Company Reports

Midea is one of the largest household appliance manufacturers in China, with air conditioners, refrigerators, washing machines, and small household appliances as its key products. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus on research and development.

Midea's revenue and operating profit rose 5% and 8% year-on-year, respectively, in the second quarter of 2026. Artificial intelligence tools cut marketing and research costs by more than the rise in input costs. The interim dividend remains unchanged at CNY 0.5 per share.

Midea is one of the largest household appliance manufacturers in China, with air conditioners, refrigerators, washing machines, and small household appliances as its key products. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus on research and development.

Midea posted 2% revenue growth and a flat operating profit year on year for the first quarter of 2026. While domestic home appliance sales likely remain weak amid high base effects, the firm's commercial air conditioning and robotics segments both posted double-digit top-line increases.

Midea is one of the largest household appliance manufacturers in China, with air conditioners, refrigerators, washing machines and small household appliances the key products. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

Midea is one of the largest household appliance manufacturers in China, with air conditioners, refrigerators, washing machines and small household appliances the key products. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

Midea's revenue climbed 12% year on year in 2025, driven by strong performance in overseas markets and its industrial and commercial businesses. Operating margin expanded by 30 basis points to 9.3%, as product mix upgrades and operating cost optimization more than offset rising copper prices.

China's National Development and Reform Commission announced renewed subsidies for home appliance purchases in 2026. The updated scheme cuts eligible categories to six from 12 in 2025, and subsidies will cover 15% of the selling price for grade 1 energy-efficient products, down from 20% last year.

Midea's revenue and operating profit rose 10% and 12% year on year, respectively, in the third quarter of 2025, supported by growth in home appliance sales and increased industrial and commercial income. Operating margin also improved by 20 basis points to 12.8% versus a year ago.

Midea is one of the largest household appliance manufacturers in China, with key products being air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

Midea saw 16% and 11% year-on-year growth in revenue and operating profit, respectively, for the first half of 2025. The top-line expansion outperformed most peers, driven by a 13% growth in home appliance sales and 21% growth in commercial and industrial solution revenue.

Midea is one of the largest household appliance manufacturers in China, with key products being air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

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.

Midea is one of the largest household appliance manufacturers in China, with key products being air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

Midea posted in-line results for 2024 as revenue and operating profit grew 10% and 12% year on year, respectively. The continued margin expansion was mostly due to faster sales growth in premium brands, supply chain integrations, and enhancement in operational efficiency.

Midea is one of the largest household appliance manufacturers in China, with key products being air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

The US government's 10% incremental tariff on goods imported from China has taken effect from Feb. 4, 2025. This leads to a corresponding duty increase to 35% from 25% on most home appliances, including air conditioners and fridges, shipped from China to the US.

China's National Development and Reform Commission announced expansion of the subsidy program for home appliances. The number of categories included will increase to 12 in 2025 from eight in 2024. Each consumer can utilize the subsidies for three air conditioners versus one previously.

Midea is one of the largest household appliance manufacturers in China, with key products being air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance product categories. We think the firm’s leadership position is underpinned by its reputable brand, extensive distribution network and strong focus in research and development.

China's National Development and Reform Commission shared the impact of government subsidies on home appliances on Nov. 19 and vowed to ramp up support. In particular, domestic home appliance and audiovisual equipment sales surged by 40% year on year in October, with 90% of home appliances sold being first-class energy-efficient. We believe that subsidies should drive material improvements in home appliance sales in the fourth quarter, and we've factored in mid- to high-single-digit 2024 domestic revenue growth for top manufacturers such as Midea and Haier. While we expect the government to extend subsidies in 2025, we keep our long-run forecasts unchanged amid uncertainty about their scale. We also think demand brought forward by current subsidies may compress subsequent sales. Hence, we maintain our fair value estimates on our China home appliance coverage. Our preferred name remains Midea as we like its product mix upgrade, effective cost optimization, and the 5% upside to our valuation.