Core Viewpoint - The company anticipates fluctuations in natural rubber prices until 2026 due to various influencing factors, and it is implementing measures to stabilize raw material costs and manage foreign exchange risks [1] Group 1: Natural Rubber Price Outlook - The short to medium-term price trends of natural rubber are influenced by seasonal patterns, inventory changes, downstream operating rates, climatic conditions, market supply and demand dynamics, and macroeconomic policies [1] - The company is closely monitoring raw material price fluctuations and aims to optimize its supplier structure and procurement strategies to mitigate the impact of price volatility on operations [1] Group 2: Raw Material Supply Stability - The company is establishing long-term stable partnerships with key suppliers to ensure the stability of raw material supply and continuously optimize procurement costs [1] Group 3: Foreign Exchange Risk Management - The company is currently engaged in foreign exchange hedging activities to reduce risks associated with currency market fluctuations and to prevent adverse effects from significant exchange rate volatility [1]

Group 1 - Midea Group disclosed a research reception announcement on December 31, 2025, hosting 20 institutions including Ruifeng Fund and Huachuang Securities [1] - The latest stock price of Midea Group is 78.15 yuan, down 0.70 yuan or 0.89% from the previous trading day, with a total market value of 593.76 billion yuan [1] - Midea Group's rolling P/E ratio is 13.28, ranking 13th in the home appliance industry, which has an average P/E ratio of 30.26 [1] Group 2 - The smart building technology segment showed strong performance, with revenue reaching 28.1 billion yuan in the first three quarters of the year, a year-on-year increase of 25% [1] - The segment has diversified its customer base, including data centers, healthcare, industrial parks, and rail transit, leading in market share for commercial multi-split units and centrifugal units [1] Group 3 - The humanoid robot business is progressing steadily, with the "Mei Luo U" six-arm wheeled humanoid robot recently unveiled, and the "Mei La" series planned for 2026 entry into Midea's offline experience stores [2] - Midea Group was established on April 7, 2000, primarily engaged in general equipment manufacturing [2] - As of September 30, 2025, Midea Group had 308,748 shareholders, an increase of 31,510, with an average holding value of 1.9232 million yuan [2]

Group 1: Overseas Business Overview - The main overseas clients of the company are in the consumer electronics, furniture, and home appliance industries [2] - The company has six factories in Vietnam, Thailand, Malaysia, and Mexico, with additional capacity available for expansion based on market demand [2] - The expansion of overseas capacity is primarily achieved through leasing factories and reallocating existing domestic equipment, keeping capital expenditures manageable [3] Group 2: Competitive Landscape and Profitability - The competitive landscape for overseas business is currently stable, with the company benefiting from early market entry and advantages in product R&D, service, and multi-regional layout [3] - The company aims to maintain its profit margins next year by focusing on higher-value clients and reducing low-margin orders, with overall profitability expected to improve due to growth in overseas business [3] Group 3: Risk Management Strategies - The company negotiates product prices with clients during significant fluctuations in raw material costs and considers these factors in new pricing [3] - Currency fluctuations impact the company's foreign exchange gains and losses, and the company is exploring risk hedging strategies to mitigate these effects [3] Group 4: Financial Obligations and Shareholder Returns - The major shareholder has reached a settlement with Zhejiang Commercial Bank regarding a financial dispute, with all payments due in 2025 already made and 2026 payments on track [4] - The company emphasizes cash dividends as a key method of returning value to shareholders and plans to disclose a minimum dividend ratio based on operational and financial conditions [4]