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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的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) 變更聯席公司秘書及豁免嚴格遵守上市規則第3.28及8.17條 及 (2) 執行董事辭任 董事會亦宣佈，高書女士（「高女士」）已獲委任為聯席公司秘書，自2025年3月28 日起生效。高女士將與黎少娟女士（「黎女士」）共同履行公司秘書職責，黎女士現 為另一名聯席公司秘書，具備香港聯合交易所有限公司（「聯交所」）證券上市規則 （「上市規則」）第3.28及8.17條規定的公司秘書所需資格及經驗。 1 高女士的履歷詳情載列如下： 高女士，42歲，於2025年1月加入本公司，現任本公司投資者關係總監，負責監 督本公司的投資者關係、企業管治及信息披露職能。高女士在資本市場、上市公 司的企業融資諮詢及企業管治等方面擁有逾14年經驗。在加入本集團前，於2010 年7月至2024年1 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company has unveiled a humanoid robot prototype capable of various actions, showcasing its innovation in robotics [5]. - The company has a strong foundation in the robotics industry, having entered the industrial robotics sector in 2015 and acquired KUKA, a leading global manufacturer [6]. - The company is integrating resources to develop humanoid robots, focusing on key components such as gear reducers, motors, sensors, and controllers [6]. - Recent government policies are expected to support the home appliance sector, with a significant increase in funding for consumer goods upgrades [6]. - Profit forecasts for the company indicate net profits of RMB 39.06 billion, RMB 44.05 billion, and RMB 49.11 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.8%, 12.8%, and 11.5% [6]. Financial Summary - The company's revenue is projected to grow from RMB 373.71 billion in 2023 to RMB 442.58 billion in 2025 [12]. - The earnings per share (EPS) are expected to increase from RMB 4.93 in 2023 to RMB 6.32 in 2025 [5][12]. - The dividend per share (DPS) is forecasted to rise from RMB 3.00 in 2023 to RMB 3.79 in 2025, with a dividend yield exceeding 4% [5][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company has unveiled a humanoid robot prototype capable of various actions, showcasing its innovation in robotics [5]. - The company has a strong foundation in the robotics industry, having entered the industrial robotics sector in 2015 and acquired KUKA, a leading global manufacturer [6]. - The company is integrating resources to develop humanoid robots, focusing on core components and exploring applications in commercial scenarios [6]. - Recent government policies are expected to support the home appliance sector, with significant funding allocated for upgrading durable consumer goods [6]. - Profit forecasts for the company indicate net profits of RMB 39.06 billion, RMB 44.05 billion, and RMB 49.11 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 5.60, RMB 6.32, and RMB 7.04 [5][6]. Financial Summary - The company's revenue is projected to grow from RMB 373.71 billion in 2023 to RMB 442.58 billion in 2025, with a steady increase in net profit over the same period [12]. - The earnings per share (EPS) is expected to rise from RMB 4.93 in 2023 to RMB 6.32 in 2025, reflecting a positive growth trajectory [5][12]. - The dividend per share (DPS) is forecasted to increase from RMB 3.00 in 2023 to RMB 3.79 in 2025, indicating a growing return to shareholders [5][12].

Core Viewpoint - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising 2.46% to a three-year high, driven by robust earnings in technology stocks, signs of economic stabilization, and positive policy expectations [1] Group 1: Market Performance - The Hang Seng Index closed at 24,740.57 points, up 595 points, with a total trading volume of 285.935 billion HKD [1] - The Hang Seng Tech Index increased by 3.96%, closing at 6,105.5 points, while the Hang Seng China Enterprises Index rose by 2.79% to 9,177.8 points [1] Group 2: Blue-Chip Stocks - Baidu Group-SW led blue-chip stocks with a 12.22% increase, closing at 103.3 HKD, contributing 15.93 points to the Hang Seng Index [2] - WuXi AppTec (药明康德) rose by 10.54% to 72.35 HKD, contributing 4.07 points to the index [2] - Other notable performers included Li Auto-W, which increased by 6.76%, and China Longjian Infrastructure, which fell by 2.93% [2] Group 3: Sector Highlights - Large technology stocks performed well, with Baidu up 12%, Alibaba and JD both rising over 5% [3] - AI concept stocks saw strong gains, with Baidu Group-SW up 12.22%, Kingsoft Cloud up 10.86%, and Alibaba-W up 5.83% [3] - The CRO sector also performed well, with WuXi AppTec up 10.54% and other CRO stocks showing significant increases [5] Group 4: Gold Stocks - Gold stocks collectively rose as international gold prices reached new highs, with Lingbao Gold up 7.3% and Shandong Gold up 6.99% [7] - UBS forecasts gold prices could reach 3,200 USD per ounce in the next four quarters, with Macquarie analysts predicting a potential peak of 3,500 USD per ounce by Q3 [7] Group 5: Robotics Sector - The robotics sector saw significant gains, with Yujian Technology up 27.88% after launching a humanoid robot [8] - Midea Group also reported advancements in humanoid robot development, indicating a push towards commercialization [8] Group 6: Notable Stock Movements - CanSino Biologics surged 25.26% after receiving breakthrough therapy designation for a new drug [9] - Hillstone Networks reported a 28.89% increase in revenue, with a 240.67% rise in net profit [10] - NIO-SW rose 8.95% following a strategic partnership with CATL to enhance battery swap services [11]

美的集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將 於2025年3月28日（星期五）舉行，藉以（其中包括）審議及批准本公司及其附屬 公司截至2024年12月31日止年度之年度業績及其發佈，並考慮派發末期股息（如 有）。 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3月14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、伏擁軍 先生、顧炎民博士及管金偉先生；(ii)非執行董事趙軍先生；及(iii)獨立非執行董 事肖耿博士、許定波博士、劉俏博士及邱鋰力博士。 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的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） 董事會會議召開日期 ...

Summary of Midea Group Conference Call Company Overview - **Company**: Midea Group - **Date**: February 8, 2024 Key Points Industry and Market Dynamics - Midea Group anticipates commercial HVAC revenue to reach **25 billion RMB** in 2024, with over **70%** of production from China and an expected increase in overseas factory production to **30%-40%** by 2025 [2][8] - The company is responding to a **10%** increase in U.S. tariffs on all Chinese exports, with 2023 U.S. revenue around **$3 billion**, primarily from home appliances [2][26] Business Strategy and Growth - Midea's overseas brand (OBM) growth is projected at **30%** in 2024, exceeding the **25%** target, with a forecasted average growth of **15%** in 2025 [2][4] - The company plans to enhance B2C channel reforms, focusing on retail outlet assessments and improvements, aiming to increase the same-model same-price rate from under **20%** to **60%-70%** over the next 2-3 years [2][6] - Midea intends to open **1,000 new stores** in first and second-tier markets, adopting a self-operated model similar to Xiaomi's to maintain market share [2][9] Financial Performance and Profitability - Midea aims to optimize cost structures and improve operational efficiency, contributing approximately **0.5 percentage points** to net profit margins [2][20][21] - The company does not plan to engage in price wars in the domestic air conditioning market, focusing instead on high-end overseas markets [2][12][13] Challenges and Risk Management - The company is enhancing overseas production to mitigate trade conflict risks, with expectations that **60%-70%** of U.S. exports will be produced overseas by 2026-2027 [2][8] - Midea's strategy includes sharing tariff costs with customers and end-users, with each party expected to bear about **30%** of the additional costs due to tariffs [2][26] Future Outlook - Midea's investment in emerging markets is expected to yield returns over a **three-year** period, with a target to increase OBM market share from **2-3%** to **10%** in the long term [2][22][23] - The company is focused on maintaining profitability amidst competitive pressures, particularly in the low-end market, while prioritizing high-margin products [2][15][16][17] Additional Insights - The impact of the early Chinese New Year resulted in a **15%** year-on-year decline in installation cards in January, but overall stability is expected [2][7] - Midea's high upfront costs for channel development and employee incentives are aimed at long-term strategic stability rather than short-term profit maximization [2][17][27]

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。 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 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。 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。 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1月15日 关于回购注销部分限制性股票减资暨通知债权人的公告 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"或"本公司"）于 2024 年 12 月 27 日和 2025 年 1 月 15 日分别召开第五届董事会第五次会议和 2025 年第一次临时 股东大会，审议通过了《关于对 2021 年限制性股票激励计划部分 ...

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。 香港，2025年1月15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、伏擁軍先 生、顧炎民博士及管金偉先生，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事 肖耿博士、許定波博士、劉俏博士及邱鋰力博士。 北京市嘉源律师事务所 关于美的集团股份有限公司 2025 年第一次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHA ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的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） 2025年第一次臨時股東大會投票表決結果 茲提述美的集團股份有限公司（「本公司」）日期為2024年12月27日的2025年第一 次臨時股東大會（「臨時股東大會」）通告及通函（「通函」）。除文義另有所指外，本 公告所用詞彙與通函所界定者具有相同涵義。 董事會謹此宣佈，臨時股東大會已於2025年1月15日（星期三）下午2時30分假座 中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，且於臨時 股東大會上提呈的決議案已獲正式通過。 於臨時股東大會上提呈的決議案的投票表決結果如下： | | | 贊成 | | 反對 | | 棄權 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 特別決議案 | 投票股 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group with a target price of RMB 93.00, corresponding to a 16x P/E ratio for 2025 [4][5][28]. Core Insights - Midea Group's management has guided a revenue growth of 5%-10% for 2025, with profit growth expected to be faster. The core home appliance business is anticipated to grow within this range, while overseas business is expected to grow faster due to OBM drivers. The 2B business is projected to grow at a double-digit rate [1][2]. - The company emphasizes continuous product structure upgrades as a key strategy for improving profitability, with high-end brands COLMO and Toshiba achieving RMB 15 billion in sales in 2024, a 30% year-on-year increase [2]. - Midea is focusing on its core business and plans to exit or stop operations in less profitable areas, reiterating its "focus on core" strategy initiated in 2022 [2]. Financial Projections - Revenue projections for Midea Group are as follows: - 2023: RMB 373.71 billion - 2024E: RMB 415.40 billion - 2025E: RMB 458.94 billion - 2026E: RMB 494.01 billion [7]. - The estimated CAGR for earnings from 2024E to 2026E is 12% [4]. Competitive Landscape - Midea acknowledges the competitive threat posed by Xiaomi, particularly in channel efficiency and "explosive product strategy." In response, Midea plans to enhance its channel capabilities and introduce more entry-level SKUs under the Hualing brand, which offer better technology and quality at lower prices [3]. Valuation Metrics - The report estimates a target price of RMB 93.00 based on a sum-of-the-parts (SOTP) valuation method, reflecting a 16x P/E ratio for 2025 [4][5]. - The stock is currently trading at RMB 74.30, indicating a potential upside of 25.2% [9]. Market Data - Midea Group's market capitalization is approximately RMB 511 billion (USD 69.7 billion) with a circulating share ratio of 97% [5]. - The average daily trading volume is 34,443 thousand shares, with an average daily turnover of RMB 2,532.9 million [5]. Dividend and Earnings - The projected earnings per share (EPS) for Midea Group are as follows: - 2024E: RMB 5.02 - 2025E: RMB 5.67 - 2026E: RMB 6.26 [7]. - The expected dividend per share for 2025 is RMB 3.74, yielding a net dividend yield of 5.0% [7]. Conclusion - Midea Group is positioned for steady growth driven by product upgrades and a focus on core business areas, with a favorable outlook for profitability and market performance in the coming years [1][2][4].