【导读】A股家电三巨头业绩分化明显，美的领衔、海尔居中、格力掉队 中国基金报记者 邱德坤 8月29日晚间，美的集团交出的"成绩单"显示，2025年上半年营业收入同比增长15.58%至2511.24亿元，归母净利润同比增长25.04%至 260.14亿元。 中国基金报问讯 更快 更准 更有料 2025-08-29 21:23:39 星期五 【美的集团: 2025年上半年净利 260.14亿元，拟分红37.98亿 元】 中国基金报8月29日电,美的集团 (000333.S Z) 发布 2025年 半年报 营业 收入 2511.24亿 元，同比增长15.58%；归属于上市公司股东的 净利润260.14亿元，同比增长25.04%；扣非净 利润262.35亿元，增长30.00%。公司拟每10股 派发现金5元，分红总额37.98亿元。 长按右侧二维码 阅读原文 至此，A股家电三巨头的最新业绩均已公布。2025年上半年，海尔智家的业绩也实现同比两位数增长，但格力电器在此次业绩比拼中掉 队。 2025年上半年，格力电器的营业收入同比下降2.46%至973.25亿元，归母净利润同比增长1.95%至144.12亿元。 | | | ...

Core Viewpoint - Midea Group demonstrates robust performance with a strong focus on both B-end and C-end business growth, leading to a "buy" rating from Guojin Securities [1][6] Financial Performance - For Q2 2025, Midea Group reported revenue of 123.9 billion, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 13.59 billion, up 15.1% year-on-year [2] C-end Business Analysis - The C-end segment shows accelerated growth with a focus on high-end domestic sales and an increase in overseas OBM (Original Brand Manufacturer) share, achieving a revenue of 167.2 billion in the smart home business for H1 2025, a 13.31% increase year-on-year [3] - The retail sales of Colmo and Toshiba brands surged over 60% year-on-year, with nearly 1,700 Colmo stores established across more than 280 cities by June 2025 [3] B-end Business Analysis - The B-end segment continues to deepen its layout with a revenue of 64.54 billion in H1 2025, reflecting a 20.8% year-on-year growth, and accounting for 25.7% of total revenue, an increase of over 1 percentage point [4] - Key areas such as new energy and industrial technology saw a revenue increase of 28.6%, maintaining a leading position in air conditioning compressor global market share [4] - The smart building technology segment grew by 24.2%, significantly outperforming the industry average, while robotics and automation revenue increased by 8.3% [4] Profitability and Cash Flow - Midea Group's Q2 2025 gross margin was 26.2%, slightly down by 0.4% year-on-year, influenced by business structure and domestic pricing strategies [4] - Operating cash flow for Q2 2025 was 22.96 billion, a 17% increase year-on-year, indicating strong liquidity with contract liabilities at 38.65 billion [5] Profit Forecast and Valuation - The company is expected to achieve net profits of 43.0 billion, 47.86 billion, and 52.73 billion for the years 2025 to 2027, representing year-on-year growth rates of 11.6%, 11.3%, and 10.2% respectively [6] - The current stock price corresponds to a PE valuation of 13.2, 11.8, and 10.7 times for the years 2025, 2026, and 2027 [6]

Financial Performance - In the first half of 2025, the company reported total revenue of 252.3 billion yuan, a year-on-year increase of 15.7% [1] - The net profit attributable to shareholders reached 26 billion yuan, showing a significant year-on-year growth of 25% [1] - The company has repurchased over 4.4 billion yuan worth of shares this year [1] - A cash dividend of 35 yuan per 10 shares was announced in March, totaling 26.7 billion yuan, with an additional interim cash dividend of 5 yuan per 10 shares announced in August [1] - Cumulatively, the company has distributed over 138 billion yuan in dividends since its overall listing in 2013 [1] Business Segments - The ToB business segment continued to perform strongly, with revenue from the new energy and industrial technology business reaching 22 billion yuan, a year-on-year increase of 28.6% [1] - Revenue from the smart building technology business was 19.5 billion yuan, up 24.2% year-on-year [1] - The robotics and automation business generated 15.1 billion yuan, reflecting an 8.3% year-on-year growth [1] Strategic Developments - "Midea Energy" launched its brand image and introduced a three-dimensional strategy of "Energy Storage + Heat Pump + AI" to provide comprehensive green energy solutions [2] - "Midea Medical" applied AI deep learning in clinical settings, launching the "AI+" product series and covering five major hospital scenarios [2] - The GMCC Meizhi intelligent manufacturing base commenced operations, improving overall production efficiency by 35% [2] Robotics and Automation - The company holds brands like KUKA and Reis, enhancing its market position with innovative robot product development [3] - KUKA's market share in China increased to 9.4%, with its revenue in China approaching 30% of its global total [3] - The newly launched KMRiisyCR multifunctional autonomous mobile robot received certification from leading European research institutions [3] Smart Home and AI Initiatives - The high-end brands "COLMO" and "Toshiba" saw retail sales growth exceeding 60% in the reporting period [3] - The company established a humanoid robot innovation center, focusing on core component research and development, and plans to invest over 50 billion yuan in AI and embodied intelligence over the next three years [3]

Core Viewpoint - Ande Zhihui Supply Chain Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its core competitiveness and expand its logistics services domestically and internationally [1][3]. Company Overview - Ande Zhihui originated from Midea Group and has over 20 years of experience in providing integrated supply chain solutions, utilizing a unique "1+3" supply chain model [1][3]. - The company has served over 9,000 enterprise clients and manages over 11 million square meters of warehousing, with a logistics capacity of 586,000 vehicles [1][3]. Market Position - According to Frost & Sullivan, Ande Zhihui is the leading provider of integrated supply chain logistics solutions in China, with the highest compound annual growth rate (CAGR) in revenue among the top five providers from 2022 to 2024 [3]. - The company is also recognized as the largest provider of integrated supply chain logistics solutions in the home appliance sector [3]. Industry Growth - The integrated supply chain logistics solutions market in China is projected to grow from RMB 3.1 trillion in 2024 to RMB 4.67 trillion by 2029, with a CAGR of 8.5% [3]. - The fast-moving consumer goods (FMCG) sector's market for integrated supply chain solutions is expected to increase from RMB 520.2 billion in 2024 to approximately RMB 818.6 billion by 2029, with a CAGR of 9.5% [4]. - The automotive and auto parts sector is anticipated to be the largest segment, with a market size of approximately RMB 584.7 billion in 2024, growing to RMB 946.9 billion by 2029, reflecting a CAGR of 10.1% [4]. Infrastructure and Capabilities - As of June 30, 2025, Ande Zhihui has established a comprehensive infrastructure network, including 47 owned facilities, 436 leased facilities, and 17 managed facilities, covering over 11 million square meters [7]. - The company has a nationwide transportation network with over 630,000 established routes, ensuring 100% geographical coverage across China [7]. Financial Performance - The company reported revenues of approximately RMB 14.173 billion, RMB 16.224 billion, RMB 18.663 billion, and RMB 10.885 billion for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [8]. - Gross profits for the same periods were RMB 969 million, RMB 1.185 billion, RMB 1.355 billion, and RMB 805 million [8]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance domestic logistics solutions, expand international supply chain operations, and invest in digital transformation through AI and algorithm applications [9].

Group 1 - Midea Group announced the appointment of Wang Jianguo as the executive president, effective after shareholder approval of the amendment to the company's articles of association [2] - Midea Group's total revenue for the first half of the year reached 251.12 billion yuan, a year-on-year increase of 15.58%, while net profit was 26.01 billion yuan, up 25.04% [2] - The smart home business, as a core segment, generated revenue of 167.20 billion yuan, accounting for 66.58% of total revenue, with over 900,000 units sold of the T3 high-performance inverter air conditioner series [2] Group 2 - The new energy and industrial technology business reported revenue of 21.96 billion yuan, a year-on-year growth of 28.61%, focusing on green energy solutions and core components [3] - Midea Group plans to start construction of a manufacturing base in Thailand in the second half of 2025, while continuing investments in India and completing the manufacturing base in Brazil [3] - In the core component field for electric vehicles, domestic market sales of electric vehicle compressors exceeded 5%, with over 1 million units shipped [3]

（记者 张喜威） 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 每经AI快讯，美的集团（SZ 000333，收盘价：73.71元）8月30日发布公告称，公司第五届第十次董事 会会议于2025年8月29日在广东省佛山市顺德区美的大道6号美的总部大楼A201会议室以现场结合通讯 方式召开。会议审议了《2025年半年度报告》等文件。 2025年1至6月份，美的集团的营业收入构成为：制造业占比89.17%，其他行业占比10.35%，其他业务 占比0.48%。 ...

证券代码：000333 证券简称：美的集团 公告编号：2025-073 美的集团股份有限公司 关于 2025 年中期利润分配方案的公告 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。 重要内容提示： 一、审议程序 本次利润分配方案已经 2025 年 8 月 29 日召开的第五届董事会第十次会议审 议通过，尚待公司 2025 年第二次临时股东会审议通过后方可实施。 公 司 2025 年 半 年 度 合 并 报 表 所 实 现 的 归 属 于 上 市 公 司 股 东 的 净 利 润 为 分 配 利 润 35,653,818,000 元 ， 减 去 已 分 配 的 26,714,435,000 元 及 其 他 转 出 达公司注册资本的 50%以上的，可以不再提取，本期公司未提取法定公积金。因 此，2025 半年度母公司实际可分配利润为 9,168,025,000 元。 公司 2025 年中期利润分配方案为：以截至本公告披露之日公司总股本 专户股份余额为 78,835,399 股）的股本总额 7,596,752,773 股为基数，向全体股东 每 10 股派发现金 5 ...

Core Insights - Midea Group (000333.SZ) reported a revenue of 251.12 billion yuan for the first half of 2025, representing a year-on-year increase of 15.58% [1] - The net profit attributable to shareholders was 26.01 billion yuan, up 25.04% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 26.24 billion yuan, reflecting a 30.00% year-on-year growth [1] - Basic earnings per share stood at 3.41 yuan [1] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders [1] Industry Overview - The domestic home appliance market has seen a recovery in consumer demand, driven by the "trade-in" subsidy policy [1] - Competition in the industry is intensifying, particularly concerning "user traffic" and "product pricing" [1] - Midea Group is committed to its annual operational strategy of "promoting growth through simplification and confronting challenges through self-disruption" [1] - The company continues to focus on core businesses and products, with significant achievements in overseas operations [1] - Overall, Midea Group has demonstrated resilience in operations and a long-term trend of high-quality growth, with improvements in profitability and cash flow metrics [1]

Core Viewpoint - Midea Group reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, despite challenges in the domestic and overseas markets [1] Financial Performance - The company's operating revenue reached 251.12 billion yuan, representing a year-on-year increase of 15.58% [1] - Net profit attributable to shareholders was 26.01 billion yuan, up 25.04% year-on-year [1] - The net profit excluding non-recurring gains and losses was 26.24 billion yuan, reflecting a 30.00% increase [1] - Basic earnings per share stood at 3.41 yuan [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax) to all shareholders [1] Market and Industry Context - The domestic home appliance market showed signs of recovery, driven by the "trade-in" subsidy policy [1] - Competition in the industry is intensifying, particularly concerning "user traffic" and "product pricing" [1] - The overseas operating environment remains challenging [1] Strategic Focus - Midea Group is committed to its annual operational strategy of "promoting growth through simplification and confronting challenges through self-disruption" [1] - The company continues to focus on core businesses and products, with notable success in overseas business development [1] - Overall scale, profitability, and cash flow indicators have improved, demonstrating the company's operational resilience and long-term high-quality growth [1]

2025.08.29 本文字数：765，阅读时长大约2分钟 2025年上半年，美的集团营业总收入2523亿元，同比增长15.7%；归母净利润260亿元，同比增长25%， 均创新高；2025年中期现金分红，拟每10股派5元。 今年上半年，美的以家电为主的智能家居业务在国内加快DTC（直面用户）转型，在国际市场拓展 OBM（自主品牌）业务。COLMO、东芝两个子品牌上半年的零售额同比增长超60%。美的自主品牌业 务在海外收入中占比达45%以上；新增18个海外制造基地，在泰国、印尼、越南、马来西亚、埃及、沙 特等国家扩大产能。 ToB业务已成为美的第二增长引擎。今年上半年，美的新能源及工业技术业务收入达220亿元，同比增 长28.6%；智能建筑科技业务收入195亿元，同比增长24.2%；机器人与自动化业务收入为151亿元，同 比增长8.3%。 微信编辑| 雨林 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 作者 |第一财经 王珍 8月29日晚，美的集团（000333.SZ， ...