Midea Group dividend: history, cash and yield
Midea Group's dividend rose from CNY1.70 to CNY4.30 over the historical five-year increase, with base dividends forecast at CNY4.80 in October 2027 and CNY5.80 in October 2029. Midea Group's dividends and buybacks totalled RMB42,185.673 million in 2025, or 109.4% of free cash flow, so the dividend was funded partly from accumulated resources rather than that year's free cash flow alone.
How much does Midea Group pay per share?
Base dividends are CNY4.80 in October 2027 and CNY5.30 in October 2028. They reach CNY5.80 in October 2029. This is measured growth below the historical five-year increase from CNY1.70 to CNY4.30, while the proposed CNY0.50 interim dividend supports the first forecast window.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 5.76 | 5.42 | 4.92 | 4.33 | 4.14 |
| Real free cash flow per share | 4.95 | 6.80 | 6.81 | 3.42 | 3.52 |
| − Dividends paid, per share | 4.01 | 2.92 | 2.51 | 1.71 | 1.60 |
| = FCF not paid out, per share | 3.98 | 4.40 | 1.40 | 0.09 |
Does Midea Group's dividend fit its cash flow?
That decline coincided with an unusually large distribution. Dividends and buybacks totalled RMB42,185.673 million in 2025, or 109.4% of free cash flow. The company could do this because one year’s free cash flow is not the same as all available cash: a business can use savings, sell investments or change its borrowing.
The broader cash position remained strong. Investment sales and maturities exceeded investment purchases, while debt repayments exceeded new borrowing. Net cash reached RMB173,632.913 million at year-end, compared with RMB66,024.231 million in 2021. This supports the affordability of the period’s distributions, but it does not prove that every acquisition earned a satisfactory return.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 38,573.22 | 49,597.65 | 47,913.054 | 24,323.98 | 25,907.392 |
| − Dividends paid | 30,486.973 | 20,780.278 | 17,188.858 | 11,677.509 | 11,066.392 |
| − Share buybacks | 11,698.7 | 63.412 | 257.576 | 2,831.545 | 13,802.839 |
| = Free cash flow not paid out | 28,344.178 | 30,133.304 | 9,535.71 | 611.214 | |
| = Paid out more than the free cash flow | 4,161.839 | ||||
| Paid out, % of free cash flow | 109.4% | 42.0% | 36.4% | 59.6% | 96.0% |
What this means. In 2025, the company paid shareholders more cash than its business generated, so it had to use savings or other cash sources.
What could change Midea Group's dividend?
The bear dividend stays at CNY4.30, while the bull reaches CNY5.20, CNY6.20 and CNY7.20. The bear reflects shareholder payouts already exceeding free cash flow, while the bull requires stronger cash generation.
The first signal would be replacement demand after subsidy pull-forward. Weak sell-through in 2027–2028 would lower revenue, increase discounting and push the forecast toward the bear case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 46,915 (43,220 / 48,480) | 50,028 (43,040 / 52,950) | 53,465 (42,840 / 58,740) |
| Shares (millions) | 7,489 (7,448 / 7,457) | 7,447 (7,456 / 7,464) | 7,429 (7,464 / 7,396) |
| Dividends per share | 4.80 (4.30 / 5.20) | 5.30 (3.80 / 6.20) | 5.80 (3.80 / 7.20) |
| Price to earnings | 12.00 (10.00 / 14.00) | 12.00 (9.00 / 15.00) | 12.00 (8.50 / 16.00) |