Core Viewpoint - Midea Group achieved record performance in 2024 with revenue exceeding 400 billion yuan, driven by core business focus and strategic initiatives in direct-to-consumer, overseas branding, and B2B operations [2][10] Financial Performance - Midea Group reported a revenue of 407.1 billion yuan in 2024, a year-on-year increase of 9.43% - The net profit attributable to shareholders was 38.5 billion yuan, up 14.28% - Operating cash flow reached 60.5 billion yuan, growing by 4.51% - The weighted average return on equity was 21.29%, a decrease of 0.94 percentage points [2] Business Segments - The smart home segment generated 269.5 billion yuan in revenue, growing by 9.41% - B2B solutions revenue was 104.5 billion yuan, increasing by 6.87% - Within B2B, revenue from new energy and industrial technology reached 33.61 billion yuan, up 20.58% [3] - Midea's air conditioning business remains a key revenue driver, accounting for half of its home appliance sales [3] Regional and Sales Performance - Domestic revenue was 238.12 billion yuan, growing by 7.68%, while overseas revenue reached 169 billion yuan, increasing by 12% - Online sales grew by 11% to 85.6 billion yuan, while offline sales increased by 9% to 321.5 billion yuan [3] Dividend and Share Buyback - Midea Group announced a dividend of 35 yuan per 10 shares, totaling 26.7 billion yuan, an increase from the previous year's 30 yuan per 10 shares and 20.78 billion yuan [4] - The company plans to repurchase A-shares worth between 5 billion and 10 billion yuan within a year [4] Executive Compensation - Midea's Vice President Zhao Lei had a salary of 15 million yuan, surpassing Chairman Fang Hongbo's 13.78 million yuan, with the salary gap narrowing from 1.94 million yuan to 1.22 million yuan [9] - Six executives earned over 10 million yuan in 2024 [9] Market Outlook - The domestic home appliance retail market is expected to see only a slight increase due to demand being pulled forward, while exports face uncertainties [10] - Midea plans to focus on DTC transformation, prioritize overseas OBM, and enhance B2B business to drive growth [10]

Core Viewpoint - Midea Group has achieved record highs in revenue, profit, and cash flow for the year 2024, reflecting its strong operational resilience and growth potential in a new economic cycle [1] Financial Performance - Midea Group reported total revenue of 409.1 billion yuan for 2024, a year-on-year increase of 9.5% [1] - The net profit attributable to shareholders reached 38.5 billion yuan, marking a 14.3% year-on-year growth, the largest increase since 2019 [1] - Operating cash flow for the year was 60.5 billion yuan, indicating strong cash generation capabilities [1] Shareholder Return Initiatives - Midea Group announced a significant share repurchase plan, intending to buy back shares worth between 5 billion to 10 billion yuan by 2025, supported by a bank loan commitment of up to 9 billion yuan [1] - The planned repurchase is the largest implementation scheme since the introduction of stock repurchase financing in the A-share market [1] Dividend Policy - The company has proposed a cash dividend plan for 2024, distributing 35 yuan per 10 shares (including tax), totaling 26.7 billion yuan, which is nearly 30% higher than the previous year [3] - The dividend payout ratio is approximately 70% of the net profit attributable to shareholders, an increase of 8 percentage points from the previous year [3] - Since its overall listing in 2013, Midea Group has distributed over 134 billion yuan in dividends, with an average payout ratio exceeding 50% [3] Future Shareholder Return Planning - Midea Group has outlined a three-year shareholder return plan from 2025 to 2027, committing to implement cash dividends and share repurchases twice a year [4] - This plan aims to enhance the frequency of dividends, providing more stable return expectations for investors [4]

Core Insights - Midea Group reported a record high total revenue of 409.1 billion yuan for 2024, representing a year-on-year growth of 9.5%, and a net profit of 38.5 billion yuan, up 14.3% year-on-year [1] - The company achieved significant milestones in its diversified business and international expansion, with B2B revenue surpassing 100 billion yuan for the first time, reaching 104.5 billion yuan, and accounting for 25.5% of total revenue [1][2] - Midea's overseas business, particularly its own brand (OBM), contributed 43% to its smart home overseas revenue [1][2] Revenue Breakdown - Midea's revenue from the domestic market was 240.1 billion yuan, growing by 7.7%, while overseas revenue reached 169 billion yuan, increasing by 12% [2] - The smart home business generated 269.5 billion yuan, accounting for 66.2% of total revenue, with a year-on-year growth of 9.4% [2] - The commercial and industrial solutions segment generated 104.5 billion yuan, representing 25.7% of total revenue, with a growth of 6.87% [2] Business Segment Performance - The commercial and industrial solutions segment is further divided into four areas: New Energy and Industrial Technology, Smart Building Technology, Robotics and Automation, and Other Businesses [3] - New Energy and Industrial Technology reported revenue of 33.6 billion yuan, up 20.6%, while Smart Building Technology earned 28.5 billion yuan, growing by 9.9% [3][4] - Robotics and Automation experienced a revenue decline of 7.6%, attributed to cyclical demand fluctuations in the industry [4] Shareholder Returns - Midea announced a cash dividend of 26.7 billion yuan, with a per-share distribution of 3.5 yuan, marking a nearly 30% increase from the previous year [5][6] - The company also revealed a share buyback plan, with a total amount expected to be between 5 billion and 10 billion yuan, aimed at reducing registered capital and implementing employee stock ownership plans [6] - The total amount for dividends and buybacks could reach 36.7 billion yuan, nearly 95% of the company's profit for 2024 [6] Future Plans - Midea outlined a three-year shareholder return plan (2025-2027), committing to two cash dividends annually, with a focus on overseas OBM and DTC model enhancements [7] - The company aims to increase its B2B revenue share and expand its presence in the new energy and industrial technology sectors, while also developing health care and smart logistics businesses [7]

Core Insights - Midea Group reported a total revenue of 409.1 billion yuan for 2023, a year-on-year increase of 9.5%, and a net profit attributable to the parent company of 38.5 billion yuan, up 14.3% [1] - The company announced a cash dividend plan of 35 yuan per 10 shares, totaling 26.7 billion yuan, which is nearly 30% higher than the previous year's dividend [1] - Midea Group's R&D investment exceeded 16 billion yuan in 2023, marking a growth of over 10% year-on-year, with cumulative R&D investment surpassing 100 billion yuan over the past decade [2] Financial Performance - Midea Group achieved a record high in operating cash flow of 60.5 billion yuan [1] - The company plans to repurchase shares worth 5 to 10 billion yuan, with over 70% intended for cancellation to reduce registered capital [1] Technological Advancements - Midea Group deepened its technology leadership strategy, establishing 16 national-level innovation platforms and 82 provincial-level platforms [2] - The company received 1 national science and technology award, 30 provincial-level awards, and 67 international leading/advanced results certifications in 2023 [3] - Midea participated in the formulation or revision of 230 technical standards, including 14 international standards [3] Intellectual Property - In 2023, Midea added over 11,000 global authorized patents, with more than 5,000 being invention patents [4] - The company has a total of over 150,000 patent applications globally, maintaining over 90,000 authorized patents [4] Global Expansion - Despite challenges in the overseas appliance market, Midea Group experienced strong growth in its international business [5] - The company expanded its overseas manufacturing layout and achieved market leadership in various countries for its product categories, including refrigerators and washing machines [5][6] - Midea's smart home applications saw over 2.1 million new registered users overseas, with a total of over 4.4 million registered users [6] E-commerce Performance - Midea's overseas e-commerce sales revenue grew by over 50% year-on-year, achieving both scale and profit growth [6] - The brand secured a leading position in over 60 product categories on Amazon, with 29 categories ranking first [6] - According to Euromonitor, Midea became the top global brand in smart home appliance sales in 2024, with smart home business revenue reaching 269.5 billion yuan [6]

Group 1 - Midea Group (000333.SZ) released its 2024 annual report on March 29, 2025, with 1,673 institutional investors disclosing holdings of 4.481 billion shares, accounting for 58.53% of the total share capital [1] - The top ten institutional investors hold a combined 50.12% of Midea Group's shares, with a slight decrease of 0.44 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 103 funds increased their holdings, with a holding increase ratio of 0.13%, while 203 funds decreased their holdings, with a decrease ratio of 0.54% [2] - A total of 385 new public funds were disclosed this period, while 911 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction ratio of 0.21% [2]

Core Viewpoint - Midea Group reported robust growth in revenue and profit for 2024, with total revenue surpassing 400 billion yuan, indicating a strong performance across various business segments [1] Financial Performance - Total operating revenue for 2024 reached 409.08 billion yuan, a year-on-year increase of 9.47% [1] - Pre-tax profit was 46.69 billion yuan, up 15.92% year-on-year [1] - Net profit amounted to 38.54 billion yuan, reflecting a 14.29% increase, with a profit margin of 9.5%, up 0.5 percentage points from the previous year [1] Revenue Breakdown - Revenue from the domestic market was 240.1 billion yuan, growing by 7.7% [1] - Overseas market revenue reached 169 billion yuan, marking a 12.0% increase [1] - Smart home business generated 269.53 billion yuan, up 9.4% [1] - New energy and industrial technology business saw revenue of 33.61 billion yuan, a significant growth of 20.6% [1] - Smart building technology revenue was 28.47 billion yuan, increasing by 9.9% [1] - Robotics and automation business revenue declined to 28.70 billion yuan, down 7.6% [1] - Sales of raw materials and other businesses generated 35.1 billion yuan, up 18.5% [1] Strategic Initiatives - Growth in the smart home business was driven by global expansion, prioritizing OBM strategy, DTC transformation, and integration of online and offline channels [2] - The new energy and industrial technology segment's growth was attributed to innovation in HVAC components and comprehensive green energy solutions [2] - The decline in robotics and automation revenue was linked to cyclical demand fluctuations in the industry [2] Profitability Metrics - Gross margin for 2024 was 26.2%, an increase of 0.7 percentage points year-on-year [2] - The smart home business gross margin improved from 28.7% to 30.0% [2] - The smart building technology gross margin rose from 29.4% to 30.2% [2] Expenditure Overview - R&D expenditure was 16.2 billion yuan, up 11.3%, maintaining a 4% revenue share [3] - General and administrative expenses reached 15.4 billion yuan, increasing by 10.2% due to digital investments and salary growth [3] - Sales and marketing expenses were 38.8 billion yuan, a 21.3% increase, with a revenue share rising from 8.6% to 9.5% [3] Cash Flow and Capital Expenditure - Net cash flow from operating activities was 60.5 billion yuan, a 4.2% increase [3] - Capital expenditure decreased to 9.9 billion yuan, down 20.2% due to prior acquisition impacts [3] - The company raised 32.15 billion yuan through H-share issuance to strengthen its financial position [3] Strategic Focus - Midea Group emphasizes four strategic pillars: technology leadership, direct user engagement, digital intelligence, and global expansion [3]

Core Viewpoint - Midea Group reported a total revenue of 409.1 billion yuan for 2024, representing a year-on-year increase of 9.5%, and a net profit attributable to the parent company of 38.5 billion yuan, up 14.3% year-on-year [6][17]. Company Overview - Midea Group is a global technology leader with a diverse business matrix covering smart home, renewable energy, industrial technology, smart building technology, robotics and automation, healthcare, and smart logistics [4][5]. - The company operates over 400 subsidiaries, 38 R&D centers, and 44 major manufacturing bases globally, employing more than 190,000 people and serving customers in over 200 countries and regions [6]. Financial Performance - The profit distribution plan for 2024 includes a cash dividend of 35 yuan per 10 shares, totaling approximately 26.71 billion yuan, with no capital increase from reserves [17][16]. - The company did not require restatement of previous financial data and reported no significant discrepancies in quarterly financial indicators [7]. Strategic Focus - Midea Group's strategic priorities for 2024 include enhancing user-centric approaches, deepening technological innovation, and accelerating global expansion while focusing on digital transformation and operational efficiency [6][5]. - The company aims to leverage core technologies in HVAC components, green energy, and green transportation to capture industry growth opportunities [6]. Shareholder Engagement - The company plans to implement a three-year shareholder return plan from 2025 to 2027, emphasizing long-term value creation for shareholders [18]. - Midea Group's board has proposed a general authorization for share repurchase and issuance of new shares, allowing flexibility in capital management [24][25]. Governance and Management - The board of directors and supervisory board have approved various reports and plans, including the annual work report and financial resolutions, ensuring compliance with legal and regulatory requirements [10][66]. - The company has appointed new executives, including a vice president and a board secretary, to strengthen its management team [42][44].

Core Viewpoint - Midea Group has proposed a profit distribution plan for the fiscal year 2024, which includes a cash dividend of 35 yuan per 10 shares, pending approval at the upcoming annual shareholders' meeting [1][4]. Summary by Sections 1. Approval Process - The profit distribution plan was approved by the fifth board meeting and the fifth supervisory board meeting on March 28, 2025, and is subject to approval at the 2024 annual shareholders' meeting [1][4]. 2. Profit Distribution Plan Overview - The consolidated net profit attributable to the parent company for 2024 is 38,537,237,000 yuan, while the parent company’s net profit is 28,517,064,000 yuan. After accounting for undistributed profits and previous distributions, the actual distributable profit for the parent company is 35,653,818,000 yuan [1][2]. 3. Cash Dividend Details - The total number of shares is 7,631,903,546, and the total cash dividend amounts to 26,711,662,411 yuan, with a distribution of 35 yuan per 10 shares (tax included). The dividend will be adjusted based on the number of shares on the record date [2][4]. 4. Historical Comparison - The cash dividend for 2024 is significantly higher than previous years, with 20,780,277,723 yuan in 2023 and 17,187,651,820 yuan in 2022. The total amount of shares repurchased and canceled in 2024 is 6,048,232,607 yuan [3][5]. 5. Compliance and Governance - The profit distribution plan complies with relevant laws and regulations, including the Company Law and accounting standards. The board and supervisory committee have both expressed support for the plan, emphasizing its alignment with the company's long-term development and shareholder interests [5][6].

Core Points - The supervisory board of Midea Group held its fifth meeting on March 28, 2025, and all resolutions were passed unanimously with three votes in favor [1][2][3] Group 1: Supervisory Board Resolutions - The supervisory board approved the 2024 Annual Work Report, which will be submitted to the shareholders' meeting for review [1] - The 2024 Annual Financial Settlement Report was also approved and will be submitted to the shareholders' meeting [2] - The 2024 Annual Report and its summary were approved, with the supervisory board confirming that the report accurately reflects the company's situation [1][2] - The 2024 Profit Distribution Plan was approved, deemed beneficial for the company's stable development and in line with the company's articles of association [2] - The A-share holding plan for 2024 was approved, with the supervisory board affirming it aligns with relevant laws and does not harm shareholder interests [2][3] - The management measures for the 2025 A-share holding plan were approved, confirming compliance with regulations [3] - The proposal to provide guarantees for subsidiaries in 2025 was approved, seen as beneficial for the company's main business and financial structure [3][4] - The internal control evaluation report for 2024 was approved, indicating that the company has established effective internal control systems [4]

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].