Midea Group Posts 2025 Revenue of RMB458.50 Billion, Net Profit Jumps 14.9% on Robust Overseas and ToB Expansion

Bulletin Express20:46

• 2025 revenue reached RMB458.50 billion, up 12.1% year-on-year, driven by double-digit growth in all major segments.

• Net profit rose 14.9% to RMB44.52 billion; profit attributable to shareholders increased 14.0% to RMB43.95 billion.

• Overall gross margin held steady at 26.2%; operating margin improved to 11.9% (2024: 11.4%) on tighter cost control and product-mix upgrades.

• Segment performance  – Smart Home Solutions: revenue RMB299.93 billion, +11.3%; maintained domestic market leadership and lifted overseas OBM share above 45% of overseas smart-home sales.  – Building Technology: revenue RMB35.79 billion, +25.7%; secured first place in China’s commercial multi-split and centrifugal chiller markets.  – Industrial Technology: revenue RMB27.23 billion, +10.2%; compressor and motor businesses kept top global volume share.  – Robotics & Automation: revenue RMB31.01 billion, +8.0%; KUKA’s China shipments grew 30% with 9.6% domestic market share.

• China revenue grew 9.4% to RMB262.55 billion; overseas revenue jumped 15.9% to RMB195.95 billion, reflecting OBM push and larger global footprint.

• R&D spend rose 9.6% to RMB17.79 billion, equal to 3.9% of revenue; Midea now operates 41 R&D centres across 12 countries and holds 36,000+ authorised invention patents.

• Cash flow and balance sheet  – Operating cash flow: RMB53.35 billion (OCF/profit ratio 1.2×).  – Year-end cash and cash equivalents: RMB68.51 billion; net cash position intact despite RMB64.18 billion in total borrowings.  – Asset-liability ratio fell to 61.2% (2024: 62.3%).

• Shareholder returns  – 2025 full-year dividend proposed at RMB3.80 per share (RMB38 per 10 shares), totalling RMB28.59 billion.  – Share repurchases totalled RMB11.61 billion; cumulative buybacks since listing exceed RMB38.80 billion.

• 2026 focus areas: core growth in white goods and HVAC, overseas OBM breakthroughs, full-value-chain cost leadership, accelerated AI deployment (“home brain” and “factory brain”), and continued expansion of ToB solutions in robotics, new energy and building technology.

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