美的集团股份有限公司2025年A股持股计划管理办法 美的集团股份有限公司 2025年A股持股计划管理办法 为规范美的集团股份有限公司（以下简称"美的集团"或"公司"）2025年A股 持股计划（以下简称"本期计划"）的实施，根据《中华人民共和国公司法》（以下 简"《公司法》"）、《中华人民共和国证券法（以下简称"《证券法》"） 》 、中国 证券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》（以下简称 "《指导意见》"》《深圳证券交易所上市公司自律监管指引第1号—主板上市公司 规范运作》（以下简称"《自律监管指引第1号》"）等有关法律、行政法规、规章、 规范性文件和《美的集团股份有限公司章程》之规定，特制定《美的集团股份有限公 司2025年A股持股计划管理办法》。 （一）依法合规原则 公司实施持股计划，严格按照法律、行政法规的规定履行程序，真实、准确、完 整、及时地实施信息披露。任何人不得利用持股计划进行内幕交易、操纵证券市场等 证券欺诈行为。 （二）自愿参与原则 公司实施持股计划遵循自主决定，自愿参加，公司不以摊派、强行分配等方式强 制参加持股计划。 （三）长期服务原则 本期持股计划下持有的标的股 ...

一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 韩践，女，美国康奈尔大学博士，现任中欧国际工商学院管理学教授，世界 经济论坛专家组成员。 美的集团股份有限公司 2024 年度独立董事述职报告（韩践） 2024 年，本人担任美的集团股份有限公司（以下简称"公司"）第四届董事 会独立董事至 2024 年 7 月 2 日止，严格按照《中华人民共和国公司法》《上市 公司独立董事管理办法》等法律法规以及《公司章程》《独立董事工作制度》等 公司相关制度的规定，独立公正、认真勤勉履行独立董事职责，积极出席公司相 关会议，仔细审议各项议案，对公司经营发展提供专业、客观的意见及建议，促 进提升董事会决策水平，促使董事会决策符合公司整体利益，保护投资者合法权 益。现将本人 2024 年度履职情况报告如下： （二）独立性说明 在 2024 年担任公司独立董事期间，本人未在公司担任除董事以外的其他职 务，也未在公司主要股东单位担任任何职务，与公司及其主要股东、实际控制人 之间不存在直接或者间接利害关系或者其他可能妨碍本人进行独立客观判断的 关系，不存在影响本人独立性的情况。 在本人 2024 年度任期内，公司共召开 5 ...

美的集团股份有限公司 2024 年度独立董事述职报告（邱锂力） 本人自 2024 年 7 月 2 日起担任美的集团股份有限公司（以下简称"公司"） 第五届董事会独立董事以来，严格按照《中华人民共和国公司法》《上市公司独 立董事管理办法》等法律法规以及《公司章程》《独立董事工作制度》等公司相 关制度的规定，独立公正、认真勤勉履行独立董事职责，积极出席公司相关会议， 仔细审议各项议案，对公司经营发展提供专业、客观的意见及建议，促进提升董 事会决策水平，促使董事会决策符合公司整体利益，保护投资者合法权益。现将 本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 邱锂力，女，博士，自 2024 年起担任公司独立董事，现任微软亚洲研究院 副院长，主要负责微软亚洲研究院（上海）的研究工作，以及与产学研各界的合 作，为美国得克萨斯大学奥斯汀分校计算机系教授。邱博士曾担任微软雷蒙德研 究院系统及网络组研究员。她于 2022 年获美国国家发明家科学院（NAI）颁发 NAI Fellow 称号，于 2018 年获国际计算机协会（ACM）颁发 ACM Fellow 称号， 于 201 ...

2024 年度独立董事述职报告（许定波） 本人自 2024 年 7 月 2 日起担任美的集团股份有限公司（以下简称"公司"） 第五届董事会独立董事以来，严格按照《中华人民共和国公司法》《上市公司独 立董事管理办法》等法律法规以及《公司章程》《独立董事工作制度》等公司相 关制度的规定，独立公正、认真勤勉履行独立董事职责，积极出席公司相关会议， 仔细审议各项议案，对公司经营发展提供专业、客观的意见及建议，促进提升董 事会决策水平，促使董事会决策符合公司整体利益，保护投资者合法权益。现将 本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 美的集团股份有限公司 （一）工作履历、专业背景及兼职情况 许定波，男，博士，自 2024 年起担任公司独立董事，现任中欧国际工商学 院依视路会计学教席教授、副院长，并担任中国总会计师协会副会长、中国信托 业保障基金有限责任公司独立董事、京东集团股份有限公司（纳斯达克：JD；港 交所：9618）独立非执行董事。许博士在多所享有盛誉的大学担任教员和教授超 过 20 年，同时拥有丰富的财会知识和经验，曾任北京大学兼任教授、香港科技 大学助理教授。此外，此前曾在多家上市公司担 ...

出品｜搜狐财经 作者｜李保铭 3月28日夜间，美的集团发布最新的2024年报，营收、归母净利双增。 财报显示，美的集团2024年营收4090.84亿元，同比增长9.5%；归母净利润385.39亿元，同比增长14.3%。 分业务来看，智能家居业务营收2695.32亿元，占营收比重65.9%，营收同比增长9.4%；商业及工业解决方案营收1044.96亿元，占营收比重25.5%，营收同比 增长6.9%；新能源及工业技术营收336.1亿元，占营收比重8.2%，营收同比增长20.6%；智能建筑科技营收284.7亿元，占营收比重7%，营收同比增长9.9%。 机器人与自动化业务实现同比下跌，2024年营收287.01亿元，占营收比重7%，营收同比下滑7.6%。 与此同时，机器人与自动化业务毛利率为22%，同比下滑1.7个百分点。 财报显示，其机器人与自动化业务同比下降7.6%，主要系行业需求周期性波动，如全球新能源汽车增速放缓叠加光伏、锂电行业产能调整等因素，工业机 器人市场需求短期承压。 分区域来看，2024年国内营收2401亿元，占营收比重58.7%，营收同比增长7.7%；其他国家或地区实现收入1690亿元，占营收比重 ...

Core Points - Kelu Electronics has reported a continuous loss for the eighth consecutive year, with a net profit of -4.64 billion yuan in 2024, despite a revenue increase of 5.50% to 44.31 billion yuan [1][3][5] - The company's debt ratio has reached a historical high of 93% following the acquisition by Midea Group, which invested 830 million yuan to become the controlling shareholder [1][5][7] - Management inefficiencies are directly linked to Kelu Electronics' long-term poor performance, with management expenses rising to 17%, significantly higher than most peers [2][9][10] Financial Performance - Kelu Electronics has experienced six years of losses out of the last seven, with a notable recovery in 2020 due to asset sales [1][4] - The company has been forced to sell subsidiary equity to mitigate losses, generating approximately 22 million yuan from recent transactions [6][7] - Despite the financial struggles, executive salaries have increased, with an average salary of 275,600 yuan in 2024, reflecting a 27.8% year-on-year growth [9][10] Operational Challenges - The planned investment in the Foshan energy storage industrial park was terminated after nearly 70 million yuan was spent, with over 11 million yuan written off as impairment [2][8] - Kelu Electronics has faced significant operational setbacks, including being blacklisted by a major client, Southern Power Grid, which restricts participation in bidding activities for 18 months [8][9] - The company’s core business includes smart grid equipment and electrochemical energy storage, yet it continues to struggle despite the industry's growth potential [4][5]

Core Viewpoint - Midea Group is making significant strides in the humanoid robot sector, with its A-shares and H-shares both rising over 4% following the release of a prototype video showcasing the robot's capabilities [1][2]. Group 1: Company Developments - Midea Group has established a humanoid robot innovation center focused on product-oriented development, aiming to create both short-term and long-term technological advancements [1]. - The humanoid robot prototype can perform tasks such as dancing, making heart signs, and responding to voice commands [1]. - The company has been involved in the robotics industry since acquiring KUKA in 2017, with over 60% of its robot products currently focused on industrial applications, including collaborative robots [1]. Group 2: Strategic Focus - Midea Group's strategy involves a dual approach: advancing home appliance robotics for immediate applications while simultaneously developing core technologies for humanoid robots to explore future industrial and commercial applications [2]. - The company’s R&D efforts are concentrated on key components of humanoid robots, including gear reducers, motors, sensors, and controllers, which are being tested on internal prototypes [2].

Investment Rating - The report maintains a "Buy" rating for Midea Group [3][5] Core Views - The C-end business shows strong resilience, with significant improvements in the robotics segment. The domestic appliance replacement policy is effective, leading to a projected increase in sales [1][2] - The B-end business demonstrates steady growth, particularly in the new energy and industrial technology sectors, with a notable recovery in the robotics and automation segment [2] - Long-term, Midea Group's leading position is solid, supported by efficiency optimization and channel transformation, with a target price of 86.00 CNY based on a 15x PE for 2025 [3] Summary by Sections C-end Business - The domestic appliance replacement policy is expected to drive continued growth in the C-end business, with a projected 24% year-on-year increase in air conditioning sales in Q4 2024 [1] - Overseas sales of air conditioning units are projected to grow by 38% year-on-year in Q4 2024, with a cumulative growth of 31% for the first three quarters of 2024 [1] B-end Business - The B-end business revenue grew by 5% year-on-year in Q1-Q3 2024, with the robotics and automation segment showing a significant improvement in H2 2024 [2] - The robotics and automation segment is estimated to generate 30 billion CNY in revenue for 2024, with a 12% year-on-year increase in Q4 2024 [2] Financial Forecasts and Valuation - The report forecasts net profits of 38.88 billion CNY, 43.64 billion CNY, and 49.15 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14, 12, and 11 [3][4] - Midea's current PE is 14.4, which is below the 5-year average PE of 15.8 for Midea and 18.7 for Haier, indicating a favorable valuation [3]

Investment Rating - The report maintains a "Buy" rating for Midea Group, with a target price of 86.00 CNY, compared to the current price of 71.87 CNY [3][5]. Core Views - Midea Group demonstrates strong resilience in its consumer (C-end) business, benefiting from the appliance replacement policy in China, which is expected to continue driving growth in 2025 [1]. - The overseas market shows robust growth, with a 38% year-on-year increase in air conditioning exports in Q4 2024, indicating a solid international strategy [1]. - The B-end business also shows steady growth, particularly in the new energy and industrial technology sectors, with a notable improvement in the robotics and automation segment in the second half of 2024 [2]. Summary by Sections C-end Business - The appliance replacement policy has significantly boosted domestic sales, with air conditioning sales in Q4 2024 up by 24% year-on-year, while the cumulative sales for Q1-Q3 2024 were down by 2% [1]. - The overseas sales for air conditioning in Q4 2024 increased by 38%, with a cumulative increase of 31% for Q1-Q3 2024, reflecting Midea's commitment to expanding its OBM strategy in emerging markets [1]. B-end Business - The overall revenue for Midea's B-end business grew by 5% year-on-year in Q1-Q3 2024, with specific segments like new energy and industrial technology showing growth rates of 19% and 6%, respectively [2]. - The robotics and automation segment is expected to see a revenue decline of 4% for the full year 2024, but Q4 2024 is projected to show a 12% increase in revenue [2]. Profit Forecast, Valuation, and Rating - Midea Group's net profit forecasts for 2024, 2025, and 2026 are 38.88 billion CNY, 43.64 billion CNY, and 49.15 billion CNY, respectively, with corresponding PE ratios of 14, 12, and 11 [3]. - The current PE ratio is 14.4, which is below the 5-year average PE ratios of 15.8 for Midea and 18.7 for Haier, indicating that Midea is undervalued [3]. - The report emphasizes the effectiveness of the appliance replacement policy and the company's strong performance stability, justifying the "Buy" rating and target price [3].

Investment Rating - The report maintains a "Buy" rating for Midea Group [1] Core Views - Midea Group is transitioning from a leading home appliance manufacturer to a global leader in HVAC (Heating, Ventilation, and Air Conditioning) [3][7] - The company has been actively expanding its global presence through strategic acquisitions, including the recent purchase of Arbonia's climate division for €760 million (approximately ¥5.88 billion) [3][5] - Midea's HVAC business is expected to benefit from market opportunities in Europe, particularly with the shift from gas boilers to heat pumps [6][7] - The company is also focusing on enhancing its brand value and profitability in the Chinese market while facing competition from brands like Xiaomi and Aux [8] Company Overview - Midea Group's future prospects lie in the global home appliance, HVAC, and industrial technology sectors, with a history of small-scale acquisitions to fill global business gaps [5] - The formation of a new alliance, MBT Climate, with Arbonia and Clivet aims to provide comprehensive and efficient product solutions in Europe [5][6] - The company is experiencing rapid growth in its commercial HVAC business, particularly in precision central air conditioning for data centers [6] Financial Performance - For the first three quarters of 2024, Midea Group reported revenue of ¥318.97 billion, a year-on-year increase of 9.6%, and a net profit of ¥31.70 billion, up 14.4% [9] - The company has shown strong profitability, with a net profit margin of 9.94% for the first three quarters, improving from the previous year [16] - Midea's revenue growth is supported by domestic consumption stimulus policies, particularly in the home appliance sector [24] Market Trends - The domestic home appliance market is benefiting from the "old-for-new" subsidy policy, with a projected retail sales growth of 12.3% in 2024 [24] - Midea's air conditioning sales are expected to continue growing, with domestic sales reaching 10.415 million units in 2024, a 4.57% increase year-on-year [31] - The central air conditioning market is facing challenges domestically but is seeing strong export growth, with a 39.8% increase in exports in 2024 [41] Future Projections - The report forecasts Midea Group's net profit to reach ¥38.65 billion in 2024, with an EPS of ¥5.05, and further growth expected in subsequent years [80]