Midea reported largely in-line (vs GSe) yet above-industry 2025 results post market close on Mar 30. Total revenue/Net profits in 2025 were Rmb458.5bn/Rmb43.9mn (0%/-1% vs. GSe), growing by +12%/+14% yoy. This implies Rmb93.8bn/Rmb6.1bn revenue/net profits in 4Q25, growing by +6%/-11% yoy (positive profit growth if excluding M&A impacts), and outpacing yoy revenue and profits decline for peers including Haier and Hisense. Shareholder return further enhanced and lead industry. The company announced 74% divid ...

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4月1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 | | 庫存股份變動 | 每股發行/出售價 (註4) | ...

家用电器/白色家电 《美的集团 ToB 业务拆分报告（1）： 智能建筑科技——内销抢外资份额+ 液冷需求旺盛，外销空间广阔—公司 深度报告》-2026.1.16 《整体稳健增长，ToB 业务延续高增 —公司信息更新报告》-2025.10.31 《2025Q2 延续高质量增长，ToB 业务 高增前景广阔—公司信息更新报告》 -2025.9.1 美的集团（000333.SZ） 白马与成长兼具：业绩稳定扎实+重视股东回报，海 2026 年 04 月 01 日 外+2B 业务较快增长 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 76.35 | | 一年最高最低(元) | 83.17/66.02 | | 总市值(亿元) | 5,805.10 | | 流通市值(亿元) | 5,231.56 | | 总股本(亿股) | 76.03 | | 流通股本(亿股) | 68.52 | | 近 3 个月换手率(%) | 28.08 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2025-04 2025-08 ...

家用电器/白色家电 美的集团（000333.SZ） 白马与成长兼具：业绩稳定扎实+重视股东回报，海 2026 年 04 月 01 日 外+2B 业务较快增长 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 76.35 | | 一年最高最低(元) | 83.17/66.02 | | 总市值(亿元) | 5,805.10 | | 流通市值(亿元) | 5,231.56 | | 总股本(亿股) | 76.03 | | 流通股本(亿股) | 68.52 | | 近 3 个月换手率(%) | 28.08 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2025-04 2025-08 2025-12 美的集团 沪深300 相关研究报告 《美的集团 ToB 业务拆分报告（1）： 智能建筑科技——内销抢外资份额+ 液冷需求旺盛，外销空间广阔—公司 深度报告》-2026.1.16 《整体稳健增长，ToB 业务延续高增 —公司信息更新报告》-2025.10.31 《2025Q2 延续高质量增长，ToB 业务 ...

2026 年 04 月 01 日 金融工程研究团队 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 4 月份券商金股特征解析 4 月份中际旭创、宁德时代、紫金矿业、安井食品、科达利、美的集团、海天味 业等金股推荐次数靠前。4 月份券商金股已经陆续发布，我们统计了全市场 36 家券商发布的金股，去重后金股数量合计为 226 只。我们按照相对上 ...

证券研究报告 美的集团 (000333 CH/300 HK) 港股通 全球突破与 ToB 成长验证经营韧性 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 白色家电 公司披露 2025 年年报，全年实现营业收入 4,564.5 亿元，同比+12.1%；归 母净利润 439.5 亿元，同比+14.0%；经营活动现金流净额 533.5 亿元，同 比-11.8%；其中，4Q2025 营收同比 5.69%，归母净利同比-11.35%。整体 来看，公司净利略低于我们此前预期（收入及归母净利预期前值分别为 4529.9 亿元/448.7 亿元），主要由于业务并表及部分费用预提。公司季度 利润有所波动，但全年仍延续稳健增长。整体来看，在国内需求前高后低、 海外经营环境复杂的背景下，公司依靠全球化布局、核心品类竞争力及 ToB 业务扩张，实现收入利润双位数增长，经营韧性再获验证。公司 ToC 龙头 地位稳固，海外业务进入品牌化深化阶段，ToB 第二曲线仍具扩张空间，且 公司计划每 10 股现金分红 38 元，维持高派息，我们维持"买入"评级。 海外业务：OBM 占比持续提升，全球突破逻辑进一步强化 海 ...

Group 1 - Patagonia has introduced a "Earth Usage Fee" policy on its Tmall flagship store, requiring consumers to prepay a logistics packaging fee of 15 yuan for the first item and 5 yuan for each additional item, aimed at reducing the environmental impact of online shopping [2] - The fee is non-refundable if the item is returned, and the deducted amount will be donated to environmental projects, with the policy set to be trialed for one month starting April 1 [2] - The customer service clarified that this fee is akin to not offering free shipping, and if the item is not returned, the shipping fee can be refunded [2] Group 2 - Florida's Palm Beach International Airport has been renamed "Donald Trump International Airport" following a bill signed by Governor Ron DeSantis, with the name change reflecting Trump's influence in the state [3][5] - The airport's proximity to Trump's Mar-a-Lago estate has been noted, and the name change has faced opposition from Democratic lawmakers [5] - This renaming is part of a broader trend of Trump's name appearing on various national symbols, including a recent decision by the U.S. Treasury to print his signature on dollar bills [5] Group 3 - Apple confirmed that its "Lockdown Mode," introduced in 2022, has not been breached by any commercial spyware, highlighting its effectiveness in protecting users from targeted attacks [4] - The mode significantly restricts device functionality to minimize attack surfaces, including blocking most types of message attachments and disabling complex web technologies [4] - Apple has issued warnings to users in over 15 countries regarding potential targeted attacks since the feature's launch [4] Group 4 - Delta Airlines announced a significant increase in domestic fuel surcharges, with fees for flights under 800 kilometers rising from 10 yuan to 60 yuan, and those over 800 kilometers increasing from 20 yuan to 120 yuan, although this notice was later retracted [9] - The Shanghai district has implemented a "housing acquisition and replacement" model to alleviate rental pressure for new citizens and young people, marking a significant step in optimizing housing resource allocation [9] Group 5 - Oracle is undergoing a substantial layoff, affecting thousands of employees, as part of a restructuring effort [10] - The company currently employs approximately 162,000 staff members, indicating a significant impact on its workforce [10] Group 6 - OpenAI has completed a funding round raising $122 billion, achieving a valuation of $852 billion, which is the largest funding round to date for the company [22] - The funds will be allocated towards investments in chips, data centers, and talent acquisition [22] Group 7 - "Ming Ming is Busy" reported a revenue of 66.17 billion yuan for 2025, marking a 68.20% increase year-on-year, with a profit of 2.329 billion yuan, up 180.9% [18] - Miniso announced a total revenue of 21.44 billion yuan for 2025, reflecting a 26.2% year-on-year growth, with a gross profit margin of 45.0% [19] - Lenovo Holdings reported a net profit of 9.799 billion yuan for 2025, representing a 28% increase [20]

Group 1: Macro Insights - The March PMI returned to expansion, indicating a recovery in supply and demand, influenced by seasonal factors and a positive outlook from the National People's Congress [5] - The rise in the raw material purchase price index suggests a potential shift in PPI from negative to positive, but this may pressure corporate profit margins if the increase outpaces factory prices [5] - The first quarter GDP growth is expected to be at least 4.8%-5%, indicating a strong start to the year despite geopolitical tensions [5] Group 2: Energy Sector - China Shenhua (601088.SH) reported a 2025 revenue of 294.9 billion yuan, a 13.2% decline, with a net profit of 52.8 billion yuan, down 5.3% [11] - Huaneng International (600011.SH) achieved a revenue of 229.29 billion yuan, a 6.62% decline, but net profit increased by 42.17% due to reduced fuel costs [13] - New Energy (600956.SH) is expected to see revenue growth driven by efficient wind power operations, with projected revenues of 223.01 billion yuan in 2026 [24] Group 3: Consumer Goods - Midea Group (000333.SZ) reported a revenue of 458.5 billion yuan in 2025, a 12.08% increase, with a net profit of 43.945 billion yuan, up 14.03% [16] - Anqi Yeast (600298.SH) achieved a revenue of 119.5 billion yuan in 2025, with a 10.1% increase in its main business, indicating strong sales growth [22] - East Peak Beverage (605499.SH) reported a revenue of 208.75 billion yuan, a 31.80% increase, with a net profit of 44.15 billion yuan, up 32.72% [30] Group 4: Textile and Apparel - The sportswear sector is expected to see steady growth in 2025, with Anta Sports reporting a revenue of 80.22 billion yuan, a 13.3% increase [8] - Shenzhou International (02313.HK) reported a revenue of 30.99 billion yuan, an 8% increase, but net profit declined by 7% [29] Group 5: Technology and AI - Longxin Technology (300682.SZ) reported a revenue of 4.517 billion yuan, a 0.84% increase, with net profit rising by 141.94% [18] - Baoxin Software (600845.SH) experienced a revenue decline of 19.59% to 10.972 billion yuan, but is expected to benefit from AI trends [28]

股东回报机制升级，收入业绩符合预期 美的集团(000333) 证券研究报告 白色家电 / 公司点评 / 2026.03.31 投资评级:买入(维持) | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 72.10 | | 流通股本(亿股) | 75.03 | | 每股净资产(元) | 29.38 | | 总股本(亿股) | 76.03 | 最近 12 月市场表现 -14% -7% 1% 8% 16% 23% 美的集团 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《科技与效率赋能，穿越周期的价值锚》 2026-01-23 2. 《出口业务高 增，投 资 收益充裕》 2021-05-10 3. 《内外需求 共振， 业绩 拐点向上》 2020-11-16 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A | 2025A | 2026E | 2027E ...

股东回报机制升级，收入业绩符合预期 美的集团(000333) 证券研究报告 白色家电 / 公司点评 / 2026.03.31 投资评级:买入(维持) | 基本数据 | 2026-03-30 | | --- | --- | | 收盘价(元) | 72.10 | | 流通股本(亿股) | 75.03 | | 每股净资产(元) | 29.38 | | 总股本(亿股) | 76.03 | 最近 12 月市场表现 -14% -7% 1% 8% 16% 23% 美的集团 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《科技与效率赋能，穿越周期的价值锚》 2026-01-23 2. 《出口业务高 增，投 资 收益充裕》 2021-05-10 3. 《内外需求 共振， 业绩 拐点向上》 2020-11-16 ❖ 事件：2026 年 3 月 30 日，公司发布 2025 年业绩公告。公司 2025 年实现 营业收入 4585.02 亿元，同比+12.08% ...