As the home appliance industry enters a new era of intelligence, greening, and personalization, how enterprises can achieve the improvement of new quality productivity and drive scale growth with scientific and technological innovation has become an important yardstick to measure their competitiveness. In the 2023 annual report and the first quarter report of 2024, Changhong Meiling vividly interpreted this development path with significant performance and market strategy.
On the afternoon of April 19, Changhong Meiling's first quarter report for 2024 was released, ushering in a good start. According to the data, Changhong Meiling's revenue in the first quarter of 2024 was 5.94 billion yuan, a year-on-year increase of 18.2%, and the net profit attributable to shareholders of listed companies was 156 million yuan, a year-on-year increase of 26.93%.
According to the previously released 2023 annual report data, the operating income was 24.248 billion yuan, a year-on-year increase of 19.95%, and the net profit attributable to the parent company was 741 million yuan, a year-on-year increase of 203.04%. Going forward, in 2022, Changhong Meiling will also achieve two-dimensional growth in revenue and profit, achieving a total operating income of 20.215 billion yuan, a year-on-year increase of 12.10%, and a net profit attributable to shareholders of listed companies of 245 million yuan, a year-on-year increase of 371.19%.
The construction and release of new quality productivity
When China's economy has entered a stage of high-quality development, with the increasing purchasing power of consumers and the obvious trend of consumption upgrading, the home appliance market has experienced a transformation from high-speed growth to stable growth, and has gradually entered the "stock era". In this context, home appliance companies are facing multiple challenges such as saturated market demand, serious product homogenization, and changes in consumer purchasing behavior, and at the same time, new development opportunities are also being bred.
Behind the continuous "soaring" business performance, Changhong Meiling has expanded diversified industries while strengthening the home appliance business sector and building a rich industrial form. At present, Changhong Meiling has the core industry of household appliances including refrigerators, air conditioners, washing machines, etc., and expands other industries, ushering in a new stage of development in the era of household appliance stock, the era of great health, and the era of IoT intelligence.
Changhong Meiling's annual report shows that the company adheres to the innovation-driven strategy, continues to increase R&D investment, and the R&D investment in 2023 will increase by 7.08% compared with 2022, optimize the R&D system, and lead industrial innovation with scientific and technological innovation. Changhong Meiling builds multi-level core technology advantages, improves the level of intelligent manufacturing, optimizes product structure, product differentiation competition, and constantly innovates and changes to adapt to rapidly changing technology trends and market demand, and stands out in the competition.
Technological innovation and product upgrading are driven by both technology
In the face of the deep transformation of the home appliance market to high quality, intelligence, green, and personalization, Changhong Meiling's new quality productivity construction and scientific and technological innovation strategy are exactly in line with this trend, providing solid technical support for product upgrading and market scale expansion.
Changhong Meiling insists on creating refrigerators that make food fresher, washing machines that make clothes cleaner, air conditioners that make air fresher, household appliances that make water cleaner, biomedical treatment that makes samples safer, and bring fresher lifestyles to hundreds of millions of consumers with fresher products.
Through continuous innovation, we have successively launched a series of industry-leading products such as the industry's best fresh-keeping M fresh refrigerator, the industry's first fully dust-free fresh air air conditioner, a super-first-class energy-efficient super-energy cabinet saving machine, an industry-leading drum washing machine as clean as hand washing, the industry's first intelligent tea bar machine, and an ultra-low temperature medical refrigerator with a refrigeration of minus 180 °C, and constantly bring consumers a fresher lifestyle with fresher products.
In 2023, Changhong Meiling's refrigerator (cabinet) business will achieve revenue of about 8.809 billion yuan, a year-on-year increase of 20.47%, air conditioning business will achieve revenue of about 11.566 billion yuan, a year-on-year increase of 18.24%, washing machine business will achieve revenue of about 1.329 billion yuan, a year-on-year increase of 76.37%, and kitchen and bathroom and small household appliances business will achieve revenue of about 1.849 billion yuan, a year-on-year increase of 15.16%.
From the annual report data, we can find that in the industry environment of sluggish demand and sluggish market, Changhong Meiling found incremental elements in the stock market. Changhong Meiling has always adhered to the user-centric, with profound technology accumulation and forward-looking strategic vision, successfully realized the dual drive of technological innovation and product upgrading, and effectively responded to the new changes in the needs of home appliance users in the stock era.
Affected by multiple favorable influences such as policy assistance and the growth of consumer demand, the home appliance market will usher in a wave of "trade-in" in 2024. Changhong air conditioning in this year's 14th air raid activities, increased the "old for new", Meiling also carried out the "old for new, Meiling fresh" large-scale public welfare promotion activities across the country. Changhong Meiling's long-term insistence on technological innovation, product iteration, and service upgrading has given it favorable support for taking the lead in market competition and mining growth in the stock.
New quality productivity is not just a popular term, it is already the internal kinetic energy of continuous innovation, upgrading and change for Changhong Meiling, accelerating its ability to comprehensively build an intelligent manufacturing system, focusing on making products, doing services with heart, constantly creating new value space, and boosting the high-quality development of the industry.