美的历经全面要约、控股收购与退市计划三步推进，完成全球机器人龙头 库卡的控股与战略整合。美的机器人战略自引进到控股，构建"自主研发 +国际并购+生态协同"一体化自动化产业体系。KUKA 自 1898 年创立以 来，历经焊接设备扩展、工业机器人研发突破及自动化系统整合发展，成 功转型为全球领先的智能自动化解决方案提供商。产品结构：KUKA 的产 品体系以工业机器人为核心，向移动平台、焊接设备、系统集成、机队管 理、教育培训与软件生态等方向纵深拓展。客户群体：覆盖新能源车、电 池、电商零售至医疗健康，库卡构建起多行业适配的自动化客户群体系。 ➢ 工业机器人行业：长链合作，"四大家族"优势领先。 美的集团（000333.SZ） 美的系列报告一：机器人与自动化业务，迈向智造未来 ➢ 机器人与自动化业务：要约收购 KUKA，成功布局工业机器人业 务。 证券研究报告 | 公司深度 gszqdatemark 2026 01 27 年 月 日 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 白色家电 | | 前次评级 | 买入 | | 01 月 22 日收盘价（元） | 77.49 ...

Core Viewpoint - *ST Shengxun (003004.SZ) expects a revenue of 365 million to 415 million yuan for 2025, with a net profit attributable to shareholders ranging from -12 million to -6 million yuan, and a net profit after deducting non-recurring gains and losses between -13.3 million and -7.3 million yuan [1] Group 1 - The company's revenue growth is attributed to the acquisition of Zhejiang Zhongchen, which will be consolidated into the company's financial statements [1] - The company has focused on cost reduction and efficiency improvement, leading to a decrease in three major expenses [1] - Enhanced collection efforts on accounts receivable have reduced impairment losses, contributing to a narrower loss margin [1]

Core Insights - The traditional growth logic of "price for volume" is becoming unsustainable as market growth slows and consumer behavior becomes more rational, prompting leading brands to focus on technological innovation and strategic transformation in the home appliance industry [1] Group 1: Industry Trends - Key trends reshaping the home appliance industry include AI empowerment, health concepts, high-end positioning, and cross-industry integration [1] - The current monitoring period shows that Midea, GREE, and Panasonic lead the heat index rankings with scores of 1.92, 1.71, and 1.68 respectively [2][3] Group 2: Technological Innovations - Midea has launched a new dual-air outlet central air conditioning system aimed at providing a revolutionary user experience, while GREE focuses on AI and energy-saving technologies with its new product lines [4] - Haier emphasizes comprehensive air solutions and has introduced several innovative products, including the industry's first AI air conditioning group standard [4] Group 3: Strategic Transformations - The slowdown in industry growth has led brands to pursue high-end and cross-industry strategies for counter-cyclical growth, as seen with Skyworth's significant revenue increase driven by its new energy business [5] - High-end brands like Casarte have shown resilience, achieving positive growth in a challenging market, highlighting the importance of differentiated competitive strategies [5]

相关事件 美的集团(00300.HK)1月27日耗资9999.35万元回购130.98万股A股 美的集团(00300.HK)1月26日耗资1100 万元回购14.4万股A股 格隆汇1月27日丨美的集团(00300.HK)发布公告，2026年1月27日耗资人民币9999.35万元回购130.98万股 A股，回购价格每股75.99-76.49元。 ...

智通财经APP讯，美的集团(00300)发布公告，于2026年1月27日该公司斥资人民币9999.35万元回购 130.98万股A股，回购价格为每股人民币75.99-76.49元。 ...

美的集团（000333）(00300)发布公告，于2026年1月27日该公司斥资人民币9999.35万元回购130.98万股 A股，回购价格为每股人民币75.99-76.49元。 ...

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1月27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) | ...

Market Overview - The white goods sector experienced a decline of 0.43% on January 27, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Major stocks in the white goods sector showed varied performance, with the following notable changes: - Deep Kangjia A: Closed at 5.09, up 0.59% with a trading volume of 271,900 shares and a turnover of 137 million yuan [1] - Midea Group: Closed at 76.10, down 0.33% with a trading volume of 325,800 shares and a turnover of 2.494 billion yuan [1] - Gree Electric: Closed at 38.91, down 0.41% with a trading volume of 461,200 shares and a turnover of 1.803 billion yuan [1] - Aucma: Closed at 7.82, down 4.52% with a trading volume of 311,400 shares and a turnover of 243 million yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 175 million yuan from institutional investors and 115 million yuan from retail investors, while retail investors had a net inflow of 290 million yuan [1] - Specific capital flows for key stocks include: - Haier Smart Home: Net outflow of 57.376 million yuan from institutional investors [2] - Aucma: Net inflow of 11.4137 million yuan from institutional investors [2] - Midea Group: Net outflow of 1.9489 million yuan from institutional investors [2]

美的集团股份有限公司，成立于2000年，位于佛山市，是一家以从事通用设备制造业为主的企业。企业 注册资本767558.8172万人民币。通过天眼查大数据分析，美的集团股份有限公司共对外投资了132家企 业，参与招投标项目5000次，财产线索方面有商标信息5000条，专利信息5000条，此外企业还拥有行政 许可86个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，芜湖美的厨卫电器制造有限公司、美的集团股份有限公司取得一项名为"降 低热水器停水温升温降的控制方法、热水器及装置"的专利，授权公告号CN114576861B，申请日期为 2020年11月。 天眼查资料显示，芜湖美的厨卫电器制造有限公司，成立于2008年，位于芜湖市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本6000万人民币。通过天眼查大数据分析，芜湖美的厨卫电器 制造有限公司参与招投标项目459次，专利信息3339条，此外企业还拥有行政许可35个。 ...

Core Viewpoint - The recent leadership change at Wandong Medical involves the resignation of Chairman Ma Chibing after only seven months, with Wang Jianguo, an executive from Midea Group, taking over as the new chairman [1][3]. Group 1: Leadership Changes - Ma Chibing submitted his resignation due to personal reasons, stepping down from multiple roles including Chairman and member of various committees [1][2]. - Wang Jianguo, the new chairman, has a long history with Midea Group, having held various senior positions since 1999 [4]. Group 2: Company Performance - Wandong Medical's performance has been declining, with net profits of 183 million yuan in 2021 and 175 million yuan in 2022, indicating a downward trend [4]. - In the first three quarters of 2025, the company reported revenues of 1.189 billion yuan, an increase of 8.73% year-on-year, but faced a net loss of 27.21 million yuan, a decline of 123.51% [4]. Group 3: Profitability Metrics - The company's gross margin has been under pressure, with a gross margin of 32.62% in the first three quarters of 2025, continuing a downward trend from 45.82% in 2021 to 36.55% in 2024 [5][6]. - The gross margin figures for the years 2021 to 2024 were 45.82%, 44.11%, 42.07%, and 36.55%, respectively, showing a consistent decline [5][6].