证券代码：000333 证券简称：美的集团 公告编号：2025-089 美的集团股份有限公司 2025 年中期 A 股利润分配实施公告 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。 重要内容提示： 1、美的集团股份有限公司（以下简称"公司"）实施的 2025 年中期 A 股利 润分配方案为：以公司现有 A 股总股本 7,034,219,742 股剔除已回购股份 137,571,415 股后可参与分配的 A 股股本 6,896,648,327 股为基数，按照每股分配 金 额 不 变 的 原 则 ， 向 全 体 股 东 每 10 股 派 发 现 金 5 元 ， 分 红 总 金 额 为 3,448,324,163.50 元。 2、按 A 股总股本折算的每 10 股现金分红为 4.902212 元（按总股本折算每 10 股现金分红比例时保留小数点后六位数，最后一位直接截取，不四舍五入）。 本次利润分配实施后的除息价格=股权登记日收盘价-按公司总股本折算每股现金 分红比例=股权登记日收盘价- 0.4902212 元。 2、公司 2025 年半年度报告披露之日至本公告披 ...

美的集团公告称，公司2025年中期A股利润分配方案为，以剔除已回购股份后可参与分配的68.97亿股为 基数，向全体股东每股派发现金5元（含税），分红总金额34.48亿元。按A股总股本折算每股现金分红 为0.4902212元。股权登记日为11月17日，除息日及现金红利发放日为11月18日。本次利润分配后，公 司将对股权激励计划相关价格进行调整。 ...

格隆汇11月11日｜美的集团公告称，公司2025年中期A股利润分配方案为，以剔除已回购股份后可参与 分配的68.97亿股为基数，向全体股东每股派发现金5元（含税），分红总金额34.48亿元。按A股总股本 折算每股现金分红为0.4902212元。股权登记日为11月17日，除息日及现金红利发放日为11月18日。本 次利润分配后，公司将对股权激励计划相关价格进行调整。 ...

Core Viewpoint - Midea Group has announced personnel changes within its smart home business unit, including the appointment of Berlin as the new president for the Americas region after stepping down from his previous roles [1] Group 1: Personnel Changes - Berlin has recently resigned from his positions as Vice President and President of the China region at Midea Group [1] - Wang Chunkai, the former domestic marketing general manager of Little Swan, will take over the China regional business [1] - As of the report's publication, Midea has not responded to inquiries regarding Berlin's new appointment [1]

Market Overview - The average daily trading volume in the A-share market decreased to 2.0 trillion CNY, with the turnover rate declining, indicating reduced market activity[5] - The proportion of stocks rising increased to 54.77%, with the median weekly return for A-share stocks rising to 0.6%[5] Fund Flows - New issuance of equity funds decreased to 21.84 billion CNY, while foreign capital inflow accelerated, with a net inflow of 8.0 million USD as of November 5[6] - The net buying amount of financing decreased to 11.63 billion CNY, accounting for 10.8% of total trading volume[6] Sector Performance - Foreign capital primarily flowed into the electronics sector, with a net inflow of 63.2 million USD, while financing capital mainly flowed into the power equipment sector, with a net inflow of 68.3 billion CNY[7] - The healthcare equipment sector is expected to benefit from policy-driven market recovery, with significant growth in bidding volumes for new medical equipment[17][20] Economic Indicators - The average price of Brent crude oil was 68.17 USD per barrel in Q3 2025, reflecting a year-on-year decrease of 13.40%[44] - The construction sector showed signs of recovery, with new home transaction areas in major cities decreasing by 40.6% week-on-week, indicating ongoing challenges in the real estate market[33] Investment Recommendations - The company recommends an overweight position in A/H shares and industrial commodities, suggesting an equity allocation of 45% and a commodity allocation of 10%[9][10]

Core Insights - Midea Group has announced significant personnel changes within its Smart Home Business Group, including the reassignment of key executives such as Zhao Lei and Berlin [2][3] - The company reported a revenue of 167.2 billion yuan for its smart home business in the first half of the year, marking a year-on-year growth of 13.31% and accounting for 66% of total revenue [3][10] Personnel Changes - Zhao Lei has stepped down as the president of the Home Air Conditioning Division and has been appointed as the president of the Smart Home Business Group [2][3] - Berlin has been appointed as the president of Midea's International Americas Region, while also relinquishing his role as vice president [2][3] - The new president of the Home Air Conditioning Division is Cao Zhijie, who has extensive experience in the air conditioning sector [3][4][5] Business Performance - Midea's air conditioning products ranked first in sales in South America and maintained the top sales position in North America for overall air conditioning units [2] - The company's third-quarter revenue reached 111.93 billion yuan, a year-on-year increase of 10.06%, while the net profit for the third quarter was 11.87 billion yuan, up 8.95% year-on-year [10] Organizational Adjustments - Midea has undergone multiple organizational changes this year, including the reduction of provincial sales companies from 35 to 29 and the integration of various business units [8][9] - The company has also made adjustments to its market system structure, shifting from a support-oriented to a professional focus, emphasizing user engagement and traffic acquisition [9]

Core Insights - The home appliance industry shows resilient growth with a 3.6% year-on-year revenue increase in Q3, totaling 366.3 billion yuan, despite external pressures from reduced government subsidies and high export bases [13][14][22] - The overall net profit for the industry increased by 4.4% year-on-year, reaching 30.1 billion yuan, with a slight improvement in net profit margin by 0.1 percentage points [13][14][22] Segment Analysis White Goods - The white goods segment reported a revenue of 268.7 billion yuan in Q3, reflecting a 5.0% year-on-year growth, with a net profit margin of 9.5% [30][31] - Major players like Midea and Haier showed strong performance, with Midea's revenue growing by 9.9% and Haier's by 9.5% [33][34] Kitchen Appliances - The kitchen appliance segment experienced a revenue decline of 4.8% in Q3, totaling 5.96 billion yuan, with a net profit margin of 8.4% [37][44] - Traditional kitchen appliance companies like Boss and Vanward maintained relatively stable performance, while integrated stove manufacturers faced significant pressure [43][44] Black Goods - The black goods segment saw a revenue decrease of 3.6% in Q3, amounting to 47.29 billion yuan, but net profit increased by 41.9% to 1.4 billion yuan [45][53] - Companies like Hisense maintained stable growth, benefiting from balanced domestic and international operations [52][53] Small Appliances - The small appliance segment achieved a revenue growth of 6.3% in Q3, reaching 30.62 billion yuan, with a net profit margin of 6.7% [54][59] - Emerging categories within small appliances, such as robotic vacuum cleaners, contributed significantly to revenue growth [59] Lighting and Components - The lighting and components segment reported stable revenue of 13.73 billion yuan, with a slight year-on-year increase of 0.1%, but faced profit pressure with a net profit margin of 4.6% [3][28]

Core Viewpoint - The core viewpoint of the article emphasizes that Midea's main competitor is not other brands but its future self, focusing on continuous internal improvement and innovation in the air conditioning sector [2][4]. Group 1: Product Innovation and Market Strategy - Midea's "Cool Energy Saving" series has sold over 10 million units since its launch in 2023, demonstrating strong market demand [2]. - The "Cool Energy Saving" feature is not just a label; it is backed by AI variable frequency and smart technology to genuinely reduce energy consumption while maintaining comfort [2][4]. - Midea's air conditioning products are designed with user comfort as a priority, indicating a user-driven approach to product development [5]. Group 2: Competitive Landscape - The air conditioning industry is experiencing intense price competition, with new players like Xiaomi entering the market, increasing pressure on established brands [4]. - Midea welcomes new entrants into the air conditioning market, believing they can provide fresh perspectives and insights on product development [4]. Group 3: Corporate Culture and Internal Focus - Midea's corporate culture emphasizes a user-centric approach, ensuring that all product and service developments are driven by user needs [5]. - The company believes that its long-standing expertise in variable frequency technology and AI capabilities, combined with a strong focus on user rights, will support sustained sales and performance growth [4]. Group 4: Smart Home Strategy - Midea is advancing its whole-home smart ecosystem strategy, centered around the "Little AI" system, which integrates various smart technologies to enhance user experience [6]. - The AI system is designed to create a proactive service environment, allowing home appliances to respond intelligently to user needs [6][7]. - Midea aims to position air conditioning as a key component of its smart home strategy, with plans to enhance its smart capabilities further by 2026 [8].

Market Overview - The white goods sector experienced a decline of 0.18% on November 11, with TCL leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Aokema (600336) closed at 7.17, up 0.70% with a trading volume of 143,100 shares and a turnover of 103 million yuan [1] - Deep Blue Technology (000016) closed at 5.64, up 0.53% with a trading volume of 666,400 shares and a turnover of 377 million yuan [1] - Hisense Home Appliances (000921) closed at 26.95, up 0.41% with a trading volume of 105,100 shares and a turnover of 283 million yuan [1] - Whirlpool (600983) closed at 10.37, up 0.39% with a trading volume of 20,800 shares and a turnover of 21.57 million yuan [1] - Gree Electric Appliances (000651) closed at 40.92, up 0.15% with a trading volume of 468,500 shares and a turnover of 1.916 billion yuan [1] - Midea Group (000333) closed at 77.23, down 0.13% with a trading volume of 227,700 shares and a turnover of 175.5 million yuan [1] - TCL Smart Home (002668) closed at 11.10, down 2.20% with a trading volume of 232,000 shares and a turnover of 259 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 160 million yuan from institutional investors, while retail investors experienced a net outflow of 89.16 million yuan [1] - Midea Group (000333) had a net inflow of 228 million yuan from institutional investors, but a net outflow of 75.49 million yuan from retail investors [2] - Haier Smart Home (600690) had a net inflow of 1.13 billion yuan from institutional investors, with a net outflow of 1.04 billion yuan from retail investors [2] - TCL Smart Home (002668) experienced a significant net outflow of 58.87 million yuan from institutional investors, while retail investors had a net inflow of 55.84 million yuan [2]

Core Insights - The home appliance industry shows resilient growth with a 3.6% year-on-year revenue increase in Q3, totaling 366.3 billion yuan, despite a slowdown due to the reduction of national subsidies and high export bases [13][14][22] - The overall net profit for the industry increased by 4.4% year-on-year, reaching 30.1 billion yuan, with a slight improvement in net profit margin by 0.1 percentage points [13][14][22] Segment Analysis White Goods - The white goods segment reported a revenue of 268.7 billion yuan in Q3, reflecting a 5.0% year-on-year growth, with a net profit margin of 9.5% [30][31] - Major players like Midea and Haier showed strong performance, with Midea's revenue growing by 9.9% and Haier's by 9.5% [33][34] Kitchen Appliances - The kitchen appliance segment experienced a revenue decline of 4.8% in Q3, totaling 5.96 billion yuan, with a net profit margin of 8.4% [37][44] - Traditional kitchen appliance companies like Boss and Vanward maintained relatively stable performance, while integrated stove companies faced significant pressure [43][44] Black Goods - The black goods segment saw a revenue decrease of 3.6% in Q3, amounting to 47.29 billion yuan, but net profit increased by 41.9% to 1.4 billion yuan [45][53] - Companies like Hisense maintained stable growth, benefiting from balanced domestic and international operations [52][53] Small Appliances - The small appliance segment achieved a revenue growth of 6.3% in Q3, reaching 30.62 billion yuan, with a net profit margin of 6.7% [54][59] - Emerging categories within small appliances contributed significantly to revenue growth, with companies like Roborock and Xiaobear showing strong performance [59] Lighting and Components - The lighting and components segment reported stable revenue of 13.73 billion yuan in Q3, with a slight decline in net profit margin to 4.6% [3][28] - The segment faced challenges due to declining downstream demand and tariff impacts [3][28] Investment Recommendations - Recommended stocks include Midea Group, Haier, TCL, and Gree in the white goods sector, while Hisense is suggested for black goods, and Roborock and Xiaobear for small appliances [4][5] Key Data Tracking - The home appliance sector's relative return in October was +0.70%, indicating positive market performance [3][4] - Raw material prices showed increases in October, with copper and aluminum prices rising by 5.7% and 7.6% respectively [3][4]