Midea Group(SZ:000333) Nan Fang Du Shi Bao·2025-11-13 23:08Core Insights - Midea Group has undergone significant management changes within its smart home business unit, with key appointments including the transition of executives Zhao Lei and Bai Lin to new roles, reflecting a strategic focus on global expansion and operational efficiency [2][3][4]. Group 1: Management Changes - Bai Lin has been appointed as the President of the Americas region after stepping down from his previous roles as Vice President and China Regional President [2]. - Zhao Lei has been promoted to President of the Smart Home Business Group, while Cao Zhijie, a veteran with extensive experience in the air conditioning division, takes over as President of the Home Air Conditioning Division [3]. - Song Yao, a younger executive, has been appointed as the President of the Refrigerator Division, indicating a shift towards leveraging younger talent within the organization [3]. Group 2: Business Performance - Midea's smart home business generated revenue of 167.2 billion yuan in the first half of the year, marking a year-on-year growth of 13.31%, contributing to 66% of the total revenue [3]. - The company reported a third-quarter revenue of 111.93 billion yuan, a 10.06% increase year-on-year, and a net profit of 11.87 billion yuan, up 8.95% year-on-year [4]. Group 3: Market Challenges and Strategic Adjustments - The home appliance industry is experiencing significant changes, with challenges such as price wars and competition from new entrants like Xiaomi impacting traditional players [4]. - Midea is implementing organizational adjustments to enhance efficiency and accelerate globalization, aiming to replicate its successful supply chain and channel strategies from China to overseas markets [4][5]. - The company plans to invest at least 50 billion yuan in R&D over the next three years, focusing on AI and intelligent technologies, aligning its future direction with smart and global strategies [5].