资本联姻的黄昏:美的清仓小米背后的十年博弈

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2025年3月29日,美的集团年报中的一行数据在资本市场激起千层浪:这家家电巨头以9.02亿元清仓剩余小米股票,为十年股权合作画上句号。自2015年以12.73亿元入股小米以来,美的累计套现18.37亿元,年化收益率不足6%,远低于其家电主业的20%+净资产回报率‌。这场看似平淡的财务操作背后,实则暗含产业资本对互联网估值泡沫的清醒认知——当小米市盈率飙升时,美的用抛售投票宣告了“生态故事”的...

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