Midea Group(SZ:000333) Chang Jiang Shang Bao·2025-06-04 23:16Core Viewpoint - Midea Group is actively implementing a dual-track share repurchase plan, with significant financial commitments and a strong focus on shareholder returns through both buybacks and dividends [1][2][5]. Share Repurchase Plans - Midea Group announced a share repurchase plan in April with a budget of no less than 1.5 billion and no more than 3 billion yuan, and by May 31, approximately 900 million yuan had been spent on repurchases [1][3]. - The company has a second repurchase plan announced in March, with a budget of 5 billion to 10 billion yuan, which has yet to be implemented [2][4]. - If both repurchase plans are fully executed, Midea Group will invest a total of 13 billion yuan in share buybacks [5]. Dividend Distribution - Midea Group plans to distribute a total of 26.712 billion yuan in dividends for the year 2024, with a payout ratio close to 70% of its net profit attributable to shareholders [2][8]. - Since its overall listing in 2013, Midea Group has distributed approximately 134.2 billion yuan in cash dividends [9]. Financial Performance - Midea Group has demonstrated strong profitability, with first-quarter earnings exceeding 10 billion yuan, marking a historical high for the same period [2][10]. - The company's revenue and net profit have consistently increased from 2013 to 2024, with 2024 revenue surpassing 400 billion yuan, a growth of over 287% compared to 2013 [10]. - The net profit attributable to shareholders has also seen significant growth, increasing by 624.79% from 2013 to 2024 [10]. Strategic Adjustments - Midea Group has exited its investment in Xiaomi Group, ending a 10-year relationship, which is interpreted as a move for risk diversification or strategic adjustment [12][14]. - The company is facing competitive pressures in the home appliance sector and is undergoing internal reforms to enhance efficiency and adapt to market changes [11][14].