Changhong Meiling Co., Ltd.
000521.SZ · SHZ
Company research
Changhong Meiling Co., Ltd. (000521.SZ) is a China-based manufacturer of household and commercial electrical appliances, listed on the Shenzhen Stock Exchange and headquartered in Hefei, Anhui Province. Founded in 1983 and formerly known as Hefei Meiling Co., Ltd., the company rebranded to its current name in July 2018 following its association with parent conglomerate Sichuan Changhong Electric. The company operates across four key business segments — Air-Conditioning; Refrigerators, Freezers & Washing Machines; Small Home Appliances; and Others — offering a broad product portfolio that includes household and commercial refrigerators, ultra-low temperature freezers, front- and top-load washing machines, air conditioners, and a wide range of kitchen and bath appliances. With approximately 14,655 full-time employees, a market capitalization of approximately CNY 5.6 billion, and trailing twelve-month revenues of CNY 23.05 billion, Changhong Meiling serves both domestic and international markets, with foreign revenue growing at a notably faster pace, underpinned by its role as a major OEM manufacturer for brands such as Xiaomi air conditioners.
Research reports
The report reviews Changhong Meiling’s 2025 results, noting revenue of 304.1 billion yuan (+6.3% year-on-year) but a sharp drop in attributable net profit to 4.1 billion yuan (−41.3%), with Q4 revenue falling 13.9% and turning to a net loss as competitive intensity, raw-material inflation, and weaker demand weighed on earnings. The analysts cut their 2026–2028 net profit forecasts to 4.45/4.73/4.91 billion yuan (EPS 0.43/0.46/0.48), yet maintain a “买入” (Buy) rating based on the company’s long-term brand and channel strengths, highlighting growth in air-conditioning and washing-machine segments, faster overseas revenue expansion versus domestic, and key risks around subsidy policies, exchange-rate volatility and export demand.
开源证券股份有限公司 · August 22, 20252025H1 收入稳健增长，减值损失扰动利润——公司信息更新报告This semiannual update shows 2025H1 revenue rising to 18.07 billion yuan (+20.8% year-on-year) with attributable net profit at 420 million yuan (+0.3%), while Q2 revenue reached 10.71 billion yuan (+18.8%) but net profit declined 9.7% as higher credit and asset impairment charges offset operational growth. The authors emphasize robust expansion in air-conditioning and washing-machine lines, with domestic revenue at 11.70 billion yuan (+15.4%) and overseas revenue at 6.37 billion yuan (+32.2%), then reduce their 2025–2027 profit forecasts to 762/870/958 million yuan (EPS 0.74/0.84/0.93) while reiterating a “买入” (Buy) stance, framing the stock as a growing yet volatile second‑tier white-goods player exposed to subsidy policy shifts, FX movements and global demand cycles.