中国美的集团收购捷克热泵商PZP公司 Midea Acquires Czech Heat Pump Maker PZP​

Czech heat pump manufacturer PZP Heating has a new owner. According to last year’s annual report, the company was acquired from Swiss firm Arbonia by Chinese giant Midea Group, a global leader in smart home appliances.

捷克热泵制造商PZP Heating易主新东家。根据去年的年度报告，这家公司已被瑞士企业Arbonia出售给中国家电巨头——全球智能家居领域的领导者美的集团（Midea Group）。

PZP Heating’s revenue fell by more than half last year, reaching 371 million CZK. Despite the decline, the company remains among the five largest in the sector in terms of revenue. Among Czech manufacturers, only Panasonic, Daikin, and the fully Czech companies Acond and AC Heating are larger.

PZP Heating去年营收下降逾半，至3.71亿捷克克朗（约1.26 亿 人民币元）。尽管业绩下滑，按营收计算，该公司仍位居行业前五。在捷克制造商中，仅有松下、大金以及纯捷克本土企业Acond和AC Heating的规模大于PZP。

The transaction of this acquisition is further evidence of the difficult state of heat pump manufacturers, who are facing a Europe-wide decline in demand for this technology. Last year, the company posted a loss of 70 million CZK, which reduced its equity to 19 million CZK.

这次收购进一步印证了热泵制造商的困境，他们正面临全欧洲范围内该技术需求下滑的挑战。去年，该公司录得7000万捷克克朗（大约2380 万人民币）亏损，致使其所有者权益降至1900万捷克克朗（约 646 万人民币）。

The company itself has not commented on the acquisition or its future plans. However, the annual report mentions them in general terms. “Integration into the Midea Group opens up new opportunities for us. The new owner has approved an investment project to expand the product range and automate production processes, and the company’s equity will be increased during 2025”, the report states, noting that the combination of these measures is expected to improve the company’s financial situation.

公司自身尚未对此次的收购及未来计划发表评论。但年度报告中对此有所提及。报告写道：“加入美的集团为我们开辟了新的发展机遇。新所有者已批准旨在扩大产品线和实现生产流程自动化的投资项目，公司所有者权益也将在2025年获得增资。”报告指出，这些措施一起实施有望改善公司财务状况。

The company further acknowledges in the report that in 2024 it continued to streamline all processes. This also resulted in a lower number of employees. Last year, PZP Heating employed 95 staff, which is ten more than in 2022, but twenty fewer than in 2023.

公司在报告还进一步指出，2024年时公司持续优化各项流程，这也导致员工数量减少。去年PZP Heating雇佣了95名员工，虽较2022年增加10人，但比2023年减少了20人。

Other players in the sector are in a similar situation. After expanding production capacities in previous years, which cost billions of CZK, Czech manufacturers are capable of producing more than one million heat pumps annually. However, the Czech market absorbed only 20,000 units last year, even fewer than in 2019.

业内其他企业处境相似。经过前些年耗资数十亿捷克克朗（大约3.4 亿人民币）的产能扩张后，捷克制造商年产能已超百万台热泵。然而去年本土市场仅消化了2万台，甚至低于2019年水平。

The declining market is due to relatively low gas prices, which have made competing gas boilers more attractive again. At the Dutch trading hub, which serves as a reference for the Central European region, gas prices have fallen by 90 percent from their peak in August 2022 and have remained below €35 per megawatt-hour since the end of summer.

市场萎缩的主要原因是相对低廉的天然气价格，这使得竞争性的燃气锅炉重获青睐。作为中欧地区价格基准的荷兰交易中心气价，天然气已较2022年8月峰值下跌90%，自夏末以来持续低于每兆瓦时35欧元。

Market prospects are not improving this year either. According to the Association for the Use of Heat Pumps (AVTČ), Czech domestic demand is expected to stagnate. In most cases, production is therefore aimed at foreign markets.

今年市场前景亦未见好转。捷克热泵应用协会（AVTČ）预测，国内需求将持续停滞。因此多数企业的生产都瞄准海外市场。

“There is strong demand for Czech heat pumps, particularly in Western Europe. They are competitively priced and generally receive very positive reviews in terms of quality. However, expanding abroad is not a cure-all, as entering foreign markets requires substantial investments in distribution and in establishing new connections with installation teams,” Radek Červín, chairman of the AVTČ, previously told Seznam Zprávy.

“捷克热泵在西欧市场需求强劲，价格具有竞争力，且通常在质量方面评价非常高。然而，海外扩张并非万能之策，因为进入国外市场需要在分销渠道和与安装团队建立新合作关系方面投入大量资金”，捷克热泵应用协会（AVTČ）主席拉代克·切尔文（Radek Červín）早前在接受报社 Seznam Zprávy 采访时表示。

In Europe, where most Czech manufacturers already export today, the first signs of recovery can be seen, but a major upturn does not appear imminent. According to the European Heat Pump Association (EPHA), sales rose by nine percent—much more slowly than manufacturers had hoped. For many, the latest developments are a signal to implement further cost-saving measures. If companies are not laying off staff directly, they are seeking to streamline operations, postponing major investments, or reconsidering expansion plans.

在已成为多数捷克制造商出口目的地的欧洲市场，虽现可以看到初步复苏迹象，但短期内尚难期待大幅回暖。欧洲热泵协会（EPHA）数据显示，销售额增长9%——远低于制造商预期。对很多企业而言，最新动态意味着需要进一步实施成本节约措施。即便未直接裁员，企业也在寻求运营优化、推迟重大投资或重新评估扩张计划。

An analysis by the AVTČ and consulting firm EY predicts that the market should grow again in the coming years. This is expected to be driven particularly by the new EU ETS2 emission allowances, which will significantly increase the cost of heating with domestic coal and gas boilers and are set to take effect from 2028.

捷克热泵应用协会（AVTČ）与咨询公司安永（EY）的分析预测，未来几年市场将再次增长。推动这一趋势的主要因素是新的欧盟 ETS2 排放配额制度，该制度将大幅提高家庭煤炭和燃气锅炉取暖的成本，并将于 2028 年起正式实施。

Midea Group, founded in 1968, its headquarter located in Guangdong Province, employs more than 190,000 people worldwide. In 2024, the company generated revenue of $57.5 billion and ranked 246th on this year’s Fortune Global 500 list of the largest companies globally.

美的集团成立于 1968 年，总部位于广东省，在全球范围内拥有超过 19 万名员工。2024 年，公司实现营业收入 575 亿美元，今年在《财富》全球 500 强榜单中排名第 246 位。

Midea Group is a diversified technology corporation with an extensive and in-depth business portfolio. Its core operations encompass consumer appliances, such as air conditioners, refrigerators, washing machines, and various small kitchen appliances, as well as heating, ventilation, and air conditioning systems that provide solutions for both commercial and residential buildings. Through strategic acquisitions, Midea has also successfully ventured into the field of robotics and automation, which includes the renowned company KUKA. Furthermore, the group is committed to innovative technologies, developing smart home solutions and digital supply chain services, thereby building a comprehensive technology industrial ecosystem.

美的集团是一家多元化的科技企业，其业务范围广泛且深入。核心业务包括家用电器，如空调、冰箱、洗衣机和各类厨房小家电；以及暖通空调系统，为商业和住宅楼宇提供解决方案。通过战略收购，美的还成功进入了机器人与自动化领域，旗下包括著名的库卡公司。此外，公司还致力于创新技术，发展智能家居解决方案和数字化供应链服务，构建了一个全面的科技产业生态。

Looking ahead, with Midea Group integrating PZP Heating into its global operations, this acquisition is expected to bring multiple benefits to the Czech heat pump industry. First, Midea’s accumulated expertise in the global HVAC and home appliance sectors may accelerate technological upgrades and innovation for PZP Heating’s products, improving energy efficiency and smart functionalities. This not only enhances PZP Heating’s competitiveness in the European market but may also stimulate the development of local supply chains in areas such as green technology and smart manufacturing.

未来，随着美的集团将 PZP Heating 纳入其全球业务网络，这一收购有望为捷克本土的热泵产业带来多方面的积极影响。首先，美的集团在全球暖通及家电领域的技术积累和研发能力，可能会加速 PZP Heating 产品的技术升级与创新，提升产品能效和智能化水平。这不仅有助于增强 PZP Heating 在欧洲市场的竞争力，也可能带动捷克本地供应链在环保与智能制造领域的发展。

Second, as a global enterprise, Midea possesses extensive experience in market expansion, distribution channels, and international sales. By leveraging Midea’s global sales network, PZP Heating products are likely to reach more international markets, increasing brand recognition and export potential. For the Czech manufacturing sector, this represents an opportunity to strengthen internationalization and may attract additional investment and collaboration.

其次，作为一家全球化企业，美的集团在市场开拓、渠道建设及国际销售方面具有丰富经验。通过整合美的的全球销售网络，PZP Heating 的产品有望进入更多国际市场，提高品牌影响力和出口能力。这对于捷克制造业来说，是一个提升国际化水平的机会，也可能吸引更多投资和合作机会。

Finally, in the long term, the acquisition could facilitate the integration of management practices and corporate culture, providing local employees with training and career development opportunities, thereby enhancing overall human capital. Combined with the European shift toward green energy, Midea’s investments in energy-efficient and sustainable technologies may enable PZP Heating to achieve breakthroughs in renewable energy solutions, contributing to improvements in energy efficiency both in the Czech Republic and across Europe.

此外，长期来看，这一收购或将带来管理经验与企业文化的融合，为本地员工提供培训和职业发展机会，提升整体人才水平。结合欧洲绿色能源转型趋势，美的集团在节能环保技术上的投入，也可能助力 PZP Heating 在新能源与可持续发展方面取得突破，为捷克和欧洲的能源效率提升作出贡献。