On the evening of August 29, Midea Group Co.,Ltd. (000333.SZ, stock price 73.71 yuan, market cap 565.768 billion yuan) disclosed its first half 2025 financial results. From January to June this year, the company achieved operating revenue of 251.124 billion yuan, up 15.58% year-over-year, with net profit attributable to shareholders reaching 26.014 billion yuan, up 25.04% year-over-year.

Alongside the release of its first-half performance, Midea Group Co.,Ltd. also announced an interim dividend plan, proposing to distribute 5 yuan in cash per 10 shares (before tax) to all shareholders, totaling 3.798 billion yuan in dividends. This will mark Midea Group Co.,Ltd.'s first implementation of an annual interim dividend.

Another significant development involves executive appointments. The company is planning to amend its articles of association to establish the position of "Executive President." Nominated by Midea Group Co.,Ltd. President Fang Hongbo, the board of directors has appointed Wang Jianguo as the company's Executive President. Previously, Wang Jianguo served as Executive Director and Vice President of Midea Group Co.,Ltd., and is currently 48 years old.

According to the financial report, in the first half of this year, Midea Group Co.,Ltd.'s smart home business (ToC, consumer-facing) achieved operating revenue of 167.2 billion yuan, up 13.3% year-over-year, while commercial and industrial solutions (ToB, business-facing) generated revenue of 64.539 billion yuan, up 20.79% year-over-year. Overall, ToB business growth outpaced ToC business. In the first half, the company's ToB business revenue accounted for 25.7% of total revenue.

Within Midea Group Co.,Ltd.'s ToB business in the first half, all three major segments - new energy and industrial technology, smart building technology, and robotics and automation - achieved year-over-year revenue growth. For ToC business, Midea Group Co.,Ltd. did not provide specific sales data for individual home appliance segments.

In the smart home sector, AVC's overall data shows that China's home appliance retail market grew 9.2% year-over-year in the first half of 2025. However, financial reports from both major air conditioning giants this year indicate industry-wide "declining average prices."

Midea Group Co.,Ltd. stated frankly in its semi-annual report that in the domestic air conditioning market, manufacturers engaged in intense price wars, with industry average prices declining significantly and mid-to-high-end demand under pressure. Online market sales in the sub-2,200 yuan price segment increased to 35.2%, while the mid-range 2,200-3,000 yuan price segment rapidly contracted.

At Midea Group Co.,Ltd.'s 2024 annual shareholders' meeting in late May, Wang Jianguo mentioned that over the past few years, major white goods brands including Midea had focused heavily on "addition" - moving toward premium positioning - but lacked sufficient effort in "downward competition." Currently, Midea's approach involves both "addition" and "subtraction." Major leading brands are now launching entry-level products focused on core performance features.

In the first half of this year, gross margins for both Midea's ToC and ToB businesses declined slightly year-over-year, while "other" business gross margins increased by 1.2 percentage points year-over-year.

Notably, Midea Group Co.,Ltd. simultaneously announced on the evening of August 29 its plan to implement an interim profit distribution scheme. This will be Midea Group Co.,Ltd.'s first interim dividend distribution. Combined with the share buyback and cancellation completed in June, Midea Group Co.,Ltd.'s total cash dividends in the first half amounted to 4.4 billion yuan, representing 16.92% of net profit attributable to shareholders.

On August 29, Midea Group Co.,Ltd. also announced the appointment of the company's Executive President. Based on the company's strategic planning needs and nominated by Fang Hongbo, the board of directors appointed Wang Jianguo as the company's Executive President, with him no longer serving as Vice President. This position adjustment will take effect after the "Articles of Association Amendment (August 2025)" is approved by the shareholders' meeting, with the term lasting until the expiration of the fifth board of directors.

According to the "Articles of Association Amendment (August 2025)," Midea Group Co.,Ltd.'s senior management will include the "Executive President" position. The Executive President and Vice Presidents are nominated by the President and appointed by the board of directors, with the Executive President and Vice Presidents assisting the President in their work.

Public information shows that Wang Jianguo joined Midea Group Co.,Ltd. in 1999 and has served in various positions including Director of Supply Chain Management for the Home Air Conditioning Division, Director of Administration and Human Resources, General Manager of the Refrigerator Division, President of Midea International, President of the Smart Home Business Group, and others. He currently serves as Executive Director, Vice President, and Chairman of Guangdong Midea Refrigeration Equipment Co., Ltd.

As of now, Wang Jianguo does not hold any shares in Midea Group Co.,Ltd. In 2024, his total pre-tax compensation from Midea Group Co.,Ltd. amounted to 11.61 million yuan.