Core Insights - Midea Group reported a revenue of 252.33 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 15.68% [1] - The profit attributable to shareholders was 26.01 billion yuan, up 25.04% year-on-year, with an interim dividend proposed at 5 yuan per 10 shares [1] - The domestic home appliance market showed signs of recovery due to the "trade-in" subsidy policy, although competition around "user traffic" and "product pricing" intensified [1] Group Performance - Despite challenges in overseas markets due to trade protectionism, currency fluctuations, and geopolitical conflicts, Midea Group's overall scale continued to grow, with improvements in profitability and cash flow [1] - The company emphasized a strategy of "simplification to promote growth and self-disruption to face challenges," focusing on core businesses and products, particularly in overseas markets [1] R&D and Innovation - Midea is committed to its vision of "Technology for Perfection, Life for Beauty," increasing R&D investment to support the implementation of the "Three Generations" strategy [2] - The company aims to provide differentiated smart home solutions by integrating "smart appliances + smart home" based on user needs and consumption trends, supporting high-end brand breakthroughs [2] - Midea is enhancing its overseas R&D centers and manufacturing bases through localized innovation and brand development, aiming to improve brand influence [2] Research Organization and Technology Strategy - The company is optimizing its R&D model and improving the operational mechanism of its research organization, focusing on key areas such as technologies, people, projects, and processes (TP3 elements) [2] - Midea is driving the exploration of cutting-edge technologies, breakthroughs in core technologies, and the rational layout of project portfolios to align technology strategy with long-term product planning [2]

Core Viewpoint - Midea Group is undergoing a transformation to simplify operations and seek new growth opportunities, focusing on both consumer and enterprise markets [3][10][19]. Group 1: Simplification for Growth - Midea Group's leadership has mandated a simplification of work processes to enhance efficiency, including banning PPT presentations and after-hours meetings [4][9]. - The company aims to address internal inefficiencies that have arisen as its revenue grew from less than 10 billion to over 400 billion in 2024 [4][11]. - The strategy emphasizes focusing on core business areas and discontinuing non-valuable product lines [7][8]. Group 2: Transition to B2B - Midea Group is shifting its business model to balance both B2C and B2B sales, targeting a 50% revenue contribution from each segment [10][11]. - The B2B segment is projected to exceed 100 billion in revenue for the first time in 2024, accounting for approximately 25% of total revenue [11][19]. - The company is integrating its existing capabilities in HVAC and digital control systems to enhance its B2B offerings [12][13]. Group 3: Global Expansion Strategy - Midea Group has adopted an OBM (Original Brand Manufacturing) strategy for international markets, with OBM revenue constituting 43% of its overseas smart home business by the end of 2024 [17][19]. - The company aims for overseas revenue to reach or exceed 50% of total revenue, with 2024 overseas revenue reported at 169 billion, representing 42% of total revenue [19][20]. - Midea Group is expanding its overseas manufacturing bases from 15 in 2018 to 41 by mid-2025, enhancing its global operational flexibility [20]. Group 4: Innovation and R&D - Midea Group is focusing on leading innovation, with a significant investment of over 100 billion in R&D over the past decade [24]. - The company has established 38 R&D centers globally, with 22 located in overseas markets, and employs over 23,000 R&D personnel [21][24]. - Midea Group is transitioning from technology research to industry-led frontier research in key areas such as robotics and energy storage [22][24].

（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 近日，"打工皇帝"方洪波频频出镜。 端午假期前夕，方洪波在美的股东大会上的一番言论再度吸引外界关注。 一周前，方洪波也因为一篇长文专访重回公众视野，连同他治下的美的一起成为资本市场关注的焦点。 然而，外界冥冥之中感知到，始终有两条线纵横交错，缠绕在方洪波及4000亿营收的美的身上。 一条是明线，是方洪波及美的像孔雀开屏般对外展示的模样：拒绝表演式工作、拥抱扁平化，关心员工、抵制加班，传递"美的向善"的正能量属性。 另一条则是暗线，在2025年会上，有员工观察到方洪波"变了"，这种变化的表现为，方洪波不再是"过客"。"自我"重新回归，背后是方洪波立场的蜕变。 与方洪波一起变化的，是美的这家4000亿营收家电巨头。这家企业开始践行降本增效、传递寒意，"裁员""外包"等关键词越来越密集与这家企业同时出现。 前员工感慨：方洪波"变了" 在5月30日举行的美的股东大会上，有投资者问及方洪波有关"人治"的问题时，他表示，美的"过去也没有依赖过、今天也没有依赖过我，我相信未来也不会 依赖"。 在此前接受媒体专访，谈及"希望如何被他人记住"时，美的集团CEO方洪波的回答很洒脱 ...