香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年3月30日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 美的集团股份有限公司 2025 年年度报告全文 2025 年年度报告 美的集团股份有限公司 2026 年 3 月 美的集团股份有限公司 2025 年年度报告全文 致股东 2025 年初，我们 ...

Group 1 - The report emphasizes the importance of boosting consumption and stabilizing the real estate market as highlighted in the recent Two Sessions [1] - The home appliance sector is expected to see a gradual improvement in both domestic and foreign sales, with key categories likely to benefit from continued subsidies throughout the year [3][12] - The report forecasts that the overall performance of the home appliance sector in 2026 will be stable, with domestic demand consolidating and foreign demand showing signs of recovery [3][12] Group 2 - In January and February, the domestic and foreign sales of air conditioners are projected to see a narrowing decline, with a significant increase in retail sales for washing machines and refrigerators [3][12] - The report identifies strong operational resilience among leading brands, with a notable emphasis on overseas expansion and capacity building in emerging markets [3][12] - The report suggests that the current relative valuation of the home appliance sector is at historically low levels, indicating potential for upward adjustment as fundamentals improve [3][12] Group 3 - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric [3][12] - For the TV segment, the report recommends Hisense Visual and suggests monitoring TCL Electronics due to their strong market positions [3][12] - In the cleaning appliance category, Stone Technology and Ecovacs are highlighted as key players, while kitchen appliance leaders such as Boss Electric, Supor, and Bear Electric are also recommended for their innovative product strategies [3][12]

Core Viewpoint - The financial performance of Xinbao Co., Ltd. shows a mixed trend with a decrease in revenue but an increase in net profit, indicating potential resilience in profitability despite revenue challenges [2]. Financing Summary - On February 25, Xinbao's stock price decreased by 0.07% with a trading volume of 124 million yuan. The financing buy-in amount was 12.56 million yuan, while the financing repayment was 14.29 million yuan, resulting in a net financing outflow of 1.72 million yuan. The total financing and securities balance reached 213 million yuan [1]. - The current financing balance of 213 million yuan accounts for 1.81% of the circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high position [1]. - In terms of securities lending, there were no shares repaid on February 25, with 1,500 shares sold short, amounting to 21,800 yuan at the closing price. The securities lending balance was 119,100 yuan, which is below the 10th percentile level over the past year, indicating a low position [1]. Shareholder and Institutional Holdings - As of February 13, the number of shareholders for Xinbao was 29,000, a decrease of 0.26% from the previous period. The average circulating shares per person increased by 0.27% to 27,882 shares [2]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 29.28 million shares, a decrease of 3.06 million shares. New institutional shareholders included China Europe Pension Mixed A with 7.41 million shares and E Fund Yuxin Bond A with 2.08 million shares [3]. Financial Performance - For the period from January to September 2025, Xinbao reported a revenue of 12.28 billion yuan, a year-on-year decrease of 3.20%. However, the net profit attributable to the parent company was 841 million yuan, reflecting a year-on-year increase of 7.13% [2]. - Since its A-share listing, Xinbao has distributed a total of 3.195 billion yuan in dividends, with 1.14 billion yuan distributed over the past three years [2].

Core Viewpoint - The company reported a total operating revenue of 22.772 billion yuan for 2025, reflecting a year-on-year growth of 1.54%, while net profit attributable to shareholders decreased by 6.58% to 2.097 billion yuan [1] Financial Performance - Total operating revenue reached 22.772 billion yuan, marking a 1.54% increase compared to the previous year [1] - Total profit amounted to 2.588 billion yuan, showing a decline of 5.30% year-on-year [1] - Net profit attributable to shareholders was 2.097 billion yuan, down 6.58% from the previous year [1] Business Segments - Domestic sales revenue showed stable growth, with the company maintaining a leading market share in core categories [1] - Export business orders experienced a slight decrease, leading to a minor decline in revenue [1] Cost Management and Investment - The company implemented cost reduction and efficiency enhancement measures, resulting in a slight improvement in gross margin [1] - Sales expenses increased year-on-year, while research and development investment was increased [1]

Core Viewpoint - Wanhe Electric's stock price has experienced a decline of 8.91% year-to-date, with significant drops over various trading periods, indicating potential challenges in the market [1]. Group 1: Stock Performance - As of February 24, Wanhe Electric's stock rose by 2.09%, reaching 9.30 yuan per share, with a trading volume of 19.77 million yuan and a turnover rate of 0.32% [1]. - The company has seen a net inflow of main funds amounting to 308,000 yuan, with large purchases totaling 1.96 million yuan, accounting for 9.90% of the total, while sales reached 1.65 million yuan, making up 8.34% [1]. - The stock has declined by 1.27% over the last five trading days, 9.97% over the last 20 days, and 15.30% over the last 60 days [1]. Group 2: Company Overview - Wanhe Electric, established on December 29, 2003, and listed on January 28, 2011, is located in Shunde, Guangdong Province, and specializes in the research, production, and sales of kitchen and bathroom appliances [1]. - The company's main revenue sources are kitchen appliances (50.15%), water heating products (43.90%), and other services (6.95%) [1]. Group 3: Financial Performance - For the period from January to September 2025, Wanhe Electric reported a revenue of 5.524 billion yuan, reflecting a year-on-year growth of 5.54%, and a net profit attributable to shareholders of 479 million yuan, also up by 5.57% [2]. - Since its A-share listing, the company has distributed a total of 3.205 billion yuan in dividends, with 932 million yuan distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Wanhe Electric increased by 20.40% to 18,900, while the average number of circulating shares per person decreased by 16.95% to 34,968 shares [2]. - Among the top ten circulating shareholders, Hongli Low Volatility (512890) is the fourth largest, holding 31.51 million shares, an increase of 2.34 million shares from the previous period [3].

Core Viewpoint - China Gas (00384) announced the sale of a 50.66% stake in Hebei Huatuo Gas Equipment Co., Ltd. to Shenzhen Yipin Hui Investment Development Co., Ltd. for RMB 52.668 million, aiming to enhance strategic synergy and business upgrades within Yipin Hui's product ecosystem [1] Group 1: Transaction Details - The transaction involves the sale of a majority stake in a company focused on gas equipment and water meter products [1] - The selling price for the stake is RMB 52.668 million [1] Group 2: Strategic Implications - The acquisition will integrate Huatuo's core business into Yipin Hui's offerings, enhancing the strategic coherence of the group's business portfolio [1] - The deal supports the development of a self-controlled "R&D - Production - Service" supply chain system [1] Group 3: Market Context - The demand for smart IoT metering devices is significantly increasing due to national policies promoting smart city construction [1] - Yipin Hui possesses mature technology and product experience in the IoT, smart home, and security sectors, which will benefit from the integration [1] Group 4: Future Product Development - The partnership aims to develop high-value new products such as leak monitoring systems, smart sockets, IoT smoke detectors, and commercial kitchen warning systems [1] - This collaboration is expected to further expand the profit margins of the target company [1]

Group 1 - The company China Gas (00384) announced the sale of a 50.66% stake in Hebei Huatuo Gas Equipment Co., Ltd. to Shenzhen Yipin Hui Investment Development Co., Ltd. for RMB 52.668 million [1] - Yipin Hui Group primarily engages in the sales and provision of kitchen home products and services, including kitchen appliances and gas safety products, aiming to enhance its product and service ecosystem by integrating the target company's core business focused on gas equipment and water meter products [1] - The transaction is expected to strengthen strategic synergy and business upgrades within Yipin Hui Group's portfolio, particularly in the context of the growing demand for smart city initiatives and the intelligent IoT meter market [1] Group 2 - The target company possesses advanced production lines, and the equity transfer will facilitate deep integration of R&D resources between both parties, driving upgrades towards intelligent, security-focused, and systematic gas meters [1] - Leveraging Yipin Hui's platforms such as "Home Helper" and "Qiwei Security," both parties plan to jointly develop high-value new products, including valve well leakage monitoring, smart sockets, IoT smoke detectors, and commercial kitchen warning systems, further expanding the target company's profit margins [1]

Group 1 - The company, Wanhe Electric (002543), is a specialized manufacturer in the domestic water heater, kitchen appliance, and hot water system sectors [1] - There is currently no business relationship between the company and Shenzhen Ubtech Robotics Co., Ltd. [1] - The company has not engaged in any liquid cooling technology-related business [1]

Group 1 - The company, Wanhe Electric (002543.SZ), is a professional manufacturer in the domestic water heater, kitchen appliance, and hot water system sectors [1] - There is currently no business relationship between the company and Shenzhen Ubtech Robotics Corp [1] - The company has not engaged in any liquid cooling technology-related business [1]

Group 1 - The core message is that Sanlian Home Appliances has opened its first store in the Zhangqiu area at Shimao Plaza, marking a significant step in its commitment to the Jinan market and enhancing the shopping experience for local consumers [1][2] - The new store is strategically located in a prime commercial area, offering a wide range of products from top domestic and international brands, covering categories such as kitchen appliances, major appliances, small household appliances, and smart home solutions [1] - The store features a professionally trained sales team that provides personalized service, helping customers find the best appliance configurations based on their home type and lifestyle needs [1][2] Group 2 - Service remains the core competitive advantage for Sanlian Home Appliances, with a complete service loop from pre-sale consultation to efficient delivery, installation, and reliable after-sales service [2] - The opening of the Zhangqiu store is seen as a platform for interaction with consumers and showcasing future home living concepts, with a strong emphasis on customer engagement [2] - The store launch includes significant promotional offers in collaboration with major brands, enhanced by the 2026 national subsidy policy, inviting consumers to experience the new store on February 6 [2]