美的集团致股东的一封信

2025年初，我们说“风雨中出发，去写新故事”，结果2025年的暴风雨比想象中更猛烈，关税的不断变化、产能的全球调整、AI技术浪潮前所未有的冲击、地缘冲突的不断演变和加剧。尽管如此，风雨中归来，美的依然实现了业绩历史新高，2025年营业总收入4,585亿元，归母净利润439.5亿元，收入和利润均实现了双位数增长。海外收入1,959亿元，同比增长16%，本地化自营业务覆盖全球主要50个国家，在海外设有29个研发中心和43个主要制造基地，海外布局基础框架和体系基本成型。ToB业务收入1,228亿元，同比增长17.5%，完成收购Arbonia、东芝电梯中国业务、锐珂医疗国际业务等，ToB第二曲线框架基本搭建完成，这一切都源于每一位美的人在风雨中不屈不挠前行。从海外产能拓展的日夜攻坚，到各业务线突破困境的迎难而上，从技术研发的持续深耕，到市场拓展的步履不停，世界各地的美的人用坚守与拼搏诠释着美的精神内核。

致敬全体美的人，你们的汗水与坚持，是美的穿越风雨的底气；感恩全体股东，面对时代的不确定性，你们的坚定支持是我们敢于变革、勇毅前行的最大动力。

时代洪流滚滚，我们都在其中。K型分化正加速重塑国家、行业、企业和个体的命运。全球近两百年间企业的变迁历史说明了一个简单的道理：企业失败或走向衰落具有普遍性，成功的惯性会累积成为坠落的重量，绝大多数企业最终都会走向平庸。基业长青企业的终极能力不是增长，而是不断原地重启或再生。今天的美的一定要敢于质疑我们过去曾经熟悉的路径和方法，要敢于打破我们固有的习惯和思维模式，要敢于改变我们今天已经运行、过去被证明为成功的机制和体制。只要我们改变了、重启了、打破了，美的未来就是不可限量的。

2026年，世界依然在动荡与变革中前行，相信常识是我们的应对之道。常识就像空气，越往上走越稀薄。美的要以聚焦核心增长、降低复杂性为核心思路，以刀刃向内的决心推动全方位变革：

围绕核心增长：聚焦核心业务、核心市场、核心能力。核心业务白色家电和暖通空调必须要增长，要做到数一数二、力争全球第一。次核心业务的机器人和新能源要坚定布局，把握机会突破。培育业务要审慎观察，问题业务要果断处置。ToC和ToB业务形成增长接力。

坚持全价值链的全面成本领先：“要么成本领先，要么与众不同”。以持续改善和减少浪费为核心，源源不断地抓效率，在收入端和成本端同时表现卓越。回归基本面和问题本身，降低结构性成本、体制性成本、复杂性成本、协同性成本，实现全价值链的全面成本领先。

坚定全球突破：坚持海外OBM优先，构建全球化产业布局，加大投入基础设施、渠道网络、服务网点建设，强化海外合规管理与风险防控，提升本地化运营能力，让产品与服务更贴合当地市场需求，实现从“产品出海”向“品牌出海”转变，提升美的品牌全球知名度及产品竞争力。

坚守产品和技术创新：创新是所有商业成功的基础和核心，加大对人工智能、具身智能、新能源和医疗健康等前沿领域的探索研究，全面拥抱数字化和智能化，重点围绕智慧家居、智能制造、智慧办公、行业赋能四大核心场景，打造“家庭大脑”和“工厂大脑”，重塑产业生态。

激活组织能力与韧性：推动集团各业务组织的极度扁平，缩短决策链条，推行24小时响应机制，明确责任唯一、考核一致，坚守业绩至上、结果说话，破除官僚惯性与结构性温室效应，培育具备企业家精神的“真的勇士”，确保组织敏捷高效的创业状态。

繁荣的代价是永恒的不安，破坏才能增长，稳定只是一种幻觉。在充满不确定性的年代，美的穿越周期的密码，就藏在我们自己手上。回头看，我们已经很幸运，ToC业务的旷野让我们可以纵横四海，ToB业务的布局让我们可以仰望无边无际的天空。今天的美的，每个方向都是一条敞开的路，ToC、ToB、国内、海外，只要敢于上路，道路就会出现。市场竞争永远会出新的题目、新的考试，当我们每一次勇敢面对，就会有一个新的答案、一条新的道路。不惧道阻且长，我们总有道路。

愿前方所有道路都可通行，期待与全体股东2026年继续前行！

“我们还有那么长的路要走，

是啊，但是你看，

我们已经走了这么远了。”

美的集团股份有限公司董事会

2026年3月30日

LETTER TO SHAREHOLDERS

In early 2025, we said, “Let’s ride the storm and write a new chapter”.  As it turned out, the storms of 2025 were far more intense than we had imagined, with constantly shifting tariffs, global adjustments to production capacity, the unprecedented impact of the AI technology wave, and the ongoing evolution and escalation of geopolitical conflicts. Despite these challenges, Midea still achieved record-breaking performance, with total revenue of RMB 458.5 billion and net profit attributable to owners of the Company of RMB 43.95 billion in 2025, marking double-digit growth in both revenue and profit. Our overseas revenue reached RMB 195.9 billion, representing a year-on-year increase of 16%. The localized self-operated business now spans 50 major countries worldwide, with 29 R&D centers and 43 major manufacturing bases established overseas. The foundational framework and system for our global operations have largely taken shape. Our ToB business revenue reached RMB 122.8 billion, representing a year-on-year increase of 17.5%. The Company completed the acquisitions of Arbonia, Toshiba Elevator China operations, and Carestream Health’s international business, and has largely established the framework for the second growth curve of ToB. All these stem from the unwavering determination of every Midea employee to move forward resolutely in the midst of wind and rain. From the round-the-clock efforts to expand overseas production capacity to the determination of each business unit to overcome challenges, and from the relentless pursuit of technological innovation to the unceasing drive for market expansion, Midea employees around the world have embodied the essence of the Midea spirit through their dedication and hard work. We would like to pay tribute to everyone at Midea. Your hard work and perseverance are what give Midea the strength to weather the storm. We are grateful to all our shareholders. In the face of an uncertain era, your unwavering support is our greatest source of motivation to embrace change and forge ahead with courage.

The tide of time rolls on, and we are all part of it. The K-shaped divergence is accelerating the reshaping of the destinies of nations, industries, companies, and individuals. The history of corporate evolution over the past two centuries illustrates a simple truth: business failure or decline are commonplace; the momentum of success can accumulate into a force that pulls a company down, and the vast majority of businesses ultimately end up in mediocrity. The ultimate strength of a sustainable enterprise lies not in growth, but in its ability to continually reboot or regenerate itself. Today, we must dare to question the paths and methods we once took for granted; we must dare to break away from our ingrained habits and ways of thinking; and we must dare to change the mechanisms and systems that are currently in place and have proven successful in the past. As long as we change, reinvent ourselves, and break new ground, the future of Midea is limitless.

In 2026, the world will continue to move forward amid turmoil and change. Believing in common sense is our way of dealing with it. Common sense is like air—the higher you go, the thinner it gets. Midea will adopt a strategy focusing on core growth and reducing complexity, and will drive comprehensive transformation with the resolve to take a hard look at itself:

Focusing on core growth: We should focus on core businesses, core markets, and core capabilities. We must ensure the growth of our core businesses, white goods and HVAC; we must become one of the top players in the industry and strive to be No. 1 globally. We must firmly commit to our secondary core businesses, robotics and new energy, and seize opportunities to achieve breakthroughs. We must carefully monitor promising businesses and decisively address problematic ones. We must secure sustainable growth chains for ToC and ToB businesses.

Maintaining comprehensive cost leadership across the entire value chain: We must “either lead on cost, or be out of the ordinary”. With a focus on continuous improvement and waste reduction, we shall consistently enhance efficiency, delivering outstanding performance on both the revenue and cost sides. With regard to the fundamentals and the core issues, we should reduce structural costs, institutional costs, complexity costs, and synergy costs, and achieve comprehensive cost leadership throughout the entire value chain.

Pushing for Global Expansion: We shall prioritize overseas OBM operations, establish a global industrial footprint, increase investment in infrastructure, channel networks, and service centers, strengthen overseas compliance management and risk control, and enhance localized operational capabilities, so as to ensure that our products and services better align with local market needs, and achieve our transition from “product exports” to “brand globalization”, thereby boosting Midea’s global brand recognition and product competitiveness.

Committed to Product and Technological Innovation:Innovation is the foundation and core of all business success. We shall intensify our exploration and research in cutting-edge fields such as AI, embodied intelligence, new energy, and healthcare, fully embrace digital and intelligent transformation, build the “Home Brain” and “Factory Brain”, and reshape the industrial ecosystem, focusing on four core scenarios (smart homes, smart manufacturing, smart offices, and industry empowerment).

Unleashing Organizational Agility and Resilience:We shall promote the flattening of all business units within the Group, shortening decision-making chains, implementing a 24-hour response mechanism, establishing clear lines of accountability and consistent performance metrics, upholding a performance-first, results-driven approach, breaking free from bureaucratic inertia and structural “greenhouse effects,” and cultivating “true warriors” with an entrepreneurial spirit to ensure that the organization maintains an agile and efficient entrepreneurial mindset.

The price of prosperity is eternal unrest; growth comes only through disruption, and stability is nothing but an illusion. In these uncertain times, the key to Midea’s success across economic cycles lies in our own hands. Looking back, we’ve been very lucky: the vast frontier of our ToC business has allowed us to roam the world, while our ToB strategy has enabled us to gaze upon the boundless sky. For Midea today, every direction is a path wide open—whether it’s ToC, ToB, domestic, or international. As long as we dare to set out, the path will reveal itself. Market competition will always present new challenges and tests, but every time we face them head-on, we’ll find a new solution and a new path forward. No matter how long and arduous the journey, we will always find a way.

May all paths ahead be clear, and we look forward to continuing our journey with all our shareholders in 2026!

“We still have such a long way to go,

Yes, but you see, 

We've come this far.”

Board of Directors of Midea Group Co., Ltd.

March 30, 2026