8月21日，白电上市公司长虹美菱发布2025年半年度报告，上半年长虹美菱的经营业绩呈现增收不增利的态势，该 公司收入180.72亿元，同比增长20.8%，不过净利润4.17亿元，同比增长0.26%。更让人在意的是，长虹美菱今年 上半年扣非净利润同比下滑9.81%，为3.9亿元，而且现金流量净额更是大幅下滑超过50%。 长虹美菱称，于2025年8月19日召开会议审议通过相关议案，为真实准确反映财务状况等，对可能发生资产减值损 失的相关资产进行处置及计提减值准备，2025年1-6月资产报废处置及计提的各项资产减值准备金额合计为1.3亿 元，将减少公司2025年半年度合并利润总额1.3亿元。 财报显示，长虹美菱的盈利能力有所下滑。净利率由2024年上半年的2.84%下滑至2.38%，下降了0.47个百分点； 毛利率从11.28%下滑至10.44%，下降了0.83个百分点；净资产收益率为6.63%，同比下降了0.25个百分点。 虽然长虹美菱的家用电器制造板块营收同比增长20.79%，但增收不增利的情况仍然存在。南都湾财社记者注意 到，如占据家用电器制造第二、第四多营收的冰箱/冰柜业务，和小家电及厨卫业务均出现不同程度 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3][5]. Core Views - The company achieved a total revenue of 18.072 billion yuan in the first half of 2025, representing a year-on-year growth of 20.80%. The net profit attributable to shareholders was 417 million yuan, a slight increase of 0.26% year-on-year [1]. - In Q2 2025, the company reported a total revenue of 10.711 billion yuan, with a year-on-year growth of 18.84%. However, the net profit attributable to shareholders decreased by 9.66% to 236 million yuan [1]. - The company experienced robust growth in external sales, with a year-on-year increase of 32.17% in the first half of 2025, while domestic sales grew by 15.40% [1]. - The performance varied by product category, with air conditioners and washing machines showing significant growth of 36.18% and 32.70% respectively, while refrigerators and small appliances saw declines of 4.10% and 6.14% [1]. Financial Summary - The gross profit margin for Q2 2025 was 9.49%, a decrease of 0.4 percentage points year-on-year. The net profit margin was 2.27%, down by 0.68 percentage points year-on-year [2]. - The company’s operating cash flow for Q2 2025 was 2.646 billion yuan, a decrease of 6.91% year-on-year, while cash received from sales was 11.17 billion yuan, an increase of 15.22% [2]. - The report forecasts net profits for 2025-2027 to be 770 million, 858 million, and 949 million yuan respectively, with year-on-year growth rates of 10.1%, 11.4%, and 10.6% [3]. Stock Information - The stock closed at 7.67 yuan on August 20, 2025, with a total market capitalization of 7.89951 billion yuan [5]. - The company has a total share capital of 1.02992 billion shares, with 99.40% being freely tradable [5]. Financial Projections - The projected revenue for 2025 is 32.033 billion yuan, with a year-on-year growth rate of 12.0% [4]. - The earnings per share (EPS) for 2025 is estimated to be 0.75 yuan, with a projected price-to-earnings (P/E) ratio of 10.3 [4].

Core Insights - Changhong Meiling reported a total revenue of 18.072 billion yuan for the first half of 2025, representing a year-on-year increase of 20.80% [1] - The net profit attributable to shareholders was 417 million yuan, showing a slight increase of 0.26% year-on-year, while the net profit after deducting non-recurring items decreased by 9.81% to 391 million yuan [1] Revenue Breakdown - The majority of the company's revenue, 17.934 billion yuan, came from home appliance manufacturing, accounting for 99.24% of total revenue [2] - Air conditioning was the largest revenue contributor, generating approximately 11.575 billion yuan, which is 64.05% of total revenue and a year-on-year growth of 36.18% [2] - Refrigerator and freezer sales amounted to about 4.545 billion yuan, a decline of 4.17% year-on-year [1][2] - Washing machines generated revenue of approximately 1.040 billion yuan, reflecting a year-on-year increase of 32.70% [1][2] - Small appliances and kitchen products brought in around 698 million yuan, down 6.14% year-on-year [1][2] - The biomedical segment achieved revenue of about 149 million yuan, up 3.89% year-on-year [1] Regional Performance - Domestic market revenue reached 11.704 billion yuan, a year-on-year increase of 15.40%, representing 64.77% of total revenue [1][2] - The overseas market generated 6.367 billion yuan, marking a significant year-on-year growth of 32.17%, accounting for 35.23% of total revenue [1]