股票 
板块 
用户 
资讯 Stock Code: 000521, 200521 Stock Abbreviation: Changhong Meiling, Changhong Meiling B Announcement No.: 2026-070
Changhong Meiling Co., Ltd. 2026 Third Quarter Report
The Company and all members of the Board of Directors hereby confirm that the content of this information disclosure is true, accurate, complete, and free from fictitious statements, misleading statements, or important omissions.
Important Notice:
Does any director or senior executive has objections to the content of the quarterly report or is unable to guarantee its truthfulness, accuracy, and completeness?
□ Yes √ No
1. Board of directors, all directors and senior executives of Changhong Meiling Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents.
2. Mr. Li Xiaodong, the person in charge of the company, Mr. Yang Bing, the person in charge of accounting work, and Mr. Hu Xiangfei, the head of the accounting body (accounting supervisor), declare that they guarantee the authenticity, accuracy, and completeness of the financial information in the quarterly report.
3. Has the financial and accounting report for the third quarter been audited?
□ Yes √ No
I. Major Financial Data
(I) Main accounting data and financial indexes
Does it have retroactive adjustment or re-statement on previous accounting data?
□ Yes √ No
| Reporting period | Change compared to the same period of last year | From the beginning of the year to the end of the reporting period | Year-on-year change for the period from the beginning of the year to the end of the reporting period | |
| Operating revenue (RMB) | 6,631,557,225.37 | -9.42% | 22,767,742,938.03 | -10.34% |
| Net profit attributable to shareholders of the listed company (RMB) | -49,533,974.57 | -169.55% | 8,448,670.89 | -98.27% |
| Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses (RMB) | -73,519,859.38 | -222.57% | -82,480,981.57 | -118.29% |
| Net cash flows generated from operating activities (RMB) | — | — | 856,778,398.71 | -36.29% |
| Basic earnings per share (RMB/share) | -0.0492 | -171.10% | 0.0084 | -98.23% |
| Diluted earnings per share (RMB/share) | -0.0492 | -171.10% | 0.0084 | -98.23% |
| Weighted average return on net assets | -0.84% | Decrease by 2 percentage points | 0.14% | Decreased by 7.72 percentage points |
| End of the reporting period | End of last year | Change compared to end of last year | ||
| Total assets (RMB) | 26,604,218,162.51 | 22,302,792,548.16 | 19.29% | |
| Equity attributable to shareholders of the listed company (RMB) | 5,830,154,897.45 | 6,083,548,865.34 | -4.17% | |
(II) Items and amounts of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
| Items | Amount in the reporting period | Amount for the period from the beginning of the year to the end of the reporting period | Description |
| Gains or losses on disposal of non-current assets (including the reversal of previously recognized asset impairment provisions) | 142,783.66 | 118,149.35 | |
| Government grants recognized in profit or loss for the current period (excluding those closely related to the Company’s normal operations, in compliance with national policies, enjoyed according to fixed standards and having a sustained impact on the Company’s profit or loss) | 15,390,562.16 | 38,553,975.39 | |
| Gains or losses from fair value changes of financial assets and financial liabilities held by non-financial enterprises and gains or losses from disposal of such assets and liabilities, other than effective hedging activities related to the Company's normal operations | 12,761,993.49 | 55,719,588.25 | The main reason is the profit and loss generated from changes in fair value and disposal of financial assets |
| Reversal of impairment provisions for receivables tested for impairment individually | 3,088,385.77 | ||
| Other non-operating income and expenses other than the above items | 1,104,995.23 | 13,877,723.52 | |
| Other gains/losses items that meets the definition of non-recurring gains and losses | |||
| Less: impact on income tax | 4,343,541.89 | 17,399,757.12 | |
| Effect of minority interests (after tax) | 1,070,907.84 | 3,028,412.70 | |
| Total | 23,985,884.81 | 90,929,652.46 | -- |
Details of other gains/losses items that meets the definition of non-recurring gains and losses:
There are no other gains/losses items that meet the definition of non-recurring gains and losses in the Company.
Explain the items defined as recurring gains and losses according to the lists of non-recurring gains and losses in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Non-recurring Gains and Losses
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of non-recurring gains and losses in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Non-recurring Gains and Losses.
(III) Analysis of changes in main accounting data and financial indexes
√ Applicable □ Not applicable
1、Analysis of changes in balance sheet items
| Report item | Ending balance | Balance at end of previous year | Change ratio | Reason for change |
| Trading financial assets | 1,835,761,948.21 | —— | —— | Mainly due to the purchase of wealth management products in the current period |
| Notes receivable | 20,313,327.48 | —— | It was primarily due to the increase in customer settlement bills | |
| Accounts receivable | 3,001,023,741.90 | 2,014,944,491.33 | 48.94% | It is mainly due to the seasonal fluctuation of revenue |
| Accounts receivable financing | 986,267,305.67 | 409,930,586.39 | 140.59% | Mainly due to a decrease in the Company’s discounting of bank acceptance bills compared with the beginning of the period |
| Non-current Assets Due within One Year | 944,411,491.59 | 659,796,120.71 | 43.14% | Mainly due to an increase in debt investments maturing within one year in the current period |
| Debt Investments | 960,589,766.24 | 1,661,029,964.49 | -42.17% | Mainly due to adjustments to the Company's capital allocation structure. |
| Construction in progress | 290,898,643.61 | 127,282,346.90 | 128.55% | Mainly due to an increase in the number of the Company's projects commencing operations |
| Other Non-current Assets | 14,256,181.41 | 26,856,492.34 | -46.92% | Mainly due to a decrease in the Company's prepayments |
| Derivative financial liabilities | 58,577,125.57 | 38,804,849.55 | 50.95% | Mainly due to exchange rate fluctuations in the current period |
| Notes payable | 10,100,683,029.04 | 7,004,658,556.59 | 44.20% | It is mainly due to the increase in operational procurement |
| Accounts payable | 6,560,852,906.41 | 4,934,324,141.76 | 32.96% | Mainly due to an increase in purchases for operating activities |
| Other current liabilities | 16,212,074.04 | 54,001,977.67 | -69.98% | Mainly due to changes in relevant taxes resulting from a decrease in advances received in the current period |
| Deferred income | 190,154,151.20 | 139,056,707.76 | 36.75% | Mainly due to an increase in government grants related to assets received by the Company in the current period |
| Treasury shares | 150,036,041.38 | 86,960,746.82 | 72.53% | Mainly due to ongoing stock repurchases in the current period |
| Special Reserve | 54,729,992.62 | 38,391,282.14 | 42.56% | Mainly due to a year-on-year increase in the base used to calculate the provision |
2、Analysis of changes in income statement items
| Report item | Current period amount | Corresponding prior period amount | Change ratio | Reason for change |
| Financial expenses | -81,150,108.31 | -186,471.43 | -43418.79% | Mainly due to exchange rate fluctuations in the current period |
| Other Income | 63,941,970.40 | 125,123,336.51 | -48.90% | Mainly due to changes in the VAT additional deduction in the current period |
| Investment income | 99,404,958.15 | 30,072,540.83 | 230.55% | Mainly due to exchange rate fluctuations in the current period |
| Income from fair value changes | -21,642,139.65 | 88,670,567.94 | -124.41% | Mainly due to exchange rate fluctuations in the current period |
| Credit Impairment Losses | -4,152,055.76 | -25,339,996.75 | -83.61% | Mainly due to a decrease in provisions for bad debt losses on accounts receivable in the current period |
| Non-operating Income | 15,732,291.47 | 5,649,236.72 | 178.49% | Mainly due to an increase in liquidated damages received in the current period |
| Non-operating Expenses | 3,385,190.72 | 7,384,314.26 | -54.16% | Mainly due to a decrease in the disposal of scrapped fixed assets in the current period |
| Income tax expenses | 25,468,513.26 | 104,245,622.31 | -75.57% | Mainly due to a decrease in profit in the current period |
3、Analysis of changes in cash flow statement items
| Report item | Current period amount | Corresponding prior period amount | Change ratio | Reason for change |
| Cash paid for various taxes | 264,486,991.83 | 433,837,530.22 | -39.04% | Mainly due to a decrease in VAT and surcharges paid in the current period |
| Net cash received from disposal of fixed assets, intangible assets, and other long-term assets | 2,378,800.42 | 1,404,030.10 | 69.43% | Mainly due to an increase in disposals of fixed assets in the current period |
| Other Cash Received Relating to Investing Activities | 224,531,627.51 | 123,604,562.13 | 81.65% | Mainly due to exchange rate fluctuations in the current period |
| Other Cash Paid Relating to Investing Activities | 14,224,866.33 | 134,132,125.91 | -89.39% | Mainly due to exchange rate fluctuations in the current period |
| Cash received from borrowings | 1,390,113,600.00 | 2,779,799,558.07 | -49.99% | Mainly due to a decrease in borrowings in the current period |
| Other Cash Received Relating to Financing Activities | 1,653,841,240.19 | 332,226,468.58 | 397.81% | Mainly due to an increase in the discounting of bills not yet due in the current period |
| Cash paid for repayment of debts | 1,297,635,811.06 | 2,503,042,196.13 | -48.16% | Mainly due to a year-on-year decrease in repayments of bank borrowings in the current period |
| Cash paid for dividends, profit distribution, or interest | 236,988,857.08 | 362,242,151.38 | -34.58% | Mainly due to a year-on-year decrease in dividends paid on the Company's shares in the current period |
| Other Cash Paid Relating to Financing Activities | 1,192,550,319.70 | 202,114,377.38 | 490.04% | Mainly due to an increase in guarantee deposits for bank acceptance bills in the current period |
| Effect of exchange rate changes on cash | -36,225,533.31 | 5,683,154.75 | -737.42% | Mainly due to exchange rate fluctuations in the current period |
II. Use of Proceeds
□ Applicable √ Not applicable
The Company had no use of proceeds during the reporting period.
III. Shareholder Information
(I) Total Number of ordinary shareholders and preference shareholders with restored voting rights, and shareholdings of the top 10 shareholders
Unit: Shares
| Total number of ordinary shareholders at the end of the reporting period | 60,831 | Total number of preferred shareholders with restored voting rights at the end of the reporting period (if any) | 0 | |||
| Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing) | ||||||
| Name of shareholder | Nature ofshareholders | Shareholding ratio | Number ofshares held | Number ofshares subject to restricted conditions | Pledge, marking orfreezing status | |
| Status of shares | Number | |||||
| Sichuan Changhong Electric Co., Ltd. | State-owned legal person | 24.12% | 248,457,724 | 0 | —— | —— |
| Hong Kong Securities Clearing Company Limited | Overseas legal person | 3.08% | 31,761,684 | 0 | —— | —— |
| CHANGHONG (HK) TRADING LIMITED | Overseas legal person | 2.97% | 30,582,182 | 0 | —— | —— |
| Hefei Industry Investment Holding (Group) Co., Ltd. | State-owned legal person | 1.83% | 18,864,896 | 0 | —— | —— |
| CAO SHENGCHUN | Overseas natural person | 1.43% | 14,766,086 | 0 | —— | —— |
| Wang Jialing | Domestic natural person | 1.18% | 12,200,018 | 0 | —— | —— |
| Li Tao | Domestic natural person | 1.10% | 11,333,200 | 0 | —— | —— |
| Xu Qianwei | Domestic natural person | 0.82% | 8,486,600 | 0 | —— | —— |
| Phillip Securities (Hong Kong) Limited | Overseas legal person | 0.61% | 6,296,913 | 0 | —— | —— |
| Industrial and Commercial Bank of China Limited – Taikang Strategy Preferred Flexible Allocation Hybrid Securities Investment Fund | Domestic non-state-owned legal person | 0.49% | 5,000,000 | 0 | —— | —— |
| Shareholding of the top 10 shareholders with unrestricted shares (excluding shares lent through securities lending and senior management lock-up shares) | ||||||
| Name of shareholder | Number of shares not subject to restricted conditions | Class and number of shares | ||||
| Type of shares | Number | |||||
| Sichuan Changhong Electric Co., Ltd. | 248,457,724 | RMB ordinary shares | 248,457,724 | |||
| Hong Kong Securities Clearing Company Limited | 31,761,684 | RMB ordinary shares | 31,761,684 | |||
| CHANGHONG (HK) TRADING LIMITED | 30,582,182 | Domestic listed foreign shares | 30,582,182 | |||
| Hefei Industry Investment Holding (Group) Co., Ltd. | 18,864,896 | RMB ordinary shares | 18,864,896 | |||
| CAO SHENGCHUN | 14,766,086 | Domestic listed foreign shares | 14,766,086 | |||
| Wang Jialing | 12,200,018 | RMB ordinary shares | 12,200,018 | |||
| Li Tao | 11,333,200 | RMB ordinary shares | 11,333,200 | |||
| Xu Qianwei | 8,486,600 | RMBordinary shares | 8,486,600 | |||
| Phillip Securities (Hong Kong) Limited | 6,296,913 | Domestic listed foreign shares | 6,296,913 | |||
| Industrial and Commercial Bank of China Limited – Taikang Strategy Preferred Flexible Allocation Hybrid Securities Investment Fund | 5,000,000 | RMB ordinary shares | 5,000,000 | |||
| Explanation of related-party relationships or acting-in-concert arrangements among the above shareholders | Among the above shareholders, CHANGHONG (HK) TRADING LIMITED (hereinafter referred to as “Hong Kong Changhong”) is a wholly-owned subsidiary of Sichuan Changhong Electric Co., Ltd. (hereinafter referred to as “Sichuan Changhong”). 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. Sichuan Changhong and Hong Kong Changhong have a related party relationship and constitute acting-in-concert parties. The Company is unaware of whether any relationships exist among the other shareholders or whether any of them are persons acting in concert as defined in the Administrative Measures for Information Disclosure on Changes in Shareholdings of Shareholders of Listed Companies. | |||||
| Explanation of participation by the top 10 shareholders in margin financing and securities lending (if any) | N/A | |||||
Note: As at the end of this reporting period, the Company has repurchased a total of 22,575,498 A-shares
through the special securities account for share repurchase via centralized bidding transactions, accounting for
2.19% of the Company’s total share capital.
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
(II) Total number of preference shareholders of the Company and shareholdings of the top 10 preference shareholders
□ Applicable √ Not applicable
IV. Other Significant Matters
√ Applicable □ Not applicable
1. On January 21, 1.2026, Ms. Li Xia resigned from her position as the Vice President, Chief
Compliance Officer, General Counsel, and all other positions due to a job transfer. She is now employed by the controlling shareholder's related unit. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-002) on January 22, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
2. On January 26, 2026, Mr. Wu Dinggang resigned from his positions as Director, Chairman, Chair of the Strategy Committee, Member of the Audit Committee, Member of the Nomination Committee, Member of the Compensation and Appraisal Committee, Chair of the ESG Management Committee, and all other positions of the 11th Board of Directors due to a job transfer. He still holds positions in the controlling shareholder's unit. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-003, 2026-004) on January 27, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
3. On February 11, 2026, at the 2026 first extraordinary shareholders’ meeting, it was approved to elect Mr. Li Xiaodong as a non-independent director of the 11th Board of Directors of the Company, effective from the date of approval by the board of shareholders until the expiration of the 11th Board of Directors’ term. At the 27th meeting of the 11th Board of Directors, it was approved to elect Mr. Li Xiaodong as the Chairman of the 11th Board of Directors, effective from the date of Board approval until the expiration of the 11th Board of Directors' term. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-008, 2026-009 and 2026-010) on February 12, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
4. On April 1, 2026, due to the restructuring of the Company's governance, Mr. Cheng Ping no longer serves as a Director of the 11th Board of Directors, Member of the Strategy Committee, Member of the ESG Management Committee, or holds any other position in the Company. He still holds a position at the controlling shareholder’s related entity. To ensure the standardized operation of the Company’s Board of Directors and in accordance with relevant provisions, the Company convened an Employee Representative Congress on April 1, 2026, and elected Mr. Lu Haiyang as the employee director of the 11th Board of Directors of the Company. His term of office commences on the date of election and approval at this Employee Representative Congress and expires upon the end of the term of the 11th Board of Directors. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-014, 2026-025) on April 3, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
5. On April 1, 2026, Mr. Hu Zhaogui resigned from his position as Vice President due to a job transfer but continued to serve as the Chairman of the Company’s subsidiary, Sichuan
Changhong Air Conditioner Co., Ltd. Mr. Kou Huameng resigned from his position as Vice President and all other positions due to a job transfer, and now works at an entity of a connected party. Due to work adjustment, Mr. Wang Xiaocheng no longer served as Vice President of the Company and is now employed by a subsidiary controlled by the Company. In accordance with relevant provisions, upon nomination by Mr. Tang Youdao, President of the Company, review and approval at the 9th meeting of the Nomination Committee of the 11th Board of Directors, and deliberation and approval at the 28th meeting of the 11th Board of Directors, the Company appointed Mr. Huang Herong, Mr. Tang Shenjie and Mr. Zhang Hao as Vice Presidents of the Company. Their terms of office commence on the date of approval by the Board of Directors and expire upon the end of the term of the 11th Board of Directors. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-014, 2026-026) on April 3, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
6. On April 1, 2026 and June 8, 2026, upon deliberation at the 28th meeting of the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, the 2025 Profit Distribution Proposal of the Company was approved. Based on 1,007,348,217 shares of the Company’s total share capital excluding 22,575,498 repurchased shares, the Company will distribute a cash dividend of RMB 2.10 (including tax) for every 10 shares held by all shareholders. No stock dividend will be issued and no capital reserve will be converted into share capital. On this basis, the total cash dividend to be distributed amounts to RMB 211,543,125.57 (including tax). On June 16, 2026, the Company disclosed the Announcement on the Implementation of the 2025 Profit Distribution Plan and implemented the aforementioned profit distribution plan. For detailed information, the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-016, 2026-038 and 2026-039) on designated information disclosure media including Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026, June 9, 2026 and June 16, 2026.
7. On April 1, 2026 and June 8, 2026, upon deliberation at the 28th meeting of the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, it was agreed to reappoint Pan-China Certified Public Accountants LLP as the audit institution for the Company’s 2026 financial statements and internal control, for a term of one year. For detailed information, the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-017 and 2026-038) on designated information disclosure media including Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026 and June 9, 2026.
8. On April 1, 2026 and June 8, 2026, upon deliberation and approval at the 28th meeting of the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, the Company and its subsidiaries are permitted to conduct forward foreign exchange transaction business during the period from July 1, 2026 to June 30, 2027, mainly including forward foreign exchange transactions, RMB foreign exchange swaps, RMB foreign exchange options, nondeliverable forward foreign exchange transactions and other foreign exchange derivative transactions. The total transaction volume shall not exceed USD 2.222 billion (mainly including US dollars, Australian dollars and euros; all other foreign currencies shall be converted into US dollars). The maximum settlement period for a single transaction shall not exceed one year. For detailed information, the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-019 and 2026-038) on designated information disclosure media including Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026 and June 9, 2026.
9. On April 1, 2026 and June 8, 2026, upon deliberation and approval at the 28th meeting of the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, the Company and its subsidiaries are allowed to apply to Industrial Bank Co., Ltd. Hefei Branch for a special bill pool credit line of up to RMB 600 million with a credit term of 2 years. For detailed information, the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-021 and 2026-038) on designated information disclosure media including Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026 and June 9, 2026.
10. On April 1, 2026 and June 8, 2026, upon deliberation and approval at the 28th meeting of the 11th Board of Directors and approval at the 2025 Annual General Meeting of Shareholders, the Company formulated the Remuneration Management System for Directors and Senior Management ofthe Company and the 2026 Director Remuneration Plan. For detailed information, the Company disclosed relevant content via announcements (Announcement No. 2026-014, 2026-023 and 2026-038) on designated information disclosure media including Securities Times, China Securities Journal and Juchao Website (www.cninfo.com.cn) on April 3, 2026 and June 9, 2026.
11. On April 21, 2026, the Company’s 29th meeting of the 11th Board of Directors approved the appointment of Mr. Lu Haiyang as the Company’s Chief Compliance Officer. His term of office commenced on the date of approval by the 29th meeting of the 11th Board of Directors and will expire upon the conclusion of the term of the 11th Board of Directors. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-028, 2026-031) on April 22, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
12. On May 18, 12.2026 and June 8, 2026, the 30th meeting of the 11th Board of Directors and the 2025 Annual General Meeting of Shareholders reviewed and approved the Proposal on Subsidiary Suspending Investment and Construction of the Smart Home Appliance Industrial Park Project by the Subsidiary. In view of changes in market conditions and the Company’s production and operating plans, and in accordance with the principle of prudence, the Company decided to temporarily suspend investment in and construction of the Hefei Changhong Smart Home Appliance Industrial Park project by its subsidiary, Hefei Industrial. The Chairman of the Company was also authorized to commence construction of the project at an appropriate time, taking into account market demand and the Company’s capacity utilization.The detailed information was disclosed by the company in the form of announcements (Announcements No. 2026-033, 2026-034, and 2026-038) on the designated information disclosure media, namely Securities Times, China Securities Journal, and CNINFO (www.cninfo.com.cn), on May 19 and June 9, 2026.
13. On May 27, 2026, the Company disclosed the Voluntary Information Disclosure Announcement on Shareholder Appreciation Activities. In order to express gratitude to shareholders for their long-term support, establish diversified shareholder return mechanisms, enable shareholders to experience the Company’s new products and services, and enhance investors’ understanding and recognition of the Company’s intrinsic value, the Company held the “Changhong Meiling Shareholder Appreciation Event” from May 29 to May 31, 2026. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-036) on May 27, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
14. On August 18, 2026, the Company’s 34th meeting of the 11th Board of Directors reviewed and approved the Proposal on the Revision and Formulation of Certain Corporate Governance Policies. To further improve the Company’s operational standards and corporate governance structure, the Company revised and formulated 16 corporate governance policies in accordance with applicable laws, regulations, regulatory documents and the Articles of Association, taking into account its specific circumstances. These policies include the Rules of Procedurefor Independent Directors, the Rules ofProcedurefor Special Meetings ofIndependent Directors, and the Implementation Rules for the Audit Committee under the Board ofDirectors. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-045, 2026-048) on August 20, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
15. On August 21, 2026, the Company disclosed the Announcement on the Shareholding Increase Plan by Persons Acting in Concert with the Controlling Shareholder and the Initial Share Increase. In view of its confidence in the Company’s future development and recognition of the Company’s long-term investment value, Hong Kong Changhong, a party acting in concert with the Company’s controlling shareholder, Sichuan Changhong, planned to increase its holdings of the Company’s B shares by a total of no fewer than 13.5 million shares and no more than 27 million shares, inclusive of the shares acquired on August 20, 2026. On August 20, 2026, Hong Kong Changhong increased its shareholding in the Company for the first time by acquiring
1,173,300 B shares through centralized competitive bidding via the Shenzhen Stock Exchange trading system, representing 0.11% of the Company’s total share capital. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-049) on August 21, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
16. On September 9, 2026, the Company’s 35th meeting of the 11th Board of Directors reviewed and approved the Proposal on Investment in and Construction of Clothes Dryer and Dishwasher Projects by the Company and Its Subsidiary. In line with the Company’s strategic development plan and business needs, and with the aim of broadening its portfolio of white goods and achieving high-quality development, it was agreed that the Company and its subsidiary, Hefei Changhong Industrial Co., Ltd., would jointly invest in the construction of clothes dryer and dishwasher projects using self-raised funds, with a total investment of RMB 79.8 million. Upon implementation, the projects will increase clothes dryer production capacity, broaden the Company’s white goods product portfolio, leverage synergies between its industrial operations and sales channels, and support the Company’s high-quality development. Details were disclosed by the Company in the form of an announcement (Announcement No. 2026-051, 2026-052) on September 10, 2026 in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Website (www.cninfo.com.cn).
V. Quarterly Financial Statements
(I) Financial Statements
1. Consolidated balance sheet
Prepared by: Changhong Meiling Co., Ltd.
September 30, 2026
Unit: RMB
| Items | Ending balance | Beginning balance |
| Current Assets: | ||
| Cash and cash equivalents | 10,869,512,867.73 | 10,186,661,869.94 |
| Settlement reserve | ||
| Funds lent | ||
| Trading financial assets | 1,835,761,948.21 | - |
| Derivative financial assets | 51,366,504.11 | 61,841,784.71 |
| Notes receivable | 20,313,327.48 | - |
| Accounts receivable | 3,001,023,741.90 | 2,014,944,491.33 |
| Accounts receivable financing | 986,267,305.67 | 409,930,586.39 |
| Prepayments | 92,790,893.25 | 92,667,517.48 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Reinsurance contract reserves receivable | ||
| Other receivables | 45,660,202.34 | 41,558,190.51 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventory | 2,346,964,839.49 | 2,079,744,997.60 |
| Including: Data resources | ||
| Contract assets | 693,967.94 | 725,425.50 |
| Assets held for sale | ||
| Non-current Assets Due within One Year | 944,411,491.59 | 659,796,120.71 |
| Other Current Assets | 458,883,448.71 | 372,910,923.88 |
| Total current assets | 20,653,650,538.42 | 15,920,781,908.05 |
| Non-Current Assets: | ||
| Loans and advances | ||
| Debt Investments | 960,589,766.24 | 1,661,029,964.49 |
| Other debt investments | ||
| Long-term receivables | ||
| Long-term Equity Investments | 71,979,660.81 | 88,148,806.34 |
| Other equity instrument investments | ||
| Other Non-current Financial Assets | 661,955,738.52 | 661,832,269.76 |
| Investment Properties | 59,472,230.65 | 63,387,835.97 |
| Fixed assets | 2,333,752,536.95 | 2,276,129,362.07 |
| Construction in progress | 290,898,643.61 | 127,282,346.90 |
| Productive biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 114,425,135.93 | 132,921,569.77 |
| intangible assets | 1,109,566,353.84 | 1,031,493,131.01 |
| Including: Data resources | ||
| Development Expenditures | 167,385,113.16 | 158,231,792.93 |
| Including: Data resources | ||
| Goodwill | ||
| Long-term Deferred Expenses | 32,507,222.66 | 26,427,371.81 |
| Deferred tax assets | 133,779,040.31 | 128,269,696.72 |
| Other Non-current Assets | 14,256,181.41 | 26,856,492.34 |
| Total non-current assets | 5,950,567,624.09 | 6,382,010,640.11 |
| Total assets | 26,604,218,162.51 | 22,302,792,548.16 |
| Current Liabilities: | ||
| Short-term borrowings | 877,729,667.60 | 810,099,931.94 |
| Borrowings from central bank | ||
| Funds borrowed | ||
| Trading financial liabilities | ||
| Derivative financial liabilities | 58,577,125.57 | 38,804,849.55 |
| Notes payable | 10,100,683,029.04 | 7,004,658,556.59 |
| Accounts payable | 6,560,852,906.41 | 4,934,324,141.76 |
| Advances Received | 2,032,602.18 | 20,340.81 |
| Contract liabilities | 714,868,087.19 | 871,792,341.16 |
| Financial assets sold under repurchase agreements | ||
| Deposits and interbank placements | ||
| Securities sold for clients | ||
| Securities underwriting payables | ||
| Employee Benefits Payable | 316,123,348.19 | 382,124,656.03 |
| Taxes payable | 50,389,072.26 | 63,147,720.26 |
| Other payables | 1,110,873,654.37 | 1,154,695,090.66 |
| Including: Interest payable | ||
| Dividends payable | 8,438,469.40 | 7,492,505.08 |
| Fees and commissions payable | ||
| Reinsurance payables | ||
| Liabilities held for sale | ||
| Non-current Liabilities Due within One Year | 49,728,464.47 | 46,005,202.83 |
| Other current liabilities | 16,212,074.04 | 54,001,977.67 |
| Total current liabilities | 19,858,070,031.32 | 15,359,674,809.26 |
| Non-Current Liabilities: | ||
| Insurance contract reserves | ||
| Long-term Borrowings | 135,067,500.00 | 111,178,667.25 |
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | 95,525,373.75 | 114,402,511.69 |
| Long-term Payables | 11,455.93 | 117,944.72 |
| Long-term Employee Benefits Payable | 8,361,008.20 | 9,021,087.36 |
| Estimated liabilities | 35,212,883.51 | 33,463,947.66 |
| Deferred income | 190,154,151.20 | 139,056,707.76 |
| Deferred tax liabilities | 39,340,410.57 | 44,604,488.14 |
| Other non-current liabilities | ||
| Total non-current liabilities | 503,672,783.16 | 451,845,354.58 |
| Total Liabilities | 20,361,742,814.48 | 15,811,520,163.84 |
| Owners' equity: | ||
| Share capital | 1,029,923,715.00 | 1,029,923,715.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital Reserves | 2,749,778,298.08 | 2,749,778,298.08 |
| Less: Treasury shares | 150,036,041.38 | 86,960,746.82 |
| Other Comprehensive Income | -27,342,978.42 | -23,780,049.29 |
| Special Reserve | 54,729,992.62 | 38,391,282.14 |
| Surplus Reserves | 551,363,051.46 | 551,363,051.46 |
| General risk reserves | ||
| Undistributed Profits | 1,621,738,860.09 | 1,824,833,314.77 |
| Total equity attributable to owners of the parent company | 5,830,154,897.45 | 6,083,548,865.34 |
| Minority Interests | 412,320,450.58 | 407,723,518.98 |
| Total owners' equity | 6,242,475,348.03 | 6,491,272,384.32 |
| Total liabilities and owners' equity | 26,604,218,162.51 | 22,302,792,548.16 |
Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department: Hu Xiangfei
2. Consolidated income statement for the period from the beginning of the year to the end of the reporting period
Unit: RMB
| Items | Amounts incurred during the period | Amount in prior period |
| I. Total operating revenue | 22,767,742,938.03 | 25,392,929,837.63 |
| Including: Operating revenue | 22,767,742,938.03 | 25,392,929,837.63 |
| Interest income | ||
| Earned premiums | ||
| Fee and commission income | ||
| II. Total operating costs | 22,807,060,067.17 | 24,919,740,815.00 |
| Including: Operating cost | 20,906,678,915.84 | 22,814,651,602.20 |
| Interest expense | ||
| Fee and commission expense | ||
| Surrender payments | ||
| Net claims expense | ||
| Net amount of withdrawal of insurance reserve | ||
| Policyholder dividends paid | ||
| Reinsurance expenses | ||
| Taxes and Surcharges | 83,232,341.26 | 88,461,144.95 |
| Selling expenses | 1,129,731,521.87 | 1,204,355,483.17 |
| Administrative expenses | 246,555,779.38 | 289,887,198.88 |
| Research and Development Expenses | 522,011,617.13 | 522,571,857.23 |
| Financial expenses | -81,150,108.31 | -186,471.43 |
| Including: Interest expenses | 30,587,745.30 | 24,906,755.48 |
| Interest income | 87,920,488.79 | 101,392,384.88 |
| Add: Other Income | 63,941,970.40 | 125,123,336.51 |
| Investment income (losses indicated with “-”) | 99,404,958.15 | 30,072,540.83 |
| Including: Share of profit of associates and joint ventures | 8,060,761.15 | 8,538,499.92 |
| Gains on derecognition of financial assets measured at amortized cost | -7,469,915.31 | -20,419,902.10 |
| Foreign exchange gains (losses indicated with “-”) | ||
| Net hedging gains (losses indicated with “-”) | ||
| Gains from changes in fair value (losses indicated with “-”) | -21,642,139.65 | 88,670,567.94 |
| Credit impairment losses (losses indicated with “-”) | -4,152,055.76 | -25,339,996.75 |
| Asset impairment losses (losses indicated with “-”) | -68,073,475.08 | -82,435,256.97 |
| Gains on disposal of assets (losses indicated with “-”) | 9,849.97 | 111,884.60 |
| III. Operating profit (losses indicated with “-”) | 30,171,978.89 | 609,392,098.79 |
| Add: Non-operating Income | 15,732,291.47 | 5,649,236.72 |
| Less: Non-operating Expenses | 3,385,190.72 | 7,384,314.26 |
| IV. Total profit (total losses indicated with “-”) | 42,519,079.64 | 607,657,021.25 |
| Less: Income tax expenses | 25,468,513.26 | 104,245,622.31 |
| V. Net profit (net losses indicated with “-”) | 17,050,566.38 | 503,411,398.94 |
| (I) Classified by continuity of operations | ||
| 1. Net profit from continuing operations (net losses indicated with “-”) | 17,050,566.38 | 503,411,398.94 |
| 2. Net profit from discontinued operations (net losses indicated with “-”) | ||
| (II) Classified by ownership | ||
| 1. Net profit attributable to shareholders of the parent company (presented as “-” for net loss) | 8,448,670.89 | 488,406,410.91 |
| 2. Profit or loss attributable to minority shareholders (presented as “-” for net loss) | 8,601,895.49 | 15,004,988.03 |
| VI. Net of tax of other comprehensive income | -3,669,254.02 | -1,904,880.62 |
| Other comprehensive income, net of tax, attributableto owners of the parent company | -3,562,929.13 | -1,817,393.46 |
| (I) Other comprehensive income not reclassifiable to profit or loss | ||
| 1. Remeasurements of defined benefit plans | ||
| 2. Other comprehensive income under the equity method not reclassifiable to profit or loss | ||
| 3. Changes in fair value of other equity instrument investments | ||
| 4. Changes in fair value arising from the Company's own credit risk | ||
| 5. Others | ||
| (II) Other comprehensive income to be reclassified into profit or loss | -3,562,929.13 | -1,817,393.46 |
| 1. Other comprehensive income under the equity method reclassifiable to profit or loss | ||
| 2. Changes in fair value of other debt investments | ||
| 3. Amounts reclassified to other comprehensive income upon reclassification of financial assets | ||
| 4. Allowances for credit impairment of other debt investments | ||
| 5. Cash flow hedge reserves | ||
| 6. Foreign currency financial statement translation difference | -3,562,929.13 | -1,817,393.46 |
| 7. Others | ||
| Other comprehensive income, net of tax, attributable to minority shareholders | -106,324.89 | -87,487.16 |
| VII. Total Comprehensive Income | 13,381,312.36 | 501,506,518.32 |
| (I) Total comprehensive income attributable to owners of the parent company | 4,885,741.76 | 486,589,017.45 |
| (II) Total comprehensive income attributable to minority shareholders | 8,495,570.60 | 14,917,500.87 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share | 0.0084 | 0.4743 |
| (II) Diluted earnings per share | 0.0084 | 0.4743 |
During the period, the net profit realized by the acquired entity under the common control business combination before the combination was RMB 0, and in the previous period it was RMB 0. Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department: Hu Xiangfei
3. Consolidated cash flow statement for the period from the beginning of the year to the end of the reporting period
Unit: RMB
| Items | Amounts incurred during the period | Amount in prior period |
| I. Cash flows from operating activities: | ||
| Cash received from sale of goods and provision of services | 22,902,491,974.52 | 27,244,478,389.60 |
| Net increase in customer deposits and interbank placements | ||
| Net increase in borrowings from the central bank | ||
| Net increase in funds borrowed from other financial institutions | ||
| Cash received from original insurance | ||
| premiums | ||
| Net cash received from reinsurance business | ||
| Net increase in policyholder deposits and investment funds | ||
| Cash received for interest, fees and commissions | ||
| Net increase in borrowed funds | ||
| Net increase in repurchase business funds | ||
| Net cash received from agency securities transactions | ||
| Tax refunds received | 988,752,222.77 | 1,122,837,199.52 |
| Other Cash Received Relating to Operating Activities | 127,267,754.80 | 142,470,936.53 |
| Subtotal of Cash Inflows from Operating Activities | 24,018,511,952.09 | 28,509,786,525.65 |
| Cash paid for purchase of goods and services received | 20,443,380,343.80 | 24,162,491,841.26 |
| Net increase in loans and advances to customers | ||
| Net increase in placements with the central bank and other banks | ||
| Cash paid for claims under original insurance contracts | ||
| Net increase in funds lent | ||
| Cash paid for interest, fees and commissions | ||
| Cash paid for policyholder dividends | ||
| Cash paid to and on behalf of employees | 1,651,529,341.93 | 1,694,985,888.04 |
| Cash paid for various taxes | 264,486,991.83 | 433,837,530.22 |
| Other Cash Paid Relating to Operating Activities | 802,336,875.82 | 873,576,151.81 |
| Subtotal of Cash Outflows from Operating Activities | 23,161,733,553.38 | 27,164,891,411.33 |
| Net cash flows generated from operating activities | 856,778,398.71 | 1,344,895,114.32 |
| II. Cash flows from investing activities: | ||
| Cash received from investment recovery | 23,953,501,623.90 | 20,906,761,598.30 |
| Cash received from investment income | 103,369,167.81 | 108,802,511.20 |
| Net cash received from disposal of fixed assets, intangible assets, and other long-term assets | 2,378,800.42 | 1,404,030.10 |
| Net cash received from disposal of subsidiaries and other business units | ||
| Other Cash Received Relating to Investing Activities | 224,531,627.51 | 123,604,562.13 |
| Subtotal of Cash Inflows from Investing Activities | 24,283,781,219.64 | 21,140,572,701.73 |
| Cash paid for acquisition and construction of fixed assets, intangible | 371,124,630.65 | 335,245,837.22 |
| assets, and other long-term assets | ||
| Cash paid for investments | 25,376,857,648.48 | 23,370,000,000.00 |
| Net increase in pledged loans | ||
| Net cash paid to acquire subsidiaries and other business units | ||
| Other Cash Paid Relating to Investing Activities | 14,224,866.33 | 134,132,125.91 |
| Subtotal of Cash Outflows from Investing Activities | 25,762,207,145.46 | 23,839,377,963.13 |
| Net Cash Flows from Investing Activities | -1,478,425,925.82 | -2,698,805,261.40 |
| III. Cash flows from financing activities: | ||
| Cash received from capital contributions | ||
| Including: Cash received from minority shareholders' investment in subsidiaries | ||
| Cash received from borrowings | 1,390,113,600.00 | 2,779,799,558.07 |
| Other Cash Received Relating to Financing Activities | 1,653,841,240.19 | 332,226,468.58 |
| Subtotal of Cash Inflows from Financing Activities | 3,043,954,840.19 | 3,112,026,026.65 |
| Cash paid for repayment of debts | 1,297,635,811.06 | 2,503,042,196.13 |
| Cash paid for dividends, profit distribution, or interest | 236,988,857.08 | 362,242,151.38 |
| Including: Dividends and profit paid to minority shareholders by subsidiaries | 4,574,784.06 | 4,066,474.72 |
| Other Cash Paid Relating to Financing Activities | 1,192,550,319.70 | 202,114,377.38 |
| Subtotal of Cash Outflows from Financing Activities | 2,727,174,987.84 | 3,067,398,724.89 |
| Net cash flows from financing activities | 316,779,852.35 | 44,627,301.76 |
| IV. Effect of exchange rate changes on cash and cash equivalents | -36,225,533.31 | 5,683,154.75 |
| V. Net increase in cash and cash equivalents | -341,093,208.07 | -1,303,599,690.57 |
| Add: Cash and cash equivalents at beginning of period | 9,759,861,189.08 | 9,976,098,734.11 |
| VI. Ending balance of cash and cash equivalents | 9,418,767,981.01 | 8,672,499,043.54 |
Legal representative: Li Xiaodong Head of accounting work: Yang Bing Head of accounting department: Hu Xiangfei
(II) Adjustments to relevant items in the opening financial statements for the year of firsttime adoption of new accounting standards, effective from 2026
□ Applicable √ Not applicable
(III) Audit Report
Has the financial and accounting report for the third quarter been audited?
□ Yes √ No
The Company’s financial and accounting report for the third quarter has not been audited.
Board of Directors of Changhong Meiling Co., Ltd. October 27, 2026
评论 (0)