根据于第九期股票期权激励计划行使期权而合计发行59.24万股。 美的集团（000333）(00300)发布公告，根据于第八期股票期权激励计划行使期权而合计发行111.22万 股。 ...

Core Viewpoint - Midea Group has announced the issuance of a total of 1.1122 million shares due to the exercise of options under the eighth stock option incentive plan and 0.5924 million shares under the ninth stock option incentive plan [1] Group 1 - The total shares issued from the eighth stock option incentive plan amount to 1.1122 million [1] - The total shares issued from the ninth stock option incentive plan amount to 0.5924 million [1]

证券日报网讯 12月22日晚间，美的集团发布公告称，公司本次累计回购股份135，012，663股，其中 95，000，000股将予以依法注销减少注册资本，注销股份占注销前总股本比例为1.23%。公司于2025年 12月19日在中国证券登记结算有限责任公司深圳分公司办理完毕上述95，000，000股回购股份注销手 续，注销数量、完成日期、注销期限均符合回购股份注销相关法律法规的规定。本次注销所回购的股份 不会对公司的财务状况和经营成果产生实质性影响。 （文章来源：证券日报） ...

Core Viewpoint - The article discusses the valuation challenges faced by various industries in the A-share market, highlighting that despite global competitiveness, many sectors are undervalued due to market dynamics and investor behavior [1][10]. Group 1: Industry Valuations - Home Appliances: Midea (13x), Haier (12.3x), Hisense (12.73x) [1] - Engineering Machinery: Sany (23.6x), XCMG (20x), Zoomlion (17x) [2] - Forklifts: Hangcha (16x), Heli (14x) [2] - Tires: Zhongce (12x), Sailun (16x), Senqilin (14x) [2] - Heavy Trucks: China National Heavy Duty Truck (12x) [2] Group 2: Market Dynamics - The industries mentioned are characterized by low-frequency consumption and strong cyclicality, leading to fluctuating performance and valuations based on government subsidies and market conditions [1][2]. - The article suggests that a P/E ratio around 15x is reasonable for stable growth industries, providing a risk premium over ten-year government bonds [1][2]. Group 3: Investment Behavior - Institutional investors hold significant pricing power in these markets, making it challenging for individual investors to influence valuations [1][2]. - The article emphasizes that high expectations can lead to investment disasters, and that long-term returns may be better for established companies despite their low valuations [3][10]. Group 4: Valuation as an Incentive Mechanism - Valuation is described as an incentive mechanism that reflects market competition and societal evolution, where higher valuations encourage innovation and investment in growth sectors like technology [4][5][6]. - Conversely, traditional industries with stable earnings often receive lower valuations due to a lack of societal encouragement for new investments [7][10]. Group 5: Global Comparisons - The article notes that mature manufacturing companies globally, such as Toyota and Caterpillar, also exhibit low valuation multiples, indicating a broader trend beyond the A-share market [14][15][16].

Group 1 - The core point of the article is that Midea Group has successfully completed its share repurchase plan, with a total expenditure of 10 billion RMB, and has also announced a significant dividend plan for its shareholders [2][5]. - Midea Group's share repurchase plan involved repurchasing shares worth up to 10 billion RMB, with 70% of the repurchased shares intended for cancellation, reducing the registered capital [2][3]. - The company has also initiated a secondary share repurchase plan with a target of 1.5 to 3 billion RMB, which has already reached its lower limit of 1.51 billion RMB [4]. Group 2 - Midea Group reported strong financial performance, with a revenue of 364.716 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 13.8%, and a net profit of 37.884 billion RMB, up 19.51% [5]. - The company is diversifying its business, with its B2B segment growing by 18%, outpacing the B2C segment's growth of 13% [6]. - Midea Group is expanding into innovative sectors such as energy and robotics, with notable revenue growth in these areas, including a 21% increase in revenue from new energy and industrial technology [6]. Group 3 - Midea Group has established a new Energy Division to enhance its focus on the energy sector, indicating a strategic upgrade in its business operations [7]. - The company has launched several advanced products in the AI and robotics space, including the KUKA AI Vision and humanoid robots, showcasing its commitment to innovation [6].

Group 1 - The core point of the article is that Midea Group has successfully completed its share repurchase plan, with a total expenditure of 10 billion RMB, and has also announced a mid-term dividend plan [1][4][5] Group 2 - Midea Group's share repurchase plan involved repurchasing shares worth up to 10 billion RMB, with 70% of the repurchased shares intended for cancellation, reducing the registered capital [1][2] - The repurchase process took less than nine months, with the first repurchase occurring at a price range of 72.02 to 72.89 RMB per share, totaling 1.5 billion RMB for 2.0781 million shares [2] - As of December 8, 2025, Midea Group had repurchased a total of 135 million shares, accounting for 1.76% of the total share capital, with a maximum price of 83.11 RMB and a minimum price of 69.91 RMB [2] - In addition to the 10 billion RMB repurchase plan, Midea Group has also initiated a secondary repurchase plan with a target of 3 billion RMB, having already reached the lower limit of 1.51 billion RMB [3] Group 3 - Midea Group announced a mid-term dividend plan, distributing 5 RMB per 10 shares, amounting to approximately 3.448 billion RMB, based on the adjusted total share capital [4] - The company's strong financial performance supports these initiatives, with a reported revenue of 364.716 billion RMB and a net profit of 37.884 billion RMB for the first three quarters of 2025, reflecting year-on-year growth of 13.8% and 19.51% respectively [4] Group 4 - Midea Group is expanding beyond traditional home appliances, showing significant growth in its B2B business, which grew by 18% year-on-year, outpacing the B2C business growth of 13% [5] - Specific revenue growth in various sectors includes 30.6 billion RMB from new energy and industrial technology (21% growth), 8.1 billion RMB from smart building technology (25% growth), and 22.6 billion RMB from robotics and automation (9% growth) [5] Group 5 - Recently, Midea Group has restructured its organization to establish a new energy division, indicating a strategic upgrade in its focus on the new energy sector [6]

Core Insights - The air purifier market in China is transitioning from a niche product to a health necessity, with retail sales expected to grow nearly 20% year-on-year in the first half of 2025, driven by demand from newly renovated homes, families with infants, and pet owners [1] - A report indicates significant disparities in formaldehyde removal efficiency among different brands, with some showing over 20 times the difference [1] - Only 28.6% of tested air purifiers achieved a formaldehyde CADR value exceeding 400 m³/h, and only 54.3% met the F4 level for formaldehyde CCM [1] Market Trends - The demand for air purifiers is increasing, particularly in family scenarios such as new renovations and households with infants and pets [1] - The market is seeing a shift towards more stringent performance standards and consumer awareness regarding air quality [1] Product Performance - The annual testing results reveal that nearly one-third of the air purifiers tested did not meet the required formaldehyde purification efficiency, indicating a gap between advertised and actual performance [1] - The report highlights the importance of certifications and performance metrics in guiding consumer choices [33] Consumer Guidance - A comprehensive evaluation of air purifiers includes factors such as CADR, CCM, energy efficiency, and noise levels, which are critical for consumer decision-making [33] - The report provides a selection of top-performing brands based on rigorous testing and consumer feedback, emphasizing the need for reliable and effective air purification solutions [33]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][5][10]. Core Viewpoints - The home appliance retail sector is experiencing a bottoming out in November, with expectations for recovery driven by continued national subsidies and improvements in exports [1][18]. - Despite a challenging environment with high base effects from the previous year, the resilience of leading companies in the home appliance sector remains strong, particularly in the white goods segment [13][14]. - The report highlights a potential rebound in retail demand for home appliances, supported by ongoing national subsidy policies and improved export conditions [18][19]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances in the white goods category; Hisense Visual Technology in the black goods category; and Roborock, Bear Electric, and Ecovacs in the small appliances category [5][6][14]. 2. Market Performance and Insights - In November, the retail sales of home appliances and audio-visual equipment fell by 19.4% year-on-year, while the overall retail sales in China grew by 1.3% [2][19]. - The export value of home appliances decreased by 6% year-on-year in November, with air conditioning exports down by 25.7%, while refrigerators and washing machines showed signs of recovery with growth rates of 7.6% and 15.8%, respectively [3][46]. - Air conditioning production and sales saw declines exceeding 30% in November, but January production is expected to improve due to the timing of the Spring Festival [4][59]. 3. Key Data Tracking - The home appliance sector achieved a relative return of +0.44% compared to the broader market [61]. - Prices for copper and aluminum increased by 0.4% and 2.4%, respectively, while cold-rolled steel prices remained stable [63][64]. - The real estate sector continues to face challenges, with residential construction and sales areas down by 20.1% and 8.1% year-on-year, respectively [73].

证券代码：000333 证券简称：美的集团 公告编号：2025-093 美的集团股份有限公司 1、实施股份回购：公司于2025年3月28日召开第五届董事会第六次会议、于 2025年5月30日召开2024年度股东会审议通过了《关于以集中竞价方式回购公司 A股股份的方案》，同意公司以集中竞价交易方式回购公司部分已发行的A股股 份，用于依法注销减少注册资本及实施股权激励计划及/或员工持股计划。回购 价格为不超过人民币100元/股，回购金额为不超过100亿元且不低于50亿元，实 施期限为自股东会审议通过回购股份方案之日起12个月内。公司于2025年6月17 日首次实施股份回购，并按照相关法律法规的要求就回购期间相关进展情况进 行了披露，具体内容请详见公司于2025年6月17日披露的《关于首次实施以集中 竞价交易方式回购A股股份的公告》。回购期间，公司按照相关规定披露了回购 进展情况。 公司于2025年12月9日披露了《关于回购公司股份结果暨股份变动公告》， 截至2025年12月8日，公司累计回购股份数量为135,012,663股，占公司总股本的 1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股， ...

Core Viewpoint - Midea Group announced a share buyback plan, with a total of 135 million shares repurchased, accounting for 1.76% of the company's total share capital, with a total expenditure of 10 billion yuan excluding transaction fees [1] Summary by Categories Share Buyback Details - The highest transaction price for the repurchased shares was 83.11 yuan per share, while the lowest was 69.91 yuan per share [1] - 70% or more of the repurchased shares will be used for cancellation and reduction of registered capital, with 95 million shares to be legally canceled [1] Impact on Capital Structure - The canceled shares will account for 1.23% of the total share capital before cancellation [1]