Midea stock faces revised earnings outlook after Q3 review

Published on 11/12/2026 at 15:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Midea stock faces a sharper earnings-quality debate after a Q3 review. Analysts see export growth supporting the next quarter while domestic demand remains uncertain.

Fresh earnings outlook for Midea

China-Thailand Securities sees export growth supporting Midea while domestic demand remains uncertain.
The analyst expects lower full-year revenue forecasts after weaker third-quarter consumer sales.
Building Technologies and KUKA continue to provide growth within the business-to-business portfolio.

Midea, CNE100006M58, Illustration mit AI erstellt.

Midea Group's third-quarter review is shifting investor attention from headline profit growth to the quality and durability of earnings. A China-Thailand Securities analysis published on November 8 said domestic sales remain under pressure, while exports and business-to-business operations are providing support.

The review cited third-quarter revenue of RMB 107.32 billion, down 4 percent year over year, and net profit attributable to owners of RMB 14.95 billion, up 26 percent. Adjusted net profit fell 16 percent, while revenue for the first nine months increased 1 percent and adjusted profit declined 22 percent.

Domestic demand remains the key risk

According to China-Thailand Securities, the main drag came from domestic consumer sales, particularly air conditioners. Export sales continued to grow, while refrigerators and washing machines declined less sharply and kitchen and small appliances were comparatively stable.

The analyst expects fourth-quarter exports to remain resilient, with proprietary-brand sales growing while original-equipment manufacturing weakens. Domestic demand remains uncertain. Building Technologies and KUKA are growing faster than the consumer-facing business, although Industrial Technologies is still a drag within the business-to-business portfolio.

Forecast cuts raise the earnings bar

The review lowered its revenue forecasts for 2026, 2027 and 2028 to RMB 467.2 billion, RMB 476.0 billion and RMB 500.9 billion from RMB 486.0 billion, RMB 515.1 billion and RMB 553.0 billion. Net profit forecasts were reduced for 2027 and 2028, while the 2026 estimate was unchanged.

Midea stock traded at 11.59 euros on Lang & Schwarz at 15:38 CET on Thursday, November 12, 2026.

For investors, the next test is whether overseas growth and industrial expansion can offset weaker domestic appliance demand. The analyst also expects Midea to reduce reliance on advance stocking, with the effects potentially extending into the first quarter of 2027.