Midea Group(SZ:000333) Sou Hu Cai Jing·2025-12-09 14:45Group 1 - The core viewpoint of the article highlights Midea Group's successful completion of a share buyback program amounting to 10 billion yuan, which involved repurchasing 135 million shares, with 95 million shares set to be canceled, reducing the registered capital by 1.24% of the total share capital [1] - Midea Group's buyback represents a significant portion of the total buyback amount in the A-share market this year, which has seen over 1,400 companies engage in buybacks totaling 140.6 billion yuan, with Midea accounting for 11.545 billion yuan [1] - The article emphasizes that share buybacks can enhance shareholder returns and improve market liquidity, while also reflecting the company's confidence in its future development [1] Group 2 - The article notes that while share buybacks temporarily reduce the number of freely tradable shares, the intrinsic value per share does not change until shares are canceled, which subsequently increases metrics like net asset value and earnings per share [2] - It points out that most share buybacks are not for cancellation but for purposes like equity incentives or market value management, which may not create long-term value for shareholders [2] - The article advocates for companies to adopt cancellation-style buybacks when financially feasible, rather than engaging in market speculation [2] Group 3 - The article suggests that companies should focus on timely and proactive buybacks rather than waiting for optimal market conditions, as demonstrated by Midea Group's efficient execution of its buyback plan within six months [3] - It highlights that despite 1,465 companies announcing buyback plans this year, many have executed minimal buybacks, indicating potential issues with capital allocation or market timing perceptions [3] - The article stresses that genuine performance and cash flow are essential for companies to engage in cancellation-style buybacks, which can enhance overall operational quality [3]