Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].

东承大虹桥强劲动能，西联长三角广阔腹地，中部新城强化战略链接，上海青浦区正以蓬勃姿态书写"十四五"规划的精彩答卷。 2024年，青浦区生产总值达1825亿元，较"十三五"末实现1.5倍增长，"高颜值、最江南、创新核、温暖家"的城市意象深入人心。11月26日，记者跟随上 海市政府新闻办组织的"实干绘答卷 接力新蓝图"上海"十四五"规划成果系列集体采访活动走进青浦区，探寻其高质量发展的密码。 美的科创引擎轰鸣，产业生态共生长 悬浮于森林之上的"科技之城"——上海美的全球创新园区，是青浦区科创实力的生动注脚。 作为美的在国内建立的第二个全品类创新研发基地，该项目总投资超70亿元，总建筑面积达40万平方米，立足上海、放眼全球，涵盖人工智能、新能 源、新材料、机器人、医疗等前沿技术领域和产业板块。 "园区深度融合低碳科技与数字化技术，通过高效智能空调系统搭配2万余平方米绿电光伏，实现主动节能与可再生资源利用双管齐下。"上海美的全球 创新园区负责人向记者介绍，园区搭载美的楼宇科技自研的iBUILDING数字化平台，能耗调节可实现实时监测、秒级响应。 4 CHILISH # 【】 和量 】 从高空俯瞰，园区建筑呈"回"字造 ...

Core Viewpoint - Midea Group has appointed Wang Jianguo as the new CEO, reflecting its strategic planning and continued robust performance in the white goods sector [2] Financial Performance - In the first half of 2025, Midea Group achieved revenue of approximately 252.3 billion yuan, a year-on-year increase of 15.68%, and a net profit attributable to shareholders of about 26 billion yuan, up 25% [2][4] - The company's operating cash flow net amount reached 37.28 billion yuan, growing by 11.33% year-on-year [2] - Midea's revenue and net profit figures for the first half of 2025 are the highest recorded for the same period historically, with net profit growth rates being the highest since 2016 [4][5] Market Position and Competitiveness - Midea Group's revenue growth of 15.68% is the highest mid-year growth rate since 2018, while its net profit growth of 25.04% is the highest since 2016 [5] - Compared to competitors, Midea's revenue and net profit growth rates are significantly higher, with Gree Electric showing declines and Haier Smart Home showing lower growth rates [5] - Midea's market share in various product categories remains dominant, being the largest home appliance supplier globally according to Euromonitor [7][8] R&D and Innovation - Midea Group invested approximately 8.87 billion yuan in R&D in the first half of 2025, with a year-on-year increase of over 14% [8] - The company employs over 23,000 R&D personnel globally, representing more than 50% of its non-production staff [8] Shareholder Returns - Midea Group plans to distribute approximately 3.8 billion yuan in cash dividends to shareholders for the mid-year period [10] - The company has spent about 4.43 billion yuan on share buybacks since April 2025, with ongoing buyback plans [10][11]

Core Viewpoint - Midea Group reported a robust performance in the first half of 2025, achieving a revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, despite the challenging environment of price competition in the home appliance industry [1][2]. Financial Performance - Revenue reached 251.12 billion yuan, up 15.58% from 217.27 billion yuan in the same period last year [2]. - Net profit attributable to shareholders was 26.01 billion yuan, reflecting a growth of 25.04% compared to 20.80 billion yuan [2]. - The net profit excluding non-recurring items was 26.24 billion yuan, marking a 30.00% increase from 20.18 billion yuan [2]. - Operating cash flow was 37.28 billion yuan, an increase of 11.33% from 33.49 billion yuan [2]. - Basic earnings per share rose to 3.41 yuan, a 12.91% increase from 3.02 yuan [2]. Business Segments - The smart home business generated revenue of 167.20 billion yuan, accounting for 66.58% of total revenue, with a year-on-year increase of 13.31% [3][8]. - The ToB (business-to-business) segment, focusing on commercial and industrial solutions, achieved revenue of 64.54 billion yuan, representing 25.70% of total revenue, with a growth of 20.79% [7][8]. - The new energy and industrial technology sectors saw revenue growth rates of 28.61% and 24.18%, respectively [7][9]. International Expansion - Midea's overseas revenue reached 107.19 billion yuan, a 17.70% increase from 91.08 billion yuan, constituting 42.69% of total revenue [2][8]. - The company expanded its manufacturing capabilities in Thailand and Indonesia, with a total of 63 manufacturing bases globally, 41 of which are located overseas [4]. - Midea's overseas e-commerce sales increased by 30%, with some regions exceeding 50% growth [6]. Strategic Initiatives - Midea is focusing on direct-to-consumer (DTC) strategies, enhancing inventory turnover rates by 10% and achieving a stock fulfillment rate of over 93% [3]. - The company has integrated over 20,000 stores with platforms like Meituan and Douyin, contributing to over 200,000 orders in the first half of the year [3]. - Midea's acquisition of the European kitchen appliance brand TEKA is part of its strategy to deepen its market presence in Europe [4]. Future Outlook - The company aims to continue its transformation towards commercial and industrial solutions, which are currently experiencing rapid growth [12]. - Midea's management emphasizes efficiency improvements and value chain enhancements as key strategies to navigate the competitive landscape of the home appliance market [11].

Core Viewpoint - The collaboration between Midea Group and Hisense Group marks a significant shift in the competitive landscape of the domestic home appliance industry, moving from fierce rivalry to a cooperative approach to tackle challenges in the evolving global economy and technology environment [2][3]. Group 1: Strategic Cooperation - Midea Group and Hisense Group will focus on AI applications, advanced manufacturing, and smart logistics as part of their strategic cooperation [2][3]. - The companies plan to develop a wide range of digital and AI application platforms, particularly in manufacturing and logistics, while also exploring green factories and industrial internet collaboration [3][5]. - Both companies aim to enhance their core technology capabilities and optimize their production and logistics systems through this partnership [3][5]. Group 2: Background and Market Context - The collaboration is seen as a response to the changing market dynamics, where traditional competitors are now seeking to combine strengths rather than compete head-to-head [6][8]. - Midea Group and Hisense Group have different core focuses, with Midea primarily in white goods and Hisense in black goods, which reduces direct competition and allows for collaboration [7][8]. - The partnership is also influenced by external factors such as tariff disputes affecting the home appliance industry's international expansion [7][8]. Group 3: Financial Performance and Market Impact - Hisense Group reported a projected revenue of 214.3 billion yuan for 2024, with overseas income accounting for 996 billion yuan, or 46.5% of total revenue [8]. - Midea Group disclosed a revenue of 409.1 billion yuan for the previous year, with overseas revenue making up 41% [8]. - The market reaction to the collaboration has been muted, with Midea's stock price showing a slight increase while Hisense's stock performance varied [8].

Core Viewpoint - The performance certainty of Midea Group has been highlighted amidst fluctuating market sentiments, with the company achieving record high revenues and profits in 2024, alongside significant shareholder returns through dividends and share buybacks [2][3][4]. Financial Performance - Midea Group reported a revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.3%, both reaching historical highs [2][3]. - The company's gross margin improved from 25.5% to 26.2%, and net margin increased from 9% to 9.5%, attributed to high-end product strategies and supply chain optimization [3]. - Operating cash flow for the year remained robust at 60.5 billion yuan, marking a historical peak [3]. Shareholder Returns - Midea announced a cash dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, which is nearly 30% higher than the previous year, with a payout ratio of approximately 70% of net profit [4]. - The company plans to repurchase shares worth 5 to 10 billion yuan, with over 70% intended for cancellation, reinforcing its commitment to shareholder value [4]. Business Segments - The smart home segment generated 269.5 billion yuan in revenue, accounting for 66.2% of total revenue, with a growth rate of 9.4% [3][7]. - The new energy and industrial technology segment saw the fastest growth, with revenue reaching 33.6 billion yuan, up 20.6% [3][8]. - B2B revenue surpassed 100 billion yuan for the first time, contributing 25.5% to total revenue, reflecting a significant increase from 18.5% in 2020 [8]. Strategic Moves - Midea has fully divested its holdings in Xiaomi, cashing out nearly 2 billion yuan, which reflects a strategic shift in response to increasing competition in the smart appliance sector [11][12]. - The company is focusing on a dual-driven strategy of "ToB + ToC" and enhancing its core business through increased R&D investment, which reached 16.2 billion yuan in 2024, up 11.31% [12][16]. Market Position - Midea has become the top global brand in smart home appliance sales in 2024, with significant market shares in various countries for its product lines [7][10]. - The company is leveraging its strong manufacturing capabilities and international partnerships to maintain high growth rates in exports [10]. Future Outlook - Midea's management emphasizes the need for "self-disruption" to face challenges, indicating a commitment to innovation and adaptation in a rapidly evolving market landscape [12][16]. - The company aims to continue its transformation from a traditional appliance manufacturer to a technology-driven enterprise, focusing on sustainable growth and competitive advantage [16][17].

Core Viewpoint - Midea Group reported a strong performance for the fiscal year 2024, with significant revenue growth and a robust shareholder return plan, highlighting its operational resilience and global expansion success [1][2]. Financial Performance - Midea Group achieved a total revenue of 409.1 billion RMB, representing a year-on-year increase of 9.5% [1]. - The net profit attributable to the parent company rose by 14.3% to 38.5 billion RMB, with operating cash flow reaching a historical high of 60.5 billion RMB [1]. Shareholder Returns - The company announced a dividend of 3.5 RMB per share, totaling 26.7 billion RMB, which is a 28.5% increase year-on-year, with a payout ratio nearing 70% [2]. - Midea plans to repurchase shares worth 5 to 10 billion RMB, with 70% of the repurchased shares to be canceled, indicating a commitment to returning profits to shareholders [2]. Research and Development - In 2024, Midea's R&D expenditure exceeded 16 billion RMB, with a total investment surpassing 100 billion RMB over the past decade [3]. - The company added 11,000 global authorized patents in the year, including 5,000 invention patents, and led or revised 230 industry technical standards [3]. International Strategy - Midea became the top global brand in smart home appliance sales in 2024, with its smart home business revenue reaching 269.5 billion RMB [4]. - The overseas business contributed over 40% to the total revenue, with self-owned brand (OBM) revenue accounting for more than 43% of the smart home overseas business [4]. B2B Business Growth - Midea's enterprise segment (ToB) revenue surpassed 100 billion RMB for the first time, making up 25.5% of total revenue [5]. - The company maintained the leading global market share in household air conditioning compressors and achieved significant sales in domestic central air conditioning [5].