Summary of Key Points Core Viewpoint - A total of 50 companies, including Tencent Holdings and Xiaomi Group, conducted share buybacks by December 31, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent on buybacks [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.061 million shares for a total of 635 million, representing 1.110% of its total share capital [2][3]. - Xiaomi Group (01810) repurchased 3.8 million shares for 149 million, accounting for 0.560% of its total share capital [2][3]. - Other notable buybacks include: - Sanhua Intelligent Control (02050): 909,700 shares for 48.47 million [2]. - Midea Group (00300): 1.3277 million shares for 26.69 million [2]. - Kuaishou-W (01024): 310,000 shares for 19.72 million [2]. Group 2: Additional Companies and Their Buybacks - Companies with significant buybacks include: - Country Garden Services (06098): 2 million shares for 12.06 million, representing 1.839% of total share capital [2]. - Ming Yuan Cloud (00909): 3 million shares for 9.79 million, accounting for 3.408% of total share capital [2]. - Vitasoy International (00345): 392,000 shares for 248,560, representing 2.405% of total share capital [2]. Group 3: Overall Market Implications - The buyback activities reflect a trend among companies to return capital to shareholders, indicating confidence in their financial health and future prospects [1][2]. - The total buyback amounts and share counts suggest a strategic move to enhance shareholder value amidst market fluctuations [1][2].

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： 2025年12月31日 | 3). | 購回股份 (股份購回並註銷) | -641,286 | 0.009312 % | RMB | 19.39 | | --- | --- | --- | --- | --- | --- | | | 註銷根據本公司2023年限制性股票激勵計劃項下所購買的A股 | | | | | | | 變動日期 2025年12月31日 | | | | | | 4). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 51,369 | 0.000746 % | RMB | 70.29 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據於第八期股票期權激勵計劃行使期權 | | | | | | | 變動日期 2025年12月23日 | | | | | | 5). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎 ...

Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 864.29%, Zhejiang Shibao (01057) at 460.57%, and Hongye Futures (03678) at 286.19% [1][2] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -12.08%, China Merchants Bank (03968) at -4.45%, and Heng Rui Medicine (01276) at 1.09% [1][2] - Zhejiang Shibao (01057), Goldwind Technology (02208), and Zhaoyan New Drug (06127) have the highest deviation values at 162.73%, 44.98%, and 18.82% respectively [1][2] Group 2 - The lowest deviation values are seen in GAC Group (02238) at -23.87%, Northeast Electric (00042) at -19.61%, and Chenming Paper (01812) at -15.51% [1][2] - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (01349) at 253.76% and Andeli Juice (02218) at 230.43% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at 9.59% and WuXi AppTec (02359) at 10.14% [2]

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Hongye Futures leading in premium rates, while CATL, China Merchants Bank, and Heng Rui Medicine are at the bottom of the list [1][2]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 428.73% and Hongye Futures (03678) at 283.73% [1]. - The lowest premium rates are observed in CATL (03750) at -11.13%, China Merchants Bank (03968) at -3.84%, and Heng Rui Medicine (01276) at 3.17% [1]. Deviation Value Summary - The highest deviation values are recorded for Zhejiang Shibao (01057) at 136.00%, Junda Co. (02865) at 40.42%, and Nanjing Panda Electronics (00553) at 24.71% [1][2]. - The lowest deviation values are seen in Northeast Electric (00042) at -35.46%, GAC Group (02238) at -26.23%, and Nanhua Futures (02691) at -17.44% [1][3]. Top and Bottom AH Shares - The top ten AH shares by premium rate include companies like Sinopec Oilfield Service (01033) with a premium rate of 271.43% and Fudan Zhangjiang (01349) at 250.53% [1]. - The bottom ten AH shares by premium rate include Weichai Power (02338) at 9.88% and WuXi AppTec (02359) at 10.47% [1].

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，2025年12月28日 美的集团股份有限公司 关于公司高级管理人员离任的公告 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。 美的集团股份有限公司（以下简称"公司"）于近日收到公司副总裁伏拥军 先生的书面离任报告，伏拥军先生因个人原因申请辞去副总裁职务。离任后，伏 拥军先生不在公司担任其他职务。伏拥军先生的离任自2025年12月26日起生效。 截至本公告披露日，伏 ...

Core Viewpoint - Midea Group has announced the issuance of a total of 1.1122 million shares due to the exercise of options under the eighth stock option incentive plan and 0.5924 million shares under the ninth stock option incentive plan [1] Group 1 - The total shares issued from the eighth stock option incentive plan amount to 1.1122 million [1] - The total shares issued from the ninth stock option incentive plan amount to 0.5924 million [1]

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： 2025年12月22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 | 佔有關事件前的現有 ...

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，2025年12月22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。 关于回购股份注销完成暨股份变动公告 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： ...

Core Insights - The article highlights the top and bottom AH share premium rates as of December 22, with Northeast Electric (00042), Zhejiang Shibao (01057), and Hongye Futures (03678) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 864.29% with a deviation value of -11.58% [2][5] - Zhejiang Shibao (01057) shows a premium rate of 354.83% and a deviation value of 86.04% [2][4] - Hongye Futures (03678) has a premium rate of 274.70% with a deviation value of 3.11% [2][4] Group 2: Bottom AH Share Premium Rates - CATL (03750) has a premium rate of -12.58% and a deviation value of -4.76% [3][5] - China Merchants Bank (03968) shows a premium rate of -1.90% with a deviation value of -1.08% [3][5] - Hansoh Pharmaceutical (01276) has a premium rate of 3.44% and a deviation value of 0.44% [3][5] Group 3: Deviation Values - Zhejiang Shibao (01057) leads in deviation value at 86.04% [4] - Junda Co. (02865) follows with a deviation value of 46.60% [4] - COSCO Shipping Development (02866) has a deviation value of 19.01% [4] Group 4: Negative Deviation Values - GAC Group (02238) has the lowest deviation value at -26.02% [5] - Yangtze Optical Fibre and Cable (06869) shows a deviation value of -16.85% [5] - Andeli Juice (02218) has a deviation value of -14.47% [5]