方洪波：我们总有道路，前程崭新

2026年1月16日，美的集团董事长兼总裁方洪波向全球员工发表了《我们总有道路，前程崭新》的主题演讲。2025年，每一位美的人风雨中前行，日夜兼程，不屈不挠，再次刷新了历史业绩；2026年，或许形势依然严峻，但只要我们坚定战略方向、勇敢突破，前方所有道路都将可以通行。

01

世界动荡不安

美的艰难前行

2025年，全球政治、经济和市场环境动荡不安，美的迎着困难不断前行！美的坚定践行“以简化促增长，以自我颠覆直面挑战”的经营思路，在科技领先、产品创新、全球突破等多个维度实现突破性进展，各业务板块多点开花、成效显著。

智能家居围绕产品、用户和生态三大要素展开，以“人·车·家”生态为用户提供更简单有趣的智慧生活体验，COLMO发布行业首个AI管家智能体，家用空调凭借多模型融合AI交互技术等优势持续引领行业，冰箱全球首创45CM超薄餐边柜冰箱，洗衣机落地全球首个多场景智能体工厂。

工业技术聚焦暖通家电及新能源汽车、机器人核心部件领域，推出宽频化转子压缩机、双级变容涡旋压缩机等新品，相继投产汽车部件墨西哥工厂、电机巴西工厂、冰箱压缩机土耳其实验室等，自主研发重载机器人伺服电机实现稳定交付。

智能建筑科技业务稳定增长，电梯多品牌融合成为新增长引擎，推出新一代MDV9无界多联机、全自研磁悬浮平台阵列产品，收购ARBONIA Climate，泰国工厂投产，聚焦数据中心、高效机房、制药等工业细分领域，全球累计完成超10万个样板工程。

KUKA机器人持续加速产品迭代，推出iico协作机器人、复合机器人、移动机器人、AI智能体及多场景自动化解决方案等新产品，完成从本体制造商向全品类解决方案服务商的战略升级。

能源业务乘势而上，加速扩张，合康新能全栈自研户储系统在国内、欧洲、澳洲等市场陆续交付，分布式光伏装机量增长；科陆电子以全链路自研实现Aqua-C系列大储产品迭代与规模出货，落地北美、欧洲、东南亚等六大市场。

美的医疗正式成立，进入发展新阶段，其中万东医疗推出全球首个磁共振“全链路AI 智算平台”，并发布医疗影像诊断大模型；收购影像巨头瑞珂医疗国际，加速切入国际高端医疗市场。

安得智联深耕绿色智慧物流，以“1+3”供应链服务模型赋能7000+企业，通过数字化精细化管理提升成本竞争力，标准化、平台化运营优势持续凸显，成为集团供应链体系的核心支撑。

2025年前三季度，美的又一次实现营收、利润的双位数增长，又一次创造业绩新高。在这样的环境下收获如此亮眼的答卷，我们是很幸运的，这也说明我们坚持和努力的方向是对的，让我们在面对未来的挑战和不确定性时更有底气和信心。

02

形成“增长接力”

美的才能生生不息

2026年，美的经营思路是 “围绕核心增长”。 聚焦核心业务、核心市场、核心能力，推动ToC与ToB业务协同发展，形成可持续的“增长接力”格局，这样美的才能生生不息。

核心业务白色家电和暖通空调，要锚定全球领先目标，做到“数一数二”。白色家电与暖通空调作为集团压舱石业务，需进一步巩固市场优势，在技术创新、用户体验等各个环节持续发力，实现全球市场数一数二的目标。

最核心的业务是白色家电和暖通空调，这是美的增长的基石。核心业务必须要增长。资源也要围绕核心业务配置。核心业务的技术要做到全球领先。

中国市场、东南亚、北美、南美、中东非等核心市场要深化布局，结构改善与全屋智能业务同步推进，让核心业务焕发更强增长活力。

次核心业务要坚定布局，把握机遇突破。在核心业务运转的同时，要为未来而创新，对机器人、能源、医疗业务要保持战略定力，因为它们具备广阔市场空间，是集团穿越周期的关键保障。库卡要瞄准中国市场第一的目标，强化产品竞争力；储能业务要加快发展节奏，紧跟行业浪潮；医疗业务要持续加大研发与并购整合力度，抓住国产化替代机遇，打造千亿级产业平台。

ToC与ToB业务要协同共生，形成增长接力。ToC业务作为当下生存发展的护城河，需坚守产品创新与用户中心理念，通过DTC模式变革打通线上线下，让双高端品牌深入人心；ToB业务作为增长的第二引擎，要聚焦核心技术突破与行业解决方案，强化产业协同，实现从“产品供应商”向“生态服务商”转型，让两大业务形成增长接力，支撑美的继续向全球领先的科技集团迈进。

03

效率是护城河

全球突破是必由之路

在剧烈动荡变革的时代，唯有坚守商业常识、筑牢核心能力，才能在不确定性中把握确定性。2026年，我们要从效率、产品、全球化三大维度持续发力，为美的增长保驾护航。

效率是企业永恒的护城河。要坚持全价值链全面成本领先，深挖供应链、制造、库存、销售等各环节效率空间，迭代MBS精益模式，减少浪费、持续改善。强化数字化建设，打通数据壁垒，让决策更精准、运营更高效；带动供应链上下游共荣共生，赋能供应商发展，提升协同效率，构建稳固、高效的产业生态。

产品和技术是增长的核心根基。要回归用户需求本质，落实“三个一代”研发体系，强化基础研究与前沿技术布局，让差异化创新成为产品核心竞争力，加强研发投入和攻关能力，深化AI在研发、生产、服务等场景的应用，探索新范式、提升人效，让科技真正转化为市场竞争力。

全球突破是必由之路。要坚定OBM优先战略，完善海外研发、制造、供应链本土化布局，重点聚焦北美、南美、东南亚、中东非等海外优势区域，形成规模效应。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；加大海外品牌推广与并购整合力度，提升全球品牌影响力，构建真正的全球化产业布局。

04

敢于对自己动手

以勇气穿越周期

商业史上，没有永远的成功，只有永远的变革和重启。美的发展史，正是一部不断自我否定、自我进化的历史。面对日趋激烈的市场竞争，我们必须保持“只有偏执狂才能生存”的警醒，以自我革命的勇气打破路径依赖，实现战略重构与再度增长。

要坚守企业家精神的核心内涵。敢于正视问题、自我否定，不被过往成绩束缚，不被路径依赖拖累。管理层要拿出“壮士断臂”的决心，做“真的勇士”，果断出清冗余业务与低效资产，精简组织层级与SKU，让企业轻装上阵；要敢于决策、快速行动，杜绝“表演式工作”与“官僚惯性”，让组织保持敏捷与活力。

要打破思维定势与结构惯性。破坏才能增长，稳定只是一种幻觉，要警惕“大企业病”，避免责任模糊、决策迟缓、创新停滞等问题；要敢于“对自己动手”，主动打破现有利益格局与业务结构，在产品、渠道、组织等方面进行根本性变革。

要永葆进取之心与奋斗姿态。时代在变，用户需求在变，竞争对手在变，我们唯有以变应变。新一代管理层要在逆境中历练成长，扛起发展重任；穿越周期的密码就掌握在我们自己手中，以谦虚、专注、耐心、持久的心态，以强大组织能力和韧性，以“想干分分钟”的执行力推动各项战略落地。让务实行动、创新变革和自我成长成为美的最鲜明的底色。

05

每个方向

都是一条敞开的路

从乡镇小作坊，到四千亿全球科技集团，美的58年来的每一步成长，都源于我们对创新变革和美好生活的坚定追求。

我们要继续牢牢抓住时代机遇，ToC和ToB业务并重发展，ToC业务的旷野让我们可以纵横四海，ToB业务布局让我们可以仰望无边无际的天空；国内增长和海外突破双重质变，国内坚定科技和产品引领，推动DTC变革，找到新的增长空间，海外坚定OBM优先，优化投资布局和营销、制造体系，提升本土化能力。

时代奔涌向前，常识从未改变，我们始终坚信：只要我们坚守核心、勇于变革，只要我们团结一心、果敢行动，每个方向都是敞开的路。

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

愿前方所在的道路都可通行

Paul Fang:

Light Always Finds Its Way

Toward a Brand New Future

On January 16, 2026, Paul Fang, Chairman and President of Midea Group, delivered a keynote address to employees worldwide, titled Light Always Finds Its Way Toward a Brand New Future. In his speech, he said, "In 2025, Mideans overcame numerous challenges, achieving remarkable milestones. 2026 may still present a challenging landscape, but as long as we remain steadfast in our strategic direction and bravely break through, all paths ahead will become passable."

01

Midea's Steady Progress

Amid Global Uncertainties

2025 unfolded against a backdrop of global uncertainty—political shifts, economic waves, markets in flux. Yet Midea kept walking. Guided by the strategy that “Streamlining for growth, Facing up to challenges through breakthroughs,” Midea made significant progress in Technology Leadership, Product Innovation, and Global Impact. Every part of Midea's business found its new ways to bloom.

In Smart Home segment, Midea built around people, experiences, and ecosystems—crafting a seamless “Human-Car-Home” world. In the past year, Midea introduced the industry’s first true AI Butler under COLMO brand, continued to lead the industry in the field of residential air conditioners with advantages such as multi-model integrated AI interaction technology, pioneered the world's first 45CM ultra-thin sideboard refrigerator, and established the world's first multi-scenario intelligent washing machine factory.

In Industrial Technology segment, Midea focused on developing and producing key components for HVAC, new energy vehicles, and robotics, launched new products such as wide-frequency rotary compressors and two-stage variable-capacity scroll compressors, invested in building manufacturing bases in Mexico for auto parts, in Brazil for motors, and R&D center in Turkey. Moreover, in the past year, Midea achieved stable delivery of its self‑developed heavy‑duty robotic servo motors.

In Smart Building Technology segment, Midea achieved steady growth. For example, in the elevator business, multi-brand integration has become a new growth engine. Midea also launched new products such as the next-generation MDV9 multi-split system and fully self-developed magnetic centrifugal chillers. In terms of M&A, Midea acquired ARBONIA Climate. Moreover, the factory in Thailand started operations, focusing on industrial segments such as data centers, efficient equipment rooms, and pharmaceuticals. Globally in this field, Midea has successfully completed over 100,000 demonstration projects.

KUKA accelerated its metamorphosis from a robot manufacturer to a comprehensive solution service provider with the launch of iico series collaborative robots, hybrid robots, mobile platforms, AI agents, and multi-scenario automation solutions.

In Energy sector, Midea rode the wave of change. Hiconics delivered its own residential storage systems across China, Europe, and Australia, while distributed solar installations grew. CLOU’s large-scale energy storage solutions reached six regions, including North America, Europe, and Southeast Asia, etc.

In Healthcare, Midea officially established an internal sector. WDM launched the world’s first full-chain AI platform for MRI and a diagnostic imaging model. With the acquisition of Carestream International, Midea stepped firmly into the global high-end medical landscape.

Midea Annto Logistics Technology strengthened its green smart logistics network, serving over 7,000 businesses through its “1+3” service model. Digital management reinforced cost advantage, and standardization and platform strengths enhanced efficiency, becoming the backbone of Midea Group.

In the first three quarters of 2025, Midea once again grew revenue and profit by double digits, representing a new record. Achieving these results amidst the challenging times demonstrates that Midea is walking in the right direction and gives us confidence and courage for the unknown ahead.

02

Forming a "Growth Relay"

for Midea's Continued

Success

Midea's strategy for 2026 is “Core-Focused Growth.” Midea will focus on what matters most—core businesses, core markets, core capabilities, and weave ToC and ToB into a sustainable "growth relay." That’s how Midea stays vibrant.

For its two core businesses—white goods and HVAC, Midea will further consolidate its market advantages. With continuous efforts to be put in all areas such as technological innovation and user experience, Midea aims to become top one or two globally in these sectors.

Midea is committed to strengthening these two core areas by allocating resources strategically and developing globally leading technologies.

In core markets—China, Southeast Asia, North America, the Middle East, and Africa, Midea will optimize its layout. With refined product structures and advanced smart home solutions, these core businesses demonstrate even stronger growth momentum.

Midea is also committed to its secondary core businesses, seizing opportunities for breakthroughs. While its core operations run smoothly, Midea is innovating for the future. It maintains strategic focus on robotics, energy, and healthcare with vast market potential as crucial pillars for the Group’s resilience across economic cycles. KUKA aims to become the market leader in China, enhancing its product competitiveness. The energy storage business will accelerate its development pace to keep up with industry trends. In healthcare, Midea will continue to increase investments in R&D and M&A integration, capitalizing on the opportunities presented by domestic substitution, to build a hundred-billion-yuan-sales-revenue medical segment within Midea Group.

Midea's ToC and ToB businesses will achieve synergistic growth. The ToC business, the key advantage for our current survival and development, will adhere to the principles of product innovation and user-centeredness. Midea will bridge online and offline channels through the transformation of the DTC (Direct-to-Consumer) model, making the dual premium brands deeply resonate with consumers. The ToB business, as the second engine for growth, will focus on breakthroughs in core technologies and industry solutions, enhancing industrial collaboration. This will facilitate Midea's transition from a product supplier to an ecosystem service provider, enabling the two segments to form a continuous cycle of growth. Together, they will support Midea's advancement toward becoming a globally leading technology group.

03

Enhancing Efficiency

and Achieving Global Impact

Are Strategic Imperatives

In an era of intense turbulence and transformation, only by adhering to sound business principles and solidifying core capabilities can certainty be grasped amid uncertainty. In 2026, we must focus on three key dimensions—efficiency, product innovation, and globalization, to safeguard Midea’s continued growth.

Efficiency is always a competitive advantage for an enterprise. Midea must pursue comprehensive cost leadership across the entire value chain, deeply explore efficiency potential in all areas from supply chain and manufacturing to inventory and sales, refine the MBS lean model, reduce waste, and make continuous improvements. We will strengthen Digitalization, break down data barriers, and enable more precise decision-making and more efficient operations. Furthermore, we will foster shared growth and symbiosis across the upstream and downstream segments of the supply chain, empower suppliers, enhance collaborative efficiency, and build a stable and highly efficient industrial ecosystem.

Products and technology are the fundamental pillars of growth. Midea must shift its focus back to customer needs, follow the "Three-Generation" R&D strategy, strengthen basic research and forward-looking technology deployment, and make competitive differentiated innovations in products. We will increase R&D investment, enhance our capability to tackle key challenges, deepen the application of AI in areas such as R&D, production, and services, explore new paradigms, and improve human efficiency, thus truly translating technology into market competitiveness.

Achieving Global Impact is an essential path forward. Midea will steadfastly implement the OBM First strategy, enhance the localization of overseas R&D, manufacturing, and supply chains, and focus on key regions such as North America, South America, Southeast Asia, the Middle East, and Africa to achieve economies of scale. Midea will also strengthen overseas compliance management and risk management, improve localized capabilities, and ensure that our products and services better meet local market demands. Additionally, Midea will ramp up overseas brand promotion and M&A integration to enhance global brand influence and build a truly globalized footprint.

04

Reinventing Ourselves

to Weather Economic Cycles

In business, there is no permanent victory—only permanent reinvention. Midea’s story is one of continual self-reflection and evolution. As competition intensifies, Midea will stay alert, even restless—with the courage to break its own patterns and rediscover growth.

Throughout business history, there is no permanent success, only perpetual change and reinvention. Midea’s journey has been one of continuous self-challenge and self-evolution. In the face of increasingly fierce market competition, we must remain vigilant with the mindset that "only the paranoid survive." With the courage to revolutionize ourselves, we must break free from path dependency and achieve strategic transformation and renewed growth.

We must break the molds of thought and structure. Growth sometimes requires disruption. Midea will avoid Large Enterprise Syndromes, where responsibility blurs, decisions slow, and innovation sleeps. We must dare to "take action against ourselves," proactively break the existing interest structure and business framework, and drive fundamental transformations in products, channels, and organizational systems.

We must always maintain an enterprising spirit and a determined mindset. The times are changing, customer needs are evolving, and competitors are transforming. We must adapt by embracing change ourselves. The new generation of management must grow through adversity and shoulder the responsibility for growth. The key to navigating cycles lies in our own hands: with humility, focus, patience, and perseverance, supported by a strong organization and resilience, we will drive every strategy with a strong commitment. Pragmatic action, innovative transformation, and self-improvement will become the most defining traits of Midea.

05

Each Path Is Full

of Opportunities

From a small township workshop to a global technology group, every step across 58 years has been guided by a simple longing: to innovate, to elevate, to make life better.

We will continue to firmly seize the opportunities of the era, placing equal emphasis on both ToC and ToB businesses. The expansive landscape of the ToC sector allows us to navigate freely and explore vast horizons, while the strategic expansion of ToB enables us to gaze upon a boundless sky. Domestically, we are driving a qualitative shift through technological and product leadership, advancing DTC transformation to uncover new growth spaces. Internationally, we remain committed to prioritizing OBM, optimizing investment strategies and enhancing our marketing and manufacturing systems to strengthen localized capabilities.

The tides of time surge forward, yet fundamental principles remain unchanged. We firmly believe that as long as we stay focused on our core strengths and embrace change courageously, and as long as we unite as one and act decisively, every direction will open up as a path to the future.

We still have a long way to go

Yet look—

We have already come this far

May every road ahead be passable!