Midea Group Co Ltd Class A

000333: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Midea Earnings: Despite Strong Top Line, We Cut Valuation by 2% Due to Lower Margins Amid US Tariffs

Jeff Zhang

Apr 30, 2025

Midea's 21% year-on-year revenue growth in the first quarter of 2025 was driven by robust domestic demand supported by subsidies and frontload overseas orders amid tariff concerns. However, operating margin contracted to 10.4% from 11.1% due to a mix shift toward less-profitable industrial segments.

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Midea Group Co Ltd Class A

Midea Earnings: Despite Strong Top Line, We Cut Valuation by 2% Due to Lower Margins Amid US Tariffs

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