Since her election as chairperson on November 21 last year, 80s-born "female captain" Gao Yuling has completed her first year at the helm of Hisense Home Appliances Group Co., Ltd.
During her tenure, the company has released financial data for three quarters. Statistics show that, based solely on the first three quarters from 2022 to 2025, this year's revenue growth and non-GAAP net profit growth have hit record lows, significantly underperforming previous years.
Additionally, insiders revealed that Yin Zhixin, a key leader in Hisense Home Appliances' refrigerator and washing machine business, has been promoted to president of Hisense Group's China operations while retaining his role in the appliance division. This means all three of Gao Yuling's "right-hand men" now hold dual leadership positions. Hisense has yet to comment on Yin's promotion.
**Promotions for Key Lieutenants** On November 21 last year, Hisense Home Appliances announced that then-chairman Dai Huizhong had stepped down due to retirement age, with the board unanimously electing Gao Yuling as the new chairperson, marking the start of the "Gao Yuling era."
Following her appointment, a series of executive changes unfolded: On July 30 this year, Hisense Home Appliances President Hu Jianyong resigned for "personal reasons" after 30 years with the company, with Gao assuming the president role concurrently. Around the same time, board member and strategy committee member Zhu Dan also resigned.
Meanwhile, Gao's core team—Yin Bitong, Fang Xueyu, and Yin Zhixin—received promotions or expanded responsibilities.
Previously, media reported that Yin Bitong, former vice president of Midea Group who joined Hisense to lead its air-conditioning division, was elected as an employee representative director and joined the strategy and ESG committees. Fang Xueyu, seen as instrumental in Gao's overseas expansion strategy, was nominated as an executive director candidate.
Yin Zhixin, previously general manager of Hisense Home Appliances' washing machine division, has now taken on the additional role of president of Hisense Group's China operations while continuing to oversee the refrigerator and washing machine business.
Under Yin Zhixin's leadership, the refrigerator and washing machine segment delivered strong results: Revenue grew 22.93%, 18.29%, and 4.76% year-over-year in 2023, 2024, and the first half of this year, respectively—outpacing the air-conditioning division's growth of 12.02%, 4.22%, and 4.07% during the same periods. Hisense has not publicly commented on Yin's promotion.
**Worst Growth Performance in Years** How has Hisense Home Appliances fared under Gao Yuling's leadership?
Comparing the first three quarters from 2022 to 2025, revenue growth rates were 13.90%, 13.81%, 8.75%, and 1.35%, while non-GAAP net profit growth stood at 14.10%, 165.99%, 10.99%, and 1.65%. These figures mark the weakest performance in recent years, with both metrics hitting four-year lows.
The decline stems partly from intensified domestic appliance industry competition, particularly price wars for high-margin products like air conditioners.
Half-year reports show Hisense's air-conditioning division—its main revenue driver—suffered a 1.56% gross margin drop, the steepest among all product lines.
Industry analyst Liang Zhenpeng noted: "Hisense's core weakness in air conditioners lies in its underperforming e-commerce channels, lagging far behind Gree, Midea, Haier, and even some second-tier brands. While its offline stores remain competitive, the growing dominance of online sales will exacerbate this vulnerability." He warned that as e-commerce reshapes the sector, shrinking margins pose an existential threat to Hisense.
To counter the slump, Hisense Group recruited Yin Bitong from Midea in May and restructured operations by creating an air-conditioning business unit, consolidating brands like Hisense, Kelon, Hitachi, and York.
However, the strategy has yet to yield results. AVC data shows that from January 1 to October 30, 2025, Hisense and Kelon air conditioners held just 10.29% and 0.96% offline market share (up 0.87% and down 0.15% year-over-year), while online shares fell to 2.55% and 1.63% (down 0.6% and 0.28%), with online prices dropping 4.02% and 11.15%.
Amid frequent executive and organizational changes, stabilizing morale and improving sales—and margins—has become Gao Yuling's central challenge to reverse the growth slowdown.
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