此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下全部美的集團股份有限公司之股份，應立即將本通函及代表委任表格送交買方或 承讓人，或送交經手買賣或轉讓之銀行、股票經紀或其他代理人，以便轉交買方或承讓人。 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通函之內容概不負責，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通函全部或任何部分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） (1) 回購註銷部分限制性股票； (2) 發行境內外債務融資工具一般性授權； (3) 為下屬控股子公司及其子公司提供擔保； (4) 建議修訂公司章程； (5) 2025年中期利潤分配方案； 及 (6) 2025年第二次臨時股東會通告 本通函全部用語之涵義載於本通函「釋義」一節。董事會函件載於本通函第3至13頁。 本公司謹訂於2025年9月24日 ...

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9月8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 | 佔有關事件前的現有已發 | ...

Summary of Midea Group (000333.SZ) Conference Call Company Overview - **Company**: Midea Group - **Industry**: Home Appliances and HVAC (Heating, Ventilation, and Air Conditioning) Key Takeaways 1. **Revenue Growth Outlook**: Management expects positive revenue growth in the second half of 2025, aiming for over 10% revenue growth for the entire year of 2025, with healthy growth and stable margins anticipated in the coming years [1][4][6] 2. **Domestic Appliances Market**: Midea is gaining market share in the domestic appliances sector despite intense competition. Management does not foresee a pricing war due to the end of the peak season and healthy channel inventory [1][4][5] 3. **Overseas Appliances Market**: Limited impact from tariffs is expected due to front-loaded shipments and overseas production capacity. Management anticipates continued robust growth in the Original Brand Manufacturing (OBM) business [1][4][8] 4. **2B Business Development**: The intelligent building solutions segment is expected to show the highest growth visibility in the near term. Management does not expect this segment to negatively impact overall company margins [1][4][8] Detailed Insights - **Domestic Appliances**: - Market share gains noted in air conditioning, refrigerators, and washing machines due to product redesigns and value-for-money offerings through the Wahin and COLMO brands. - Average Selling Price (ASP) for air conditioning units has declined, particularly for the Wahin brand, but net margins remain stable [4][6][8] - **Overseas Market Recovery**: - Orders from overseas markets have shown positive growth in July and August. The management remains committed to expanding the OBM business, which is growing faster than the overall overseas business [1][8] - **2B Business Segments**: - Intelligent building solutions are highlighted as a key growth area, with Midea surpassing foreign competitors in market share for chillers. The company plans to focus on integrating recent acquisitions rather than pursuing new opportunities [1][8] Risks and Challenges 1. **Macro Economic Factors**: Potential disruptions in demand for white goods due to weaker global macroeconomic conditions [7] 2. **Material Costs**: Rising material costs could affect product margins [7] 3. **Execution Risks**: Challenges in executing the premiumization strategy [7] 4. **Increased Competition**: Rising competition in the low-to-mid-end segment of the market [7] Investment Thesis - Midea is positioned as a leading player in China's HVAC and major appliances market, with a strong focus on expanding its overseas presence and 2B business areas. The company is expected to leverage its manufacturing advantages, competitive product offerings, and efficient channel strategies to reinforce its market leadership [6] Price Target and Valuation - The 12-month target prices for Midea Group are set at Rmb92 for A-shares and HK$93 for H-shares, based on a 16X exit multiple applied to the 2027E EPS, discounted back to 2026E using a 9.5% cost of equity [7] Conclusion - Midea Group is on a positive trajectory with expected revenue growth and market share gains in both domestic and overseas markets. The focus on intelligent building solutions and integration of acquisitions positions the company well for future growth, despite potential risks from macroeconomic factors and competition [1][6][7][8]

Core Viewpoint - Midea Group has conducted share buybacks for two consecutive days, spending a total of HKD 51.68 million, indicating a strong commitment to enhancing shareholder value [1][2]. Group 1: Buyback Details - On September 5, Midea Group repurchased 300,000 shares at prices ranging from HKD 85.95 to HKD 86.20, totaling HKD 25.83 million [1]. - The stock closed at HKD 86.50 on the same day, reflecting a 3.78% increase with a total trading volume of HKD 592 million [1]. - Since September 4, the company has repurchased a total of 610,000 shares, with a cumulative expenditure of HKD 51.68 million, and the stock has risen by 2.55% during this period [1]. Group 2: Year-to-Date Buyback Summary - Year-to-date, Midea Group has executed 87 buybacks, acquiring a total of 6.57 million shares for a total amount of HKD 4.78 billion [2]. - The buyback details include: - September 5: 300,000 shares at a maximum price of HKD 86.20 and a minimum price of HKD 85.95, costing HKD 25.83 million [2]. - September 4: 310,000 shares at a maximum price of HKD 83.50 and a minimum price of HKD 83.30, costing HKD 25.85 million [2]. - July 29: 253,400 shares at a maximum price of HKD 79.10 and a minimum price of HKD 77.95, costing HKD 19.92 million [2].

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之內容概不負責，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9月5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：2025-077 美的集团股份有限公司 第五届董事会第十一次会议决议公告 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 ...

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9月5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 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售 ...

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -9.90% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 831.03% with a deviation value of 51.67% [2][3] - Hongye Futures (03678) follows with a premium rate of 231.50% and a deviation value of -3.18% [2] - Andeli Juice (02218) ranks third with a premium rate of 231.11% and a deviation value of 8.10% [2] Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -9.90% with a deviation value of 9.35% [2][3] - Heng Rui Medicine (01276) shows a premium rate of 0.70% and a deviation value of 3.13% [2] - Midea Group (00300) has a premium rate of 5.55% with a deviation value of -2.32% [2] Group 3: Top Deviation Values - Northeast Electric (00042) leads in deviation value at 51.67% with a premium rate of 831.03% [3] - SMIC (00981) has a deviation value of 20.16% with a premium rate of 134.17% [3] - Dongjiang Environmental (00895) follows with a deviation value of 19.58% and a premium rate of 134.27% [3] Group 4: Bottom Deviation Values - Longpan Technology (02465) has the lowest deviation value at -32.47% with a premium rate of 79.45% [3] - BYD (01211) shows a deviation value of -32.20% with a premium rate of 21.67% [3] - Great Wall Motors (02333) has a deviation value of -22.23% with a premium rate of 60.74% [3]

Summary of Key Points Core Viewpoint - On September 4, 35 Hong Kong-listed companies conducted share buybacks, totaling 20.46 million shares and an aggregate amount of HKD 765 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 925,000 shares for HKD 551 million, with a highest price of HKD 605.00 and a lowest price of HKD 591.00, bringing its total buyback amount for the year to HKD 47.75 billion [1][2]. - China Hongqiao repurchased 3.496 million shares for HKD 83.56 million, with a highest price of HKD 25.00 and a lowest price of HKD 23.58, totaling HKD 5.34 billion in buybacks for the year [1][2]. - Midea Group repurchased 310,000 shares for HKD 25.84 million, with a highest price of HKD 83.50 and a lowest price of HKD 83.30, accumulating HKD 4.72 billion in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on September 4 was from Tencent Holdings at HKD 551 million, followed by China Hongqiao at HKD 83.56 million [1][2]. - In terms of share quantity, the most shares repurchased on September 4 were by Lianyi Technology-W, with 3.53 million shares, followed by China Hongqiao and Shoujia Technology with 3.50 million and 200,000 shares respectively [1][2].

Group 1 - Midea Group repurchased 310,000 shares on September 4 at a price range of HKD 83.300 to HKD 83.500, totaling HKD 25.849 million [2] - The stock closed at HKD 83.350 on the same day, experiencing a decline of 1.19%, with a total trading volume of HKD 402 million [2] - Year-to-date, Midea Group has conducted 85 repurchase transactions, acquiring a total of 6,498,300 shares for a cumulative amount of HKD 4.715 billion [2] Group 2 - The repurchase details include the highest price of HKD 83.500 and the lowest price of HKD 83.300 for the shares bought on September 4 [2] - Previous repurchase on July 29 involved 253,400 shares at a maximum price of HKD 79.100 and a minimum price of HKD 77.950, amounting to HKD 19.923 million [2]

Summary of Midea Group Conference Call Company Overview - **Company**: Midea Group - **Industry**: Home Appliances and Technology Solutions Key Points Business Performance - Midea Group's B-end business revenue reached 32.3 billion yuan in Q2 2025, accounting for approximately 25% of total revenue, with a year-on-year growth of 16.6%, surpassing the C-end home appliance business growth of 9.3% [2][3] - The growth rates for specific segments include Building Technology at 25%, Industrial Technology at 15%, and Robotics at a high single-digit percentage [2][3] - Midea has made significant breakthroughs in the new energy sector, achieving large-scale commercial use of containerized energy storage systems through acquisitions [2][3] Market Concerns - There are concerns regarding Midea's domestic sales due to high base effects and a potential decline in the domestic market in 2026 [2][5] - The overseas market also faces uncertainties, particularly after the inventory replenishment cycle in Europe and the US [5][6] Real Estate Market Insights - The US real estate market is experiencing a supply shortage, with high interest rates suppressing transaction volumes while prices continue to rise [7] - A potential decline in interest rates could lead to a recovery in the real estate market, positively impacting related industries such as tools and home appliances [7] Emerging Market Opportunities - The air conditioning market in emerging countries is rapidly growing, similar to China's market 20 years ago, with low penetration rates in regions like Europe, Southeast Asia, and South America [8] - Midea's strategy of transitioning from an OEM model to developing its own brands has strengthened its competitive position in these markets [9] Stock Performance and Valuation - Midea's stock price has shown a disconnection from its fundamentals since 2023, with significant price increases in 2024 despite underlying challenges [10] - The current valuation of Midea is approximately 13 times earnings, primarily reflecting its consumer goods segment, with potential for revaluation if B-end business is separately valued [4] Investment Considerations - Midea's stock is currently at a low valuation with a significant dividend yield, making it an attractive investment opportunity [15] - The inflow of funds into ETFs and growth-oriented funds has influenced the valuation of the white goods sector, with Midea benefiting from this trend [12][14] Additional Insights - Midea's robotics segment, primarily driven by the acquisition of KUKA, has a domestic market share of 9.4%, but its lower profit margins have led to underappreciation of its B-end business [4] - The company has been focusing on efficiency improvements and brand building through strategic acquisitions, enhancing its market presence in emerging regions [9] Conclusion Midea Group is positioned for growth in both B-end and emerging markets, despite facing challenges in domestic sales and overseas market fluctuations. The company's strategic focus on brand development and efficiency, along with favorable market trends in air conditioning and real estate, presents potential investment opportunities.