证券代码：000333 证券简称：美的集团 公告编号：2025-058 美的集团股份有限公司 关于自主行权模式下第九期股权激励计划第二个行权期 符合行权条件开始行权的提示性公告 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。 特别提示： 美的集团股份有限公司（以下简称"公司"或"美的集团"）2021 年年度股 东大会审议通过的《美的集团股份有限公司第九期股票期权激励计划（草案）及 摘要》的第二个行权期行权条件已经成就，公司于 2025 年 6 月 12 日召开第五届 董事会第九次会议审议通过了《关于第九期股票期权激励计划第二个行权期行权 相关事项的议案》，现将相关事项说明如下： 一、第九期股票期权激励计划已履行的决策程序和批准情况 1、2022 年 4 月 28 日，公司第四届董事会第七次会议审议通过了《美的集 团股份有限公司第九期股票期权激励计划（草案）》（以下简称"《第九期股票 期权激励计划（草案）》"）及其摘要。第四届监事会第四次会议对公司《第九 期股票期权激励计划（草案）》激励对象名单进行了核查。 2、2022 年 5 月 20 日，公司召开 2021 ...

Core Viewpoint - The article discusses the challenges faced by Midea Group in its high-end market strategy, particularly with its brand COLMO, which struggles to differentiate itself from competitors like Haier's Casarte. The analysis highlights the importance of brand positioning, resource allocation, and the cultural factors influencing Midea's approach to high-end branding [2][4][7]. Group 1: Financial Performance and Shareholder Returns - Midea Group has a substantial cash reserve of 320 billion yuan and has committed to increasing its dividend and share buyback ratio, with plans to repurchase 5 to 10 billion yuan worth of shares [2][3]. - The company reported a revenue of 409.1 billion yuan, with a net profit of 38.54 billion yuan, indicating strong financial health [20]. Group 2: High-End Market Challenges - Midea's high-end brand COLMO generated 8 billion yuan in revenue in 2022, accounting for only 2.6% of total revenue, while Haier's Casarte exceeded 26 billion yuan, highlighting a significant gap [4][5]. - COLMO's revenue is projected to reach around 10 billion yuan in 2024, still falling short compared to Casarte's over 30 billion yuan [5]. - The dual-brand strategy of COLMO and Toshiba has shown a retail sales growth of over 20% in the first half of 2024, but Casarte's growth remains strong at 12% [5][6]. Group 3: Brand Positioning and Strategy - COLMO faces a "sandwich" dilemma, struggling to compete with both luxury international brands and lower-tier competitors like Casarte, which has established a strong market presence over 12 years [7][8]. - Midea's initial strategy for COLMO involved positioning it above Casarte in price, targeting a niche elite market, but this has not resonated with consumers who prefer established luxury brands [7][8]. - The company has begun to adjust its strategy by focusing on single-store productivity and service quality rather than aggressive growth targets [23]. Group 4: Resource Allocation and Brand Development - COLMO has fewer experience centers compared to Casarte, with only about 300 locations, primarily in first- and second-tier cities, while Casarte boasts 1,500 experience stores [11]. - Midea's marketing expenditure is lower than Haier's, with a sales expense ratio of approximately 9.5% compared to Haier's 11.7%, impacting brand visibility and consumer engagement [11][20]. Group 5: Cultural and Operational Factors - Midea's corporate culture emphasizes efficiency and cost control, which has led to a focus on short-term results rather than long-term brand building [18][19]. - The company's operational model, which prioritizes quick market responses, has hindered its ability to invest in high-end brand development compared to competitors like Haier, which can afford to sustain losses for longer periods [21][24]. - Midea's shift towards a diversified business model, including B2B operations, aims to create a safety net and reduce reliance on high-end consumer markets [25][26].

Group 1 - The A500ETF by Jiashi has shown significant liquidity with a turnover rate of 3.09% and a transaction volume of 5.21 billion yuan. Over the past month, the average daily transaction volume reached 30.28 billion yuan, ranking first among comparable funds [3] - In terms of scale, the A500ETF by Jiashi experienced a growth of 16.53 billion yuan in the past week, indicating substantial growth. The fund's shares increased by 16.17 billion shares in the same period [3] - The fund has seen a net inflow of capital, with 4 out of the last 5 trading days recording a total net inflow of 18.28 billion yuan [3] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI A500 Index include Kweichow Moutai, CATL, Ping An Insurance, China Merchants Bank, Industrial Bank, Yangtze Power, Midea Group, Zijin Mining, BYD, and Dongfang Caifu, collectively accounting for 20.67% of the index [3] - Yingda Securities suggests a relatively clear upward trend in the mid-term market, with A-shares expected to continue a fluctuating upward trend due to the implementation of financial support policies for high-quality development and expectations of interest rate cuts by the Federal Reserve [3] - Zhongyuan Securities notes that the pace of long-term capital entering the market is accelerating, with steady growth in ETF scale and continuous inflow of insurance funds, providing significant support for the market [4]

Core Viewpoint - Midea's air conditioning division has achieved growth amidst a backdrop of consumer downgrade and price wars in the home appliance industry, with significant sales during the 2025 "618" shopping festival [1] Group 1: Sales Performance - Midea's air conditioners topped sales charts on major e-commerce platforms like JD and Tmall during the 2025 "618" event [1] - The "Comprehensive Wind" series, featuring Midea's "Comprehensive Wind" technology, saw impressive sales, with nearly 100,000 units sold in the same period [1] - The "Air Machine T6" product achieved a delivery volume of nearly 10,000 units within three months of its launch [1] Group 2: Product Differentiation - Midea's strategy to counteract the intensifying price competition is through product differentiation rather than price cuts [1] - The company has developed a four-series product matrix (Cool Energy Saving, No Wind Feeling, Air Machine, Comprehensive Wind) to meet diverse consumer needs [1] - The "Cool Energy Saving" series emphasizes energy efficiency, claiming to use only 1 degree of electricity for 4 hours [1] Group 3: Technological Advancements - The "Comprehensive Wind" series can achieve a circulation air volume of 1800m³/h, one of the highest in its price segment [2] - This series features a 270mm air outlet, the largest in the market, allowing for even air distribution and avoiding temperature fluctuations [2] - Midea has invested over 18 billion yuan in R&D over the past five years, with a team of over 1,600 researchers, nearly half of whom hold master's or doctoral degrees [2] Group 4: Market Competition - New entrants like Xiaomi and Zhi Mi are joining the air conditioning market, which Midea views positively as it indicates industry innovation [3] - Midea focuses on addressing core consumer needs and avoids "self-indulgent innovation" [3] - The company employs a "three generations" R&D model to ensure continuous product innovation and maintain industry leadership [3]

证券代码：000333 证券简称：美的集团 公告编号：2025-057 美的集团股份有限公司 关于以集中竞价交易方式回购 A 股股份进展情况的公告 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。 美的集团股份有限公司（以下简称"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年度股东大会审议通过了《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，实施期限为自股东大会审议通过回购股份方案之日起12个月 内（以下简称"50-100亿A股回购方案"）。公司于2025年6月17日披露了《关于 以集中竞价方式回购公司A股股份方案的报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 截至2025年6月30日，公司通过回购专用证券账户，以集中竞价交易方式累 计回购公司A股股份数量为20,564,598股 ...

公司于2025年4月8日召开第五届董事会第七次会议审议通过了《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30亿元且不低于15亿元，实施期限为自 董事会审议通过回购股份方案之日起12个月内（以下简称"15-30亿A股回购方 案"）。公司于2025年4月9日披露了《关于以集中竞价方式回购公司A股股份方 案的报告书》。 一、公司累计回购A股股份的具体情况 证券代码：000333 证券简称：美的集团 公告编号：2025-057 美的集团股份有限公司 关于以集中竞价交易方式回购 A 股股份进展情况的公告 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。 美的集团股份有限公司（以下简称"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年度股东大会审议通过了《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 ...

Group 1: Sales Performance - Midea Group achieved the highest total sales in the industry during the 618 shopping festival, leading in categories such as central air conditioning, washing machines, high-end refrigerators, and rice cookers [1] - The company’s retail sales for the COLMO and Toshiba high-end brand strategy increased by over 45% in 2024 [2] Group 2: Research and Development - Over the past 10 years, Midea has invested more than RMB 100 billion in R&D, with over RMB 16 billion allocated in 2024, reflecting a year-on-year increase of over 10% [1] - By the end of 2024, Midea had over 23,000 R&D personnel globally, accounting for more than 50% of its non-production staff [1] - The company holds over 150,000 patent applications and maintains over 90,000 authorized patents, ranking 8th globally in patent families [1] Group 3: Global Strategy and Expansion - Midea has accelerated its global strategy, establishing over 400 subsidiaries, 38 R&D centers, and 44 major manufacturing bases worldwide, with operations in over 200 countries and regions [3] - The acquisition of Teka Group enhances Midea's brand presence in the European market, with Teka winning 34 design awards in the past two years [3] - Midea announced four new investment projects in Brazil totaling BRL 198 million (approximately RMB 258 million) to meet local demand [4] Group 4: Energy Strategy - Midea Group integrates sustainability into its strategic planning, launching the "Midea Energy" brand at the 2025 International Solar Photovoltaic and Smart Energy Exhibition [5] - The company introduced a three-dimensional energy strategy focusing on "energy storage + heat pumps + AI" to establish energy as a pillar industry [5] - Midea's next-generation energy management system, driven by AI, achieves a price prediction accuracy of 92% and load forecasting accuracy of 97% [7]

Group 1 - The market has experienced different phases since 2025, with geopolitical changes and advancements in technology, particularly by DeepSeek in the AI sector, being dominant factors [1] - The innovative drug sector has attracted significant investment since May, indicating increased market interest in high-growth industries like biotechnology [1] - Foreign investors are optimistic about the Chinese market, and domestic institutions are confident in the A-share market for the second half of the year, suggesting a potential upward trend after initial fluctuations [1] Group 2 - Goldman Sachs has identified ten leading Chinese companies that are expected to attract foreign investment in the Hong Kong stock market, highlighting their strong market positions and technological advancements [4] - The selected companies represent both the internet technology sector (Tencent, Alibaba, Meituan, NetEase, Ctrip) and traditional manufacturing (BYD, Midea, Anta), all of which have integrated technology into their operations [4] - These ten companies are industry leaders with significant influence, and their listing in Hong Kong facilitates foreign investment compared to the A-share market [4]

Core Insights - The A500 index components showed mixed performance, with Longxin Zhongke leading gains at 7.82% and Yinghe Technology experiencing the largest decline [1] - The A500 ETF fund demonstrated active trading with a turnover of 14% and a transaction volume of 2.229 billion yuan, indicating a vibrant market [1] - The Shanghai Composite Index reached a new high for the year, driven by favorable factors such as reduced Middle East risks and expectations of interest rate cuts by the Federal Reserve [1][2] Market Performance - As of June 30, the A500 ETF fund had an average daily transaction volume of 3.751 billion yuan over the past week, ranking first among comparable funds [1] - The top ten weighted stocks in the A500 index accounted for 20.67% of the index, with Kweichow Moutai, CATL, and Ping An Insurance being the most significant contributors [2][4] Sector Focus - The financial sector has played a crucial role in the recent index breakout, but its influence may be nearing its end, paving the way for growth sectors, particularly in the technology space [2] - The A500 index is designed to reflect the overall performance of the most representative listed companies across various industries, selected based on market capitalization and liquidity [2]

Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].