Midea Group (00300) surged over 4% before noon, reaching HK$89.55 with a trading volume of HK$221 million. The company reported robust Q3 2025 results, with revenue hitting RMB 363.06 billion, up 13.82% YoY, and net profit attributable to shareholders rising 19.51% YoY to RMB 37.88 billion. Basic earnings per share stood at RMB 4.98.

CCB International maintains a positive outlook on Midea, citing its first-mover advantage in ToB and strong overseas growth potential. OBM revenue grew 20% YoY in Q1-Q3 2025, accounting for 45% of overseas sales, with a projected 15% increase in 2026. The ToB segment, driven by AI-powered energy and robotics solutions, as well as focus on high-growth sectors like advanced manufacturing and data centers, is expected to outpace ToC growth.

Guotai Junan Securities noted that Midea's ToC and ToB revenues grew 13% and 18% YoY, respectively, in Q1-Q3 2025. Key B2B segments—new energy & industrial tech, smart building tech, and robotics & automation—expanded by 21%, 25%, and 9% YoY, diversifying revenue streams amid slowing home appliance demand.

Domestically, Q3 air conditioner retail prices rose 6% YoY, with Midea aiming to restore premiumization post-Q2 price wars. Overseas, its self-branded OBM business now exceeds 45% of total overseas revenue.