Sichuan Changhong Electric Co Ltd

Wuzhou New Year announced its 2026 interim report on August 27. During the reporting period, it achieved operating revenue of 1.534 billion yuan, down 19.03 percent year on year; net profit attributable to the parent company was 61 million yuan, down 19.10 percent year on year; and non-GAAP net profit was 56 million yuan, down 18.97 percent year on year. Leveraging its full-industry-chain advantages in bearings and precision components, the company is actively expanding into new tracks such as humanoid robots and core components for new energy vehicles. However, affected by macro environment pressure and order fluctuations from specific major customers, performance showed a simultaneous decline in revenue and profit. Among these, the thermal management segment dragged overall performance due to declining demand for air-conditioning pipe components from core major customer Changhong, while the remaining segments maintained sound development after excluding this factor. The bearing business focused on core products such as ball-ring needle roller bearings for new energy vehicle chassis transmission systems and drive motor bearings, and expanded into high-end bearings for aerospace and industrial robots. In the auto parts segment, orders for airbag gas generator components grew steadily. In new businesses, core components for brake-by-wire actuation systems have been designated by customers such as Chenzhi Technology and Luxshare Precision, with some entering mass production. Humanoid robot components such as planetary roller screws and crossed roller bearings have achieved revenue of about 20 million yuan. Although not yet profitable, this validates the company's technology reserves and customer resources. The company successfully completed refinancing, providing capital support for capacity construction in new businesses. Total assets at the end of the period were 5.916 billion yuan, up 16.23 percent from the end of the previous year.

Changhong Meiling has released its 2026 interim report. Net profit attributable to the parent company for the first half was 57.98 million yuan, down 86.10 percent year on year. Net profit excluding non-recurring items was negative 8.96 million yuan, swinging from profit to loss. The company achieved operating revenue of 16.14 billion yuan in the first half, down 10.71 percent year on year. Air conditioning revenue was 9.03 billion yuan, and refrigerator and freezer revenue was 4.84 billion yuan, together contributing more than 80 percent of total revenue. The gross margin of the household appliance manufacturing business fell 2.29 percentage points year on year to 7.87 percent, mainly affected by the property market adjustment, insufficient end-market demand, and rising raw material and sea freight costs. Total non-recurring gains and losses of 66.94 million yuan provided key support to net profit, including 42.96 million yuan from changes in fair value of financial assets and disposal gains or losses, and 23.16 million yuan in government subsidies. The company will not pay a cash dividend for the first half of 2026. Controlling shareholder Sichuan Changhong Electric Co., Ltd. maintained its 24.12 percent stake, and Li Xiaodong was elected chairman.