2025 年 9 月 2 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2025 年中报业绩，2025H1 营业总收入为 1564.94 亿元， yoy+10.22%，2025H1 归母净利润为 120.33 亿元，yoy+15.59%。2025Q2 营 业总收入为773.76亿元，yoy+10.39%，归母净利润为65.46亿元，yoy+16.02%。 事件点评 市场数据：2025 年 9 月 1 日 收盘价（元）： 25.95 年内最高/最低（元）： 35.37/23.58 内销有韧性，外销新兴市场高速增长。内销：2025H1 收入 yoy+8.8%， 其中卡萨帝收入增长超过 20%，Leader 品牌收入增长超过 15%。外销：2025H1 收入 yoy+11.7%，美国、欧洲白电与暖通业务持续跑赢行业，南亚增长 33%； 东南亚增长 18%；中东非增长 65%。展望后续，预计国内市场会继续深化多 品牌战略协同，巩固高端引领优势，海外市场将积极的强化本土化能力，积 极打通各环节壁垒，实现降本增效。 流通A股/总股本（亿）： 62.55/93.83 流通 A 股市值（亿）： 1,623. ...

美的集团 20250829.docx AceCamp AI 2025-08-30 摘要 美的集团 2025 年第二季度营收 1,239 亿元，同比增长 11%；归母净 利润近 136 亿元，同比增长 15%；扣非归母净利润 135 亿元，同比增 长 23%。经营活动现金流为 230 亿元，同比增长 17%。 美的集团 ToC 业务收入 819 亿元，同比增长 9.3%，内销增长超 15%，外销低单位数增长；ToB 业务收入 323 亿元，同比增长 16.6%，楼宇科技收入增速超 25%，工业技术板块超 15%增长。 美的集团首次发布中期利润分配方案，每 10 股派发现金红利 5 元，并 回购注销 1,000 多万股票。同时，推出两项 A 股回购计划，总额达 65- 130 亿元，用于股权激励和回购注销。 美的集团海外订单在二季度面临压力，但 7 月至 8 月逐步恢复。新兴市 场 OBM 品牌订单表现良好，但 OEM 订单较差。需关注北美关税对全球 经济的影响。 美的集团下半年将关注市场份额变化，灵活调整价格策略，并通过提高 运营效率来弥补盈利水平。上半年净利润率提升 0.9 个百分点，预计全 年利润率维持在接 ...

Group 1 - The core point of the article is that Chasing Technology has officially announced its entry into the automotive industry, planning to launch a luxury electric vehicle that will compete with Bugatti Veyron by 2027 [2][4] - Chasing Technology aims to establish itself as a new benchmark in the global ultra-high-end electric vehicle market, focusing on high performance, intelligence, and luxury [2][4] - The company has formed a nearly 1,000-person team dedicated to vehicle manufacturing and is expanding its capabilities in key technology areas such as high-speed digital motors and AI algorithms [4][5] Group 2 - As of the end of 2024, Chasing Technology has applied for a total of 6,379 patents globally, with 45% being invention patents covering core areas of intelligent automotive technology [5] - The company has a global presence, operating in over 100 countries and regions, with more than 6,000 offline stores and serving over 30 million households [5] - Chasing Technology has established a subsidiary, "Starry Sky Plan (Shanghai) Automotive Technology Co., Ltd.," with a registered capital of 1 billion yuan, and is planning a factory in Shanghai [7] Group 3 - The company is actively recruiting for positions related to autonomous driving technology, indicating a focus on high-level autonomous driving solutions [6][7] - Chasing Technology has already secured some intention contracts with first-tier automotive companies for its autonomous driving technology [6] - The company has raised funds through six rounds of financing, with notable investors including Shunwei Capital and Xiaomi Group [7][8] Group 4 - Chasing Technology is not the only home appliance company venturing into the automotive sector, as other companies like Midea, Gree, and Haier have also made similar moves [12][13] - The company has diversified its business by announcing new ventures in home appliances and drones in 2025, showcasing its ambition to expand beyond its original market [9][10][11]

Core Viewpoint - The launch of the Wanhe Smart App based on Huawei's HarmonyOS NEXT marks a significant innovation and strategic advancement in the smart home industry, enhancing user experience within the Huawei ecosystem [1][7]. Group 1: Product Features and Compatibility - The HarmonyOS NEXT version of the Wanhe Smart App offers full functionality consistent with Android and iOS versions, leveraging Harmony's native performance for a smoother, safer, and more energy-efficient user experience [3][4]. - The app supports all product models, including both legacy and new smart devices, ensuring seamless management and scenario linkage across the entire IoT product line [5]. Group 2: Technical Innovations - A key technical highlight is the unified plugin page design, allowing developers to create a single codebase compatible with Android, iOS, and HarmonyOS NEXT, significantly reducing development costs and iteration cycles [4]. - The app's high-quality migration of practical features from Android and iOS to HarmonyOS ensures a consistent and efficient user experience across platforms [4]. Group 3: Ecosystem Integration - Wanhe's products are deeply integrated with Huawei's ecosystem, enabling users to control Wanhe's Harmony-connected devices through Huawei's smart living app or voice assistant, enhancing the overall smart home experience [6]. - The strategy of "zero fragmentation" in the ecosystem ensures long-term value for existing users while providing a solid foundation for the expansion of new products [5]. Group 4: Strategic Significance and Future Outlook - The release of the Wanhe Smart App on HarmonyOS NEXT signifies an enhancement in the technical depth and ecological breadth of Wanhe's IoT strategy, showcasing the brand's forward-looking approach to future operating system ecosystems [7]. - Wanhe aims to deepen its strategic cooperation with Huawei, promoting multi-brand and multi-scenario smart interconnectivity, exploring innovative and sustainable ecological paradigms in the global smart home industry [8].

Core Viewpoint - Chinese home appliance companies are significantly contributing to the development of local talent in Egypt through immersive training and mentorship programs, enhancing both skills and employment opportunities in the region [1][2][3]. Group 1: Company Development - Haier's Egypt Eco-Park spans 200,000 square meters and is located in 10th of Ramadan City, northeast of Cairo, with the first phase set to produce air conditioners, televisions, and washing machines by May 2024 [1]. - The factory currently employs approximately 1,200 workers, with expectations for a substantial increase in workforce as the entire park becomes operational [2]. - The first phase of Haier's project has already captured a certain market share in air conditioning, with rapid growth in television and washing machine sectors [3]. Group 2: Talent Development - The training provided by Chinese experts focuses on human resource development and skill enhancement, which is seen as a unique aspect of Chinese companies [3]. - Employees like Tarek Baligh have benefited from hands-on training and mentorship, allowing them to compete with engineers despite having non-technical backgrounds [1]. - The local team is being trained to achieve localized production of refrigerators and kitchen appliances by the third quarter of next year, which is expected to boost the entire home appliance manufacturing industry in Egypt [3].

Core Viewpoint - Midea Group has officially completed the acquisition of European kitchen appliance giant Teka Group, marking a strategic expansion in the global market for Chinese home appliance manufacturers [1] Company Overview - Teka Group operates in over 120 countries and regions, with significant market presence in Spain, Portugal, Mexico, and Chile [1] - The company has an annual production capacity of millions of units and operates 10 production bases across Europe, Asia, and America, employing nearly 3,000 staff [1] - Teka Group owns three internationally recognized brands: Teka, Küppersbusch, and Intra, and has won 34 international design awards in the past two years [1] Strategic Implications - Midea Group plans to retain Teka's existing organizational structure and brand system to ensure a smooth business transition [1] - The acquisition is expected to enhance Midea's competitiveness in the high-end kitchen appliance markets in Europe and Latin America, while providing Teka with stronger R&D support and supply chain advantages [1] - Midea has invested nearly 100 billion RMB in R&D over the past decade, with products and services covering over 200 countries and regions, serving more than 500 million users [1]

4月21日，记者从一季度浙江经济运行情况新闻发布会上获悉：浙江地区生产总值22300亿元，同比增长 6.0%，经济运行延续总体平稳、稳中有进态势。 浙江省统计局总统计师、新闻发言人褚英国表示，今年以来，浙江加快落实积极有为的宏观政策，有力 有效应对外部挑战，生产供给进一步扩大，市场需求进一步回暖，经济结构进一步向新，经济实现良好 开局。 有效投资规模扩大，制造业投资显著加快—— 2月，绍兴市柯桥区浙江星柯先进光电显示产业基地二期项目开工，浙江新一年重大项目投资热潮开 启。截至目前，参加重大项目开工仪式的150个项目已全部开工。 浙江一季度固定资产投资同比增长2.0%，比去年全年提升1.6个百分点。"两重""两新"政策效应持续显 现，基础设施投资增长11.1%，工业企业技术改造投资增长14.8%，设备工器具购置投资增长9.2%。 工业生产增势较好，新质生产力稳步发展—— 284台自动化设备在微光中默契"共舞"，27台自动导向车如"工蚁军团"穿梭不息，机械臂阵列在空中划 出优美弧线。在杭州市临平区老板电器5万平方米的"黑灯工厂"里，自动导向车轮毂与传送带的摩擦 声、机械臂关节的转动声，迸发着中国制造的澎湃动能。 ...