Midea Group (00300; 000333.SZ) released its 2026 third-quarter report on October 29, showing total operating revenue of 369.1 billion yuan and net profit attributable to shareholders of 41.4 billion yuan for the first three quarters, a year-on-year increase of 9.3%, achieving dual growth in both revenue and net profit against the broader market trend.
In the third quarter alone, net profit attributable to shareholders reached 14.9 billion yuan, up more than 25% year-on-year. Additionally, Midea has completed 13.3 billion yuan in share buybacks this year, bringing cumulative buyback amounts since its overall listing to over 52 billion yuan, making it the "buyback king" in A-share history.
Against the backdrop of an overall downturn in the home appliance industry and declining returns year-on-year, Midea has delivered a track record of 14 consecutive years of growth in net profit attributable to shareholders for the first three quarters since its 2013 listing, demonstrating exceptional anti-cyclical resilience.
During the reporting period, home appliance products have been exported to more than 200 countries and regions worldwide, with overseas OBM (own brand manufacturing) revenue growing over 20% year-on-year in the third quarter. In the first three quarters, the TOB business maintained steady development and gradually became one of the main engines of Midea's sustained growth, with building technology revenue reaching 30.9 billion yuan, up 10% year-on-year, and robotics and automation revenue reaching 24.9 billion yuan, up 10% year-on-year.
Furthermore, more than 20,000 intelligent agents are further driving Midea's transformation into an AI plus industrial technology group. In factories, intelligent agents replace traditional hour-level manual tasks with second-level responses, achieving average efficiency improvements of over 30% in core scenarios and a 50% increase in production scheduling response speed. At home, MevoX, the industry's first AI intelligent agent for home appliances, has served over 150 million users, forming diverse proactive intelligent application capabilities across six major home systems including air, water, and cooking.
Additionally, Midea is actively expanding into artificial intelligence data center (AIDC) supporting businesses such as temperature control and energy supply, having officially joined NVIDIA's MGX ecosystem, with its self-developed magnetic levitation supplementary cooling CDU deployed in Alibaba Cloud's CUBE 5.0 architecture to support global AI computing power delivery.
Technological breakthroughs are inseparable from the emphasis on and cultivation of internal talent. Midea has held its "Technology Month" event for 31 consecutive years, with cumulative rewards exceeding 600 million yuan granted to talents who have achieved technological accomplishments. According to the 2025 "Global 250 Patent Leaders" list released by the US business patent database IFI Claims, Midea Group ranks fourth globally and first among Chinese private enterprises by number of active patent families.
More notably, Midea continues to implement large-scale buybacks to reward its investors. As of now, Midea has completed 13.3 billion yuan in buybacks this year, of which 11.8 billion yuan belongs to the 6.5-13 billion yuan cancellation-type buyback plan, 100% used for canceling and reducing registered capital to enhance shareholder returns. According to the report, basic earnings per share for the first three quarters were 5.54 yuan, up 11.24% year-on-year, and weighted average return on equity was 18.06%, up 1.27 percentage points year-on-year.
Some capital market observers believe that Midea's full cancellation of its multi-billion-yuan buyback this year, combined with its 2025 full-profit return record of 44 billion yuan in "dividends plus buybacks," has fundamentally restructured the long-term certainty of shareholder returns, making it a benchmark case for shareholder returns among industrial enterprises. At the same time, Midea's accelerated transformation into an AI plus industrial technology group has also upgraded its position in global institutional investors' allocation lists from a single "home appliance target" to a core foundational asset combining stable return attributes with potential growth attributes.
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