Midea Group(SZ:000333) Bei Ke Cai Jing·2025-04-30 06:22Core Insights - Midea Group reported a total revenue of 128.4 billion yuan for Q1 2025, representing a year-on-year growth of 20.6%, with a net profit attributable to shareholders of 12.4 billion yuan, up 38.0% year-on-year [1] - The company announced plans to spin off its subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd., for a listing on the Hong Kong Stock Exchange while retaining control [1][4] Business Performance - The B2B segment, referred to as the "second engine," showed strong growth with revenue from new energy and industrial technology reaching 11.1 billion yuan, a 45% increase year-on-year; smart building technology revenue was 9.9 billion yuan, up 20% [2] - The robotics and automation sector also grew by 9%, reaching 7.3 billion yuan, with KUKA China seeing a more than 35% increase in orders [2][3] Strategic Developments - Midea Group's B2B business surpassed 100 billion yuan in revenue for the first time, with the proportion of B2B revenue in total revenue increasing from 18.5% in 2020 to 25.5% in 2024 [3] - The company is advancing its humanoid robot development, with prototypes underway and plans for deployment in factories and retail stores by mid-2023 [3] Market Expansion - Midea Group is accelerating its overseas market strategy, establishing new headquarters in Thailand and a center in Saudi Arabia, with a 50% year-on-year increase in overseas e-commerce sales [5] - The company has initiated significant stock buyback programs and cash dividends, with plans for a buyback of 15 billion to 30 billion yuan following a previous announcement of 50 billion to 100 billion yuan [5]