Midea Q3 Revenue Falls 4.12% While Reported Profit Rises 25.93%

Midea reported third-quarter 2026 operating revenue of CNY 107.32 billion on October 30, down 4.12% from a year earlier. Net profit attributable to shareholders rose 25.93% to CNY 14.95 billion, while profit excluding non-recurring items fell 15.70% to CNY 9.19 billion.

For January to September, revenue rose 1.19% to CNY 367.36 billion and attributable net profit rose 9.27% to CNY 41.39 billion. Profit excluding non-recurring items fell 22.49% to CNY 28.79 billion, and operating cash flow fell 29.58% to CNY 40.19 billion.

The quarterly report gives the same explanation as in the first half. As the renminbi kept rising, exchange losses on foreign-currency balances were counted in recurring profit, while gains on the derivatives used to manage that risk were counted as non-recurring. Non-recurring items added CNY 5.75 billion to third-quarter profit, including CNY 7.67 billion of fair-value and disposal gains on financial assets and derivatives before tax. The report also records higher goodwill impairment losses for the nine months.

Midea also disclosed nine-month revenue for three businesses outside home appliances: building technology at CNY 30.9 billion, up 10%; robotics and automation at CNY 24.9 billion, up 10%; and industrial technology at CNY 18.3 billion, down 13%. The report does not give a separate figure for cleaning appliances.