Chairman Jia Shaoqian at Davos 2024: Hisense Remains Focused on Globalization and Primed for Success in an Uncertain World

DAVOS, Switzerland, Jan. 19, 2024 /PRNewswire/ -- Hisense Group Chairman Jia Shaoqian was recently invited to attend the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland. This year's forum focused on the timely theme of "Rebuilding Trust in the Future" and how to inject confidence back into global recovery and renewal efforts. Mr. Jia represented Hisense Group at events including the "Recharging Growth in China" discussion and delivered a speech at the "China Night" gala. Through high-level discussions and engagements with international leaders from business, government and beyond, he shared Hisense's vision and strategies for continued innovation and success on the global stage.

"Globalization is an overarching trend. Despite the current challenges, we remain confident in the future," Mr. Jia explained at the "China Sustainable Growth Forum". More and more global companies are gravitating towards advanced technologies as they transform and upgrade high-end industries. Consequently, low-end products are being substituted by mid-to-high-end alternatives, a trend that aligns with Hisense's own trajectory.

Hisense reported double-digit growth in both revenue and profits for 2023, with increases significantly in China as well as various international markets.

The home appliance industry is highly competitive on a global scale. It relies heavily on an integrated system encompassing R&D, manufacturing, marketing, and supply chains. Major brands therefore have significant worldwide reach. To thrive internationally, Hisense localizes these functions through a unified production, marketing and R&D approach. This fosters collaboration across national borders.

Mr. Jia said: "Regardless of nationality, it's important that businesses respect local culture, social norms, consumer behaviors, and R&D practices wherever they operate. As such, Hisense continues to provide employment, fulfill economic duties and our social responsibilities. If it involves a local acquisition, the original brand must be respected and reshaped to enhance the longevity of the operation."

Currently, Hisense operates 34 industrial parks, 25 R&D centers, and 66 overseas companies worldwide. Its 2023 revenue is projected to surpass 200 billion yuan, with overseas markets accounting for over 42% of the group's total. Through regional hubs, Hisense aims to deeply understand local consumer needs and develop cutting-edge, high-quality products tailored for each market.

At the same time, Hisense's extensive worldwide network provides mutual support in supply chain management, inventory turnover, and delivery cycles. This significantly cuts logistics costs, resource consumption, and emissions.

But true localization takes time and patience, not just slogans. Chinese enterprises must embrace diverse cultures with tolerance and mutual understanding as they integrate globally. In this regard, open cooperation is essential in rebuilding trust in a changing competitive environment.

"Our confidence in the future of globalization remains steadfast. The world may have regional, linguistic, and cultural differences, but the people's aspirations for a better life, their pursuit of prosperity and their desire for equal exchange and friendship are the bond that unites us all," Mr. Jia said.

Balancing growth with innovation, inclusivity and sustainability remains a persistent challenge as we revitalize the global economy. Hisense is committed to engaging constructively in both international competition and cooperation, guided by an ESG mindset. Hisense will continuously strive to reduce our carbon footprint, utilize more recyclable materials in its home appliances, and be a force for positive change in the world.

About Hisense
Hisense is a leading global home appliance and consumer electronics brand. Its business covers multimedia products (with a focus on Smart TVs), home appliances, and IT intelligent information. Hisense currently operates in more than 160 countries.

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