TigerResearch/tigerbot-earning-plugin huggingface dataset:
IX. Analysis of main holding company and stock-jointly companies
(i) Particular about main subsidiaries and stock-jointly companies net profit over 10%
Company name| Type| Main business| Register capital| Total assets| Net assets| Operating revenue| Operating profit| Net profit
 Zhongke Meiling Cryogenic Technology Co., Ltd.| Subsidiary| Research and development, manufacturing and sales of ultra-low temperature freezer|72,548,200|807,126,097.66|601,153,336.55|406,489,091.83|49,641,468.31|46,273,692.68
 Jiangxi Meiling Electric Appliance Co., Ltd.| Subsidiary| Manufacturing of refrigeration and freezer|50,000,000|278,324,616.56|140,259,789.88|706,341,391.00|7,552,290.98|7,558,590.98
 Mianyang Meiling Refrigeration Co., Ltd.| Subsidiary| Manufacturing of refrigeration and freezer|100,000,000|161,440,391.22|119,613,739.36|357,370,640.21|-534,107.81|-945,180.17
 Sichuan Changhong Air-conditioner Co., Ltd.| Subsidiary| R&D, manufacturing and domestic sales of air-conditioning|850,000,000|3,775,310,274.39|1,224,343,143.33|6,921,479,747.99|128,387,504.63|139,143,595.12
 Zhongshan Changhong Electric Co., Ltd.| Subsidiary| R&D, manufacturing and foreign sales of air- conditioning|334,000,000|1,621,626,963.00|183,642,460.63|3,079,395,653.40|106,761,877.14|101,756,266.88
 Hefei Meiling Group Holdings Limited| Subsidiary| Sales of white goods|80,000,000|1,181,996,329.32|-427,060,484.09|5,575,804,847.40|-195,650,670.93|-197,533,370.30
 Changhong Meiling Ridian Technology Co., Ltd.| Subsidiary| R&D, manufacturing and sales of kitchen and toilet products, small home appliances and water purifier|83,000,000|273,283,685.46|137,631,717.96|237,989,059.17|1,256,975.53|623,419.57
 Hefei Changhong Meiling Life Appliances Co., Ltd.| Subsidiary| R&D and sales of household appliances, kitchen appliances and|50,000,000|559,292,964.66|107,277,092.17|1,419,586,443.18|48,640,149.80|40,576,245.84
||small home appliances||||||
(ii) Subsidiary obtained and disposed in the period
Company name| The method of obtaining and disposing subsidiaries during the report period| The influence to the whole production and performance
 Jinan Xiangyou Electric Appliances Marketing Co., Ltd| Cancellation| Minor effect on the overall production and operation and performance of the company
 Zhengzhou Meiling Electric Appliances Marketing Co., Ltd| Mergers & acquisition| Minor effect on the overall production and operation and performance of the company
 Meiling Kadi Washing Machine Co., Ltd| Cancellation| Minor effect on the overall production and operation and performance of the company
(3) Description of the holding company and stock-jointly companies
During the reporting period, subsidiary Sichuan Changhong Air-conditioner Co., Ltd. and Zhongshan Changhong Electric Co., Ltd has larger increase in net profit from a year earlier, mainly due to the big increase in operation revenue.
X. Structured entity controlled by the Company
XI. Prospects for the future development of the company
(1)Macro environment analysis
Looking forward to 2023, As domestic policies to support consumption and other related policies continue to increase, the potential of domestic demand has been continuously released, residents' consumer confidence is expected to be further restored, and "hustle and bustle" is returning in an orderly manner. First of all, from the perspective of industrial structure, considering the high penetration rate of mature household appliances in China, with the weakening of the real estate cycle attribute of the household appliances industry, the industry demand depends more on the stock renewal, and the growth mainly depends on some emerging categories that improve the quality of life through technological innovation. Secondly, with the recovery and improvement of residents' income level, the consumer market will gradually recover, which will have a positive impact on the domestic market, but it will still take some time for residents' income to recover and consumption recovery will be gradual.  Thirdly, with the relaxation of real estate policy, the performance of home appliance industry, as a post-cycle industry of real estate, is expected to enter an improvement channel.  In addition, the recovery of home decoration industry will also drive certain household appliance consumption. Compared with domestic sales, it is facing many pressures such as high global inflation, declining consumer demand, and orders being transferred to overseas factories in the overseas markets, and the home appliance export market may continue to be under pressure.
(2) Industry environment analysis
1.Refrigerator (freezer) industry
In the domestic market, according to the data released by the National Bureau of Statistics, the refrigerator and freezer ownership per 100 households in China has exceeded 100 in 2020, which also means that the refrigerator market has fully entered the stock market, and the product structure upgrade and the price structure upgrade brought about by the renewing process still exist, and the scale still maintains a steady development trend. From the perspective of the supply side, although  raw material prices of bulk commodity have fallen, they are still operating at a high level. The long-term existence of cost pressures will continue to form a negative feedback on the scale, and will also continue to drive industry prices higher.
At present, the domestic employment income is under pressure, and the lack of consumer confidence has a great impact on the consumption growth of household appliances such as refrigerators and freezers. However, with the implementation of multiple domestic consumption stimulus policies, in addition to the policy support at the national level, measures to stimulate consumption of household appliances have been released one after another at the local government level throughout the country; On the enterprise side, mainstream home appliance enterprises also actively responded to the policy call, and joined hands with channel enterprises such as e-commerce platforms and chain stores to promote sales by cutting profits for consumers; On the supply and demand side, economic development drives the development of commercial activities, the demand for refrigeration facilities in catering and retail industry is increasing, and the domestic market is expected to gradually warm up. AVC predicts that the retail sales in the refrigerator market will reach 30.46 million units in 2023, with a year-on-year increase of 1.9%, while consumers pursue the improvement of quality of life. The upgrading of market consumption structure brought by the upgrading of refrigerators will promote the sustained price growth. It is estimated that the retail sales will reach RMB 97.4 billion, with a year-on-year increase of 5.2%.
In terms of freezers, at present, the renewal cycle of freezer products is long, which can not stimulate the demand for replacement; Thirdly, although the share of large-volume refrigerators is expanding rapidly with a certain degree of extrusion, for consumers, freezers and refrigerators are still on different tracks.  In 2023, the retail volume of the freezer market in China was 9.99 million units, with a year-on-year increase of 2.6%, and the retail volume was RMB 13.3 billion, with a year-on-year increase of 3.6%. The products such as vertical freezers and ice bars in subdivided tracks became a popular trend, which is expected to drive the freezer category to continue to grow in the future.
On the export side, due to the weak demand brought by the previous overdraft, the recovery of overseas production capacity and the decline in consumer demand, plus the multiple pressures brought by high inflation, maritime fluctuations and exchange rate changes, the demand for refrigerators in overseas markets, especially in Europe and the United States, will probably fall back. From the perspective of export areas, although emerging countries and some regions have sufficient growth potential, it is difficult to offset the high contraction of the broader market. It is noted that since RCEP (ASEAN Free Trade Area) came into effect in 2022, it has had a positive impact on the export of refrigerators and freezers in China. It is estimated that the sales of China exported to the other 14 member countries of RCEP will continue to increase in 2023. But overall, it is expected that the overall export scale of refrigerator cabinets will continue to be under pressure in 2023.
2. Air-conditioning industry
In 2023, for the air-conditioning industry, there are many favorable factors, such as consumption recovery, confidence recovery, real estate guaranteed delivery, and the release of relevant favorable policies, which will effectively stimulate the resilience of the air-conditioning market, especially under the low base of three-year scale. AVC predicts that the air-conditioning retail market in China will reach a sale of 58.97 million units in 2023, with a year-on-year increase of 3.2%. Therefore, enterprises need to continuously expand and extend their channels, scenarios and user demand.
Affected by the international situation, geopolitics, economic downturn, serious inflation, climate and other reasons, overseas market demand is sluggish, the market continues to decline, entering stock competition, volume and price decline at the same time, and scale growth and profits are facing double challenges.
3.Washing machine
The washing machine industry is affected by factors such as low base in 2022 and comprehensive liberalization of prevention and control, the suppressed demand in the washing machine industry is expected to be released, which will have a positive impact on the recovery of the domestic market of washing machines in 2023.  In terms of demand, the consumer's washing demand is gradually developing to the washing and washing care demand, and the partition washing and mini-washing products will show greater growth potential. In terms of product trends, the washing capacity will further increase, and the ultra-thin embedded large-capacity products will continue to grow. Due to the slowdown of global economic recovery, consumer demand in overseas markets has not changed significantly, but due to the influence of low base, the overall market size will remain relatively stable.
4.Kitchen & bathroom, small appliance
Under the background that economic development has entered the "new normal", residents' consumption is at a low ebb, and saving desire is high, the competition in kitchen and bath appliance and small household appliances market is becoming increasingly fierce, with health and intelligence becoming the important growth drivers, and emerging channels and sinking markets becoming places of strategic importance for brands. From the perspective of channel trends, China's home appliance market has entered an era of inventory, and offline channels are gradually recovering, and the retail sales of online channels have maintained a positive growth. Social e-commerce has become an important emerging channel that cannot be ignored. Judging from the consumption trend, consumers' consumption concept has gradually changed from individual rationality to group rationality, and the best-selling products are mostly multifunctional products with strong practicability, which are easy to store and save space. Meanwhile, consumers' willingness to pay a reasonable premium for higher-quality goods is quietly increasing, and high-quality products are embracing benefits. Judging from the product trend, the demand for traditional household appliances has slowed down, and products representing health demand, integration demand and exquisite lazy demand are still on the rise.
The competition in kitchen appliances market is fierce, and some emerging categories are still with a very low retention rate in China, and are gradually entering ordinary families. Enterprises need accurate positioning, and product-driven is the key to breakthrough.  Meanwhile, cleaning appliances are still in the growth trend under the overall decline of household appliances market, with diversified brands. Under the situation of rapid development of categories, high cost performance will become the focus of users' attention.
5.Bio-medical
As the economic stabilization policy continues to be implemented , residents' consumption will reach a peak, the pace of economic recovery will progress steadily, and China's economy will be under pressure, but it will develop steadily for a long time. The medical device industry has a large market scale and numerous segments. After experiencing equipment upgrades in grassroots medical institutions, the market demand for various types of medical devices has returned to normality, showing a steady development trend.
With the growth of China's per capita GDP and per capita disposable income and the trend of accelerated aging, the national expenditure on medical care will keep increasing. At the same time, with the development and construction of China's medical and health system, users at all levels of medical and health institutions, scientific research institutes, pharmaceutical enterprises and so on are increasing; More and more attention has been paid to bio-safety, which has stimulated the growing demand for potential biological sample storage; With the expansion of biopharmaceuticals, the scale of global refrigerated drugs has expanded, and the demand for cryogenic storage equipment has continued to grow; Under the trend of intelligence, the demand for equipment iterative upgrade is particularly obvious; National policies focus on encouraging localization and substitution of medical devices.  These development demands will continue to promote the continuous improvement of the industrial chain of the domestic medical device industry, and also bring sustained growth momentum to the market segment of cryogenic storage equipment.
(iii) Development strategy
1. Vision
Be a leading brand in China, World Class and respectable household appliance enterprise.
2. Strategic direction
Fully implement the guideline of "one goal, three main lines", drive organizational transformation through reasonable commercial inventory turnover, and improve overall competitiveness with efficiency as the core, so as to achieve the steady development of the industry.
(iv) Business plan for 2023
1. Business ideas
Focus on "one goal", closely follow "three main lines", implement "four management systems" and unswervingly deepen marketing transformation to carry out work for business ideas. The company will firmly take the road of efficiency-oriented, product leading and benchmarking, and continue to deepen the marketing transformation, further strengthen the value management system centered by retail price, the operation management system centered by reasonable commercial inventory, the marketing management system centered by retail, and the cost control system centered by rigid budget, and continue to increase revenue, reduce costs and reduce fees in terms of research and production, so as to achieve the goal of continuous improvement and upgrading of operations.
(1) One goal
"One goal" is to achieve scale growth on the premise of profitability.
(2) Three main lines
Efficiency oriented: value-oriented, to achieve continuous improvement of business by improving efficiency in four aspects: capital efficiency, channel efficiency, product efficiency and management efficiency.
Capital efficiency: continuously focus on commercial inventory turnover, guarantee delivery timeliness, improve the capacity of the whole supply chain, and achieve capital efficiency through retail drive.
Channel efficiency: focus on retail sales, promote quality products, improve product structure, make efforts in e-commerce channels, expand incremental channels, consolidate basic channels, upgrade chain channels, and continuously improve operating quality.
Product efficiency: classify and manage products, continuously improve product structure and increase gross profit margin by creating hot products, promoting high-quality products and optimizing the value chain of inefficient products and drainage products.
Management efficiency: the manufacturing end improves production efficiency by benchmarking, increasing daily production, reducing labor and eliminating process obstacles; focus on multiple tariff, reduce fees and improve efficiency, promote cost control, and enhance gross profit.
Product leading: to create products with unique value that meet the needs of Meiling consumers.
Products: refrigerators adhere to the product strategy of "quality products" + "hot products" + "hot quality products", with a product layout around "fresh, thin, large and embedded"; The freezers are based on "deep freezing, fresh freezing, defrosting and anti-bacteria"; The wall-mounted air conditioners are "all dust-free", and the cabinet air conditioners are with "far-reaching and near soft cooling, share in both living room and dining room"; The washing machines are "thin, big, simple and clean"; The kitchen and small household appliances focus on tea ecological appliances and services, cleaning appliances, and gas water heaters to cultivate core competitiveness and build influential brands in the industry; The biomedical products are distributed around "life science and cold chain", and the competitiveness of products is continuously improved through "accurate positioning, enhanced layering, revitalized bases and customized channels" to promote the benign operation of products.
Technology: to improve the capacity building of core key technologies. Master the core technology independently to achieve industry leadership; Integrate and apply key technologies, and build the "Lingyun" industrial Internet platform based on the concept of "collaboration, sharing, symbiosis and empowerment" to provide users with a good trading and service experience, while promoting the open sharing and deep integration of resources among enterprises and promoting the coordinated development of the entire industrial chain; Focus on the core of "Zhihuijia" intelligent strategy, persist in creating three major directions: product intelligent upgrade, service data transformation and scenario support to achieve industry advancement; Master the mechanism of hard core science and technology to achieve industry breakthrough.
Benchmarking: by comprehensively benchmarking, comparing gaps, finding reasons, and filling shortcomings, to drive the improvement in internal efficiency and terminal competitiveness. Focus on promoting benchmarking such as product cost, production efficiency, share increase and average price increase, and improve organizational performance, ability and efficiency.
(3) Firmly adhere to marketing transformation and implement four management systems
Deepen marketing transformation, adhere to the whole value chain operation under the industrial responsibility system, carry out the general direction of strong management by headquarters and strong implementation by divisions, and implement four management systems, namely, the value management system centered by retail price, the operation management system centered by reasonable commercial inventory, the marketing management system centered by retail, and the cost control system centered by rigid budget,.
2. Market strategy
(1) Refrigerator (freezer)
In the domestic market, promote customer-centered concept and provide consumers with products with unique value.  Promote quality products and create hot products. In terms of channels consolidate the basic channels by promoting the refined management of core customers and expanding outlets, enhance the trend channels through product layout and operational capabilities, improve the operating quality of chain channels by focusing on core areas and cancelling inefficient stores, and focus on resources to rapidly expand ODM business.
In the overseas market, driven by efficiency, continuously improve the quality of overseas business. Focus on key projects to improve R&D efficiency, improve product efficiency through internal and external collaboration and global collaboration, and improve market and customer efficiency by focusing on advantageous markets and key customers. Increase team and product investment in brand business, and continue to promote the construction of overseas independent brands.
(2) Air-conditioning
In the domestic market, insist on TOC and TOB dual drive.  Continue to promote the digital transformation of basic channels, strategically expand TOP channels, intensively cultivate the three special programs of O2O benchmark stores, continuously improve the channel operation quality, finely operate chain channels, and improve the operation quality. Rely on the company's R&D capabilities and manufacturing capabilities, respond quickly and serve customers in all directions, and maximize the scale under controllable risks.
In overseas markets, continue to practice the concept of "profitable scale growth and profitable cash flow growth", adhere to brand priority, develop brand e-commerce and expand brand agency; focus on the core market of stock and vigorously explore the market; improve product capabilities, expand customer channels, and at the same time use efficiency improvement to reduce costs, improve quality and improve service capabilities.
(3)Washing machine
The washing machine business continues to take the industrial vision of "washing all stains and protecting the whole family". With "ultra-thin embedding" as the brand difference, create a cleaning benefit point on this basis, which will meet the practical needs of consumers for ultra-thin space saving and the aesthetic needs of embedded installation matching versatile decoration, thus better serving the middle class who pursue quality life. Around innovative rubbing, washing, penetrating washing care technology, a new drum product is launched to provide machine washing clean as hand washing; The impeller breaks through the strong water flow technology with the core technology of "small volume and large capacity, one-button intelligent washing".  Serve the consumer groups that pursue cost performance, semi-automatic replacement and full automation. Meanwhile, further expand overseas business and ODM/OEM customers. Complete the layout of mini washing and washing care product line and achieve a rapid breakthrough in the scale of washing machines.
(4) Kitchen and bath, small household appliances
Adhere to the principle of "focus, transformation, leap and win-win" in kitchen and bathroom and small household appliances industries. In terms of products, focus on the core products of tea ecology, heating and clean electrical appliances, strengthen R&D and technology implantation, create hot products in the industry, and expand market scale and industry position; In terms of marketing channels, consolidate basic channels, strengthen trend channels, realize "walking on two legs", enhance brand channel ability and expand brand influence.
(5) Bio-medical
Unswervingly implement the development strategy of "based on relevant diversification in biomedical field", focus on the field of life sciences, deepen the construction of customer-oriented domestic and international channel system, focus on the comprehensive user strategy, deeply explore the needs and potential of users, improve service level, and expand user coverage and product market share.
The above business plans and business objectives do not represent the listed company's profit forecast for 2023. Whether they can be realized depends on many factors such as changes in market conditions and the efforts of the management team. There is great uncertainty, which shall be especially noted by the investors.
(V) Possible risks and countermeasures
Facing the objective factors such as more intense competition in the home appliance market, the living environment of enterprises will be even worse. In 2023, the company will face risks such as declining industry demand, fluctuations in exchange rates, and fluctuations in bulk material prices.
1. Industry demand declines