Changhong Meiling 长虹美菱
3 significant filings since 29 May 2026: 1 on major holder buying, 1 on earnings pre-announcement and 1 on dividend. The latest, on 21 Aug 2026: 关于控股股东的一致行动人增持公司股份计划及首次增持情况的公告. On 15 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 85.62% to 87.54% from the same period a year earlier.
自 29 May 2026 起有 3 份重大公告：major holder buying 1 份、earnings pre-announcement 1 份、dividend 1 份。最新一份（21 Aug 2026）：关于控股股东的一致行动人增持公司股份计划及首次增持情况的公告。15 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 85.62% 至 87.54%。
As of 25 Sep 2026 截至2026年9月25日
Changhong Meiling, listed in 1993, is a white goods company. It reported revenue of RMB30.41bn in 2025, up 6.3% from 2024. Attributable net profit fell 41.3% to RMB410.4m. The company's operating cash flow per share was RMB0.84 in 2025, ahead of net profit, at a ratio of 2.00x. As of 30 Jun 2026, liabilities were at 77.0% of assets. In the first half of 2026, revenue declined 10.7% and attributable net profit dropped 86.1% year-on-year. A pre-announcement confirmed a profit fall of 86% to 88%. The stock has declined 37.7% over one year. The P/E TTM is 87.1, and the price to book is 0.76x.
长虹美菱于1993年上市，属于白色家电行业。2025年营业收入为304.08亿元，同比增长6.3%。归属于母公司股东的净利润同比下降41.3%至4.10亿元。2025年每股经营现金流为0.84元，经营现金流与净利润之比为2.00倍。截至2026年6月30日，资产负债率为77.0%。2026年上半年营业收入同比下降10.7%，归母净利润同比下降86.1%。2026年7月15日业绩预告显示归母净利润同比下降86%至88%。过去一年股价下跌37.7%。市盈率（TTM）为87.1，市净率为0.76倍。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities are at 77.0% of assets, above the 70% threshold. 资产负债率为77.0%，高于70%的阈值。 | A high liabilities to assets ratio may limit financial flexibility and increase refinancing risk. It suggests a heavy reliance on debt funding. 较高的资产负债率可能限制财务灵活性，并增加再融资风险。表明公司对债务融资依赖较高。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | The company pre-announced a profit decline of 86% to 88% for the first half of 2026. 公司预告2026年上半年利润下降86%至88%。 | A sharp profit decline may weaken investor confidence and reduce internal funding for operations. It may also affect creditworthiness. 利润大幅下滑可能削弱投资者信心，并减少用于经营的内部资金来源。也可能影响公司的信用状况。 |
- Next disclosed receivable days, to see if collection efficiency improves.
下一次披露的应收账款周转天数，观察回款效率是否改善。 - Next disclosed inventory days, to assess inventory management trends.
下一次披露的存货周转天数，评估存货管理趋势。 - The attributable net profit for the full year 2026, to see if the decline narrows.
2026全年归母净利润，观察下滑幅度是否收窄。 - Operating cash flow per share in 2026, to check if cash generation remains ahead of profit.
2026年每股经营现金流，检查现金流是否继续领先于利润。 - Liabilities to assets ratio at year-end 2026, to monitor leverage trend.
2026年末资产负债率，监测杠杆水平变化趋势。 - Revenue change in the second half of 2026, to assess recovery potential.
2026年下半年营业收入变化，评估复苏潜力。
- Company: Changhong Meiling 长虹美菱, Shenzhen Stock Exchange 000521; industry White Goods; listed 18 Oct 1993.
公司：长虹美菱，深圳证券交易所 000521；行业：白色家电；上市日期：1993年10月18日。 - Close on 24 Sep 2026 RMB4.33; close on 24 Sep 2025 RMB7.21, RMB6.95 in today's terms; one-year change, adjusted for distributions and share changes -37.7%.
2026年9月24日收盘价4.33元；2025年9月24日收盘价7.21元（前复权6.95元）；一年涨跌幅（复权）-37.7%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB4.33 to RMB7.21.
52周区间（前复权）4.33元至7.21元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 29 Jun 2026 +10.0%; 1 Jul 2026 +9.9%. No two of the 2 fell on consecutive trading days.
近12个月共有2个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近2个：2026年6月29日 +10.0%；2026年7月1日 +9.9%。其中任意两个交易日均不相邻。 - Market capitalisation RMB4.46bn; P/E TTM 87.1; price to book 0.76x.
总市值44.60亿元；市盈率（TTM）87.1；市净率0.76倍。 - Revenue 2025 RMB30.41bn; 2024 RMB28.60bn; change +6.3%.
营业收入2025年304.08亿元；2024年286.01亿元；同比+6.3%。 - Attributable net profit 2025 RMB410.4m; 2024 RMB699.3m; change -41.3%.
归属于母公司股东的净利润2025年4.10亿元；2024年6.99亿元；同比-41.3%。 - Net profit excluding non-recurring items, 2025 change -51.1%.
2025年扣除非经常性损益后的净利润同比-51.1%。 - Basic EPS 2025 RMB0.40; 2024 RMB0.68.
基本每股收益2025年0.40元；2024年0.68元。 - Operating cash flow per share 2025 RMB0.84; 2024 RMB3.85; operating cash flow to net profit 2.00x.
每股经营现金流2025年0.84元；2024年3.85元；经营现金流与净利润之比2.00倍。 - 2025 gross margin 10.5%; net margin 1.4%; ROE 6.7%.
2025年毛利率10.5%；净利率1.4%；净资产收益率6.7%。 - At 30 Jun 2026: liabilities to assets 77.0%; current ratio 1.05; quick ratio 0.93; receivable days 37; inventory days 28.
截至2026年6月30日：资产负债率77.0%；流动比率1.05；速动比率0.93；应收账款周转天数37；存货周转天数28。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB16.14bn, change -10.7%; attributable net profit RMB58.0m, change -86.1%; operating cash flow per share RMB0.31.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入161.36亿元，同比-10.7%；归母净利润5,798.3万元，同比-86.1%；每股经营现金流0.31元。 - Pre-announcement of 15 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -88% to -86%.
2026年7月15日发布的截至2026年6月30日业绩预告：归母净利润同比-88%至-86%。 - Ownership: actual controller 绵阳市国有资产监督管理委员会; controlling shareholder 四川长虹电器股份有限公司; largest holder at 30 Jun 2026: 四川长虹电器股份有限公司, 24.12%.
股权：实际控制人：绵阳市国有资产监督管理委员会；控股股东：四川长虹电器股份有限公司；2026年6月30日第一大股东：四川长虹电器股份有限公司，持股24.12%。 - Latest distribution: ex-date 23 Jun 2026, cash RMB0.21 per share.
最近一次分配：除权除息日2026年6月23日，每股现金0.21元。 - Aurelian Grade D, score 34.2 of 100, graded within a peer group of 11 companies in its industry; no rank among peers is given.
金源评级D，得分34.2（满分100），于行业同业11家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。