CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
Stock Code: 000521, 200521 Short Form of the Stock: Changhong Meiling, Hongmeiling B Announcement No.: 2026-015
CHANGHONG MEILING CO., LTD. Summary of Annual
Report 2025
I. Important Notice
(I) The summary is abstract from full-text of annual report, for more details of operating
results, financial status and future development plan of the Company; investors should found
in the full-text of annual report that published on www.szse.cn.
(II) The Company did not have directors and senior executives of the Company could not
guarantee the reality, accuracy and completion of the whole contents or have objections.
(III) All the directors attended the board meeting to deliberating the Report.
(IV) Modified audit opinions notes
□ Applicable √ Not applicable
(V) Ordinary share profit distribution pre-plan or capital reserve capitalization pre-plan
deliberated by the Board in the reporting period
√ Applicable □ Not applicable
Is the statutory reserve capitalized into share capital?
□ Yes √ No
The profit distribution proposal approved by the 28th meeting of the 11th Board of Directors is
as follows: Based on the total share capital of the Company, which is 1,029,923,715 shares, less the
the repurchased A shares, a cash dividend of RMB 2.10 (including tax) will be distributed to all
shareholders for every 10 shares. No bonus shares will be issued, and no capital reserves will be
converted into share capital.
(VI) Profit distribution pre-plan of preferred stock deliberated and approved by the Board in
the reporting period
□ Applicable √ Not applicable
(VII) As of the end of the reporting period, the parent company had unabsorbed losses
□ Applicable √ Not applicable
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
II. Basic Information of the Company
(I) Company profile
Changhong Meiling, Stock
Short form of the stock 000521, 200521
Hongmeiling B code
Stock exchange for listing Shenzhen Stock Exchange
Short form of the stock after changed
None
(if applicable)
Person/way to contact Board Secretary Securities Affairs Representative
Name Yang Liuxu Xiao Li
No. 2163, Lianhua Road, No. 2163, Lianhua Road, Economic
Office address Economic and Technological and Technological Development
Development Zone, Hefei Zone, Hefei
Fax. 0551-62219021 0551-62219021
Tel. 0551-62219021 0551-62219021
E-mail liuxu.yang@meiling.com li.xiao@meiling.com
(II) Principal businesses or products during the reporting period
The Company is one of the important electrical appliance manufacturers in China, with four
domestic manufacturing bases in Hefei, Mianyang, Jingdezhen, and Zhongshan, as well as overseas
manufacturing bases in countries such as Indonesia. After more than 40 years of development, the
Company has evolved from a single refrigerator product line to a new multi-category collaborative
ecosystem encompassing refrigerators (freezers), air conditioners, washing machines, major kitchen
appliances, small home appliances, and biomedical cryogenic storage equipment.
The Company is a national level benchmark enterprise for technological innovation, carefully
building its core competitiveness through technological and product innovation. With the advanced
R&D team and advanced technology accumulation, Meiling has made continuous breakthroughs in
key technological fields, such as intelligence, preservation, thin wall, odourlessness, energy saving,
air cooling, deep cooling, simulation, ultra-thin, cleaning and clothing care. The Company has a
comprehensive system for technological innovation and quality control. Based on international
management system certifications such as ISO9001 and ISO14001, and relying on multiple national
core platforms and qualifications, the Company continues to strengthen its R&D and manufacturing
capabilities. The Company possesses a National-level Enterprise Technology Center, a
National-level Industrial Design Center, and holds titles including National Technology Innovation
Demonstration Enterprise, National Industrial Product Green Design Demonstration Enterprise, and
National Postdoctoral Research Workstation. It has also established a 5G Industrial Internet
Innovation Application Lab and founded Anhui Province's first RoHS Public Testing Center, Anhui
Green & Energy-Efficient Refrigerator Engineering Technology Research Center, Anhui
Energy-Saving & Freshness-Preserving Green Refrigerator Engineering Research Center, and
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
Anhui Smart Home Appliance Manufacturing Innovation Center, ensuring full-chain quality
assurance in R&D and manufacturing. In addition, the Company also operates provincial-level
innovation platforms such as the Anhui Green & Energy-Efficient Refrigerator Engineering
Technology Research Center. In addition, the Company also operates provincial-level innovation
platforms such as the Anhui Green & Energy-Efficient Refrigerator Engineering Technology
Research Center. It has also obtained industry-leading certifications, including AAA-Level
Excellence in the Upgraded Integration of Informatization and Industrialization Management
System and a spot among China's Top 50 Industrial Digitalization Leading Enterprises, further
strengthening its technological leadership, R&D efficiency, and smart manufacturing capabilities.
The Company has continuously achieved breakthrough results in the fields of refrigerators,
freezers, air conditioners, washing machines, major kitchen appliances, small home appliances and
biomedicine, progressively establishing a dominant industrial matrix centered on large white goods.
Looking ahead, the Company will adhere to the business policy of "innovation-driven development,
resource integration, industrial synergy, marketing transformation and digital transformation" to
continuously lead industry upgrading and strengthen market foundations.
During the reporting period, the Company's revenue was primarily generated from its
refrigerator (freezer), air conditioner, washing machine, major kitchen appliance, small home
appliance, and biomedical equipment businesses, with a total revenue reaching RMB 30.133 billion,
accounting for 99.09% of the Company's total operating income.
(III) Main accounting data and financial indexes
Does it have retroactive adjustment or re-statement on previous accounting data?
□ Yes √ No
Changes in the
current reporting
period compared
with the same
period of the
previous year
Operating revenue
(RMB)
Net profit
attributable to
shareholders of the 410,409,936.09 699,270,051.82 -41.31% 735,828,796.67
listed company
(RMB)
Net profit
attributable to
shareholders of the
listed company
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
after deducting
non-recurring gains
and losses (RMB)
Net cash flows
generated from
operating activities
(RMB)
Basic earnings per
share (RMB/share)
Diluted earnings
per share 0.3996 0.6790 -41.15% 0.7144
(RMB/share)
Weighted average Decrease by 4.46
return on net assets percentage points
Changes in the end
of the current
reporting period
End of 2025 End of 2024 End of 2023
compared with the
same period of the
previous year
Total assets (RMB) 22,302,792,548.16 23,972,603,896.48 -6.97% 19,638,615,277.46
Net assets
attributable to
shareholder of 6,083,548,865.34 6,085,800,940.38 -0.04% 6,061,337,941.39
listed company
(RMB)
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 7,360,074,545.63 10,711,441,296.52 7,321,413,995.48 5,014,996,680.07
Net profit attributable to
shareholders of the listed company
Net profit attributable to
shareholders of the listed company
after deducting non-recurring gains
and losses
Net cash flows generated from
-1,285,257,080.53 2,645,830,742.24 -15,678,547.39 -484,804,607.61
operating activities
Do the above financial indicators or their totals differ significantly from the relevant financial
indicators disclosed in the Company’s quarterly or semi-annual reports?
□ Yes √ No
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
(IV) Share capital and shareholding
and shareholdings of the top 10 shareholders
Unit: Shares
Total number of
Total number of
ordinary Total number of
preferred
Total number of shareholders at preferred
shareholders with
ordinary the end of the shareholders with
restored voting rights
shareholders at the 63,790 month preceding 63,865 restored voting 0 0
at the end of the
end of the reporting the disclosure rights at the end of
month preceding the
period date of the annual the reporting
disclosure date of the
report (March period (if any)
annual report (if any)
Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing)
Number of Pledge, marking or
Nature of Shareholdi Number of shares subject freezing status
Name of shareholder
shareholders ng ratio shares held to restricted Status of
conditions Number
shares
State-owned legal
Sichuan Changhong Electric Co., Ltd.
person
Hong Kong Securities Clearing Company Limited Overseas legal person 3.15% 32,393,145 0 - -
CHANGHONG (HK) TRADING LIMITED Overseas legal person 2.63% 27,077,797 0 - -
Hefei Industry Investment Holding (Group) Co., State-owned legal
Ltd. person
CAOSHENGCHUN Overseas natural person 1.43% 14,766,086 0 - -
Wang Jialing Domestic natural person 1.18% 12,200,018 0 - -
Domestic
China Merchants Bank Co., Ltd. – Taikang
Quality Life Hybrid Securities Investment Fund
non-state-owned legal 0.93% 9,600,000 0 - -
person
Industrial and Commercial Bank of China Limited Domestic
– Taikang Strategy Preferred Flexible Allocation non-state-owned legal 0.91% 9,400,000 0 - -
Hybrid Securities Investment Fund person
Qian Guanghai Domestic natural person 0.63% 6,494,382 0 - -
Phillip Securities (Hong Kong) Limited Overseas legal person 0.61% 6,296,913 0 - -
Among the above shareholders, CHANGHONG (HK) TRADING LIMITED is a wholly-owned subsidiary of
Explanation of related-party Sichuan Changhong Electric Co., Ltd. In addition to directly holding the Company’s B shares, Hong Kong
Changhong also holds 6,296,913 B shares of the Company through Phillip Securities (Hong Kong) Limited.
relationships or
Sichuan Changhong and Hong Kong Changhong have a related party relationship and constitute
acting-in-concert arrangements acting-in-concert parties. The Company is unaware of whether there are any related party relationships among
among the above shareholders other shareholders, and also unaware whether other shareholders constitute acting-in-concert parties as defined
in the Administrative Measures for the Takeover of Listed Companies.
Description of shareholders
participating in margin
N/A
financing and securities lending
business (if any)
Note 1: As of the end of the reporting period, CHANGHONG (HK) TRADING LIMITED, a
concerted party of the Company’s controlling shareholder Sichuan Changhong, holds a total of
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
Securities (Hong Kong) Limited.
Note 2: In the table above, the “Shareholding of shareholders holding more than 5% or the top
China Securities Depository and Clearing Corporation Limited.
Participation of shareholders holding more than 5%, the top 10 shareholders, and the top 10
unrestricted circulating shareholders in securities lending under the margin trading and securities
lending scheme
□ Applicable √ Not applicable
Changes in the top 10 shareholders and top 10 unrestricted circulating shareholders’ holdings
compared to the previous period due to lending/return under the margin trading and securities
lending scheme
□ Applicable √ Not applicable
preference shareholders
□ Applicable √ Not applicable
The Company had no preference shareholders during the reporting period.
controller presented in a block diagram (as of December 31, 2025)
Mianyang State-Owned Assets Sichuan Provincial Department of
Supervision and Administration Finance
Commission
Sichuan Changhong Electronics Holding Group Co., Ltd.
Sichuan Changhong Electric Co., Ltd.
CHANGHONG (HK) TRADING LIMITED
Changhong Meiling Co., Ltd.
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
(V) Status of bonds outstanding as at the date of approval and disclosure of the annual report
□ Applicable √ Not applicable
III. Important Events
approved the Proposal on the Investment in Establishing a Subsidiary and Participating in the
Bidding for Land Use Rights. In accordance with the Company’s strategic development plan and
operational needs, and to address the future capacity gap in washing machine sales and meet market
demand, it was agreed that the Company and its subsidiary Mianyang Meiling would jointly invest
RMB 500 million of their own funds to establish Mianyang Changhong Smart Home Appliances
Co., Ltd. (hereinafter referred to as “Smart Home Appliances”). Among this, the Company would
contribute RMB 495 million, holding 99% equity interest, and Mianyang Meiling would contribute
RMB 5 million, holding 1% equity interest. Smart Home Appliances would participate in bidding
for a parcel of industrial land located in Fuxin Community, Songya Town, Mianyang Economic and
Technological Development Zone, Sichuan Province, as the construction site for the Company’s
washing machine project, with a land area of approximately 136,737.72 square meters
(approximately 205.11 mu), and the authorized total bidding price shall not exceed RMB 59.50
million. On March 21, 2025, Smart Home Appliances completed industrial and commercial
registration and obtained the Business License issued by the Mianyang Municipal Administration
for Market Regulation. On April 18, 2025, Smart Home Appliances successfully acquired the
state-owned construction land use rights located in Fuxin Community, Songya Town, Economic
Development Zone, and signed the Confirmation Letter for the Transfer of State-owned
Construction Land Use Rights, with a total transaction price of RMB 59.008598 million.
On April 25, 2025, the Company convened the 14th meeting of the 11th Board of Directors
and deliberated and approved the Proposal on the Investment and Construction of a Washing
Machine Project with an Annual Output of 1 Million Units per Single Shift by a Subsidiary,
agreeing that Smart Home Appliances would invest approximately RMB 520 million in the
Mianyang Economic and Technological Development Zone to construct a project with an annual
output of 1 million washing machines per single shift (including the above-mentioned land, plant,
and equipment investment), thereby achieving an additional annual production capacity of 1 million
units per single shift.
Details were disclosed by the Company in the form of announcements (Announcements No.
Juchao Website (www.cninfo.com.cn).
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
board of directors of the Company, the 8th meeting of the 11th board of supervisors, and the 2024
annual general meeting of shareholders, it’s approved that the Company's 2024 profit distribution
plan-based on the Company's total share capital of 1,029,923,715 shares as of December 31, 2024, a
cash dividend of RMB 3.3 (including tax) will be distributed to all shareholders for every 10 shares,
no bonus shares, no provident fund will be used to increase share capital, and it is expected to
distribute cash dividends of RMB 339,874,825.95 (including tax), accounting for 48.60% of the net
profit attributable to shareholders of the listed company in 2024. On June 5, 2025, the Company
disclosed the Announcement on the Implementation of the 2024 Profit Distribution Plan and
implemented the aforementioned profit distribution plan. Details were disclosed by the Company in
the form of announcements (Announcements No. 2025-007, 2025-008, 2025-010, 2025-030, and
Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
shares, the Company held meetings of Board of Directors on May 8, and June 3, 2025, in which the
Proposal on the Plan to Repurchase the Company's A Shares was deliberated and passed, and the
Proposal on Increasing the Source of Funds for the Repurchase of the Company's A Shares were
deliberated and passed, respectively. The plan for repurchasing A-shares is as follows: The
Company will use its own funds and self-raised funds (including special stock repurchase loans
from financial institutions) of not less than RMB 150 million (inclusive) and not more than RMB
for the purpose of implementing the equity incentive plan. The repurchase price shall not exceed
RMB 10.67 per share (due to the Company’s implementation of profit distribution, the maximum
repurchase price has been adjusted from RMB 11.00 per share (inclusive) to RMB 10.67 per share
(inclusive)). The repurchase period shall be within 12 months from the date the Board of Directors
approves the repurchase plan. The specific number of shares and amount repurchased shall be based
on the actual number of shares and amount repurchased upon the expiration of the repurchase
period or the completion of the repurchase.
On July 15, 2025, the Company conducted its first A-share repurchase through a dedicated
stock repurchase securities account via centralized bidding. As of the disclosure date of this
announcement, the Company has repurchased a total of 21,201,570 A shares of the Company,
accounting for 2.0586% of the Company's total share capital, and the highest transaction price of
the repurchased A shares is 7.45 RMB per share, the lowest transaction price is RMB 5.86 per share,
and the total transaction amount is RMB 142,205,019.88 (excluding transaction fees).
Found more on appointed media Securities Times, China Securities Journal and Juchao
Website (www.cninfo.com.cn) that the Company disclosed in the form of announcement
(Announcement No.: 2025-019, 2025-031, 2025-032, 2025-041, 2025-043, 2025-049, 2025-050,
CHANGHONG MEILING CO., LTD. Summary of Annual Report 2025
July 4, 2025,July 16, 2025 and August 5, September 3, October 11, November 5, December 3, 2025,
and January 6, February 4, March 4, March 28, April 2, 2026.
the 20th meeting of the 11th Board of Directors and the first extraordinary meeting of Board of
Shareholders of 2025, it was agreed to amend certain provisions of the Articles of Association, the
Rules of Procedure for the Board of Shareholders, and the Rules of Procedure for the Board of
Directors. Details were disclosed by the Company in the form of announcements (Announcements
No. 2025-054, 2025-057, and 2025-068) on August 21 and September 30, 2025 in the designated
information disclosure media Securities Times, China Securities Journal, and Juchao Website
(www.cninfo.com.cn).
Changhong Meiling Co., Ltd.
Chairman: Li Xiaodong
April 3, 2026
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