Who leads Midea Group: board and senior management, 2020-2026

analysisAfter Midea's annual general meeting of 5 June 2026 the board has ten directors: executive directors Fang Hongbo, Wang Jianguo, Gu Yanmin, Guan Jinwei and Zhang Tian; non-executive director Zhao Jun; and independent non-executive directors Xu Dingbo, Xiao Geng, Liu Qiao and Zhang Ya. A shareholders' circular dated 27 September 2026 lists the same ten names. The only change from the board listed in the annual results announcement of 30 March 2026 is that Zhang Ya, appointed with effect from 5 June 2026, took Qiu Lili's place as independent director and on the audit, remuneration and evaluation, nomination and strategy committees. This size follows Midea's articles of association as approved at the second extraordinary general meeting of 2025 (published on 24 September 2025), which provide for ten directors, including four independent directors and one employee representative director, with a chairman and several vice-chairmen. The general meeting elects or replaces every director except the employee representative and may remove a director before the end of the three-year term by ordinary resolution. The board must have an audit committee, a nomination committee and a remuneration and evaluation committee and may set up others, such as a strategy committee. ^{1 2 3 4 5}

analysisFang Hongbo is also Midea's legal representative: Midea's first quarterly report of 2025 and its 2026 interim report name him in that capacity, with Zhong Zheng as the principal in charge of accounting and Chen Lihong as head of the accounting department. Article 8 of the 2025 articles of association gives the role to the director or chief executive officer who executes company affairs on the company's behalf. If that person resigns, he or she is deemed to have resigned as legal representative as well, and the company must appoint a new legal representative within 30 days. ^{6 2 5}

analysisMidea's 2020 annual report lists eight directors with these start dates: chairman and chief executive officer Fang Hongbo and director He Jianfeng, 25 August 2012; director and vice president Gu Yanmin, 21 April 2014; director and vice president Yin Bitong, 16 December 2016; and director Yu Gang and independent directors Xue Yunkui, Guan Qingyou and Han Jian, 26 September 2018. All their terms were to end on 25 September 2021. The report describes He Jianfeng as also chairman of the board and president of Infore Investments Holding Group Co., Ltd., a post its table of other positions dates from June 1995. It describes Yin Bitong, who joined in 1999 and had been general manager and a director of Wuxi Little Swan, as director and vice president, co-president of the Smart Home Business Group, president of the residential air-conditioning division and president of Midea China. ¹

analysisThe same report sets out the outside directors' other roles. Yu Gang was honorary chairman and a co-founder of YHD.COM, formerly global supply chain vice president of Amazon and global procurement vice president of Dell, and executive chairman and a co-founder of 111, Inc., a post dated from April 2011. Xue Yunkui, an accounting professor at Cheung Kong Graduate School of Business, was an independent director of Ouyeel, Dalian Wanda Commercial Management Group, Bank of Shanghai and Hinova Pharmaceuticals, with terms running between 2019 and 2024. Guan Qingyou, formerly a vice president of Minsheng Securities and director of its research institute, was president and chief economist of the Reality Institute of Advanced Finance, chairman of Beijing Rushi Research Information Consulting Service Co., Ltd. since December 2017 and an independent director of Shaanxi International Trust, Nanhua Futures, Shandong Hi-Speed Road & Bridge and Hangzhou Hikvision Digital Technology. Han Jian, who holds a doctorate from Cornell University, was an associate professor of management at China Europe International Business School. ¹

analysisSeveral earlier directors left before the Hong Kong listing. A media report of 3 January 2023 relayed Midea's announcement of 31 December 2022 that Yin Bitong had resigned as director and vice president for personal reasons, effective on delivery of his resignation to the board, and would hold no other position in the company; he then held about 2.11 million shares. The resignation announcement itself is not among the reviewed documents, and the report, citing the 2021 annual report, gave his term as running from 16 December 2016 to 16 September 2024. Media reports in June and September 2024 stated that He Jianfeng, a non-executive director since September 2023, was not included in the fifth board announced on 14 June 2024 and so lost the seat he had held for 12 years, that Yu Gang also left, and that Zhao Jun became non-executive director and vice president Guan Jinwei an executive director. The record contains no Midea announcement of that election, but Midea's own records are consistent with these accounts: the September 2024 prospectus describes a ten-member board with Zhao Jun as its one non-executive director, and the 2025 annual report dates the current terms of Zhao Jun and Guan Jinwei from 2 July 2024. ^{2 3 4 5 6}

analysisMidea's H-share prospectus of September 2024 states that on listing the board would have 10 directors: executive directors Fang Hongbo (chairman of the board and chief executive officer, a director since August 2012), Wang Jianguo (vice president, director since September 2021), Fu Yongjun (vice president, director since July 2023), Gu Yanmin (vice president, director since April 2014) and Guan Jinwei (vice president, director since July 2024); non-executive director Zhao Jun (since July 2024); and independent non-executive directors Xiao Geng, Xu Dingbo, Liu Qiao and Qiu Lili, each appointed in July 2024. It lists three supervisors and 14 members of senior management, five of whom are executive directors, and states that none of the directors, supervisors and members of senior management is related to another. ^{6 7}

analysisIn 2025 and 2026 the board changed three times. After Fu Yongjun's departure from the board in March 2025 (set out with the other departures below), Midea's first quarterly report of 2025, announced on 29 April 2025, lists nine directors: Fang Hongbo, Wang Jianguo, Gu Yanmin, Guan Jinwei, Zhao Jun, Xu Dingbo, Xiao Geng, Liu Qiao and Qiu Lili. On 30 May 2025 Zhang Tian was elected employee representative director, and the annual results announcement of 30 March 2026 again lists ten directors. On 29 April 2026 Qiu Lili submitted her written resignation for career planning reasons, to take effect when a new independent non-executive director was elected at the next general meeting, and confirmed that she had no disagreement with the board. Zhang Ya replaced her from 5 June 2026; the 2026 interim report records Qiu Lili's departure on that date and gives personal reasons for it. ^{8 3 9 10 11 12 13}

analysisUntil 30 May 2025 Midea also had a supervisory committee of three. Midea's 2020 annual report records that Liu Min, its chairman since 1 February 2016, left that post on 16 October 2020 because of a job change and was appointed vice president the same day, and that Dong Wentao was elected chairman of the supervisory committee on 16 October 2020; the other supervisors were Zhao Jun (term from 21 April 2014) and employee supervisor Liang Huiming (term from 30 March 2017). The September 2024 prospectus lists Dong Wentao as chairman, Ren Lingyan, appointed in July 2024, who is also finance director of Midea Holding, a post Midea's 2025 annual report dates from March 2020, and employee supervisor Liang Huiming. ^{1 2 3 4}

analysisMidea's 2025 annual report records that all three supervisors, Dong Wentao (in office since 16 October 2020), Ren Lingyan (since 2 July 2024) and Liang Huiming (since 30 March 2017), left office on 30 May 2025, giving the adjustment of the corporate governance structure as the reason, and that Zhang Tian was elected employee representative director on the same day. The 2025 articles of association provide for one such employee representative on a board of ten. The report states 2025 remuneration of RMB 430,000 for Dong Wentao and RMB 200,000 for Liang Huiming; Ren Lingyan received nothing from the company and was paid by a related party. ^{4 5}

analysisFang Hongbo has been chairman and chief executive officer since 25 August 2012, the start of his term as given in Midea's 2020 annual report. The September 2024 prospectus describes him as director, chairman of the board and chief executive officer, responsible for overall strategic planning, business development and management, and as chairman of the strategy committee. He joined the group in November 1992 and held positions including general manager of the air-conditioning division, president of the refrigeration and electrical appliances group, and chairman and chief executive officer of Midea Electric, the listed Guangdong Midea Electric Co., Ltd.; he holds a doctorate in corporate management from Nanjing University. The 2020 annual report gives the same career and dates his joining to 1992. ^{1 2}

analysisWang Jianguo became executive president on 24 September 2025, ending a vice-presidency that Midea's 2025 annual report dates from 14 December 2017; he has been a director since 17 September 2021, both terms running to 1 July 2027. He joined in 1999 and was director of supply chain management of the residential air-conditioning division, director of administration and human resources, general manager of the refrigerator division and president of the smart home business group. He is also president of the new energy division, chairman of Wandong Medical and chairman of GD Midea Air-Conditioning Equipment Co., Ltd. The China Household Electrical Appliances Association's list of its eighth standing council, dated 22 September 2026, includes Wang Jianguo of Midea Group Co., Ltd. among the standing council members; the list gives only his name and company, not his position at Midea. ^{3 4}

analysisWho will follow Fang Hongbo is a subject of media reporting, not of company disclosure. A media report of December 2025 stated that at an analyst meeting in May 2025 Fang Hongbo, as chairman and president, said that six or seven people were already able to succeed him at any time but that he could not name them and had not yet told the major shareholder. A media report of June 2024, noting that Fang had succeeded founder He Xiangjian as chairman and president in 2012, described vice president Wang Jianguo, then head of the smart home business group and international business, as considered one of the leading candidates to succeed him. These are media accounts of a remark and of market opinion; none of the company filings reviewed designates a successor. Midea's 2025 annual report, which records Wang Jianguo as executive president from 24 September 2025, does not describe that appointment as a succession arrangement. ^{5 6 3}

analysisGu Yanmin, a director and vice president since April 2014, is president of the Robotics & Automation business and chairman of the supervisory board of KUKA Group; Midea's 2025 annual report states that he joined in 2000, headed planning and investment and overseas strategy functions before leading the robotics and automation division, and is also a director of Midea Electric (Singapore) Trading Co., Ltd. The 2020 annual report dates his KUKA chairmanship, and Liu Min's membership of the same board, from January 2017 with terms to June 2024. Guan Jinwei joined in 2002 and was deputy general manager of the central air-conditioning division, general manager of its overseas marketing company, assistant to the president of Midea International and general manager for the ASEAN region; he has been vice president since 17 September 2021 and an executive director since 2 July 2024, and is president of the Intelligent Building Technology division. Zhang Tian, who holds a doctorate, joined in 2019 as an advanced research engineer in the thermodynamics laboratory of the compressor research and development centre, later managed that laboratory, and now manages the heat-flow technology laboratory of the Industrial Technology Research Institute; her term as employee representative director runs from 30 May 2025 to 1 July 2027. ^{2 3 1}

analysisThree of the four independent non-executive directors appointed in 2024 remain in office, and Midea's 2025 annual report lists their other posts. Xu Dingbo is Essilor Chair Professor of Accounting and associate dean of China Europe International Business School, vice chairman of the China Association of Chief Financial Officers and an independent director of China Trust Protection Fund Co., Ltd., China Life Insurance (Group) Company (since June 2025) and JD.com; he was previously an independent director of Kweichow Moutai, China Cinda Asset Management, Sany Heavy Industry, Shanghai Shyndec Pharmaceutical, PICC, Dong Yi Ri Sheng Home Decoration, Sanjiang Shopping Club and Societe Generale (China). Xiao Geng is professor and associate dean of the School of Public Policy of the Chinese University of Hong Kong, Shenzhen, and an independent non-executive director of Sichuan Biokin Pharmaceutical, Tsingtao Brewery, Phoenix New Media and Bank of Jinzhou (delisted in 2024). Liu Qiao is professor and dean of Peking University Guanghua School of Management and an independent non-executive director of China Everbright Bank (since January 2026) and CITIC Securities (since December 2025); he was an independent director of China Merchants Bank from November 2018 to December 2025. ³

analysisThe fourth, Qiu Lili, is described in the 2025 annual report as a tenured professor of computer science at the University of Texas at Austin who was a deputy head of Microsoft Research Asia from 2022 to 2025, responsible for research at its Shanghai laboratory. After her resignation on 29 April 2026 the board nominated Zhang Ya the same day and proposed an annual director's fee of RMB 450,000 including tax. The announcement describes Zhang Ya as vice dean of the School of Artificial Intelligence, executive vice dean of the Institute of Medical Artificial Intelligence and a distinguished professor at Shanghai Jiao Tong University, formerly at the University of Kansas and Yahoo! Inc. It states that she confirmed she meets the independence criteria of Rule 3.13 of the Hong Kong Listing Rules and has no financial or other interest in the group's business, held no other listed-company directorship in the past three years, holds no position in the group, has no connection with the directors, senior management or substantial or controlling shareholders, and has no interest in Midea's shares. She took office on 5 June 2026. ^{3 7 8 9 10}

analysisMidea's 2025 annual report lists eight senior managers besides the executive directors, all with terms to 1 July 2027: Zhao Lei, vice president since 26 December 2023, president of the Smart Home Business Group and general manager of GD Midea Air-Conditioning Equipment Co., Ltd.; Zhong Zheng, finance director since 22 March 2019, chief financial officer since 22 February 2022 and vice president since 1 December 2022, also a director of Midea Electric (Singapore) Trading Co., Ltd.; Zhang Xiaoyi, vice president since 23 April 2018 and chief digital officer; Li Guolin, vice president since 3 July 2020, chief sustainability officer, director of quality and supply chain and chairman of the ESG committee; Wang Jinliang, vice president since 18 August 2014; Wei Chang, chief technology officer since 29 August 2022 and vice president since 26 December 2023; Zhao Wenxin, chief people officer since 22 February 2022, vice president since 28 March 2025 and director of human resources; and Gao Shu, board secretary since 28 March 2025, also joint company secretary and director of investor relations. Of the eight, Wei Chang has since left: the 2026 interim report records his departure from both his posts on 29 May 2026, as set out below. ^{1 2}

analysisThe report also gives the earlier group careers of five of them. Zhao Lei joined in 2018 and was North China regional director of the residential air-conditioning division, China terminal retail director, general manager of the washing machine division's domestic marketing company, and president of the washing machine division and then of the residential air-conditioning division. Li Guolin joined in 1998 and was vice president of the residential air-conditioning division and president of the lifestyle appliances division; Wang Jinliang joined in 1995 and was vice president of Midea's China marketing headquarters and vice president and marketing director of Midea Electric; Zhao Wenxin joined in 2004 and was deputy general manager and head of overseas marketing of the residential air-conditioning division and a vice president of Midea International; Zhang Xiaoyi joined in 2010 and headed overseas IT systems, supply chain systems and IT. The September 2024 prospectus states that Zhong Zheng joined in July 2002, was director of finance of the financial centre and the components division and the group's audit director, and is responsible for overall finance strategy, accounting, tax, treasury and finance business. ^{1 3}

analysisA state media report of 10 March 2026 described Zhong Zheng, vice president and chief financial officer of Midea Group, as a deputy to the National People's Congress and reported that for the 2026 session she submitted proposals on curbing the misuse of AI-generated content and generative-engine optimisation in online marketing, including clearer limits in the Anti-Unfair Competition Law; on registration and labelling of AI 'digital human' livestreams; on a mandatory national standard for smart-home interoperability; and on international mutual recognition of medical-device registrations. The office rests on that report: the company filings and biographies reviewed do not mention it, and no roster of deputies was reviewed. ⁴

analysisA business magazine reported in March 2025 that an internal Midea letter marked 'secret', titled 'Requirements on simplifying working methods' and issued by chairman and president Fang Hongbo, circulated outside the company on 22 January 2025, and that the system watermark on the leaked copy showed vice president Zhao Lei as its recipient. Zhao Lei told the magazine on 13 March 2025 that he had posted a screenshot to a small group within his division and had not expected it to leak; the report presents the disclosure, on his account, as unintentional. According to the magazine, the matter was closed with an internal notice by Midea Group criticising Zhao Lei; Midea's 2025 annual report (March 2026) and its 2026 interim report continue to list Zhao Lei as a vice president. The report says that Zhao Lei joined Midea in 2011, whereas the prospectus and the 2025 annual report give 2018. ^{5 1 2}

analysisMidea's 2020 annual report lists as senior management vice presidents Wang Jianguo (from 15 December 2017), Zhang Xiaoyi (from 23 April 2018, also chief information officer), Xiao Mingguang (from 22 March 2019), Hu Ziqiang (from 18 August 2014, also chief technology officer), Wang Jinliang (from 18 August 2014), Li Guolin (from 3 July 2020) and Liu Min (from 16 October 2020), director of finance Zhong Zheng (from 22 March 2019) and board secretary Jiang Peng (from 30 October 2013), with terms to 25 September 2021. It states that Xiao Mingguang joined in 2000 and was deputy director of the financial management department, director of the operational management department, director of the audit and supervision department, a director of Midea Electric and director of finance before becoming vice president; that Liu Min joined in 1998, was general manager of the overseas marketing company of the residential air-conditioning division and director of the Midea executive office, and is also vice president of the Robotics & Automation Division and a member of KUKA's supervisory board; and that Hu Ziqiang joined in 2012 after working for GE and Samsung and as a deputy general manager of Wuxi Little Swan. ⁶

analysisChief financial officer Helmut Zodl, in office from 22 October 2019, left on 25 January 2021 for personal reasons, according to Midea's 2020 annual report, which states his 2020 pre-tax remuneration from the company as RMB 7.77 million. Finance director Zhong Zheng became chief financial officer on 22 February 2022. ^{1 2}

analysisOn 28 March 2025 Jiang Peng, board secretary since 30 October 2013, left that post because of a change in work arrangements, Gao Shu was appointed board secretary and Zhao Wenxin was appointed vice president. The September 2024 prospectus states that Jiang Peng joined the group in October 2007, was securities affairs representative and board secretary of Midea Electric from 2007 to 2013, was earlier board secretary of Star Lake Bioscience Co, Inc. Zhaoqing Guangdong from April 2005 to October 2007, and had also directed the investor relations department since 2013. The 2025 annual report states his 2025 remuneration for his time in office as RMB 840,000. A media report of 7 April 2025 stated that Midea's announcement made clear that Jiang Peng would continue to work in the company after leaving the post, and that his salary for 2024 excluding share incentives was RMB 3.36 million; the announcement and the 2024 annual report on which the report draws are not among the reviewed documents. ^{2 3 4 5}

analysisGao Shu, who holds a doctorate, joined Midea in 2025 after serving as executive general manager and managing director in the investment banking department of China International Capital Corporation (CICC). The media report of 7 April 2025 stated that Gao Shu had worked on Midea matters before: when Midea Group listed as a whole in 2013, CICC was a joint sponsor and Gao Shu one of its project contacts, and Gao Shu later acted for CICC as a sponsor representative in the continuing supervision of the restructuring, last appearing in that role for Midea's 2015 annual report. A summary of the 2013 merger listing document, published in a securities newspaper on 1 April 2013, lists a Gao Shu among the assisting financial-adviser staff of CICC, financial adviser to Midea Group as the absorbing party. That this staff member is the current board secretary rests on the media report. ^{2 6 4}

analysisFu Yongjun joined the group in October 1999, was vice president from 17 September 2021 and a director from 13 July 2023, and was described in the September 2024 prospectus as president of the industrial technology business. Media reports state that he was elected chairman of Shenzhen CLOU Electronics Co., Ltd. at the first meeting of its ninth board on 26 June 2023, after Midea Group had become CLOU's controlling shareholder, and an online encyclopedia entry states that he ceased to be CLOU's chairman and a non-independent director on 1 April 2025; CLOU's own board announcements are not among the reviewed documents. Midea's 2025 annual report records that he left Midea's board on 28 March 2025 because of a change in work arrangements and the vice-presidency on 26 December 2025 for personal reasons; it states his 2025 remuneration as RMB 7.96 million and his holding as 200,000 shares. According to the company's announcement of 27 December 2025 as relayed in a media report, he holds no other position in the company. ^{2 3 7 8 9}

analysisBai Lin, a vice president since 30 May 2022 whom the prospectus described as responsible for domestic sales of the Smart Home Solutions business and as having joined in July 2003, left on 29 October 2025 because of a change in work arrangements; the 2025 annual report states his 2025 remuneration as RMB 8.21 million and his holding as 95,079 shares. Wei Chang joined in August 2022 after serving from April 2014 to August 2022 as president of the National Institute of Clean-and-Low-Carbon Energy, a research institute affiliated to China Energy Investment Corporation, and from 1995 to April 2014 in positions at General Electric Company, including product manager of GE Water & Process Technologies for greater China and business program manager of GE Global Research. The 2026 interim report records that he left the posts of vice president and chief technology officer on 29 May 2026 for personal reasons; a media report relaying the company's announcement states that he holds no other position in the company and that the company said his departure would not affect normal operations. His pre-tax remuneration was RMB 6.91 million for 2025 according to the annual report; a media report of June 2026 gave RMB 7.73 million for 2023 and RMB 7.07 million for 2024, figures that rest on that report because the 2023 and 2024 annual reports were not reviewed. ^{2 3 5 10}

analysisUnder Midea's remuneration management rules, as described in its 2025 annual report, the board's remuneration committee proposes the pay of directors and senior managers, the board approves it, and it is implemented after review by the general meeting. Pay consists of a stable basic annual salary set according to responsibility, risk and pressure, and a performance salary linked to the profit completion rate, target-responsibility assessment results and departmental performance evaluations; adjustments consider operating results, position, individual ability and contribution, assessment results and market pay levels. The report states that there was no deferred payment and no stoppage or clawback of remuneration for 2025. It gives 2025 pre-tax remuneration from the company of RMB 12.67 million for Fang Hongbo, RMB 11.05 million for executive president Wang Jianguo, RMB 10.70 million for Guan Jinwei, RMB 8.81 million for Gu Yanmin, RMB 0.96 million for employee director Zhang Tian and RMB 0.45 million for each independent non-executive director, and among senior managers RMB 13.65 million for vice president Zhao Lei, RMB 8.90 million for chief financial officer Zhong Zheng and RMB 6.91 million for chief technology officer Wei Chang. Non-executive director Zhao Jun was paid by a related party. The total for all directors, supervisors and senior managers, including those who left during 2025, was RMB 121.19 million. ¹

analysisMidea's 2020 annual report gives 2020 pre-tax remuneration from the company, in RMB thousand, of 12,130 for chairman and chief executive Fang Hongbo, 8,840 for Yin Bitong, 7,770 for former chief financial officer Helmut Zodl, 5,660 for vice president Wang Jianguo, 5,540 for Gu Yanmin, 3,960 for director of finance Zhong Zheng, 3,070 for board secretary Jiang Peng, and 450 each for director Yu Gang and independent directors Xue Yunkui, Guan Qingyou and Han Jian; director He Jianfeng and supervisor Zhao Jun were paid by related parties. The total for directors, supervisors and senior management was 76,940. For the following years the September 2024 prospectus gives total remuneration paid to directors only: RMB 114.9 million in 2021, RMB 107.1 million in 2022, RMB 113.4 million in 2023 and RMB 34.4 million in the four months to 30 April 2024. ^{2 3}

analysisFang Hongbo's shareholding fell from 136,990,492 to 116,990,492 shares during 2020, according to the 2020 annual report, and stood at 116,990,492 shares at the start and end of 2025. At the end of 2020 Yin Bitong held 2,109,655 shares and Xue Yunkui 179,914, the other directors none, and senior managers between 211,152 shares (Zhong Zheng) and 516,575 shares (Zhang Xiaoyi). At the end of 2025 Guan Jinwei held 535,000 shares, Zhang Tian 6,750 shares acquired by exercising share options, Zhao Lei 102,700, Zhong Zheng 276,152, Zhang Xiaoyi 516,575, Li Guolin 440,700, Wang Jinliang 378,000 and Zhao Wenxin 444,000, while Zhao Jun, Wang Jianguo, Gu Yanmin, the independent directors, Wei Chang and Gao Shu held none. At the record date of the 5 June 2026 general meeting, Fang Hongbo, Guan Jinwei and Zhang Tian were interested in 116,990,492, 538,500 and 12,750 A shares respectively. ^{2 1 4}

analysisShares of departed officers stay locked for a period. Midea's 2025 annual report lists locked shares at the end of 2025 of 338,950 for former board secretary Jiang Peng, 95,079 for Bai Lin and 200,000 for Fu Yongjun, and records that the locked shares of former senior managers Hu Ziqiang (300,000) and Yin Bitong (1,597,237) were released during 2025. The 2026 interim report shows, at 30 June 2026, 303,700 locked shares for Jiang Peng, 150,000 for Fu Yongjun, 71,309 for Bai Lin and 900 for former supervisor Liang Huiming, each locked as shares of persons who have left office until 31 December 2027. ^{1 5}

analysisMidea's 2026 interim report states that by June 2026 the company had launched nine stock option incentive plans, seven restricted share incentive plans, seventeen shareholding plans and two H-share award schemes for management teams and key employees at different levels. On 30 March 2026 the board's remuneration and evaluation committee reviewed the proposed 2026 A Share Ownership Plan, stated that it complied with the applicable laws and rules, did not harm the interests of the company or its shareholders and did not force employees to participate, and agreed to its implementation; the general meeting of 5 June 2026 approved it with 96.7486% of votes cast in favour and 3.2236% against. The plan granted 16,312,221 shares exercisable two, three and four years after grant in tranches of 40%, 30% and 30%, subject to company and individual performance, and the expense recognised for all share-based incentive schemes in the first half of 2026 was RMB 485,173,000. Twelve directors and senior managers, from Fang Hongbo to board secretary Gao Shu, held interests in the employee shareholding plans; their combined holding fell from 7,684,850 to 5,395,472 shares, 0.07% of the share capital, during that half-year. ^{5 6 4}

analysisShareholders and proxies holding about 54.2535% of the voting shares attended the 2025 annual general meeting on 5 June 2026, chaired by Fang Hongbo, and all resolutions were passed. The amendments to the remuneration management measures for directors and senior management received 99.9773% of votes in favour, and the 2025 performance evaluation and remuneration of directors with the 2026 remuneration proposal 99.9817%. The general mandate to issue shares received 82.7997% in favour and 17.1692% against, the re-appointment of the accounting firms for 2026 92.1922% in favour and 7.7936% against, and the election of the independent non-executive director 99.9128% in favour. Fang Hongbo, Guan Jinwei and Zhang Tian abstained on the directors' liability insurance and remuneration resolutions, and Fang Hongbo and Guan Jinwei, as proposed participants, on the three resolutions on the 2026 A Share Ownership Plan. ⁴

analysisA commercial company-data service lists Midea executives as partners in four Ningbo venture-capital limited partnerships established in 2020. The listings show no amounts or entry dates, and neither they nor the company filings reviewed state the purpose of three of them; the service links each person to a page carrying the company biography of the Midea executive concerned. Ningbo Meiyue Venture Capital Partnership, established on 12 October 2020 with registered capital of RMB 70.34 million, has chief financial officer Zhong Zheng as executive partner and partner and lists Wang Jianguo, Gu Yanmin, Zhang Xiaoyi and Wang Jinliang among its partners. Ningbo Meiyisheng Venture Capital Partnership, established on 10 June 2020 with RMB 180.588 million, lists Gu Yanmin, Zhang Xiaoyi, Guan Jinwei and Zhao Wenxin among its partners and an executive partner named Bai Lin; the listing does not identify that person beyond the name, which is also that of the Midea vice president who left on 29 October 2025. Ningbo Hongtailimei Venture Capital Partnership, established on 11 June 2020 with RMB 102.818 million, has Cao Zhijie as executive partner and lists Zhong Zheng, Xiao Mingguang and Wang Jinliang among its partners; the same service lists Cao Zhijie as general manager of GD Midea Air-Conditioning Equipment Co., Ltd. ^{1 2 3 4 5 6 7 8 9 10}

analysisThe fourth, Ningbo Meiyu Venture Capital Partnership, established on 15 October 2020 with registered capital of RMB 88.63 million, has Cao Zhijie as executive partner and executive director Guan Jinwei and vice president Zhao Wenxin among its partners, according to the same data service, which shows no amounts. Midea's H-share prospectus of September 2024 names this partnership as one of ten domestic employee shareholding platforms holding the remaining equity of Annto Smart Logistics, with 5.3%, alongside Ningbo Xunchi Enterprise Management Limited Partnership with 5.1%, and states that the executive partners of both are group employees who are not directors, supervisors or senior management of the company; the prospectus names none of the partners. ^{6 7 11}

analysisThe same data service reproduces a biography of Xiao Mingguang stating that he joined Midea in April 2000, was finance director of Hefei Midea Rongshida Group in 2004-2005, held supply-chain, finance and audit posts, including finance director and later director of audit and supervision, at GD Midea Air-Conditioning Equipment Co., Ltd. between January 2006 and August 2012, was Midea Group's finance director from December 2015 to March 2019 and has been its vice president since April 2019. It lists him as legal representative, chairman and general manager of Midea Zhilian (Shanghai) Supply Chain Technology Co., Ltd. and as a partner of Ningbo Hongtailimei. The original publication of the biography is not identified; it also refers, without naming the bank, to his service since April 2017 as a director of 'this bank', and Midea's 2020 annual report gives 22 March 2019 as the start of his vice-presidency. Xiao Mingguang does not appear in the officer lists of the September 2024 prospectus or the 2025 annual report, and no retained record dates a departure, so his current position is not confirmed. ⁹

analysisMidea's annual results announcement of 30 March 2026 states that the company adopted the code provisions of the Corporate Governance Code in Appendix C1 to the Hong Kong Listing Rules and complied with all applicable provisions in 2025 except code provision A.2.1: it has no separate chairman and chief executive officer, because Fang Hongbo performs both roles. The board states that the combination ensures consistent leadership and more effective strategic planning, that the balance of power and authority will not be impaired, and that it will continue to consider splitting the roles when appropriate; the September 2024 prospectus disclosed the same deviation. The announcement also states that all directors confirmed compliance with the Model Code for Securities Transactions by Directors (Appendix C3) throughout 2025 after specific enquiry, and that no non-compliance by employees with the company's inside-information and share-trading rules was noted for 2025. For its Hong Kong listing Midea stated that it does not have sufficient management presence in Hong Kong for the purposes of Rule 8.12 of the Listing Rules, and The Stock Exchange of Hong Kong granted it a waiver from strict compliance with that rule. ^{1 2}

analysisThe September 2024 prospectus describes an audit committee of the four independent directors Xu Dingbo (chair), Xiao Geng, Liu Qiao and Qiu Lili; a remuneration and evaluation committee and a nomination committee with the same members, chaired by Xiao Geng and Liu Qiao respectively; and a strategy committee of Fang Hongbo (chair) and the four independent directors. Midea's 2025 annual report states that no director raised an objection to company matters during 2025, that the audit committee found no risk in the course of its supervisory activities and had no objection to the matters supervised, and that its meetings reviewed quarterly internal audit work reports. The annual results announcement of 30 March 2026 adds that the audit committee reviewed the 2025 consolidated financial statements and risk management and internal control matters with management and raised no objection. ^{2 1 3}

analysisMidea's 2025 annual report marks as not applicable its disclosure item on penalties imposed by securities regulators in the past three years on current directors, supervisors and senior management and on those who left office during 2025; the item covers penalties by securities regulators only and does not address other supervisory measures. Midea's H-share listing document of 9 September 2024 states that in February 2019 Fang Hongbo received a warning letter from the CSRC Guangdong Regulatory Bureau over his inadvertently mentioning the company's estimated 2018 profit before tax at a forum event before the official announcement of the profit estimate. The letter itself is not in the retained records and is known only from the company's summary; the record describes a supervisory warning, not an administrative penalty. The listing document records the advice of the company's PRC legal adviser that the letter is a non-punitive regulatory measure that does not constitute an administrative penalty or public censure, and the directors' view that, as the incident preceded the track record period and Fang Hongbo has had no similar incident since, it does not impugn his integrity or suitability to serve as a director. ^{3 2}

analysisThe September 2024 prospectus states that, apart from non-executive director Zhao Jun, who is also executive president of Midea Holding and a non-executive director of Midea Real Estate, and supervisor Ren Lingyan, who is also finance director of Midea Holding, none of Midea's directors, supervisors and senior management held an executive position in Midea Holding or its close associates. Midea's 2025 annual report states that the company is fully separated from its controlling shareholder Midea Holding Co., Ltd. in business, personnel, assets, organisation and finance, and that its senior managers are paid by the company and hold no executive post at the shareholder other than as directors. ^{4 3}

analysisMidea's Code of Business Conduct, published on its website, applies to Midea Group and its subsidiaries and departments, requires employees to comply with it and with applicable laws, and provides for disciplinary action for violations. It defines a conflict of interest as personal relationships, family ties, private interests or outside business affiliations that impair, or reasonably appear to impair, an employee's ability to act solely in the company's interest, including relationships with competitors, suppliers or customers, and requires prompt disclosure. Employees who know of or reasonably suspect a violation must report it through supervisors, the legal and compliance teams, a complaints hotline or a compliance e-mail address; the code encourages reporting under one's real name, guarantees confidentiality and prohibits retaliation against good-faith reporters. It states that Midea complies with the export control and customs laws of the countries where it operates, that dealings with sanctioned countries or parties may trigger export control laws, and that violations may lead to dismissal, fines, imprisonment, loss of import and export licences and inclusion on trade sanctions lists. It also states that Midea makes no donation to political parties, politicians or political organisations, provides sponsorship only for legitimate business purposes, and prohibits gifts, entertainment or hospitality for government officials or their close relatives unless expressly authorised and approved in advance. ⁵

analysisMidea's statements about its sustainability ratings come from the company itself. An undated news item on Midea's website states that Midea Group received an ESG rating of AA- from 中诚信绿金国际, described as the green and sustainable finance service provider of the China Chengxin International group, and that Midea ranked ahead of 87.00%, 87.00% and 75.00% of rated household-appliance companies on the environmental, social and governance dimensions respectively. Midea's 2026 interim report states that Midea was included in S&P Global's Sustainability Yearbook 2026 and, citing public information, that it received an A rating in ESG ratings by internationally known institutions for two consecutive years. The rating reports themselves were not reviewed. ^{6 7}