Midea Group (000333) Q4 2025 earnings summary

Executive summary

• Achieved record high performance in 2025 with revenue of RMB 458.5 billion and net profit attributable to shareholders of RMB 43.95 billion, both up double digits year-over-year.

• Overseas revenue reached RMB 195.95 billion, up 15.9% year-over-year, with OBM business covering 50 countries and 29 R&D centers globally.

• ToB business revenue was RMB 122.8 billion, up 17.5% year-over-year, with major acquisitions including Arbonia, Toshiba Elevator China, and Carestream Health international business.

• Maintained focus on core growth, cost leadership, global expansion, and product/technology innovation.

Financial highlights

• Revenue: RMB 456.45 billion, up 12.11% year-over-year.

• Net profit attributable to shareholders: RMB 43.95 billion, up 14.03% year-over-year.

• Net profit after non-recurring items: RMB 41.27 billion, up 15.46% year-over-year.

• Basic EPS: RMB 5.80, up 6.62% year-over-year.

• Operating cash flow: RMB 53.35 billion, down 11.84% year-over-year.

• Total assets: RMB 608.79 billion, up 0.73% year-over-year.

• Net assets attributable to shareholders: RMB 223.22 billion, up 2.99% year-over-year.

• Gross margin: 27.93% for manufacturing, 29.90% for smart home, 20.81% for ToB solutions.

• Dividend: Proposed final cash dividend of RMB 38 per 10 shares, total annual dividend RMB 43 per 10 shares.

Outlook and guidance

• 2026 focus on core business growth (white goods, HVAC), cost reduction, global OBM expansion, and AI-driven product innovation.

• ToB and ToC businesses to form a growth relay, with continued investment in robotics and new energy.

• Emphasis on organizational agility, digital transformation, and global supply chain resilience.