China’s three leading home-appliance giants Midea Group, Gree Electric, and Haier Electronics all reported third-quarter profit rises

China’s three leading home-appliance giants Midea Group, Gree Electric, and Haier Electronics all reported third-quarter profit rises in a series of Thursday stock filings, but the results present a mixed picture as the country’s economic slowdown exerts downward pressure on the domestic market.Shenzhen-listed Midea reported net profits of 6.04 billion yuan ($858.5 million) in the three months through September, representing a 23.5% increase year-on-year. Its revenue hit 67 billion yuan in the three months through September, 6.4% higher than last year.Over at Gree, whose business mainly focuses on air conditioners, growth was more sluggish. The Shenzhen-listed company posted 8 billion yuan in net profit — a rise of 0.66% year-on-year — and generated 57 billion yuan in revenue, a rise of just 0.03%.Meanwhile, Shanghai-listed Haier, which is staking its future on developing “smart home” technologies, turned a net profit of 2.6 billion yuan, more than double the equivalent figure from last year, and also reported a 7.7% rise in revenue to 148 billion yuan. The figures come after Haier jettisoned its logistics arm — bringing 4.6% revenue growth, according to the company — and earned 144 billion yuan from a stock selloff.Domestic sales of home appliances hit 174.5 billion yuan in the third quarter, a year-on-year increase of 4.2%, according to the China Testing & Inspection Institute for Household Electric Appliances, an organization affiliated to the country’s State Council.