance on price competition rather than innovation [6]. - The operating cash flow showed instability, with a significant drop of 51.64% in 2024 compared to the previous year, raising concerns about the company's liquidity [6]. Strategic Outlook - Gao Yuling's leadership may signal a shift from aggressive expansion to a focus on stable operations and financial optimization, which is crucial for the company's recovery [7]. - The company must balance cost control and value enhancement to navigate the competitive landscape, particularly in the air conditioning sector where it lags behind top brands [7].