证券代码：000333 证券简称：美的集团 美的集团股份有限公司投资者关系活动记录表 编号：2025-5 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 █路演活动 | | 动类别 | □现场参观 | | | □其他 | | 参与单位名称 | 资者网上提问 | | 时间 | 2025 年 9 月 19 日 | | 地点 | "全景网"投资者关系互动平台（https://ir.p5w.net） | | 上市公司接待 | 方洪波（董事长兼总裁）、钟铮（副总裁、首席财务官兼财务 | | 人员姓名 | 总监）、高书（董事会秘书） | | | 1. 公司未来分红规划？ | | | 尊敬的投资者，您好，感谢您的建议。公司将通过现金分红、回购等 | | | 多种方式，维护股东权益，保障持续稳定的分红政策。美的集团自 2013 | | | 年整体上市以来，累计派现金额超过 1340 亿元，同时累计实施的股份回购 | | | 已超过 亿元，与全体股东共享公司经营成果。 330 | | | 2. 预期人形机器人在未来几年会逐步进入家庭 ...

Core Viewpoint - The micro truck market in China has shown a fluctuating trend in sales, with a cumulative decline of 18% by the end of July 2025, despite a 15% year-on-year growth in August 2025, indicating a mixed performance in the industry [1][3][14]. Sales Performance - In August 2025, the overall truck market sold 271,600 units, a 17% year-on-year increase, while the micro truck market sold 30,800 units, reflecting a 15% year-on-year growth but a 6% month-on-month decline [3][6]. - The cumulative sales for micro trucks from January to August 2025 reached 285,900 units, marking a 15% decrease compared to the same period last year, which is the lowest in the past five years [5][10]. Market Trends - Over the past five years, the micro truck market has exhibited a pattern of alternating growth and decline in August, with three years of growth including the current year [5]. - The sales volume of 30,800 units in August 2025 ranks third in the last five years, indicating a moderate performance compared to previous years [5]. Company Rankings - In August 2025, SAIC-GM-Wuling led the micro truck market with sales of 15,900 units, capturing 51.74% of the market share, followed by Chery and Changan with 16.85% and 14.55% market shares respectively [6][9]. - A total of seven companies sold micro trucks in August, with four companies experiencing year-on-year growth and three facing declines [6][10]. Cumulative Market Share - For the cumulative sales from January to August 2025, three companies exceeded a 10% market share: Wuling (50.42%), Changan (18.34%), and Chery (13.53%) [12]. - The cumulative market share for the top six companies reached 99.74%, indicating a highly concentrated market [10]. Future Outlook - The micro truck market faces challenges in achieving growth by the end of 2025, with a cumulative decline of 18% and a net decrease of nearly 50,000 units compared to the previous year [14].

Group 1 - The core point of the article highlights the performance of the HuShen 300 ESG ETF managed by Southern Fund Management, which has seen a return of 14.38% since its inception on April 13, 2023, and a monthly return of 6.09% [1] - As of the midday close on September 19, the HuShen 300 ESG ETF (560180) fell by 0.61%, trading at 1.142 yuan with a transaction volume of 7.2083 million yuan [1] - The major holdings of the ETF include stocks such as Kweichow Moutai, which decreased by 0.15%, and China Merchants Bank, which increased by 0.91% [1] Group 2 - The ETF's performance benchmark is the HuShen 300 ESG Index return rate, indicating its alignment with ESG investment principles [1] - The fund manager is Li Jialiang, responsible for overseeing the ETF's investment strategy and performance [1] - The article provides a snapshot of the performance of various heavy-weight stocks within the ETF, including increases in stocks like Midea Group (up 0.99%) and BYD (up 0.13%), while others like Industrial and Commercial Bank of China saw a decline of 0.96% [1]

Core Viewpoint - Guangdong Securities Regulatory Bureau is actively engaging with listed companies to address their operational challenges and support high-quality development through regular visits and coordinated efforts with relevant departments [1][2][3]. Group 1: Company Engagement and Support - Guangdong Securities Regulatory Bureau has visited 395 listed companies in 2024, covering 86% of the total listed companies in the region, collecting over 300 issues and suggestions from these companies [1]. - The bureau has established a specialized task force to ensure effective follow-up on company needs and has created a mechanism for regular communication with local government and industry departments [1][2]. - Targeted visits to key companies like Midea Group and Haitian Flavoring have been conducted to address specific challenges in overseas financing and capacity building [2]. Group 2: Operational Performance Improvement - In the first half of 2025, 459 A-share listed companies in Guangdong achieved a total revenue of 1.85 trillion yuan and a net profit of 115.07 billion yuan, with year-on-year growth rates of 6.97% and 9.19%, respectively, surpassing national averages [3]. - 28 struggling listed companies reported a 77.8% increase in revenue and over 200% growth in profit year-on-year, with many undergoing restructuring to enhance their development quality [2][3]. Group 3: Investor Returns and Market Confidence - The bureau has promoted mid-term dividends among 74 listed companies, totaling over 16 billion yuan, with several companies exceeding 1 billion yuan in dividends [3]. - 22 listed companies reported a dividend payout ratio exceeding 50% in their mid-year reports, reflecting a commitment to enhancing investor returns and market confidence [3]. Group 4: Mergers and Acquisitions - Guangdong Securities Regulatory Bureau has formed a Guangdong Capital Market Mergers and Acquisitions Alliance to facilitate policy support for mergers and acquisitions, expanding the target pool to over 2,000 candidates [4]. - In 2025, the region led the nation with 17 major asset restructuring deals, totaling over 40 billion yuan in transaction value [4].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Consumer Durables** industry, specifically the **air conditioning (AC)** segment, highlighting the competitive dynamics among major players like **Xiaomi**, **Midea**, **Gree**, **Haier**, and **Hisense** [1][4][19]. Core Insights and Arguments - **Market Dynamics**: The China AC market is characterized by high consolidation, with leading players enjoying higher margins due to economies of scale and vertical integration. The industry's profit pool has grown from **Rmb 22 billion (US$ 3.1 billion)** in 2019 to **Rmb 32 billion (US$ 4.5 billion)** in 2024, reflecting a **CAGR of 8%** in profits [7][17]. - **Xiaomi's Strategy**: Xiaomi has renewed its focus on the AC market, emphasizing entry-level products. This strategy aims to leverage its distribution efficiency and technology ecosystem, potentially increasing its market share to approximately **10%** in the mid-term [4][5][19]. - **Competitive Response**: In response to Xiaomi's market share gains, traditional players like Midea, Haier, and Hisense have adjusted their product offerings and pricing strategies. Midea and Haier have increased their market shares from **32%/12%** to **37%/14%** between December 2024 and June 2025, while Gree's share has slightly declined [22][29]. - **Profitability Concerns**: Increased competition may lead to pricing pressures, impacting the overall profit pool. Gree is expected to be the most affected due to its reliance on the domestic split AC market, which constitutes **51%** of its revenue and **56%** of its profits in 2024 [6][47][60]. Important but Overlooked Content - **Scenario Analysis**: The report outlines four scenarios to assess the potential impact on the industry profit pool and individual company revenues. In the base case, a **7%** reduction in retail prices is anticipated, leading to a **6%** decline in industry profits compared to 2024 [49][50]. - **Xiaomi's Manufacturing Plans**: Xiaomi is working on improving its manufacturing efficiency by establishing a factory in Wuhan, expected to be operational by the end of 2025. This move aims to enhance vertical integration and reduce reliance on external suppliers [37][39]. - **Distribution Efficiency**: Xiaomi's competitive edge lies in its distribution model, primarily online, which allows for lower customer acquisition costs. The company plans to expand its offline presence through Mi Home stores, which could further enhance its market position [37][42]. Company-Specific Insights - **Midea**: Expected to be the most resilient player, leveraging its manufacturing advantages and distribution efficiency. Midea's proactive strategies have allowed it to maintain a competitive edge [45][63]. - **Gree**: Faces significant profit pressure due to its high reliance on the domestic market and less proactive pricing strategies. Gree's price premium is the highest among peers, which may lead to greater vulnerability in a competitive environment [47][60]. - **Haier and Hisense**: Both companies are positioned as tier-2 players but are making strides in supply chain integration. Haier's new compressor factory is expected to enhance its cost structure and product competitiveness [47][63]. Conclusion - The competitive landscape in the China AC market is evolving, with Xiaomi's aggressive expansion posing challenges to established players. The focus on efficiency, pricing strategies, and product offerings will be critical for companies to navigate the changing dynamics and maintain profitability in the face of increased competition [4][46][49].

Group 1 - Midea Group announced a share buyback plan on September 18, 2025, with an expenditure of RMB 280 million to repurchase 3.79 million A-shares at a price range of RMB 73.2 to 75.17 per share [1] - On September 17, Midea Group spent RMB 210 million to repurchase 2.817 million A-shares [1]

美的集团（000333）(00300)发布公告，于2025年9月18日该公司斥资人民币2.8亿元回购378.91万股A 股，回购价格为每股人民币73.20-75.17元。 ...

智通财经APP讯，美的集团(00300)发布公告，于2025年9月18日该公司斥资人民币2.8亿元回购378.91万 股A股，回购价格为每股人民币73.20-75.17元。 ...

运营商财经网 实习生张蓬文／文 2023年卫昶薪酬773万元，2024年薪酬707万元，待遇相当不错。 2022至2024年三年间，美的集团研发投入累计超过430亿元。 | | 本报告期 | | | --- | --- | --- | | | 金额 | 占营业收入比重 | | 营业收入合计 | 251, 123, 714 | 100 27 | | 智能建筑科技 | 19, 510, 571 | 7.77% | | 机器人与自动化 | 15, 072, 599 | 6.00% | | 其他业务 | 7, 996, 800 | 3.18% | | 其他 | 19, 384, 262 | 7.727 | 运营商财经网注意美的集团首席技术官卫昶已经在任三年。 公开资料显示，卫昶出生于1963年，现年62岁，江苏南通人，早年于复旦大学获得博士学位后曾赴美从事博士后研究。 他于1995年加入美国通用电气（GE），在技术研发、管理和商务等领域拥有近二十年的丰富经验。2014年，卫昶回国担任国家能源集团北京低碳清洁能源研究院院长，2022年加入美的集团出 值得一提的是，在公司现有的十一位副总裁中，卫昶是唯一一个不在美的内部体 ...

Group 1 - On September 17, among the 31 first-level industries, 22 industries received net financing inflows, with the non-bank financial sector leading at a net inflow of 3.102 billion yuan [1] - Other industries with significant net financing inflows included power equipment, electronics, machinery, automobiles, home appliances, and computers, each exceeding 600 million yuan in net inflow [1] Group 2 - A total of 1,847 individual stocks received net financing inflows on September 17, with 125 stocks having net inflows exceeding 50 million yuan [1] - Among these, 15 stocks had net financing inflows over 200 million yuan, with Ningde Times leading at a net inflow of 1.342 billion yuan [1] - Other notable stocks with high net financing inflows included SMIC, CITIC Securities, Dongfang Wealth, Shanghai Construction, Xiechuang Data, and Midea Group [1]