美的集团致股东的一封信
2024年，世界在变局中前行，挑战接踵而至，面对复杂的内外部环境，美的以“全价值链运营提效，结构性增长升级”为经营重点，业绩再创历史新高，营业总收入实现4,091亿元，其中ToB业务收入实现1,045亿元，归母净利润实现385亿元，经营活动现金流达到605亿元。2024年，美的位列《财富》世界500强第277位，连续9年跻身世界500强企业行列，再度入选《财富》中国ESG影响力榜、最受赞赏的中国公司榜单，连续两年荣膺《福布斯》全球最佳雇主。2024年，美的也成功发行H股并在香港联交所主板上市，A+H双资本市场平台的构建将助力全球突破战略。
美的又登上了一座山峰，从本世纪初收入不到100亿到超过4,000亿，从单一产业到ToC和ToB多产业，从中国顺德到研发、生产和销售的全球布局。回望四分之一世纪，再大的风暴，在长期看来不过是一次普通的呼吸。伟大的奇迹从来不是随便发生，是一代又一代美的人通过一次又一次自我颠覆、自我否定、自我革命和自我突破，用每一个平凡细微的日常成就了美的今天的“诗和远方”。致敬全体美的人，你们比想象中更勇敢；致敬全体股东，面对全球市场波动与产业周期的考验，你们的信任和支持是我们穿越周期、坚持长期价值创造最强大的底气。
所有的灿烂都会凋零，所有的繁花都不会永恒。身处全球经济增长乏力、地缘政治格局日趋复杂、技术革命与商业范式迭代、行业与市场内卷进一步加剧的超长周期中，没有哪个企业是安全的。上一个周期的宠儿，如果跟不上变化，就会在下一个周期消亡。翻越山峰的目的不是停在山顶，而是让我们看到山峰后面的无限可能。正如彼得·德鲁克所说，“动荡时代真正的风险不是动荡本身，而是沿用过去的逻辑应对今天的剧变”。面对惊涛拍岸的竞争压力，我们必须主动出击，对决内卷，撕裂固有认知茧房，敢于创新、探索和尝试，以刀刃向内的勇气推动系统性革新，才可能以美的自身变革创新的小周期来应对宏观环境的大周期。
2025年，美的要坚定落实“以简化促增长，以自我颠覆直面挑战”的经营思路。我们简单，世界就简单；我们复杂，世界就是迷宫。我们要敢于做减法，寻找简单的答案，通过对业务结构、产品类别、工作模式、组织架构等进行简化，去掉不必要、不产生价值的经营活动，将资源投入到更重要的地方。自我颠覆就是要跳出既有优势，摆脱历史负担和路径依赖，要敢于打破结构，破坏体制，减少结构性和体制性成本。商业史上历来转型成功突破逆境的企业，都是通过向死而生的改革之势，大刀阔斧自我颠覆，无一例外。常识不可动摇，我们要坚持强化产品力、提升效率、优化经营、降低成本、改善现金流，同时推动科技领先战略落地，直面挑战：
全力突破海外市场，深海浅海都要去，持续拓展海外制造布局，提升海外制造效率和交付能力，加强OBM产品研发和投入，完善全球各区域产品布局和产品竞争力，提升OBM在海外收入中占比。
以用户为中心作为企业创新与变革的根本，坚定落实中国市场DTC模式转型，通过线上模式重构线下，实现全渠道融合和全要素协同共享，构建敏捷型零售组织架构，积极推动流量获取和用户运营。
新能源和工业技术要推动核心零部件和绿色能源领域的研发，机器人与自动化要降低结构性成本并加快推动中国市场机器人的业务发展，智能建筑科技要加快建立欧洲第二主场并发力系统方案、制热、电梯等业务，同时积极发展健康医疗、智慧物流等业务，提升ToB业务收入占比。
时代巨轮滚滚向前，企业竞争的长河如同宇宙星空有起有落，美的是黯淡、迟暮还是生生不息，在于我们的选择。无论宏观环境如何变化，地缘政治如何动荡，中国经济如何转型，行业市场如何内卷，我们都要从风雨中再出发。世界很大，美的很小，没有比双腿更远的路，没有比心中希望更高的墙，没有到不了的远方。我们要保持斗志、敢想敢干、敢变敢拼，坚定全球突破，勇敢推开世界的门，去所有我们知道的地方生长，去全世界每一个角落寻找远方。
期待与全球股东共同书写美的新故事。
美的集团股份有限公司董事会
2025年3月
Midea Group's Letter to Shareholders
The year 2024 was defined by a rapidly evolving global landscape and significant challenges. Amid a complex domestic and international environment, Midea sharpened its strategic focus on driving value-chain-wide efficiencies and achieving structural growth through innovation and upgrades. These efforts culminated in historic milestones, with total revenue achieving RMB 409.1 billion. Notably, the ToB segment reached RMB 104.5 billion to total revenue. Net profit attributable to the parent company stood at RMB 38.5 billion, while operating cash flows reached RMB 60.5 billion. In 2024, Midea proudly ranked 277th on the Fortune Global 500 List, marking our ninth consecutive year among the world's top 500 companies. We were once again honored with nominations to both the Fortune China ESG Impact List and China's Most Admired Companies List, and for the second year in a row, Forbes recognized Midea as one of the World's Best Employers. Additionally, 2024 saw Midea's successful issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange. The dual listing of A-shares and H-shares has further solidified our presence on the international stage.
Midea celebrated another remarkable milestone, with our revenue soaring from less than RMB 10 billion at the turn of the century to over RMB 400 billion today. Over the years, our business has evolved from a single sector to a diverse range of ToC and ToB segments. What began at our Shunde base has grown into a global network of R&D, manufacturing, and sales. Reflecting on the past quarter-century, the storms we have weathered now feel like fleeting breezes in the broader tapestry of our journey. Miracles, after all, are not mere chance; they are the culmination of generations of Mideans questioning, challenging, transforming, and pushing beyond their limits. The accomplishments we havetoday arise from consistent, everyday effort. To all Mideans, we extend our heartfelt gratitude—your courage has exceeded our greatest expectations. To our shareholders, we owe a special thanks. In a year marked by volatile global markets and challenging industry cycles, your unwavering trust and support empowered us to see beyond short-term fluctuations and dedicate ourselves to building enduring value.
All stars eventually fade, and all flowers inevitably wither. No company, however successful, is immune to the forces of prolonged global economic stagnation, an increasingly intricate geopolitical landscape, rapid technological revolutions, seismic shifts in commerce, or the extended cycles driven by industry and market competition. Past market darlings risk losing their edge if they fail to adapt to an ever-changing world. At Midea, we climb the mountain not merely to reach its summit, but to embrace the boundless possibilities that await beyond it. As Peter Drucker wisely observed, "The greatest danger in times of turbulence is not the turbulence itself; it is to act with yesterday’s logic." In the face of intensifying competition, we must seize the initiative, breaking free from the fierce competition, dismantling outdated mindsets, and stepping beyond our comfort zone to innovate, explore, and experiment. It takes courage to drive systemic transformation within Midea, but these internal micro-changes are essential for us to navigate the broader macro environment.
Looking ahead to 2025, Midea will commit to its strategy of streamlining for growth and facing up to challenges through breakthroughs. Simplicity brings clarity to the world, while complexity turns it into a labyrinth. We must pursue courageous simplification, seeking straightforward solutions. This means refining our business framework, product portfolio, operational processes, and organizational structure, thereby eliminating activities that fail to add value and redirecting resources to high-impact priorities. At the same time, we must challenge ourselves by shedding the crutches of past advantages, the burdens of legacy, and the comfort of familiar paths. We will boldly dismantle outdated structures and systems, reducing institutional costs and inefficiencies. The history of commerce teaches us that companies triumph over adversity only by deconstructing and reinventing themselves—no exceptions. With this in mind, we will stay grounded in common sense, focusing on enhancing product competitiveness, boosting efficiency, optimizing operations, cutting costs, and improving cash flow. Simultaneously, we will pursue our Technology Leadership Strategy by confronting our challenges head-on.
01
Prioritize OBM Products Overseas
We will commit fully to building and expanding our presence in overseas markets, enhancing our global manufacturing network for greater efficiency, and strengthening our product delivery capabilities. Increased investment in R&D for our OBM products will sharpen our competitive edge, broaden our global reach, and drive higher overseas market share.
02
Strengthen DTC Model
We will place users at the heart of our innovation and transformation efforts, accelerating the shift to a direct-to-consumer (DTC) model in the domestic market. By restructuring offline operations to align with our online framework, integrating resources across all channels, and fostering an agile retail organization, we will enhance traffic acquisition and user engagement.
03
Drive Expansion in our ToB Business
New Energy and Industrial Technology will ramp up R&D in key components and green energy solutions. Robotics & Automation will lower structural costs while accelerating growth in the domestic robotics market. Smart Building Technology will move faster to establish a second core market in Europe and improve its offerings of systems solutions, heating, elevators and other products while we grow healthcare and smart logistics, boosting our ToB revenue.
Time waits for no one. Competition among companies ebbs and flows like a river, its currents ever-changing. It is we who will decide whether Midea continues to shine as a beacon in the firmament or fades into quiet obscurity. No matter how the world shifts—through evolving geopolitical dynamics, China's economic transformation, or intensifying industry and market rivalries—we must rise above the turbulence, chart our course, and set sail anew. The world is vast, and Midea is but a small part of it. Yet, there is no journey too great, no dream too bold, and no horizon beyond our reach. We must persevere. Let us summon the courage to dream audaciously, to act decisively, to embrace change, and to fight relentlessly. Let us commit to our Global Impact Strategy, stepping confidently onto the world stage, thriving in familiar lands, and establishing a presence in every corner of the globe.
Together, with our shareholders worldwide, we look forward to authoring Midea's next chapter.