Core Viewpoint - The successful maiden flight of China's first heavy-duty electric vertical takeoff and landing aircraft (eVTOL), AR-E800, marks a significant step towards the commercialization and heavy-duty development of the low-altitude economy in China [1] Industry and Company Summary Heavy-duty eVTOL Development - The AR-E800 has a total weight and payload capacity of 800 kilograms, designed for low-altitude logistics, engineering operations, and power inspection, indicating a clear commercial path compared to passenger eVTOLs [2] - The project has secured 20 confirmed orders and 140 intention orders during the Tianjin International Helicopter Expo, with a target to achieve certification and small-scale market entry by 2026 [2] Capital and Industry Involvement - The eVTOL industry is attracting significant capital and interest from major companies, with listed companies leading the charge and driving the aggregation of upstream and downstream enterprises [2][3] - Companies like Sichuan Changhong and Zhejiang Wanfeng Aowei are actively developing core systems and components, with Sichuan Changhong overcoming technical challenges in high-voltage battery systems [3] Manufacturing and Infrastructure - Private companies such as Sichuan Wofei Chang Kong and Shanghai Wolante are accelerating their competition in the eVTOL manufacturing sector, with many products entering the certification phase [4] - Strategic partnerships are forming in the operational and infrastructure sectors, with companies like China Telecom collaborating with local leaders to tackle low-altitude perception and airspace management [5] Market Growth and Projections - The Chinese government has positioned the low-altitude economy as a strategic emerging industry, aiming for eVTOL pilot operations by 2025, with market size projected to reach 5.75 billion yuan by 2025 [6] - Capital markets are responding positively, with recommendations to focus on leading companies in the eVTOL supply chain, including those in airframe, motors, batteries, and avionics [6] Industry Challenges and Future Outlook - The transition from single technology showcases to integrated application solutions is crucial, with companies that can provide comprehensive solutions likely to gain a competitive edge [7] - Safety and rigorous certification processes remain paramount, with ongoing challenges in high energy density batteries, intelligent driving, and low-altitude path planning [6][7]

Core Insights - Sichuan Changhong's 800V high-voltage battery pack has successfully powered China's first heavy-load electric vertical takeoff and landing aircraft (eVTOL) AR-E800 during its maiden flight, overcoming significant technical challenges such as high voltage insulation and thermal management [1] - The company is building a comprehensive industrial chain covering "air, land, and space" in the low-altitude economy, leveraging its deep industry experience [1] Group 1: Technological Breakthroughs - The lithium-ion emergency power system developed by Changhong Power has achieved a milestone by addressing the critical issue of thermal runaway safety, passing the stringent RTCA/DO-311A standard verification, which is essential for eVTOL airworthiness certification [2] - The "all-element integrated sensing system platform" developed by Changhong Jiahua and Zero Eight One has won a national innovation award in low-altitude economy, demonstrating effective management and control over thousands of square kilometers of airspace [2] Group 2: Ecosystem Collaboration - Sichuan Changhong's low-altitude economy strategy is characterized by internal collaboration, forming a closed-loop capability of "products + solutions + services" [3] - Changhong Power focuses on providing high-safety eVTOL batteries and emergency power solutions, while Zero Eight One specializes in low-altitude security systems, and Changhong Jiahua integrates digital infrastructure and service solutions [3] Group 3: Market Outlook - Although Sichuan Changhong's low-altitude business is still in the exploratory phase and has not yet generated significant revenue, its systematic technological reserves position it favorably in the rapidly growing market [5] - The Chinese low-altitude economy is projected to grow from over 500 billion yuan in 2023 to 3-5 trillion yuan by 2025, with a shift from "single technology showcases" to "integrated application implementations" [5] Group 4: Strategic Transformation - Sichuan Changhong's development in the low-altitude economy reflects its transformation from a traditional home appliance manufacturer to a high-tech industrial group, with potential to become a new growth driver in the trillion-yuan "sky track" market [6]

Core Insights - Sichuan Changhong's self-developed 800V high-voltage battery pack successfully powered China's first heavy-duty eVTOL, AR-E800, for its maiden flight [1] Company Summary - Sichuan Changhong's subsidiary, Changhong Power, developed the 800V high-voltage battery pack [1] - The battery pack serves as the core power component for the eVTOL, overcoming significant technical challenges such as high voltage insulation, thermal management, and lightweight design [1] Industry Summary - The successful flight of the AR-E800 marks a significant milestone in the domestic eVTOL industry in China [1] - The achievement highlights advancements in electric aviation technology and the potential for future developments in the sector [1]

Core Insights - Sichuan Changhong's subsidiary, Changhong Power, successfully developed an 800V high-voltage battery pack that powered China's first heavy-duty electric vertical takeoff and landing aircraft (eVTOL), AR-E800, during its maiden flight, achieving stable operation with "zero anomalies" [1] Group 1: Technological Advancements - The 800V high-voltage battery pack overcame significant technical challenges, including high voltage insulation, thermal management, and lightweight design [1] - Changhong Power developed a lithium-ion emergency power system for civil aircraft, addressing the critical issue of thermal runaway safety and passing stringent RTCA/DO-311A standard verification, which facilitates airworthiness certification for eVTOL manufacturers [2] Group 2: Industry Positioning - Sichuan Changhong is establishing a comprehensive low-altitude economy ecosystem, integrating core components, digital infrastructure, and safety control systems, with key breakthroughs achieved by its subsidiaries [1][2] - The company has created a closed-loop capability covering "product + solution + service," addressing three core areas: eVTOL batteries ("造天车"), integrated sensing platforms ("修天路"), and low-altitude security ("建天网") [2] Group 3: Market Potential - Although Sichuan Changhong's low-altitude business is still in the exploratory phase and has not yet generated significant revenue, its systematic technological reserves and ecological positioning provide a competitive advantage in the emerging market [2] - The company's transition from a traditional home appliance manufacturer to a high-tech industrial group is reflected in its low-altitude economy strategy, which is expected to become a new growth driver in the coming years [3]

Core Viewpoint - The article discusses a new trend in the A-share market where companies are engaging in "physical dividends" to enhance shareholder experience and interaction, moving beyond traditional cash dividends and stock bonuses [1][2]. Group 1: Shareholder Engagement Initiatives - Emei Mountain A plans to offer free entrance tickets to its scenic area for shareholders holding more than 500 shares as part of its 2025 shareholder reward program [1]. - Over 30 listed companies have initiated similar engagement activities, providing products, coupons, and tourism rights to their investors [1][2]. - The trend includes a variety of sectors, such as food, home appliances, health products, and cultural tourism, showcasing a diverse approach to shareholder rewards [2]. Group 2: Benefits of Physical Dividends - Physical dividends can create a closed-loop ecosystem of "investment-consumption," enhancing shareholders' understanding of the company's product strength and brand vitality [6]. - This approach can serve as a low-cost, high-return brand public relations strategy, transforming shareholders into brand advocates through personal product experiences [6]. - It aligns with regulatory goals to enhance investor satisfaction, providing tangible rewards that can improve investor sentiment amidst market volatility [7]. Group 3: Risks and Challenges - There is a risk of prioritizing physical rewards over fundamental company performance, which could lead to shareholder dissatisfaction if the company's financial health is not strong [8]. - The disparity in shareholding can create fairness issues, potentially alienating minority shareholders while favoring larger ones [8]. - Implementing a physical rewards system introduces new operational costs and management challenges, which could backfire if not handled properly [8]. Group 4: Strategic Insights for Consumer Companies - Companies must ensure their products can impress even the most discerning shareholders, as this reflects their broader market potential [9]. - The goal should be to transition shareholders from passive investors to active partners in the company's growth, fostering a sense of shared identity and collaboration [9]. - Compliance with regulations is crucial to avoid legal risks, ensuring that all reward initiatives are transparent and fair [9][10]. Group 5: Conclusion on Value Creation - The ultimate aim of these initiatives is to create a value-sharing ecosystem among brands, users, and investors, moving beyond short-term stock price fluctuations [11]. - Companies should strive to make every shareholder a passionate advocate for their products, enhancing long-term loyalty and brand strength [11].

2025 年第二次临时股东会会议资料 四川长虹电器股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 12 月 24 日 -1- 2025 年第二次临时股东会会议资料 四川长虹电器股份有限公司 2025 年第二次临时股东会会议资料目录 -2- 一、公司 2025 年第二次临时股东会议程 二、公司 2025 年第二次临时股东会须知 三、《关于公司预计 2026 年度对外担保额度的议案》 四、《关于公司开展供应链融资业务暨对外担保的议案》 2025 年第二次临时股东会会议资料 文件之一 公司 2025 年第二次临时股东会议程 现场会议时间：2025 年 12 月 24 日（星期三）13:30 五、股东逐项审议并填写表决票，股东及代理人若需质询需举手示意，经会议主 持人同意后进行发言 六、由律师、两名股东代表共同负责计票、监票 七、宣布现场会议休会，合并统计现场及网络投票表决结果 八、宣读股东会表决结果等 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为 2025 年 12 月 24 日（星期三）当日的交易时间段：9:15-9:25，9:30-11:30， 13:00 ...

Core Viewpoint - The air conditioning industry is moving towards the use of aluminum alloy heat exchangers instead of copper due to rising copper prices and the high dependency on copper imports in China [1][3]. Group 1: Industry Trends - The 2025 China Home Appliance Technology Conference saw major companies like Gree, Xiaomi, and others announce the "Production Line Construction Specifications for Aluminum Tube Fin Heat Exchangers for Room Air Conditioners" [2][3]. - The air conditioning sector consumed approximately 1.723 million tons of copper in 2023, accounting for 10.7% of China's total copper consumption [3]. Group 2: Collaborative Efforts - A collaborative effort involving major air conditioning companies and academic institutions has led to the establishment of standards for aluminum heat exchangers, with further discussions planned for January [2][3]. - Companies including Xiaomi, Haier, and Midea have signed a self-regulatory agreement to promote aluminum heat exchangers and avoid negative competition among peers [4]. Group 3: Market Implications - The shift to aluminum heat exchangers is expected to lower air conditioning prices in the future, although copper heat exchangers may still be marketed as a premium option [4].

Core Viewpoint - Changhong Huayi announced the renewal of its financial service agreement with Sichuan Changhong Group Finance Co., Ltd. to expand financing channels and reduce costs [1] Group 1: Financial Agreement Details - The financial service agreement is set to be renewed due to the expiration of the current agreement [1] - The maximum daily deposit balance with Changhong Finance will not exceed 3 billion yuan, including accrued interest and fees [1] - The maximum outstanding principal and interest daily will not exceed 3.5 billion yuan [1] - The new agreement will be effective until December 31, 2028, following approval from the shareholders' meeting [1] - The existing financial service agreement signed on January 1, 2023, will be terminated upon the effectiveness of the new agreement [1]

Group 1 - The core viewpoint of the articles highlights the transformative impact of AI and green technology on the home appliance industry, driven by policies such as the "old-for-new" initiative, which has invigorated the market and accelerated technological upgrades [1][25][48] - The integration of AI into home appliances has shifted from optional enhancements to fundamental redefinitions of product forms and user experiences, marking a new phase in the industry [3][27] - The sales growth of smart home products has been significant, with a reported increase of 940.7% in new smart home product barcodes, indicating a robust market trend [4][30] Group 2 - The trend towards personalized and flexible customization in home appliances is emerging, exemplified by the popularity of products like the "three-tub washing machine," which responds to consumer feedback [8][33] - The green upgrade of home appliances is gaining momentum, with a reported sales increase of over 10% for first-level energy-efficient products, reflecting a shift in consumer awareness towards sustainable living [11][36] - The aging population in China is driving the demand for elder-friendly appliances, with new standards and products being developed to cater to this demographic [13][38] Group 3 - The "Good House" initiative is fostering a deep integration of home appliances with home design, pushing for a seamless experience in kitchen and living spaces [14][39] - The trend of collaboration among major appliance brands, such as the strategic partnership between Hisense and Midea, signifies a shift from competition to "co-opetition" in the industry [19][44] - The globalization of the Chinese home appliance industry is accelerating, with companies expanding their presence through mergers and international marketing strategies, including partnerships with global sports events [21][46]

证券日报网讯 12月9日，四川长虹（600839）在互动平台回答投资者提问时表示，二级市场价格受宏观 经济、行业状况、公司基本面、市场流动性、投资者预期等多种因素影响，敬请投资者注意投资风险。 公司在股东会审议通过的方案内，有序推进股份回购。若有相关重大事项达到信息披露标准，公司将按 规定及时公告。 ...