Midea Group Co., Ltd (00300,000333.SZ) is undergoing a new transformation angle: stable growth in Q3 performance, with a dual focus on overseas OBM and B-end businesses.

As the revaluation process of the capital market for high-quality assets continues to deepen, core asset companies with both value and growth attributes should receive more attention from investors as scarce "cornerstones" in the market. On the evening of October 29th, Midea Group Co., Ltd (00300, 000333.SZ) disclosed its third quarter report for 2025, continuing to deliver a steady performance in line with growth expectations, adding a vivid new footnote to its "setting off in wind and rain, to write new stories". From the most direct perspective of the financial statements, one can see the growth genes and development resilience of Midea Group Co., Ltd. The financial report shows that the company achieved operating income of 363.057 billion yuan in the first three quarters of this year, a year-on-year increase of 13.82%; and achieved a net profit attributable to shareholders of 37.883 billion yuan, a year-on-year increase of 19.51%. In the third quarter alone, the company achieved operating income of 111.933 billion yuan, a year-on-year increase of 10.06%; and net profit of 11.87 billion yuan, a year-on-year increase of 8.95%. A glimpse of the transformation of giants from the perspective of financial reports Over the years, every time Midea Group Co., Ltd discloses its financial report, investors seem to feel a series of "new ideas". Taking the recent third quarter report as an example, a more intense signal of value is that the company's business and industrial solutions (To B business) have played an increasingly important role in contributing incremental performance. Data shows that in the first three quarters of this year, the company's revenue from new energy and industrial technology, Siasun Robot & Automation, and smart building technology were 30.6 billion yuan, 22.6 billion yuan, and 28.1 billion yuan respectively, with year-on-year growth rates of 21%, 9%, and 25% respectively. The fact that the To B business is gradually taking over as the company's main growth engine implies that Midea Group Co., Ltd is steadily and thoroughly advancing its strategic deployment from top to bottom. For example, in the rapidly developing field of humanoid Siasun Robot & Automation, Midea Group Co., Ltd has followed a development approach focusing on applications, promoting product landing in an orderly manner around the three major focuses of industrial Siasun Robot & Automation intelligence, household Siasun Robot & Automation, and humanoid Siasun Robot & Automation value. In the industrial Siasun Robot & Automation sector, at the end of September, KUKA released five strategic intelligent body products, including AI Vision intelligent body KUKA AI Vision, engineering software intelligent body iiQWorks, equipment operation intelligent body KUKA CONNECT IOT, small library AI assistant, and logistics intelligent body KUKA AMR Fleet, establishing a full-chain intelligent ecosystem from perception, decision-making to execution. "COLMO AI Butler," as the first trillion-level data AI agent intelligent body in the home appliance industry introduced by Midea's COLMO, made a dazzling appearance at this year's World Artificial Intelligence Conference as a landmark product in Midea's exploration of household Siasun Robot & Automation. As for the field of humanoid Siasun Robot & Automation, following the industrial scenario application of "Meiluo", Midea's humanoid Siasun Robot & Automation intelligent housekeeper "Meila" also recently made a stunning appearance at the Berlin International Consumer Electronics Show. As one of the important pillar industries for Midea Group Co., Ltd's strategic transformation, Midea's energy industry has also been making big moves this year. On June 11, Midea officially announced the establishment of the "Midea Energy" brand, which includes competitive listed companies in the energy storage field such as Hiconics Eco-energy Technology and Shenzhen Clou Electronics, as well as business units such as building technology. In September, Shenzhen Clou Electronics globally launched the Aqua-C3.0 Pro liquid cooling energy storage system, which significantly optimized in multiple dimensions compared to its predecessor; Hiconics Eco-energy Technology's virtual power plant platform has connected more than 1.5GW of Midea's photovoltaic EPC distributed photovoltaics, forming a diverse resource matrix covering industrial and commercial users, data centers, and charging operators. The effective execution of the OBM priority strategy signals Midea's global advance entering a favorable stage The blossoming of multiple businesses is just one aspect of the continuously evolving Midea Group Co., Ltd; and if viewed from a broader perspective, Midea Group Co., Ltd's evolution is global. Data shows that in the first three quarters of this year, Midea Group Co., Ltd's smart home business (To C business) increased by 13% year-on-year; among them, the most commendable is that in the third quarter, Midea's OBM revenue accounted for over 45% of the group's To C business revenue from the overseas sector, demonstrating that Midea has successfully "caught" the challenges brought by global trade frictions and continues to achieve orderly growth through efficient global layout. During the reporting period, Midea Group Co., Ltd continued to provide green home appliances and smart living solutions for global users, matching the huge demand in overseas markets with high-quality supply. In the domestic market, by adhering to the core strategy of the DTC (directly reaching consumers) channel reform, continuously improving efficiency and perfecting the value chain to consolidate its competitive advantage, Midea Group Co., Ltd has accelerated the construction of an overseas supply system parallel to the domestic market in recent years, carrying out production line layout enhancement and automation transformation projects in overseas manufacturing bases to improve overseas manufacturing efficiency and delivery capacity. By the end of the first half of this year, Midea had 38 research and development centers and 63 major manufacturing bases globally, including 22 research and development centers and 41 bases overseas, both accounting for more than half. It is easy to see that Midea's overseas manufacturing bases and research centers are continuously strengthening, which will undoubtedly have a positive and ongoing impact on the group's deepening and prioritizing of the OBM strategy. Looking through the just-released third-quarter report, combined with the new developments in various business lines and the development of domestic and international markets, GMTEight believes that Midea Group Co., Ltd is clearly embarking on a path of evolution with very unique Midea characteristics. In the capital market, Midea is also rewarding investors with various measures. In addition to previously announcing a dividend of 5 yuan per 10 shares for the mid-term of 2025, as of October 29, Midea Group Co., Ltd has repurchased A-shares exceeding 9.3 billion yuan, of which repurchases worth 15-30 billion yuan have been implemented exceeding 1.5 billion yuan, and repurchases worth 50-100 billion yuan have been implemented exceeding 7.8 billion yuan. Looking to the future, with Midea continuing to deliver on growth expectations, it will undoubtedly not only meet the expectations of investors and the market but also provide more beneficial insights for the transformation and breakthrough of China's manufacturing industry.