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000333.SZ, 0300.HK · A-shares · Hong Kong

000333.SZ / 0300.HK Midea: appliance cash + overseas + a limited robotics option

Midea 2025 revenue ~¥458.5B (+12%), parent NI ¥43.95B (+14%); overseas ¥195.9B (+15.9%, 42.7% mix); robotics ¥31.0B (+8%). 2026Q1 revenue +2.6%. A-share ~¥82.9 / mkt ~¥631B. Channels: JD / Alibaba / Meituan.

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Market snapshot

A-share (mid-Aug)
CNY 82.94
Market cap (approx)
CNY 631.4B
2025 parent NI
CNY 43.9B
2025 overseas revenue
CNY 195.9B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Midea (000333.SZ / 0300.HK) is a global white-goods major whose story is appliance cash + overseas OBM + ToB (buildings / industrials / robotics). 2025 total revenue ~¥458.5B (+12%), parent NI ¥43.95B (+14%), GM 26.2% flat; overseas ¥195.9B (+15.9%), 42.7% of sales; robotics & automation ¥31.0B (+8.0%). 2026Q1 revenue ¥131.1B (+2.6%), parent NI ¥12.675B (+2.0%), adjusted NI −14% — deceleration off a high base. Formal H1'26 due ~29 Aug, not out at cutoff.

A-share ~¥82.9, mkt ~¥631B, TTM P/E ~14.3x, yield ~5%. The tape prices a global appliance compounder, not a humanoid-growth multiple. Channel context: JD, Alibaba, Meituan.

Business

Model: ToC smart home (AC, refrigeration, laundry, kitchen) for scale; ToB commercial & industrial solutions (HVAC/elevators/liquid cooling, compressors/motors/auto parts, KUKA) as the second curve. Hardware-led, aftermarket rising.

Flagships:

  1. Smart home — 2025 ¥299.9B (+11.3%), GM 29.9%, ~65% of sales.
  2. Overseas OBM — overseas ¥195.9B; OBM already >45% of smart-home export revenue; self-operated in 50 countries.
  3. Robotics & automation (KUKA) — ¥31.0B (+8.0%), GM 21.3%; humanoids in factory inspection, still small to group profit.

Edge: (1) full-category + digital channels (online >55% of domestic smart home); (2) local manufacturing vs tariffs; (3) vertical compressors/motors.

Strategy: ~¥60B AI spend over three years; TEKA/Arbonia in Europe; CDU liquid cooling. Near-term 2025 was appliances + overseas delivering; robotics is an option.

Strategy pillars

Strategy pillars
PillarDetail
主业定位ToC 智能家居基本盘 + ToB 商业及工业解决方案；A+H（000333.SZ / 0300.HK）
海外 / OBM2025 海外营收 1959 亿（+15.9%），占比 42.7%；自营覆盖 50 国，OBM 已占智能家居海外收入 45%+
第二曲线 ToB商业及工业解决方案 1228 亿（+17.5%）：楼宇科技、工业技术、机器人与自动化
机器人 / 库卡机器人与自动化 310 亿（+8.0%）；库卡+人形（类/全/超）工业场景质检巡检，叙事大于利润贡献
AI+ 投入规划三年约 600 亿前沿科研；家电 AI 智能体与工业具身智能并行
分红2025 全年每 10 股累计约 43 元，现金分红约 324 亿
As of 2026-09-25

Entity boundary: Midea Group A+H; KUKA is a subsidiary — do not treat KUKA revenue as group profit. No liquidation/resumption; M&A is expansion, not a carve-out.

Value chain

Position: midstream branded OEM plus some upstream core components — brand surplus and component scale.

Side Counterparties Dependence
Upstream Cu/steel/plastics, chips, in-house compressors/motors, ocean freight Bulk and freight; in-house compressors hedge
Downstream E-commerce, KA, down-tier dealers, overseas distributors, B-end property/industry/OEMs Platform policy; tariffs

Customer structure

Customer structure
ItemValueNote
客户类型C 端零售（电商/KA/下沉经销）+ B 端楼宇/工业/汽车部件内销电商已占智能家居内销 55%+
前五大客户13.17%（601.37 亿）2025 年报；关联方 0
国内渠道京东/天猫/抖音/拼多多销售额行业第一；下沉零售破 300 亿对照 京东 / 阿里 / 美团 流量入口
海外客户区域分销商 + 亚马逊等电商；32 个亚马逊细分类目份额第一关税/本地化制造对冲贸易摩擦
ToB 客户暖通/电梯/数据中心液冷/车企热管理集中度低于家电零售大客户
As of 2026-09-25

Concentration: 2025 top-5 13.17% (¥60.137B), related 0. Terms vary (e-com faster, projects slower).

Supply risks: (1) tariffs and local-capacity ramp; (2) copper/aluminum/steel — echoed in risks.

Corporate events

Corporate events

Corporate events
DatePhaseEventMeaning
2025-H1并购完成欧洲厨电 TEKA；推进 Arbonia Climate欧洲第二主场 / In Europe for Europe
2025海外海外自营覆盖 27→50 国；泰国灯塔工厂等产能从出口代工转向品牌+近地制造
2026-03-30财报2025 营收 4565–4585 亿（+12%）、归母 439.5 亿（+14%）家电价格战下份额与海外对冲成功
2026-04-30财报2026Q1 营收 1311 亿（+2.6%）、归母 126.75 亿（+2.0%）高基数下减速；扣非 −14% 需留意
2026-06-05治理2025 年度股东会；方洪波连任董事长兼总裁至 2027-07接班梯队已公开讨论，非即时风险
2026-08-29待披露2026 中报预定披露（约 8/29）本稿截稿时正式 H1 尚未公布
As of 2026-09-25

Valuation

~¥82.9 / ¥631B (mid-Aug 2026). ~14x P/E, ~2.7x P/B, ~7% earnings yield, ~5% dividend. Read: appliance FCF and payout floor; overseas is the kicker; robotics is a call, not the numerator.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
现价 / 市值约 82.9 元 / 约 6314 亿A 股 2026-08 中旬；另有 0300.HK
TTM P/E约 14.3x市值 / 2025 归母 439.5 亿 ≈ 14.4x
P/B约 2.7x2025 末归母权益约 2232 亿
盈利收益率约 7.0%1/PE
股息率约 4.8%–5.8%2025 全年现金分红约 324 亿
现价读法定价家电现金流 + 有限机器人期权不给纯人形机器人成长股溢价
As of 2026-09-25

~3y multiples and trailing returns:

Valuation & returns · ~3y

Interactive chart available in the reader.

Illustrative public-market quarter-ends; yield and trailing return approximate — terminals prevail · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24 months)

Eight quarters from the annual quarterly split + 2026Q1. Seasonality: Q1–Q2 domestic peak, Q4 softer. 2026Q1 +2.6% YoY shows the trade-in high base.

Revenue · last 8 quarters

Interactive chart available in the reader.

A-share annual quarterly operating revenue + 2026Q1; appliances peak Q1–Q2, softer Q4. · As of 2026-09-25

Gross margin · last 8 quarters

Interactive chart available in the reader.

Blended GM from FY/H1 anchors; quarterly interpolated (ppt changes) · As of 2026-09-25

FY25 GM 26.2% unchanged; quarterly GM interpolated.

Financial health

Healthy. OCF ¥53.3B still covers the dividend; borrowings ~¥64.2B vs cash ¥85.2B, net cash.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评健康规模扩张期 OCF 略降，仍覆盖分红与资本开支
经营现金流 2025533.46 亿（−11.8%）营运资本与票据；2026Q1 OCF 145.3 亿（+1.5%）
货币资金852.47 亿（2025 末）同比下降主因定期存款结构；另有大量理财/应收票据
有息债 vs 现金借款合计约 642 亿 vs 货币资金 852 亿净现金；短债 439 亿 / 长债 127 亿
流动性资产负债率 61.2%（−1.1ppt）家电产业链占用供应商资金的经营模式
审计 / 持续经营普华永道中天标准无保留（连续 11 年）无持续经营强调
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Volume: domestic share and ¥30B+ down-tier, overseas self-operation. Price: domestic price war offset by mix and OBM. Cost: scale and automation held GM at 26%.

Segments / mix

Segments / mix
SegmentScale / mixWatchpoint
智能家居2999 亿 / 65.4%（+11.3%），毛利率 29.9%空冰洗厨电；COLMO+东芝双高端
商业及工业解决方案1228 亿 / 26.8%（+17.5%），毛利率 20.8%ToB 快于 ToC
楼宇科技358 亿（+25.7%），毛利率 30.6%暖通+电梯+液冷 CDU
机器人与自动化310 亿（+8.0%），毛利率 21.3%库卡；人形仍是费用与叙事
工业技术272 亿（+10.2%），毛利率 17.5%压缩机/电机/汽车部件
海外1959 亿（+15.9%），收入占比 42.7%关税与汇率是主要扰动
As of 2026-09-25

Competition

Peers: Gree 000651, Haier 600690, TCL (display/device sideline).

Strengths: category breadth, overseas OBM, ToB stack, KUKA license. Weaknesses: domestic price war; robotics GM merely OK; adjusted-profit noise (Q1'26).

Punchline: the white-goods share fight is not over; differentiation is overseas + ToB, not a single AC SKU.

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer comparison

Peer comparison
CompanyPosition / shareGross marginStrengthWeakness
美的集团 000333 / 0300.HK白电+ToB 综合龙头26.2%（2025）海外 OBM、渠道数字化、库卡内销价格战；机器人利润率一般
格力电器 000651空调龙头家电偏高空调份额与分红品类与海外广度不及美的
海尔智家 600690 / 6690.HK全球白电中高海外品牌资产（GEA 等）国内份额战
TCL 科技 / 电子面板+智能终端对照周期波动显示产业链与白电主业重叠有限
As of 2026-09-25

Management

Key management (24m)

Key management (24m)
RoleNameSince24m change
董事长兼总裁方洪波2012-08无变更；本届任期至 2027-07；公开称已有接班梯队
副总裁 / CFO钟铮2022-12期间无重大披露变动
董事、副总裁（库卡监事会主席）顾炎民长期分管海外/机器人无重大披露变动
As of 2026-09-25

24m: Chair/CEO Fang Hongbo and CFO Zhong Zheng unchanged. Fang’s term runs to Jul 2027; he has said a bench of six or seven exists, unnamed. Stable; succession is a 12–24m watch, not a break today.

Outlook

Near-term: H1 overseas growth, GM, adjusted NI, KUKA. Medium-term: post-subsidy domestic volume-price, Europe localization, liquid-cooling orders. Do not put humanoids in the 12-month earnings driver.

Scenarios

Scenario Conditions Implication
Bull Overseas OBM stays double-digit, ToB faster than group, domestic war eases Double-digit profit, P/E ~16x
Base HSD revenue, overseas offsets domestic, ~5% yield Hold for compounding + income
Bear Tariff shock or domestic volume-price collapse, OCF weaker P/E 11–12x

Risks

Risks (with severity)

Risks (with severity)
RiskLevelNote
国内家电价格战 / 地产后周期高以旧换新退坡后内销量价
海外关税、汇率与地缘中高海外已占收入 43%；近地产能是缓释而非消除
原材料（铜、钢、塑料）与海运中回扣供应链；压缩机自制是对冲
机器人叙事证伪中库卡增长个位数，人形尚未贡献利润
接班与职业经理人延续低2027 任期临近，梯队在但未点名
客户/渠道集中低前五大 13.2%，但电商平台政策变化仍敏感
As of 2026-09-25

Tracking

  1. Official H1'26: overseas growth, GM, adjusted NI
  2. Smart-home domestic vs export, OBM mix
  3. Robotics revenue/GM (still high-single-digit?)
  4. OCF vs dividend + capex
  5. Copper, FX, tariff policy

Confirm: overseas and ToB stay faster than the group, GM holds ≥25%. Falsify: domestic war eats the overseas increment, or OCF cannot cover the dividend.

References

  1. Midea 2025 annual report summary — https://disc.static.szse.cn/disc/disk03/finalpage/2026-03-31/e0e9a792-05da-42dd-bbb9-04768cabf358.PDF
  2. HKEX 2025 annual results — https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0330/2026033001929_c.pdf
  3. 2026 Q1 report — http://static.cninfo.com.cn/finalpage/2026-04-30/1225259066.PDF
  4. Midea IR — https://www.midea.com.cn/zh/Investors
  5. JD · Alibaba · Meituan · NetEase

Not investment advice. A-share vs HK revenue prints differ slightly (~¥456–458B); valuation series are illustrative.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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