Midea Group (000333) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached ¥127.84 billion, up 20.49% year-over-year, with net profit attributable to shareholders at ¥12.42 billion, a 38.02% increase year-over-year.

• Adjusted net profit (excluding non-recurring items) was ¥12.75 billion, up 38.03% year-over-year.

• Operating cash flow was ¥14.32 billion, a 2.81% increase from the same period last year.

Financial highlights

• Basic EPS was ¥1.64, up 25.19% year-over-year; diluted EPS was ¥1.63.

• Gross margin and other profitability metrics improved, with total assets at ¥634.78 billion, up 5.04% from year-end 2024.

• Shareholders’ equity increased 6.03% to ¥229.82 billion.

• Profit before tax rose 40.88% year-over-year to ¥15.13 billion.

Outlook and guidance

• Strong growth in new energy, industrial technology, smart building technology, and robotics, with respective revenues of ¥11.1 billion (+45%), ¥9.9 billion (+20%), and ¥7.3 billion (+9%) year-over-year.