Core Insights - Hisense Home Appliances Group has significantly increased its investment in trust financial products, with a total subscription amount of 160.43 billion yuan in 2023, of which 110.53 billion yuan is in trust products, accounting for 68.90% of the total [1][3] Group 1: Investment in Trust Products - Hisense Home Appliances has subscribed to trust products worth 68 billion yuan in 2023, increasing to 111 billion yuan in 2024, and has already surpassed 110 billion yuan in 2025 [2] - The company has engaged with six trust companies, including Western Trust and China Grain Trust, for its trust product subscriptions [2] - The recent investment includes 17.8 billion yuan in two fixed-income trust plans with Western Trust [1] Group 2: Financial Performance - Hisense Home Appliances reported a revenue of 927.46 billion yuan in 2024, a year-on-year increase of 8.35%, and a net profit of 33.48 billion yuan, up 17.99% [3] - In the first half of 2025, the company achieved a revenue of 493.40 billion yuan, reflecting a 1.44% year-on-year growth, with a net profit of 20.77 billion yuan, up 3.01% [3] Group 3: Regulatory Compliance and Strategy - The company operates within a compliant framework, having received approval to use up to 230 billion yuan of idle funds for short-term low-risk investments [3] - Hisense Home Appliances prefers low-risk fixed-income trust products, collaborating with trust companies that have state-owned enterprise backgrounds [3] Group 4: Industry Context - A total of 40 listed companies have invested over 158.74 billion yuan in trust products this year, with Hisense leading at 110.53 billion yuan [4] - Trust financial products are favored by listed companies for their efficiency in capital utilization and risk management, especially in the current fixed-income trend [4]

Core Viewpoint - Hisense Electric, a major appliance giant with a market value exceeding 30 billion yuan, has aggressively invested in trust financial products, spending nearly four times its net profit for 2024 within a year, indicating a strong commitment to financial management and investment strategies [1][2][3]. Investment Strategy - Hisense Electric has signed trust agreements totaling 124 billion yuan in the past year, with significant investments in various trust products, showcasing its status as a major player in trust financial management [2][3][5]. - The company has consistently increased its investment in trust products, with total subscriptions rising from 68 billion yuan in 2023 to 111 billion yuan in 2024, and surpassing 124 billion yuan in just the first half of 2025 [5][6]. Financial Performance - In 2024, Hisense Electric reported a revenue of 927 billion yuan, a year-on-year increase of 8.35%, and a net profit of 33.48 billion yuan, up 17.99% [15]. - The company's financial assets grew significantly, with trading financial assets increasing from 26.21 billion yuan in 2020 to 162.09 billion yuan in 2024, contributing to 15% of its net profit [8][9]. Leadership Changes - The appointment of Gao Yuling, a finance expert born in the 1980s, as the new chairperson reflects a trend towards younger leadership within Hisense Group, which is expected to bring fresh perspectives to the company's financial strategies [11][14][19]. - Gao Yuling's background in finance and experience in mergers and acquisitions positions her well to navigate the challenges of both domestic and international markets [19][20]. Market Challenges - The air conditioning market is facing intense competition, with major players like Gree, Midea, and Haier dominating the landscape, putting pressure on Hisense Electric to find new growth opportunities [17][21]. - Despite a decline in operating cash flow and profit margins, Hisense Electric is focusing on innovative products and strategic partnerships to enhance its market position [10][23]. Future Outlook - Hisense Electric aims to expand its overseas market presence, leveraging its past acquisition experiences to optimize its international business structure [20][21]. - The company is also exploring new product offerings, such as AI-driven air conditioning solutions, to capture market share and drive revenue growth [23].