Midea has reported another increase in profits, with strong overseas demand for air conditioning products helping the Chinese appliance manufacturer deliver record-breaking financial performance.

For the first nine months of 2026, Midea recorded revenue of RMB 369 billion (approximately €50 billion), while net profit attributable to shareholders reached RMB 41 billion (€5.6 billion), an increase of 9% year on year.

The company has now reported higher profits for 14 consecutive first-nine-month periods.

Performance accelerated during the third quarter, with profits rising 25% to RMB 15 billion (€2 billion) compared with the same period last year.

Growing exports of air conditioning products, particularly into overseas markets, were a major contributor to the results. Midea also benefited from its building air conditioning and data centre cooling businesses.

Chinese air conditioning exports to the European Union increased by 43% in the first half of 2026, reaching €3.36 billion and accounting for 41% of the market. Midea was among the biggest beneficiaries, alongside Haier, Hisense and TCL.

However, the results also highlighted some challenges. Operating cash flow declined amid increased investment and competitive pressure in China’s domestic market.

The figures underline the growing importance of international markets to Chinese appliance manufacturers, with Europe continuing to provide a significant opportunity for expansion.