Chinese home appliance maker Hisense Group is ramping up efforts to achieve breakthroughs in fundamental technologies and expand its presence in overseas markets, with the aim of building a world-class enterprise and global brand.

Jia Shaoqian, chairman of Hisense, said over the past five years, the company has made significant progress in artificial intelligence-powered chips that are used to improve image quality and semiconductor devices, while its total revenue surpassed 200 billion yuan ($28.07 billion) last year for the first time, nearly double that of 2019.

Jia made the remarks at the company's 55th-anniversary celebrations held in Qingdao, Shandong province recently, saying that Hisense has set up a batch of industrial clusters covering smart life, smart energy, semiconductors, automotive electronics, network information, finance, trade, real estate and healthcare.

Jia said the company will continue to strengthen core competitiveness in technology and products, build its self-owned brands and expand its global footprint in high-end markets as Hisense strives to become a world-class enterprise and enhance its technological capabilities.

With a focus on technological innovation, Hisense has dedicated approximately 5 percent of its annual revenue to research and development.

At present, the company has established a strong global presence with 36 industrial parks and production bases, 30 R&D centers and 64 overseas offices in Europe, the Americas, member states of the Association of Southeast Asian Nations, the Middle East and Africa. Its overseas sales last year stood at 85.8 billion yuan, accounting for more than 42.5 percent of total revenue.

Hisense is accelerating its manufacturing footprint globally. The Qingdao, Shandong province-based company has invested heavily in African countries, and it is speeding up its business footprint in Nigeria, Angola, Egypt, Algeria and Morocco by establishing new production bases or facilities.

In ASEAN economies and Latin America, Hisense is increasing localized production and research capabilities. This strategic expansion will enable Hisense to better serve customers and strengthen its global competitive position, the company said.

According to global market consultancy Omdia, global shipments of Hisense televisions reached 26.11 million units in 2023, ranking second globally and increasing 6.4 percent year-on-year.

Moreover, Jia said the company will achieve a carbon peak in its own operations by no later than 2026, and will reach carbon neutrality by no later than 2050, as it is pressing ahead with its green and low-carbon transition strategy.

He said revenue from Hisense's smart energy industrial cluster will reach 50 billion yuan in the future, with a competitive advantage in the global new energy market.

Hisense is also committed to ongoing improvements in corporate governance. By benchmarking against global best practices, the company will promote the diversification of its board of directors, establish a more scientific and modern enterprise system, greatly improve its corporate governance level and accelerate the journey toward becoming a world-class enterprise, Jia said.

Dong Min, secretary-general of the China Video Industry Association, said in the past, most Chinese enterprises adopted the original equipment manufacturer or OEM model. But nowadays they have built up self-owned brands in a bid to bolster competitiveness on the global stage.

Dong said Chinese household appliance companies should attach greater importance to products' R&D, pour more resources into technological innovation and optimize product functions to cater to the diversified needs of shoppers overseas.

"Building a global industrial chain and enhancing operational capacity in overseas markets will help Chinese home appliance companies make better use of global resources, reduce operational costs and improve management efficiency," said Zhao Meimei, assistant president of Beijing-based market consultancy All View Cloud, which specializes in home appliances.

Globalization is both an opportunity and a challenge for Chinese home appliance manufacturers, Zhao said, adding this will promote the sector's high-quality transformation and upgrading.