"美的的核心业务白色家电和暖通空调，要锚定全球领先目标，做到'数一数二'。"美的董事长兼总裁方洪波1月16日在向全球员工发表的 《我们总有道路，前程崭新》主题演讲中说道。 从广东省佛山市顺德的乡镇小作坊，到2024年营收超4000亿元的全球科技集团，美的已成长为一家航母级企业。在家电行业和宏观国际环 境都风急浪高的时代，这个巨头如何穿越周期、生生不息？ 方洪波认为"全球突破是必由之路"——美的集团三季报显示，2025年前三季度，海外OBM（自有品牌）收入大幅提升，占TO C业务的比 例提升至45%以上，其中亚太区域贡献卓著，旗下空调、冰箱、微波炉等产品在泰国、马来西亚等国稳居市场销量前列，泰国空调工厂更 摘得行业首个海外灯塔工厂等三项重磅认证，成为"本地化运营"的标杆。 这份亮眼答卷，植根于广东家电产业的深厚土壤。作为全国家电出口核心枢纽，海关数据显示，广东家电出口额长期占据全国近五成份 额，粤港澳大湾区智能家电产业规模更占全球近30%，是全球家电产品重要的供应基地。 从上世纪80年代将电风扇远销海外，到如今业务覆盖全球200多个国家和地区、拥有65个全球制造基地，美的作为"广货"的代表品牌之 一，作为"广货 ...

于同日，公司根据于第八期股票期权激励计划及第九期股票期权激励计划行使期权而发行合共7.54万股 A股股份。 美的集团（000333）(00300)发布公告，于2026年1月23日，该公司斥资人民币1.1亿元回购143.06万股A 股股份，每股回购价人民币76.74-76.99元。 ...

里昂发布研报表示，美的集团(00300.HK)海外销售可能因OEM订单带来惊喜，采用12.5倍历史平均市盈 率，将H股目标价由90港元上调至95港元，评级跑赢大市。 ...

于同日，公司根据于第八期股票期权激励计划及第九期股票期权激励计划行使期权而发行合共7.54万股 A股股份。 智通财经APP讯，美的集团(00300)发布公告，于2026年1月23日，该公司斥资人民币1.1亿元回购143.06 万股A股股份，每股回购价人民币76.74-76.99元。 ...

格隆汇1月23日丨美的集团(00300.HK)发布公告，2026年1月23日耗资人民币1.1亿元回购143万股A股， 回购价格每股76.74-76.99元。 ...

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1月23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 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股 ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Midea Group, with expectations of recovery in 2026 after a challenging 2025 [5]. Core Insights - Midea's dealers have reported continuous increases in factory prices, suggesting a potential rise in the industry average selling price (ASP) [5]. - The historical data on the relationship between volume and price is deemed less relevant, and rising copper prices pose a concern, although the situation in 2026 may differ from previous years [5][7]. - Midea's overseas OEM orders are expected to outperform ODM business, with higher margins and potential for market share growth [8]. - The company is focusing on increasing market share rather than solely on pricing strategies, with limited room for further volume expansion due to the early release of demand from the trade-in policy [6]. Summary by Sections Company Overview - Midea Group, founded in 1968, has evolved into a global technology group encompassing smart home, new energy and industrial technology, smart building technology, robotics, and automation [12]. Revenue Breakdown - Revenue by Product: - Smart Home: 81.0% - New Energy and Industrial Technology: 11.1% - Smart Building Technology: 7.9% [13] - Revenue by Region: - Asia: 66.8% - Americas: 17.3% - Europe: 12.0% - Middle East and Africa: 3.8% [13] Market Performance - As of January 20, 2026, Midea's stock price is 87.1 HKD, with a market capitalization of 86.75 billion USD and a consensus target price of 101.48 HKD [15].

里昂发布研报称，美的集团(0300.HK)海外销售可能因OEM订单带来惊喜，采用12.5倍历史平均市盈 率，将H股目标价由90港元上调至95港元，评级跑赢大市。 ...

该行观察到部分美的经销商反映出厂价上涨，这预示着全行业平均售价即将调升。历史数据对判断价格 与销量关联性帮助有限，尤其在铜价攀升的背景下更复杂。但2026年形势不同，各家电企业均认同增长 前景不明朗，惟料行业仍将迎来复苏。 里昂发布研报称，美的集团（000333）(00300)海外销售可能因OEM订单带来惊喜，采用12.5倍历史平 均市盈率，将H股目标价由90港元上调至95港元，评级跑赢大市。 ...