As capital markets continue to reassess high-quality assets, core companies with both value and growth attributes—acting as rare "ballast stones" in the market—deserve heightened investor attention. On the evening of October 29, Midea Group (000333.SZ) released its Q3 2025 financial report, delivering stable growth that aligns with expectations and adding a vivid new chapter to its ongoing transformation narrative.

At the financial level, Midea’s growth DNA and resilience are evident. The report shows that the company achieved revenue of 363.057 billion yuan in the first three quarters, up 13.82% year-on-year, while net profit attributable to shareholders rose 19.51% to 37.883 billion yuan. In Q3 alone, revenue grew 10.06% to 111.933 billion yuan, with net profit increasing 8.95% to 11.87 billion yuan.

**B2B Business Emerges as Key Growth Driver** Each earnings release from Midea in recent years has showcased fresh strategic progress. The latest report highlights the growing contribution of its commercial and industrial solutions (B2B segment). In the first nine months, revenue from new energy and industrial technology, robotics and automation, and smart building technology reached 30.6 billion yuan, 22.6 billion yuan, and 28.1 billion yuan, up 21%, 9%, and 25% year-on-year, respectively. This signals the B2B segment’s evolution into a primary growth engine, backed by Midea’s systematic strategic execution.

For instance, in the humanoid robotics sector, Midea is advancing product development across three focus areas: industrial robot intelligence, appliance robotics, and humanoid robot commercialization. In September, KUKA (a Midea subsidiary) launched five strategic AI-driven products, spanning vision, engineering software, equipment maintenance, logistics, and an AI assistant, forming an end-to-end smart ecosystem. Meanwhile, COLMO’s "AI Butler"—the appliance industry’s first trillion-data-level AI agent—debuted at this year’s World AI Conference, marking Midea’s push into appliance robotics. The humanoid robot "Mela," following the industrial-use "Meiro," also made a splash at Berlin’s IFA.

**Energy Business Expands** As another pillar of Midea’s transformation, its energy division has been active. In June, Midea officially launched "Midea Energy," integrating subsidiaries like Hiconics and Clou Electronics (competitive players in energy storage) alongside building technology units. In September, Clou unveiled its Aqua-C3.0 Pro liquid-cooled energy storage system with significant upgrades, while Hiconics’ virtual power plant platform now connects over 1.5GW of Midea’s distributed solar capacity, serving diverse sectors from industrial users to charging operators.

**OBM Strategy Gains Global Traction** Midea’s evolution extends globally. While smart home (B2C) revenue grew 13% YoY in the first three quarters, Q3 overseas OBM sales accounted for over 45% of international B2C revenue—demonstrating resilience amid trade tensions and efficient global expansion. The company continues to supply green appliances and smart living solutions worldwide, balancing domestic DTC (direct-to-consumer) channel upgrades with overseas supply chain enhancements. By mid-2025, Midea operated 38 R&D centers and 63 manufacturing bases globally, with over half (22 R&D centers and 41 plants) located overseas—a setup poised to bolster its OBM-first strategy.

**Investor Returns** Midea is also rewarding shareholders, having repurchased over 9.3 billion yuan worth of A-shares as of October 29, including 1.5 billion yuan from a 1.5–3 billion yuan plan and 7.8 billion yuan from a 5–10 billion yuan program. A mid-term dividend of 0.5 yuan per 10 shares was also declared.

Looking ahead, as Midea sustains growth, it aims to meet investor expectations while offering a model for China’s manufacturing transformation.