Midea Group Co., Ltd(00300)2034 performance exceeds expectations, shareholder returns break records.

Midea Group Co., Ltd announced its performance for the year 2024 on March 28, with an annual revenue of 409.1 billion yuan, a year-on-year increase of 9.5%. Net profit attributable to the parent company increased by 14.3% to 38.5 billion yuan, and operating cash flow reached a historical high of 60.5 billion yuan. Midea Group Co., Ltd also announced its largest ever shareholder feedback plan, highlighting its operational resilience and the effectiveness of its global layout. Shareholder returns: Unprecedented dividend payouts and buyback intensity Midea announced a dividend of 3.5 yuan per share, totaling 26.7 billion yuan, a year-on-year increase of 28.5%, with a dividend payout ratio of nearly 70% (an increase of about 8 percentage points from 2023). Since its overall listing in 2013, the cumulative dividend payout has exceeded 134 billion yuan, firmly establishing its position as the "dividend king" in the A-share market. In addition, the group plans to spend between 5 billion and 10 billion yuan to repurchase shares, with 70% of them to be cancelled to reduce registered capital. If calculated at the upper limit of the buyback, the total dividend and repurchase amount for 2024 will reach 37 billion yuan, demonstrating the determination to "return profits to shareholders". Leading technology: R&D investment exceeds 100 billion over ten years In 2024, Midea's R&D expenses exceeded 16 billion yuan, totaling 43 billion yuan in the past three years, and surpassing 100 billion yuan in total investment over the past decade. The company added 11,000 global authorized patents in 2024 (including 5,000 invention patents), led or revised 230 industry technical standards, and won one national-level science and technology award and 67 international achievement certifications. By the end of 2024, the group's global patent applications exceeded 150,000, with a maintenance volume of over 90,000, maintaining its industry-leading position. Overseas OBM priority strategy: Over 43% market share for proprietary brands According to Euromonitor data, Midea was the top brand in global smart home appliance sales in 2024. In 2024, Midea's smart home business revenue reached 269.5 billion yuan. Overseas business contributed over 40% of the group's total revenue, with the revenue from proprietary brands (OBM) accounting for over 43% of the overseas smart home business. Midea's products performed strongly in key markets: refrigerators held the top market share in Malaysia, Saudi Arabia, and Chile; air conditioners maintained the top position in Brazil and Egypt for several years; washing machines dominated the market share in Malaysia. The group plans to accelerate the expansion of overseas production bases, increase OBM research and development resources, and further consolidate its global competitiveness. B2B business: Breaking the 100 billion mark as a new growth engine In 2024, Midea's enterprise-side (ToB) business revenue surpassed one trillion yuan for the first time, accounting for 25.5% of total revenue. Its household air conditioning compressors maintained the top global sales share, leading the domestic central air conditioning sales scale, with centrifugal chiller market share exceeding 15%, ranking first among local brands. KUKA Industrial (KUKA) China's domestic market share steadily increased to 8.2%, with sales revenue share rising to 15%.