StockCode:000521,200521ShortFormoftheStock:ChanghongMeiling,HongmeilingBAnnouncementNo.:2026-015
CHANGHONGMEILINGCO.,LTD.SummaryofAnnual
Report2025
I.ImportantNotice(I)Thesummaryisabstractfromfull-textofannualreport,formoredetailsofoperatingresults,financialstatusandfuturedevelopmentplanoftheCompany;investorsshouldfoundinthefull-textofannualreportthatpublishedonwww.szse.cn.(II)TheCompanydidnothavedirectorsandseniorexecutivesoftheCompanycouldnotguaranteethereality,accuracyandcompletionofthewholecontentsorhaveobjections.(III)AllthedirectorsattendedtheboardmeetingtodeliberatingtheReport.(IV)Modifiedauditopinionsnotes
□Applicable√Notapplicable(V)Ordinaryshareprofitdistributionpre-planorcapitalreservecapitalizationpre-plandeliberatedbytheBoardinthereportingperiod
√Applicable□NotapplicableIsthestatutoryreservecapitalizedintosharecapital?
□Yes√No
Theprofitdistributionproposalapprovedbythe28thmeetingofthe11thBoardofDirectorsisasfollows:BasedonthetotalsharecapitaloftheCompany,whichis1,029,923,715shares,lessthetherepurchasedAshares,acashdividendofRMB2.10(includingtax)willbedistributedtoallshareholdersforevery10shares.Nobonusshareswillbeissued,andnocapitalreserveswillbeconvertedintosharecapital.(VI)Profitdistributionpre-planofpreferredstockdeliberatedandapprovedbytheBoardinthereportingperiod
□Applicable√Notapplicable(VII)Asoftheendofthereportingperiod,theparentcompanyhadunabsorbedlosses
□Applicable√Notapplicable
II.BasicInformationoftheCompany(I)Companyprofile
| Shortformofthestock | ChanghongMeiling,HongmeilingB | Stockcode | 000521,200521 | |
| Stockexchangeforlisting | ShenzhenStockExchange | |||
| Shortformofthestockafterchanged(ifapplicable) | None | |||
| Person/waytocontact | BoardSecretary | SecuritiesAffairsRepresentative | ||
| Name | YangLiuxu | XiaoLi | ||
| Officeaddress | No.2163,LianhuaRoad,EconomicandTechnologicalDevelopmentZone,Hefei | No.2163,LianhuaRoad,EconomicandTechnologicalDevelopmentZone,Hefei | ||
| Fax. | 0551-62219021 | 0551-62219021 | ||
| Tel. | 0551-62219021 | 0551-62219021 | ||
| liuxu.yang@meiling.com | li.xiao@meiling.com | |||
(II)Principalbusinessesorproductsduringthereportingperiod
TheCompanyisoneoftheimportantelectricalappliancemanufacturersinChina,withfourdomesticmanufacturingbasesinHefei,Mianyang,Jingdezhen,andZhongshan,aswellasoverseasmanufacturingbasesincountriessuchasIndonesia.Aftermorethan40yearsofdevelopment,theCompanyhasevolvedfromasinglerefrigeratorproductlinetoanewmulti-categorycollaborativeecosystemencompassingrefrigerators(freezers),airconditioners,washingmachines,majorkitchenappliances,smallhomeappliances,andbiomedicalcryogenicstorageequipment.
TheCompanyisanationallevelbenchmarkenterprisefortechnologicalinnovation,carefullybuildingitscorecompetitivenessthroughtechnologicalandproductinnovation.WiththeadvancedR&Dteamandadvancedtechnologyaccumulation,Meilinghasmadecontinuousbreakthroughsinkeytechnologicalfields,suchasintelligence,preservation,thinwall,odourlessness,energysaving,aircooling,deepcooling,simulation,ultra-thin,cleaningandclothingcare.TheCompanyhasacomprehensivesystemfortechnologicalinnovationandqualitycontrol.BasedoninternationalmanagementsystemcertificationssuchasISO9001andISO14001,andrelyingonmultiplenationalcoreplatformsandqualifications,theCompanycontinuestostrengthenitsR&Dandmanufacturingcapabilities.TheCompanypossessesaNational-levelEnterpriseTechnologyCenter,aNational-levelIndustrialDesignCenter,andholdstitlesincludingNationalTechnologyInnovationDemonstrationEnterprise,NationalIndustrialProductGreenDesignDemonstrationEnterprise,andNationalPostdoctoralResearchWorkstation.Ithasalsoestablisheda5GIndustrialInternetInnovationApplicationLabandfoundedAnhuiProvince'sfirstRoHSPublicTestingCenter,AnhuiGreen&Energy-EfficientRefrigeratorEngineeringTechnologyResearchCenter,AnhuiEnergy-Saving&Freshness-PreservingGreenRefrigeratorEngineeringResearchCenter,and
AnhuiSmartHomeApplianceManufacturingInnovationCenter,ensuringfull-chainqualityassuranceinR&Dandmanufacturing.Inaddition,theCompanyalsooperatesprovincial-levelinnovationplatformssuchastheAnhuiGreen&Energy-EfficientRefrigeratorEngineeringTechnologyResearchCenter.Inaddition,theCompanyalsooperatesprovincial-levelinnovationplatformssuchastheAnhuiGreen&Energy-EfficientRefrigeratorEngineeringTechnologyResearchCenter.Ithasalsoobtainedindustry-leadingcertifications,includingAAA-LevelExcellenceintheUpgradedIntegrationofInformatizationandIndustrializationManagementSystemandaspotamongChina'sTop50IndustrialDigitalizationLeadingEnterprises,furtherstrengtheningitstechnologicalleadership,R&Defficiency,andsmartmanufacturingcapabilities.TheCompanyhascontinuouslyachievedbreakthroughresultsinthefieldsofrefrigerators,freezers,airconditioners,washingmachines,majorkitchenappliances,smallhomeappliancesandbiomedicine,progressivelyestablishingadominantindustrialmatrixcenteredonlargewhitegoods.Lookingahead,theCompanywilladheretothebusinesspolicyof"innovation-drivendevelopment,resourceintegration,industrialsynergy,marketingtransformationanddigitaltransformation"tocontinuouslyleadindustryupgradingandstrengthenmarketfoundations.Duringthereportingperiod,theCompany'srevenuewasprimarilygeneratedfromitsrefrigerator(freezer),airconditioner,washingmachine,majorkitchenappliance,smallhomeappliance,andbiomedicalequipmentbusinesses,withatotalrevenuereachingRMB30.133billion,accountingfor99.09%oftheCompany'stotaloperatingincome.(III)Mainaccountingdataandfinancialindexes
1.MainaccountingdataandfinancialindexesforthepastthreeyearsDoesithaveretroactiveadjustmentorre-statementonpreviousaccountingdata?
□Yes√No
| 2025 | 2024 | Changesinthecurrentreportingperiodcomparedwiththesameperiodofthepreviousyear | 2023 | |
| Operatingrevenue(RMB) | 30,407,926,517.70 | 28,601,036,014.96 | 6.32% | 24,377,974,386.94 |
| Netprofitattributabletoshareholdersofthelistedcompany(RMB) | 410,409,936.09 | 699,270,051.82 | -41.31% | 735,828,796.67 |
| Netprofitattributabletoshareholdersofthelistedcompany | 337,402,364.91 | 690,447,639.63 | -51.13% | 744,635,309.81 |
| afterdeductingnon-recurringgainsandlosses(RMB) | ||||
| Netcashflowsgeneratedfromoperatingactivities(RMB) | 860,090,506.71 | 3,970,257,217.9600 | -78.34% | 2,072,909,430.47 |
| Basicearningspershare(RMB/share) | 0.3996 | 0.6790 | -41.15% | 0.7144 |
| Dilutedearningspershare(RMB/share) | 0.3996 | 0.6790 | -41.15% | 0.7144 |
| Weightedaveragereturnonnetassets | 6.72% | 11.18% | Decreaseby4.46percentagepoints | 13.40% |
| Endof2025 | Endof2024 | Changesintheendofthecurrentreportingperiodcomparedwiththesameperiodofthepreviousyear | Endof2023 | |
| Totalassets(RMB) | 22,302,792,548.16 | 23,972,603,896.48 | -6.97% | 19,638,615,277.46 |
| Netassetsattributabletoshareholderoflistedcompany(RMB) | 6,083,548,865.34 | 6,085,800,940.38 | -0.04% | 6,061,337,941.39 |
2.Majorquarterlyaccountingdata
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 7,360,074,545.63 | 10,711,441,296.52 | 7,321,413,995.48 | 5,014,996,680.07 |
| Netprofitattributabletoshareholdersofthelistedcompany | 181,668,589.37 | 235,518,755.9 | 71,219,065.64 | -77,996,474.82 |
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses | 173,774,809.05 | 217,272,315.48 | 59,980,739.90 | -113,625,499.52 |
| Netcashflowsgeneratedfromoperatingactivities | -1,285,257,080.53 | 2,645,830,742.24 | -15,678,547.39 | -484,804,607.61 |
DotheabovefinancialindicatorsortheirtotalsdiffersignificantlyfromtherelevantfinancialindicatorsdisclosedintheCompany’squarterlyorsemi-annualreports?
□Yes√No
(IV)Sharecapitalandshareholding
1.Numberofordinaryshareholdersandpreferenceshareholderswithrestoredvotingrights,andshareholdingsofthetop10shareholders
Unit:Shares
| Totalnumberofordinaryshareholdersattheendofthereportingperiod | 63,790 | Totalnumberofordinaryshareholdersattheendofthemonthprecedingthedisclosuredateoftheannualreport(March20) | 63,865 | Totalnumberofpreferredshareholderswithrestoredvotingrightsattheendofthereportingperiod(ifany) | 0 | Totalnumberofpreferredshareholderswithrestoredvotingrightsattheendofthemonthprecedingthedisclosuredateoftheannualreport(ifany) | 0 | |||||||
| Shareholdingsofthetop10shareholders(excludingshareslentthroughsecuritieslendingandborrowing) | ||||||||||||||
| Nameofshareholder | Natureofshareholders | Shareholdingratio | Numberofsharesheld | Numberofsharessubjecttorestrictedconditions | Pledge,markingorfreezingstatus | |||||||||
| Statusofshares | Number | |||||||||||||
| SichuanChanghongElectricCo.,Ltd. | State-ownedlegalperson | 24.12% | 248,457,724 | 0 | - | - | ||||||||
| HongKongSecuritiesClearingCompanyLimited | Overseaslegalperson | 3.15% | 32,393,145 | 0 | - | - | ||||||||
| CHANGHONG(HK)TRADINGLIMITED | Overseaslegalperson | 2.63% | 27,077,797 | 0 | - | - | ||||||||
| HefeiIndustryInvestmentHolding(Group)Co.,Ltd. | State-ownedlegalperson | 1.83% | 18,864,896 | 0 | - | - | ||||||||
| CAOSHENGCHUN | Overseasnaturalperson | 1.43% | 14,766,086 | 0 | - | - | ||||||||
| WangJialing | Domesticnaturalperson | 1.18% | 12,200,018 | 0 | - | - | ||||||||
| ChinaMerchantsBankCo.,Ltd.–TaikangQualityLifeHybridSecuritiesInvestmentFund | Domesticnon-state-ownedlegalperson | 0.93% | 9,600,000 | 0 | - | - | ||||||||
| IndustrialandCommercialBankofChinaLimited–TaikangStrategyPreferredFlexibleAllocationHybridSecuritiesInvestmentFund | Domesticnon-state-ownedlegalperson | 0.91% | 9,400,000 | 0 | - | - | ||||||||
| QianGuanghai | Domesticnaturalperson | 0.63% | 6,494,382 | 0 | - | - | ||||||||
| PhillipSecurities(HongKong)Limited | Overseaslegalperson | 0.61% | 6,296,913 | 0 | - | - | ||||||||
| Explanationofrelated-partyrelationshipsoracting-in-concertarrangementsamongtheaboveshareholders | Amongtheaboveshareholders,CHANGHONG(HK)TRADINGLIMITEDisawholly-ownedsubsidiaryofSichuanChanghongElectricCo.,Ltd.InadditiontodirectlyholdingtheCompany’sBshares,HongKongChanghongalsoholds6,296,913BsharesoftheCompanythroughPhillipSecurities(HongKong)Limited.SichuanChanghongandHongKongChanghonghavearelatedpartyrelationshipandconstituteacting-in-concertparties.TheCompanyisunawareofwhetherthereareanyrelatedpartyrelationshipsamongothershareholders,andalsounawarewhetherothershareholdersconstituteacting-in-concertpartiesasdefinedintheAdministrativeMeasuresfortheTakeoverofListedCompanies. | |||||||||||||
| Descriptionofshareholdersparticipatinginmarginfinancingandsecuritieslendingbusiness(ifany) | N/A | |||||||||||||
Note1:Asoftheendofthereportingperiod,CHANGHONG(HK)TRADINGLIMITED,aconcertedpartyoftheCompany’scontrollingshareholderSichuanChanghong,holdsatotalof33,374,710BsharesoftheCompany,amongwhich6,296,913BsharesareheldthroughPhillip
Securities(HongKong)Limited.
Note2:Inthetableabove,the“Shareholdingofshareholdersholdingmorethan5%orthetop10shareholders”isbasedontheshareholderregisterdataprovidedbytheShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.Participationofshareholdersholdingmorethan5%,thetop10shareholders,andthetop10unrestrictedcirculatingshareholdersinsecuritieslendingunderthemargintradingandsecuritieslendingscheme
□Applicable√Notapplicable
Changesinthetop10shareholdersandtop10unrestrictedcirculatingshareholders’holdingscomparedtothepreviousperiodduetolending/returnunderthemargintradingandsecuritieslendingscheme
□Applicable√Notapplicable
2.TotalnumberofpreferenceshareholdersoftheCompanyandshareholdingsofthetop10preferenceshareholders
□Applicable√NotapplicableTheCompanyhadnopreferenceshareholdersduringthereportingperiod.
3.OwnershipstructureandcontrolrelationshipbetweentheCompanyanditsactualcontrollerpresentedinablockdiagram(asofDecember31,2025)
10%SichuanProvincialDepartmentof
Finance
SichuanProvincialDepartmentof
Finance
23.22%
23.22%100%
100%
ChanghongMeilingCo.,Ltd.
ChanghongMeilingCo.,Ltd.
24.12%
| 3.24% | 24.12% |
SichuanChanghongElectronicsHoldingGroupCo.,Ltd.
SichuanChanghongElectronicsHoldingGroupCo.,Ltd.SichuanChanghongElectricCo.,Ltd.
SichuanChanghongElectricCo.,Ltd.CHANGHONG(HK)TRADINGLIMITED
CHANGHONG(HK)TRADINGLIMITED90%
90%MianyangState-OwnedAssetsSupervisionandAdministration
Commission
(V)Statusofbondsoutstandingasatthedateofapprovalanddisclosureoftheannualreport
□Applicable√NotapplicableIII.ImportantEvents
1.OnMarch17,2025,the11thmeetingofthe11thBoardofDirectorsdeliberatedandapprovedtheProposalontheInvestmentinEstablishingaSubsidiaryandParticipatingintheBiddingforLandUseRights.InaccordancewiththeCompany’sstrategicdevelopmentplanandoperationalneeds,andtoaddressthefuturecapacitygapinwashingmachinesalesandmeetmarketdemand,itwasagreedthattheCompanyanditssubsidiaryMianyangMeilingwouldjointlyinvestRMB500millionoftheirownfundstoestablishMianyangChanghongSmartHomeAppliancesCo.,Ltd.(hereinafterreferredtoas“SmartHomeAppliances”).Amongthis,theCompanywouldcontributeRMB495million,holding99%equityinterest,andMianyangMeilingwouldcontributeRMB5million,holding1%equityinterest.SmartHomeApplianceswouldparticipateinbiddingforaparcelofindustriallandlocatedinFuxinCommunity,SongyaTown,MianyangEconomicandTechnologicalDevelopmentZone,SichuanProvince,astheconstructionsitefortheCompany’swashingmachineproject,withalandareaofapproximately136,737.72squaremeters(approximately205.11mu),andtheauthorizedtotalbiddingpriceshallnotexceedRMB59.50million.OnMarch21,2025,SmartHomeAppliancescompletedindustrialandcommercialregistrationandobtainedtheBusinessLicenseissuedbytheMianyangMunicipalAdministrationforMarketRegulation.OnApril18,2025,SmartHomeAppliancessuccessfullyacquiredthestate-ownedconstructionlanduserightslocatedinFuxinCommunity,SongyaTown,EconomicDevelopmentZone,andsignedtheConfirmationLetterfortheTransferofState-ownedConstructionLandUseRights,withatotaltransactionpriceofRMB59.008598million.
OnApril25,2025,theCompanyconvenedthe14thmeetingofthe11thBoardofDirectorsanddeliberatedandapprovedtheProposalontheInvestmentandConstructionofaWashingMachineProjectwithanAnnualOutputof1MillionUnitsperSingleShiftbyaSubsidiary,agreeingthatSmartHomeApplianceswouldinvestapproximatelyRMB520millionintheMianyangEconomicandTechnologicalDevelopmentZonetoconstructaprojectwithanannualoutputof1millionwashingmachinespersingleshift(includingtheabove-mentionedland,plant,andequipmentinvestment),therebyachievinganadditionalannualproductioncapacityof1millionunitspersingleshift.
DetailsweredisclosedbytheCompanyintheformofannouncements(AnnouncementsNo.2025-005,2025-006,2025-021,2025-028,and2025-029)onMarch18,April18,andApril26,2025inthedesignatedinformationdisclosuremediaSecuritiesTimes,ChinaSecuritiesJournal,andJuchaoWebsite(www.cninfo.com.cn).
2.OnApril1,2025andApril25,2025,aftertheresolutionofthe12thmeetingofthe11thboardofdirectorsoftheCompany,the8thmeetingofthe11thboardofsupervisors,andthe2024annualgeneralmeetingofshareholders,it’sapprovedthattheCompany's2024profitdistributionplan-basedontheCompany'stotalsharecapitalof1,029,923,715sharesasofDecember31,2024,acashdividendofRMB3.3(includingtax)willbedistributedtoallshareholdersforevery10shares,nobonusshares,noprovidentfundwillbeusedtoincreasesharecapital,anditisexpectedtodistributecashdividendsofRMB339,874,825.95(includingtax),accountingfor48.60%ofthenetprofitattributabletoshareholdersofthelistedcompanyin2024.OnJune5,2025,theCompanydisclosedtheAnnouncementontheImplementationofthe2024ProfitDistributionPlanandimplementedtheaforementionedprofitdistributionplan.DetailsweredisclosedbytheCompanyintheformofannouncements(AnnouncementsNo.2025-007,2025-008,2025-010,2025-030,and2025-042)onApril3,April26,andJune5,2025inthedesignatedinformationdisclosuremediaSecuritiesTimes,ChinaSecuritiesJournal,andJuchaoWebsite(www.cninfo.com.cn).
3.BasedontheproposalofthechairmanoftheCompanytorepurchasetheCompany'sAshares,theCompanyheldmeetingsofBoardofDirectorsonMay8,andJune3,2025,inwhichtheProposalonthePlantoRepurchasetheCompany'sAShareswasdeliberatedandpassed,andtheProposalonIncreasingtheSourceofFundsfortheRepurchaseoftheCompany'sASharesweredeliberatedandpassed,respectively.TheplanforrepurchasingA-sharesisasfollows:TheCompanywilluseitsownfundsandself-raisedfunds(includingspecialstockrepurchaseloansfromfinancialinstitutions)ofnotlessthanRMB150million(inclusive)andnotmorethanRMB300million(inclusive)torepurchasepartoftheCompany’sA-sharesthroughcentralizedbidding,forthepurposeofimplementingtheequityincentiveplan.TherepurchasepriceshallnotexceedRMB10.67pershare(duetotheCompany’simplementationofprofitdistribution,themaximumrepurchasepricehasbeenadjustedfromRMB11.00pershare(inclusive)toRMB10.67pershare(inclusive)).Therepurchaseperiodshallbewithin12monthsfromthedatetheBoardofDirectorsapprovestherepurchaseplan.Thespecificnumberofsharesandamountrepurchasedshallbebasedontheactualnumberofsharesandamountrepurchasedupontheexpirationoftherepurchaseperiodorthecompletionoftherepurchase.
OnJuly15,2025,theCompanyconducteditsfirstA-sharerepurchasethroughadedicatedstockrepurchasesecuritiesaccountviacentralizedbidding.Asofthedisclosuredateofthisannouncement,theCompanyhasrepurchasedatotalof21,201,570AsharesoftheCompany,accountingfor2.0586%oftheCompany'stotalsharecapital,andthehighesttransactionpriceoftherepurchasedAsharesis7.45RMBpershare,thelowesttransactionpriceisRMB5.86pershare,andthetotaltransactionamountisRMB142,205,019.88(excludingtransactionfees).
FoundmoreonappointedmediaSecuritiesTimes,ChinaSecuritiesJournalandJuchaoWebsite(www.cninfo.com.cn)thattheCompanydisclosedintheformofannouncement(AnnouncementNo.:2025-019,2025-031,2025-032,2025-041,2025-043,2025-049,2025-050,
2025-051,2025-052,2025-053,2025-061,2025-069,2025-076,2025-093,2026-001,2026-006,2026-011,2026-012,and2026-013)onApril10,2025,May9,2025,June5,2025,July2,2025,July4,2025,July16,2025andAugust5,September3,October11,November5,December3,2025,andJanuary6,February4,March4,March28,April2,2026.
4.OnAugust19,2025andSeptember29,2025,respectivelyupondeliberationandapprovalatthe20thmeetingofthe11thBoardofDirectorsandthefirstextraordinarymeetingofBoardofShareholdersof2025,itwasagreedtoamendcertainprovisionsoftheArticlesofAssociation,theRulesofProcedurefortheBoardofShareholders,andtheRulesofProcedurefortheBoardofDirectors.DetailsweredisclosedbytheCompanyintheformofannouncements(AnnouncementsNo.2025-054,2025-057,and2025-068)onAugust21andSeptember30,2025inthedesignatedinformationdisclosuremediaSecuritiesTimes,ChinaSecuritiesJournal,andJuchaoWebsite(www.cninfo.com.cn).
ChanghongMeilingCo.,Ltd.Chairman:LiXiaodong
April3,2026