Investment Rating - The report assigns an "Overweight" rating to Midea Group Co Ltd. with a price target of Rmb95.00, indicating a potential upside of 27% from the closing price of Rmb75.00 on May 8, 2025 [3][6]. Core Insights - Midea aims for above-guidance sales growth in 2025, targeting a revenue increase of 10% year-over-year, compared to a mid-high single-digit guidance, while maintaining a stable net margin [6]. - The company is optimistic about overseas growth, expecting double-digit growth from its OBM and brand business, while domestic growth is anticipated to be in the mid-single digits due to demand pressure [6]. - Midea's management has noted a deterioration in overall consumption in China year-to-date and plans to focus on the low-end market while expanding in the high-end segment to protect its market share [6]. - The company is also adapting to U.S. tariffs by relocating parts of its supply chain to countries like Brazil and Egypt, aiming to meet U.S. demand from non-China production by June [6]. Financial Projections - For the fiscal years ending December 2024 to December 2027, Midea's projected revenue is expected to grow from Rmb409.1 billion in 2024 to Rmb501.5 billion in 2027 [3]. - The earnings per share (EPS) is projected to increase from Rmb5.44 in 2024 to Rmb7.12 in 2027, reflecting a positive growth trajectory [3]. - The report indicates a decrease in the price-to-earnings (P/E) ratio from 13.9 in 2024 to 9.7 in 2027, suggesting improved valuation over time [3]. Market Position and Strategy - Midea's management expects its B2B business to outgrow its B2C business, with double-digit growth anticipated in 2025 [6]. - The company aims to achieve an average market share of 15% in overseas markets, up from the current 4-5% [6]. - Midea is focusing on its core air conditioner segment, which is expected to have a more resilient margin outlook, while preparing for potential price competition in other segments [6].

Investment Rating - The investment rating for Midea Group Co Ltd. is Overweight, indicating that the stock's total return is expected to exceed the average total return of the analyst's industry coverage universe over the next 12-18 months [3][15]. Core Views - The report maintains 2025 forecasts largely unchanged due to consistent guidance, with slight reductions in 2026 revenue and net profit estimates by 1% to account for a higher base from trade-in subsidies amid macro uncertainties [2]. - The price target for Midea Group is set at Rmb95.00, with the stock currently priced at Rmb73.62, indicating a potential upside of approximately 29.04% [3][10]. - Midea's diversification into the B2B channel is expected to drive earnings growth alongside its home appliances business, supported by a consumer trade-in program that may enhance domestic sales [13]. Financial Estimates - The fiscal year ending estimates for Midea Group are as follows: - 2025e Sales/Revenue: Rmb452,452 million - 2025e Net Income: Rmb44,233 million - 2025e EPS: Rmb6.3 [20]. - Key earnings inputs for 2025 include: - AC volume growth: 7.0% - AC ASP growth: 2.0% - Air conditioners gross margin: 26.0% [18]. Valuation Metrics - The valuation for home appliances is based on a 2025e P/E of 15x, reflecting high earnings visibility and potential growth in the To-business segment [7]. - The report indicates that Midea is trading at a 30% discount to the consumer average, suggesting that the valuation gap should narrow due to reduced cyclicality and improved earnings visibility [14]. Market Trends - Midea is well-positioned to benefit from industry trends such as market consolidation, increased small appliance purchases, and growing online penetration [13]. - The report highlights potential upside from the To-B channel growth and overseas business expansion, alongside stimulus effects [6].

呈交日期： 2025年5月9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 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | ...

Core Viewpoint - The article discusses the leadership transition at Midea Group and Gree Electric Appliances, highlighting the emergence of younger executives and the potential for a new generation of leadership in these companies [1][9]. Group 1: Leadership Transition - Midea Group's Chairman and President, Fang Hongbo, mentioned that he has identified six to seven potential successors within the company, indicating a planned leadership transition [1]. - Fang Hongbo has led Midea Group to significant growth, with revenue increasing from 102.7 billion yuan in 2012 to 407.1 billion yuan in 2024, marking a fourfold increase [9]. - Gree Electric's Chairman, Dong Mingzhu, has also seen substantial growth during her tenure, with revenue rising from 100.1 billion yuan in 2012 to 204 billion yuan in 2023, although it slightly declined to 189.2 billion yuan in 2024 [9]. Group 2: Young Executive Team - Midea Group has a rich pool of young executives, including Vice Presidents Wang Jianguo (48), Guan Jinwei (46), and others in their 30s and 40s, who are capable of leading various business segments [3][4]. - The smart home segment, led by Wang Jianguo, generated 269.5 billion yuan in revenue, accounting for 66.2% of Midea's total revenue of 407.1 billion yuan [4]. - The company is also focusing on diversity in leadership, with female executives like CFO Zhong Zheng and CHO Zhao Wenxin playing key roles [4]. Group 3: Industry Trends - Both Midea and Gree are not alone in this transition; other companies like Haier Smart Home and Hisense are also promoting younger leadership teams [10]. - The trend towards younger management is seen as a response to the changing market environment, although some industry experts caution that experienced leaders are still crucial in navigating current challenges [11]. - The article emphasizes the importance of "young thinking" among entrepreneurs, as seen in the recent engagement of executives with social media to connect with users directly [11].

Core Viewpoint - The succession planning at Midea Group is under discussion, with Chairman Fang Hongbo indicating that he has several potential successors ready, while also referencing the leadership transition at Gree Electric, led by Dong Mingzhu [3][10]. Group 1: Leadership Transition - Fang Hongbo, Chairman and President of Midea Group, mentioned during an analyst meeting that he has identified six to seven potential successors, although he did not disclose their identities [3][10]. - Dong Mingzhu, who has led Gree Electric since 2012, has also seen a shift in her executive team towards younger members, indicating a broader trend in the industry towards leadership renewal [3][10]. Group 2: Young Management Team at Midea - Midea Group's management team includes several young executives, with notable ages such as 48 for Vice President Wang Jianguo and 46 for Vice President Guan Jinwei, among others [4][5]. - The company reported a revenue of 407.1 billion yuan in 2024, with the smart home segment contributing 66.2% of this revenue, highlighting the importance of its young leadership in driving growth [4][5]. Group 3: Industry Trends - Both Midea and Gree are not alone in this transition; other companies like Haier and Hisense are also promoting younger executives within their leadership teams [11]. - The shift towards younger management is seen as a response to the changing market dynamics, although some industry experts caution that experienced leaders are still crucial in navigating current challenges [11].

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5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 。 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 | 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 | ...

Core Viewpoint - Midea Group and Hisense Group, traditionally competitors in the home appliance sector, have entered a strategic partnership focusing on AI applications, global capacity planning, and smart logistics [1][3]. Group 1: Strategic Collaboration - The collaboration will involve Midea's logistics subsidiary, Ande Intelligent Logistics, which is preparing for a separate listing and aims to expand its client base beyond Midea [1]. - Hisense's stable growth in large home appliances positions it as a potential key client for Ande Intelligent Logistics [1]. - The partnership aims to reduce supply chain costs through a "direct-to-consumer" model, enhancing efficiency in logistics and warehousing [1]. Group 2: Market Position and Financials - Midea Group reported a revenue of 407.1 billion yuan in the previous year, with its smart home business contributing 269.5 billion yuan [2]. - Hisense Group's revenue reached 202.2 billion yuan, with Hisense Visual (black appliances) generating 58.53 billion yuan and Hisense Home Appliances (white appliances) contributing 92.746 billion yuan [2]. - Compared to competitors like Haier and Gree, Midea and Hisense have greater collaboration potential due to their respective market positions and product lines [2]. Group 3: Global Expansion and Production - Both companies are expanding their overseas manufacturing presence in regions such as South America, Southeast Asia, and Africa, indicating potential for collaborative production and order fulfillment [3]. - The partnership aligns with their strategic choice to explore broader global markets amid changing trade environments [3]. Group 4: AI and Technological Integration - The integration of AI technology in home appliances is becoming a trend, with Hisense leveraging AI in its television products, while Midea is advancing in smart home robotics [4]. - The collaboration could enhance the utilization of the Toshiba brand, as both companies have acquired different segments of Toshiba's appliance business [4]. - The partnership is seen as a move towards higher-level cooperation in the face of global market challenges, shifting from competition to collaboration [5].

Core Insights - *ST Shengxun (003004) closed at 18.18 yuan on May 8, 2025, down 1.03% with a turnover rate of 20.31% and a trading volume of 133,700 lots, amounting to 236 million yuan [1] - The company reported a total revenue of 19.33 million yuan for Q1 2025, a year-on-year decrease of 1.35%, and a net profit attributable to shareholders of 14.08 million yuan, down 32.85% year-on-year [1] - The company has a current ratio of 3.385, a quick ratio of 3.085, and a debt-to-asset ratio of 38.31% [1] Financial Performance - The net profit after deducting non-recurring items was 15.05 million yuan, reflecting a year-on-year decrease of 41.98% [1] - Major capital inflows included a net inflow of 75.60 million yuan from main funds, accounting for 32.09% of the total transaction amount [1] - Large orders saw a net inflow of 21.09 million yuan, representing 8.95% of the total transaction amount [1] Company Overview - Beijing Shengxun Electronics Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has invested in 26 enterprises and participated in 676 bidding projects [2] - It holds 33 trademark registrations and 179 patents, along with 18 administrative licenses [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通告之內容概不負責，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通告全部或任何部分內 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） 2024年年度股東大會通告 茲通告美的集團股份有限公司（「本公司」）謹訂於2025年5月30日（星期五）下午2 時30分假座中華人民共和國廣東省佛山市順德區美的大道6號美的總部大樓B401會議 室舉行2024年年度股東大會（「年度股東大會」），以審議及酌情通過下列決議案（特別 決議案以#標記）。除文義另有所指，本通告所用詞彙與本公司日期為2025年5月7日的 通函所界定者具有相同涵義。 決議案 – 1 – 1. 審議及批准2024年度董事會工作報告 2. 審議及批准2024年度財務決算報告 3. 審議及批准2024年年度報告及年度報告摘要 4. #審議及批准2024年度利潤分配方案 5. #審議及批准關於未來三年股東回報規劃（2025-2027年）的議案 6. #審議及批准 ...

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) 2024年度董事會工作報告； (2) 2024年度財務決算報告； (3) 2024年年度報告及年度報告摘要； (4) 2024年度利潤分配方案； (5) 未來三年股東回報規劃（2025-2027年）； (6) 以集中競價方式回購公司A股股份； (7) 回購公司H股股份的一般性授權； (8) 變更回購A股股份用途並註銷； (9) 發行本公司 ...