美的集团营收破4000亿元，推出百亿元上限注销式回购方案

Core Insights - Midea Group reported a record high total revenue of 409.1 billion yuan for 2024, representing a year-on-year growth of 9.5%, and a net profit of 38.5 billion yuan, up 14.3% year-on-year [1] - The company achieved significant milestones in its diversified business and international expansion, with B2B revenue surpassing 100 billion yuan for the first time, reaching 104.5 billion yuan, and accounting for 25.5% of total revenue [1][2] - Midea's overseas business, particularly its own brand (OBM), contributed 43% to its smart home overseas revenue [1][2] Revenue Breakdown - Midea's revenue from the domestic market was 240.1 billion yuan, growing by 7.7%, while overseas revenue reached 169 billion yuan, increasing by 12% [2] - The smart home business generated 269.5 billion yuan, accounting for 66.2% of total revenue, with a year-on-year growth of 9.4% [2] - The commercial and industrial solutions segment generated 104.5 billion yuan, representing 25.7% of total revenue, with a growth of 6.87% [2] Business Segment Performance - The commercial and industrial solutions segment is further divided into four areas: New Energy and Industrial Technology, Smart Building Technology, Robotics and Automation, and Other Businesses [3] - New Energy and Industrial Technology reported revenue of 33.6 billion yuan, up 20.6%, while Smart Building Technology earned 28.5 billion yuan, growing by 9.9% [3][4] - Robotics and Automation experienced a revenue decline of 7.6%, attributed to cyclical demand fluctuations in the industry [4] Shareholder Returns - Midea announced a cash dividend of 26.7 billion yuan, with a per-share distribution of 3.5 yuan, marking a nearly 30% increase from the previous year [5][6] - The company also revealed a share buyback plan, with a total amount expected to be between 5 billion and 10 billion yuan, aimed at reducing registered capital and implementing employee stock ownership plans [6] - The total amount for dividends and buybacks could reach 36.7 billion yuan, nearly 95% of the company's profit for 2024 [6] Future Plans - Midea outlined a three-year shareholder return plan (2025-2027), committing to two cash dividends annually, with a focus on overseas OBM and DTC model enhancements [7] - The company aims to increase its B2B revenue share and expand its presence in the new energy and industrial technology sectors, while also developing health care and smart logistics businesses [7]