美的集团-2025 年初步解读：持续跑赢行业，提高分红及股票回购，买入评级

Midea reported largely in-line (vs GSe) yet above-industry 2025 results post market close on Mar 30. Total revenue/Net profits in 2025 were Rmb458.5bn/Rmb43.9mn (0%/-1% vs. GSe), growing by +12%/+14% yoy. This implies Rmb93.8bn/Rmb6.1bn revenue/net profits in 4Q25, growing by +6%/-11% yoy (positive profit growth if excluding M&A impacts), and outpacing yoy revenue and profits decline for peers including Haier and Hisense. Shareholder return further enhanced and lead industry. The company announced 74% divid ...