Summary of Midea Group (000333.SZ) Conference Call Company Overview - **Company**: Midea Group (000333.SZ) - **Industry**: HVAC and major appliances Key Financial Results - **2025 Total Revenue**: Rmb 458.5 billion, a year-on-year growth of +12% - **2025 Net Profits**: Rmb 43.9 million, a year-on-year growth of +14% - **4Q25 Revenue**: Rmb 93.8 billion, a year-on-year growth of +6% - **4Q25 Net Profits**: Rmb 6.1 billion, a year-on-year decline of -11% (excluding M&A impacts shows positive profit growth) [1][5] Shareholder Returns - **Dividend Payout**: Increased to 74% in 2025 from 69% in 2024, implying a 6% dividend yield for 2026E - **Share Buyback**: Rmb 11.6 billion shares repurchased, with Rmb 7.6 billion canceled in 2025 - **Total Return to Shareholders**: Rmb 44 billion in dividends and share buybacks, slightly exceeding net profits for 2025 - **Future Buyback Plan**: Announced a new buyback plan for 2026 in the range of Rmb 6.5 billion to Rmb 13.0 billion [2] Growth Segments - **2B Business (Commercial & Industrial Solutions)**: Continued to lead growth with over 10% year-on-year growth in 4Q25, particularly in intelligent building solutions with over 20% growth - **2C Business (Smart Home Solutions)**: Maintained positive growth despite a high base, especially in domestic markets [4] Margin Analysis - **Gross Profit Margin (GPM)**: 28.7% in 4Q25, 26.7% for 2025, with a year-on-year change of +3.0 percentage points in 4Q25 - **Profit Before Tax (PBT) Margin**: Decreased to 9.4% in 2H25 due to M&A impacts, while 2C business maintained a year-on-year expansion to 10% [4] Investment Thesis - **Market Position**: Midea is a leading player in China's HVAC and major appliances market, expanding into overseas markets and business solutions - **Competitive Advantages**: Manufacturing efficiency, comprehensive product range, and effective channel strategy - **Long-term Growth Drivers**: Intelligent building solutions are highlighted as a significant revenue opportunity [6] Valuation and Risks - **12-month Target Price**: Rmb 98 for A-shares and HK$ 111 for H-shares, based on a 16x exit multiple applied to 2028E EPS - **Key Risks**: 1. Weaker-than-expected demand for white goods due to global macroeconomic conditions 2. Rising material costs impacting product margins 3. Execution risks related to premiumization strategy 4. Increased competition in the low-to-mid-end segment [7] Market Performance - **Current Price**: Rmb 72.1, with an upside potential of 35.9% to the target price [8] Conclusion Midea Group demonstrates strong financial performance and shareholder returns, with a solid growth trajectory in both domestic and international markets. The company is well-positioned to leverage its competitive advantages in the HVAC and appliances sector, while also facing certain risks that could impact future performance.

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美的集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2026年4月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 000333 | 說明 | A股 (於深圳證券交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company demonstrates stable and solid performance while emphasizing shareholder returns, with rapid growth in overseas and ToB (business-to-business) segments [7] - In 2025, the company achieved a revenue of 4585.0 billion yuan (up 12.1% year-on-year) and a net profit attributable to shareholders of 439.5 billion yuan (up 14.0%) [7] - The company is expected to maintain a diversified business model with ToB and ToC (business-to-consumer) segments, focusing on quality growth and enhancing shareholder returns [7] Financial Summary - The company's total market capitalization is 5805.10 billion yuan, with a current stock price of 76.35 yuan [3] - The revenue forecast for 2026-2028 is 490.5 billion yuan, 524.0 billion yuan, and 557.6 billion yuan respectively, with corresponding net profits of 47.4 billion yuan, 51.2 billion yuan, and 55.2 billion yuan [11] - The gross margin for 2025 is projected to be 26.4%, with a net profit margin of 9.8% [11] Business Segments - ToC business revenue in 2025 reached 2999.3 billion yuan (up 11.3%), with significant growth in high-end brands [8] - ToB business revenue in 2025 was 1227.5 billion yuan (up 17.5%), with notable growth in industrial technology, building technology, and robotics segments [8] Shareholder Returns - The company plans to distribute a total dividend of 43 yuan per 10 shares for 2025, marking the first time the total dividend exceeds net profit [10] - The company has announced a share buyback plan of 6.5 to 13 billion yuan at a price not exceeding 100 yuan per share, reflecting a strong commitment to shareholder returns [10]

家用电器/白色家电 美的集团（000333.SZ） 白马与成长兼具：业绩稳定扎实+重视股东回报，海 2026 年 04 月 01 日 外+2B 业务较快增长 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 76.35 | | 一年最高最低(元) | 83.17/66.02 | | 总市值(亿元) | 5,805.10 | | 流通市值(亿元) | 5,231.56 | | 总股本(亿股) | 76.03 | | 流通股本(亿股) | 68.52 | | 近 3 个月换手率(%) | 28.08 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2025-04 2025-08 2025-12 美的集团 沪深300 相关研究报告 《美的集团 ToB 业务拆分报告（1）： 智能建筑科技——内销抢外资份额+ 液冷需求旺盛，外销空间广阔—公司 深度报告》-2026.1.16 《整体稳健增长，ToB 业务延续高增 —公司信息更新报告》-2025.10.31 《2025Q2 延续高质量增长，ToB 业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of RMB 87.08 and HKD 97.84 [6][5] Core Views - The company reported a revenue of RMB 456.45 billion for 2025, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of RMB 43.95 billion, up 14.0% year-on-year. The operating cash flow decreased by 11.8% to RMB 53.35 billion [1][21] - Despite fluctuations in quarterly profits, the company demonstrated resilient growth through global expansion, competitive core categories, and ToB business expansion, maintaining a solid position in the ToC market [1][2] - The overseas business remains a crucial growth driver, with overseas revenue reaching RMB 195.9 billion, a 16% increase year-on-year, and OBM revenue accounting for over 45% of overseas income [2][3] Summary by Sections Financial Performance - The company achieved a gross margin of 26.72% in 2025, remaining stable year-on-year, while the expense ratio decreased by 0.72 percentage points, benefiting from lean management and increased interest income [4] - The company plans to distribute a cash dividend of RMB 38 for every 10 shares, indicating a commitment to high dividend payouts [1] ToB Business Growth - The ToB business revenue reached RMB 122.8 billion, a 17.5% increase year-on-year, accounting for 26.9% of total revenue. Notable growth was seen in building technology and other innovative businesses [3] Global Expansion - The company has established a presence in 50 countries with 29 R&D centers and 43 major manufacturing bases, transitioning from traditional product exports to brand exports and localized operations [2] Future Outlook - For 2026, the company anticipates a decrease in EPS forecasts to RMB 6.22 and RMB 6.84 for 2026 and 2027, respectively, reflecting adjustments due to external economic conditions [5]

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [2] Core Views - Midea Group reported a revenue of 458.50 billion yuan for 2025, representing a year-on-year increase of 12.08%, and a net profit attributable to shareholders of 43.94 billion yuan, up 14.03% year-on-year [7][8] - The company is accelerating its OBM transformation, with ToB business growth outpacing ToC, and the revenue from smart home and commercial solutions increased by 11% and 17% respectively in 2025 [9] - Midea Group's gross margin for 2025 was 26.72%, slightly down by 0.05 percentage points year-on-year, while the net margin was 9.71%, up by 0.24 percentage points year-on-year [10] - The company has implemented a significant share buyback plan, with a total buyback amount exceeding 11.6 billion yuan in 2025, and announced a new buyback plan for 2026 [11] - The forecast for net profit attributable to shareholders for 2026-2028 is 47.1 billion, 50.7 billion, and 54.5 billion yuan respectively, with corresponding PE ratios of 11.6x, 10.8x, and 10.1x [14] Summary by Sections Financial Performance - Midea Group's revenue for 2025 was 458.50 billion yuan, with a growth rate of 12.08% year-on-year, and a net profit of 43.94 billion yuan, reflecting a 14.03% increase [7][8] - The company reported a gross margin of 26.72% and a net margin of 9.71% for 2025, with the fourth quarter showing a gross margin of 28.7% [10] Business Transformation - The OBM transformation is accelerating, with ToB business growth outpacing ToC, and the revenue from smart home and commercial solutions increased by 11% and 17% respectively [9] - The OBM business revenue has reached over 45% of the overseas revenue from smart home business [9] Shareholder Returns - Midea Group has launched a significant share buyback plan, with a total buyback amount exceeding 11.6 billion yuan in 2025, and announced a new buyback plan for 2026 [11] - The company has a dividend payout ratio of 73.6% for 2025, up from 69.31% in 2024 [8] Future Outlook - The forecast for net profit attributable to shareholders for 2026-2028 is 47.1 billion, 50.7 billion, and 54.5 billion yuan respectively, with corresponding PE ratios of 11.6x, 10.8x, and 10.1x [14]

Investment Rating - The investment rating for Midea Group is "Buy" (maintained) [2][14] Core Views - Midea Group reported a revenue of 458.50 billion yuan for 2025, representing a year-on-year increase of 12.08%, and a net profit of 43.94 billion yuan, up 14.03% year-on-year [7][8] - The company is accelerating its OBM transformation, with ToB business growth outpacing ToC, and the revenue from smart home and commercial solutions increased by 11% and 17% respectively in 2025 [9] - Midea's gross margin for 2025 was 26.72%, slightly down by 0.05 percentage points year-on-year, while the net margin was 9.71%, up by 0.24 percentage points year-on-year [10] - The company has implemented a significant share buyback plan, with a total buyback amount exceeding 11.6 billion yuan in 2025, and announced a new buyback plan for 2026 [11][12] Summary by Sections Financial Performance - Midea Group's revenue is projected to grow from 407.15 billion yuan in 2024 to 551.63 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 7.1% [6] - The net profit is expected to increase from 38.54 billion yuan in 2024 to 54.50 billion yuan in 2028, with a net profit growth rate of around 7.5% [6] - The earnings per share (EPS) is forecasted to rise from 5.44 yuan in 2024 to 7.17 yuan in 2028, indicating a positive trend in profitability [6] Business Strategy - The OBM business is becoming a key growth driver, with the revenue share from OBM increasing significantly, accounting for over 45% of the overseas revenue from smart home business [9] - Midea's overseas self-operated subsidiaries expanded from 27 countries in 2024 to 50 in 2025, supporting the growth of its OBM business [9] Shareholder Returns - The company has a dividend payout ratio of 73.6% for 2025, up from 69.31% in 2024, indicating a commitment to returning value to shareholders [7][8] - Midea's current valuation is at 12 times earnings, with a dividend yield of 74%, making it an attractive high-dividend stock [14]

Investment Rating - The report maintains a "Buy" investment rating for Midea Group [5] Core Views - Midea Group reported a total revenue of 458.50 billion yuan for 2025, representing a year-on-year growth of 12.08%. The net profit attributable to shareholders reached 43.95 billion yuan, up 14.03% year-on-year [1] - The company has a robust shareholder return policy, with a dividend payout ratio of 73.64% and a total share repurchase amount of 11.6 billion yuan planned for 2025, with future repurchases expected to range between 6.5 billion to 13 billion yuan [1] - Midea's gross margin for 2025 was 26.39%, slightly down by 0.03 percentage points year-on-year, while the net profit margin increased by 0.23 percentage points to 9.75% [1] - Operating cash flow decreased by 11.84% year-on-year to 53.35 billion yuan, despite cash received from sales increasing by 9.66% to 426.21 billion yuan [2] - The company has launched a stock ownership plan for 2026, involving 472 participants, with a total amount of 1.196 billion yuan, aiming for a weighted average return on equity of no less than 18% for 2026 and 2027 [2] - Future profit forecasts estimate net profits of 46.59 billion yuan, 50.09 billion yuan, and 53.47 billion yuan for 2026, 2027, and 2028, respectively, indicating growth rates of 6.0%, 7.5%, and 6.7% [2] Financial Summary - For 2025, Midea Group's total revenue was 458,502 million yuan, with a year-on-year growth rate of 12.08% [4] - The net profit attributable to shareholders for 2025 was 43,945 million yuan, reflecting a year-on-year increase of 14.03% [4] - The earnings per share (EPS) for 2025 was 5.78 yuan, with projected EPS of 6.13 yuan, 6.59 yuan, and 7.03 yuan for 2026, 2027, and 2028, respectively [4] - The company's return on equity (ROE) for 2025 was 19.7%, with projections of 18.7%, 17.0%, and 15.6% for the following years [4] - The price-to-earnings (P/E) ratio for 2025 was 12.5, with expected ratios of 11.8, 10.9, and 10.3 for the next three years [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年3月31日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 证券代码：000333 证券简称：美的集团 公告编号：2026-020 美的集团股份有限公司 关于首次实施以集中竞价交易方式回购 A 股股份的公告 本公司及董事会全体成员保证信息披露的内容真 ...

美的集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 证券代码：000333 证券简称：美的集团 公告编号：2026-020 关于首次实施以集中竞价交易方式回购 A 股股份的公告 二、其他说明 公司将严格按照《深圳证券交易所上市公司自律监管指引第9号—回购股份》 等相关规定及公司回购股份方案，在回购期限内根据市场情况择机做出回购决策 并予以实施，并根据回购股份事项进展情况及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 1 美的集团股份有限公司董事会 2026年4月1日 美的集团股份有限公司（以下简称"公司"）2026年3月30日召开第五届董 事会第十三次会议，审议通过了《关于以集中竞价方式回购公司A股股份的方案》， 同意公司以集中竞价交易方式回购公司部分已在境内发行的A股股票，用于实施 股权激励计划及/或员工持股计划，回购金额为不超过130亿元且不低于65亿元， 实施期限为自董事会审议通过回购股份方案之日起12个月内。 一、首次回购公司股份的具体情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号—回 ...