美的集团股份有限公司 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表 截至 2025 年 12 月 31 日止年度 - 2 - 美的集团股份有限公司 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表(续) 截至 2025 年 12 月 31 日止年度 | 其它关 联资金 | 资金往来方名称 | 往来方与上市公 | 上市公司核算的 | 2025 年期初 | 2025 年度往来 | 2025 年度往来 | 2025 年度偿 | 2025 年期末 | 往来形成 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 往来资金余额 | 累计发生金额 | 资金的利息 | 还累计发生 | 往来资金余额 | 原因 | | | 往来 | | | | | (不含利息) | (如有) | 金额 | | | | | | 广东美的智享生活电器制造有限公司 | 联营企业 | 其他应收款 | - | 0.06 | - | - | 0.06 | 提供服务 | 经营性 ...

美的集团股份有限公司 2026 年 A 股持股计划（草案） 二〇二六年三月 美的集团股份有限公司 2026 年 A 股持股计划（草案） 声 明 本公司及董事会全体成员保证本期持股计划内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 风险提示 美的集团股份有限公司 2026 年 A 股持股计划须经公司股东会批准后方可实施，本期持 股计划能否获得公司股东会批准，存在不确定性。 敬请广大投资者谨慎决策，注意投资风险。 1 美的集团股份有限公司 2026 年 A 股持股计划（草案） 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、美的集团股份有限公司 2026 年 A 股持股计划（草案）系美的集团依据《中华人民共 和国公司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试点的指导意见》 《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等有关法律、行 政法规、规章、规范性文件和《公司章程》的规定制定。 2、本期持股计划设立后由公司自行管理。公司成立持股计划管理委员会，代表持股计划 持有人行使股东权利，并对本持股计划进行日常管理，切实维护持股计划持有人的合法权益。 ...

Investment Rating - The report assigns a "Buy" rating for Midea Group (000333.SZ) [3][4] Core Insights - The report highlights that Midea's ToB (business-to-business) product line is evolving beyond traditional home appliance capabilities, establishing a differentiated competitive barrier with its smart building technology products. The revenue contribution from the ToB product matrix is accelerating [2] - Midea's overseas business is shifting from OEM (original equipment manufacturer) to self-owned brands, significantly improving the external sales structure. The OBM (own brand manufacturer) business is growing faster than overall external sales, indicating a transition from order volume expansion to brand premium and channel control [2] - The smart home product portfolio is transitioning from single appliances to comprehensive smart home systems, with a focus on high-end upgrades. The revenue from smart home products grew by 13.3% year-on-year in the first half of 2025, outperforming peers [5] Financial Performance and Forecast - Midea's projected revenue for 2025-2027 is expected to be 454.7 billion, 488.5 billion, and 523.3 billion yuan, with year-on-year growth rates of 11.6%, 7.4%, and 7.1% respectively. The net profit attributable to shareholders is forecasted to be 44.3 billion, 48.0 billion, and 52.7 billion yuan, with growth rates of 14.9%, 8.5%, and 9.7% respectively [4][6] - The gross margin for the smart home business is expected to improve from 29.3% in the first half of 2025 to 29.9% by 2027, driven by product upgrades and high-end positioning [4][5] - The report indicates that Midea's central air conditioning market share in China is approximately 19%, maintaining its leading position, while the magnetic levitation centrifugal chiller market share is 19.7%, ranking it among the top tier alongside Haier [4][6] Market Dynamics - The report notes that the Chinese home appliance market retail sales reached 751 billion yuan in the first three quarters of 2025, growing by 10.2% year-on-year, primarily driven by the effective pull of the old-for-new subsidy policy [4] - Midea's smart building technology and new energy businesses are leading in growth rates, with year-on-year increases of 28.6% and 24.2% respectively in the first half of 2025 [4][6] - The report emphasizes that the localization of overseas manufacturing capacity is underway in countries like Vietnam, Thailand, and Brazil, which will mitigate tariff impacts on export profitability [8]

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3月30日 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 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 ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [4] Core Insights - Domestic demand is weak, and export performance is mixed, leading to a slight contraction in the production of the three major white goods [7] - The report highlights that the production of air conditioners, refrigerators, and washing machines has decreased by 3.6% compared to the same period last year, with total production in April 2026 amounting to 37.64 million units [7] - The report suggests that the short-term production of domestic sales will remain low and fluctuate, while the export side may see a recovery in certain regions once geopolitical factors diminish [2][7] Summary by Sections Air Conditioners - Total production in April 2026 was 21.32 million units, down 4.9% year-on-year, with domestic production at 12.70 million units, a slight decrease of 0.5% [7] - Export production fell by 12.2% to 8.62 million units, influenced by high raw material costs and reduced dealer inventory due to unclear end-user demand [7] Refrigerators - Total production in April 2026 was 8.21 million units, a minor decline of 0.1% year-on-year, with domestic production at 3.41 million units, down 8.2% [7] - Export production increased by 5.1% to 4.80 million units, driven by low inventory levels in overseas channels and a return of orders to China due to supply chain issues in Southeast Asia [7] Washing Machines - Total production in April 2026 was 8.11 million units, down 3.7% year-on-year, with domestic production at 4.10 million units, a decrease of 2.4% [7] - Export production also fell by 3.7% to 4.01 million units, facing challenges from tariff changes and increased logistics costs due to regional conflicts [7]

Investment Rating - The report maintains a "Positive" investment outlook for the home appliance sector, highlighting the potential for growth and stability in leading companies [3]. Core Insights - The home appliance sector has underperformed compared to the broader market, with the home appliance index declining by 1.6% while the Shanghai and Shenzhen 300 index fell by 1.4% [5][6]. - Key companies such as Beike (up 24.0%), Xinbao (up 11.6%), and XGIMI (up 7.1%) showed strong performance, while Haier Smart Home (down 9.3%), Yitian Smart (down 8.2%), and Joyoung (down 7.0%) faced declines [5][8]. - The report notes significant developments, including Pop Mart's entry into the small appliance market and the production data for major appliances in April 2026, indicating a decline in production for air conditioners, refrigerators, and washing machines compared to the previous year [11]. Summary by Sections Industry Performance - The home appliance sector has shown a decline in production, with air conditioner production at 21.32 million units (down 4.9% year-on-year), refrigerators at 8.21 million units (down 0.1%), and washing machines at 8.11 million units (down 3.7%) [11]. - Domestic production of air conditioners was 12.70 million units (down 0.5%), while exports were 8.62 million units (down 12.2%) [11]. Sales Data - In February 2026, online retail sales of air conditioners dropped by 59.3% to 810,000 units, while offline sales fell by 55.6% to 119,000 units. However, the average price for online sales increased by 6.8% to 3,174 yuan per unit, and offline prices rose by 2.4% to 4,250 yuan per unit [35]. - For kitchen appliances, online sales of range hoods decreased by 22.4% to 321,000 units, while offline sales fell by 36.9% to 41,000 units. The average online price increased by 12.8% to 1,418 yuan, while offline prices decreased by 16.6% to 3,479 yuan [37]. - Dishwashers saw an increase in online sales by 9.9% to 66,000 units, but offline sales dropped by 59.7% to 4,000 units, with average prices declining for both online and offline sales [41]. Investment Highlights - The report identifies two main investment themes: 1. The leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments. The domestic market is expected to remain stable due to the continued effects of the trade-in policy [5]. 2. Some appliance companies are diversifying into emerging technology sectors such as robotics and semiconductors, which could provide new growth avenues [5]. Macro Environment - As of March 27, 2026, the USD to RMB exchange rate has decreased by 1.63% since the beginning of the year, impacting the cost structure of imports and exports in the appliance sector [45].

呈交日期： 2026年3月27日 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） 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 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份 ...

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3月26日 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年3月25日 | 6,876,595,827 | | 75,831,859 | | 6,952,427,686 | | 1). 購回股份 (股份被持作庫存股份) | | -1,219,782 ...

Group 1 - The core investment strategy for the home appliance industry includes three dimensions: dividend-friendly strategy, high-growth strategy, and overseas expansion strategy [1] - Major recommendations for high dividend and low valuation stocks include Haier Smart Home, Midea Group, and Gree Electric Appliances [1] - The market for smart home appliances is projected to reach approximately $147.5 billion by 2025, with a compound annual growth rate of 22% from 2016 to 2026 [1] Group 2 - The Chinese smart home appliance market has grown from 200 billion yuan in 2016 to 500 billion yuan in 2022, indicating significant growth potential [2] - By 2025, China's retail sales of smart home appliances are expected to reach approximately 450 billion yuan, accounting for 43.58% of the global market [3] - Chinese brands hold a shipment share of 38% to 40% in the global smart home appliance market, maintaining the leading position [3]

Group 1 - The 300 Dividend Low Volatility ETF by Jiashi (515300) opened down 0.30% at 1.335 yuan on March 26 [1][2] - Major holdings of the ETF include China Shenhua down 0.25%, Gree Electric up 0.08%, China Petroleum unchanged, Sinopec down 0.51%, Shuanghui Development up 1.17%, China National Offshore Oil Corporation down 0.02%, Daqin Railway down 0.19%, China State Construction Engineering down 0.20%, China Merchants Highway down 0.10%, and Midea Group up 0.12% [1][2] - The ETF's performance benchmark is the CSI 300 Dividend Low Volatility Index return, managed by Jiashi Fund Management Co., Ltd., with a fund manager named Wang Zihan [1][2] Group 2 - Since its establishment on August 8, 2019, the ETF has achieved a return of 72.46%, with a return of 2.72% over the past month [1][2]