Midea Group Reports Net Profit of 41.393 Billion Yuan for First Three Quarters, Up 9.27% YoY
nashnova research
Midea Group (00300.HK / 000333.SZ) earned RMB 41.393 billion in net profit for the first three quarters, up 9.27% year-on-year, while revenue grew just 1.19% — profit growth ran nearly eight times faster than revenue, signaling a sharp efficiency gain.
What do the first three quarters look like?
Revenue came in at roughly RMB 367.365 billion, up 1.19% year-on-year — essentially flat.
Net profit attributable to shareholders reached RMB 41.393 billion, up 9.27%; basic EPS was RMB 5.54.
This means → revenue barely budged, yet the bottom line grew nearly a tenth — the company is squeezing more profit from each yuan of sales.
Revenue is flat — so where is the profit growth coming from?
Profit growth (9.27%) far outpaced revenue growth (1.19%), opening a wide "scissor gap" between the two.
In plain terms = Midea is either cutting costs, shifting its mix toward higher-margin businesses, or doing both at once.
This reflects a deliberate pivot toward margin quality over volume at a time when top-line momentum has stalled.
What is the market watching next?
The central question: can this scissor gap hold into the fourth quarter?
If revenue growth slows further, whether profit can stand on its own will test how durable Midea's cost discipline and mix optimization really are.
This means → the next earnings print is not about a revenue rebound — it is about whether profit resilience can last.
市场有风险，内容仅供研究参考，不构成投资建议。