Sichuan Changhong's annual revenue first breaks 10 billion yuan, accelerating AI and globalization to build a new engine for rise.

With the impressive report of revenues exceeding 100 billion yuan for the first time in 2024, the high growth performance of Sichuan Changhong Electric Co., Ltd. (hereinafter referred to as "Sichuan Changhong" or Changhong) has attracted follow.

Recently, Sichuan Changhong released its 2024 annual report and 2025 Q1 report, showing that in 2024, Sichuan Changhong achieved an operating income of approximately 103.69 billion yuan, a year-on-year increase of approximately 6.40%; it achieved a net profit attributable to shareholders of the listed company of approximately 704 million yuan, a year-on-year increase of approximately 2.30%. In the first quarter of 2025, Sichuan Changhong's operating income reached 26.84 billion yuan, a year-on-year increase of 12.89%; the net profit attributable to the parent company was 345 million yuan, a year-on-year increase of 96.68%. According to the data, in 2015, Sichuan Changhong's shareholder, Changhong Holding Group, first broke the sales scale of 100 billion yuan.

Behind this series of data is a consumer electronics giant that has emerged from Sichuan to the global stage, penetrating all products and upgrading intelligent manufacturing through technologies such as AI, thereby building a core competitiveness that transcends economic cycles. Looking across the entire Changhong system, many listed companies have shown impressive performance, and the reporter attempts to uncover the strategic logic behind the "counter-cyclical rise."

AI Full Implementation: From Single Point Breakthrough to Full Chain Collaboration

"The comprehensive AI integration of Changhong's products is not simply a stacking of functions, but a systematic revolution from underlying technology to user experience by home appliance and electronics giants," said Dong Min, deputy secretary general of the China Electronic Video Industry Association, in an interview.

The financial report shows that at the beginning of 2024, the Changhong Yunfan AI model platform was filed with the National Internet Information Office and became the first approved large model platform in Sichuan Province, marking the recognition of its technical strength at the national level. Based on this, over the past year, Changhong has showcased its AI appliances, such as AI TVs and AI air conditioners, at events from the IFA exhibition, CES exhibition, to the recently held AWE exhibition and the Canton Fair, demonstrating a leap from "function control" to "demand prediction."

It is worth noting that AI empowerment is forming a synergy within the Changhong product system. The "Frozen Fresh" refrigerator launched by Changhong Meiling applies "AI self-optimization technology" to intelligently adjust the frost frequency, reducing energy consumption and minimizing the impact of internal temperature fluctuations; the Changhong air conditioner launched the Living Room and Dining Room PRO shared air conditioner, which achieves both energy saving and comfort through AI cloud energy-saving technology, enabling autonomous learning capability.

Ovi Cloud Network's research director Liu Daren analyzed: "This comprehensive AI upgrade not only wins users but also serves as the source of confidence for performance rise."

"Digital Intelligence Coexistence": From Manufacturing to "Smart" Manufacturing

In the smart display factory of Changhong Intelligent Manufacturing Industrial Park in Mianyang, the reporter learned that the production line integrating 5G private network and industrial Internet has achieved 100% automated coverage of key processes. This production base, which was selected as an "excellent smart factory" by the Ministry of Industry and Information Technology, has jumped to 95% in logistics automation, improved human efficiency by 65%, and compressed the order delivery cycle from 49 days to 11 days.

But the impact brought by Changhong's upgrade in "intelligent" manufacturing capabilities goes far beyond this. Data shows that its controlled subsidiary, Changhong Huayi, has achieved steady development in the fully enclosed piston compressor business, with sales ranking first in the world for twelve consecutive years, annual sales exceeding 84.25 million units, a year-on-year rise of 15.84%; the compressor business for new energy vehicles has surpassed the growth rate of the new energy vehicle industry for three consecutive years.

In addition, according to the financial report, in 2024, Sichuan Changhong's ICT comprehensive service business achieved revenue of approximately 36.884 billion yuan, representing a year-on-year growth of about 8.28%. Its holding subsidiary, Changhong Jiahua Information Products Co., Ltd. (hereinafter referred to as "Changhong Jiahua"), is based on intelligent distribution service business and continues to layout and strengthen its efforts in strategic areas such as cloud applications, metaverse, security, and low-altitude economy.

Global Brand Leap: From Product Going Abroad to Cultural Resonance

In recent years, China's "smart" manufacturing going abroad has evolved from product export to a multi-dimensional integration of "technology + brand + localization."

In the wave of the ice and snow economy, Changhong has formed a deep partnership with the International Ski Federation's top skiing events, exploring differentiated sports marketing. It is understood that Changhong has currently formed a sports IP matrix globally, including ice and snow, football, tennis, and rugby. In 2024, Changhong's brand value has reached a new high of 236.876 billion.

This combination of "sports marketing + product sales" has promoted the significant improvement of the quality and efficiency of Changhong's international operation. Among them, Changhong's national TV exports rank among the top three in the industry.

"Behind the brand value of 236.8 billion yuan for Changhong is a dual enhancement of technological discourse power and cultural soft power," said Liu Zhiming, deputy secretary-general of the Brand China Strategy Planning Institute. Sichuan Changhong is not only pushing innovative products like low capacity air conditioners to Southeast Asia but also deeply binding "China's intelligent manufacturing" with local culture through cooperation in sports events. Data shows that in 2024, Changhong's sales revenue in the European market will grow by more than 30% year-on-year, both online and offline.

From the fission of AI technology to the "intelligent" manufacturing upgrade, from meticulous cultivation in the domestic market to global brand building, Sichuan Changhong's "k billion road" provides a vivid example for the transformation and upgrading of China's manufacturing industry. Standing at the forefront of the new quality productive forces era, Changhong's "momentum" is accelerating its release.

(Source: Securities Daily)

Source: Eastmoney

Author: Securities Daily