美的致富路，机器人暂未挑大梁

Core Insights - Midea is strategically focusing on the robotics sector, as evidenced by the renaming of its subsidiary to KUKA Robotics Automation (Guangdong) Co., Ltd., and prioritizing robotics in its business scope [1] - The company's robotics strategy for 2025 includes AI+robotics, humanoid robot development, and core component production, with several strategic intelligent products already launched [1][4] - Despite the focus on robotics, the current contribution of this segment to overall revenue remains modest compared to traditional home appliance businesses [5][6] Financial Performance - In Q3 2025, Midea achieved total revenue of 1119.33 billion yuan, a year-on-year increase of 10.06%, and a net profit of 118.7 billion yuan, up 8.95% [3] - For the first three quarters, Midea's cumulative revenue reached 3630.57 billion yuan, with a net profit of 378.83 billion yuan, reflecting year-on-year growth rates of 13.82% and 19.51% respectively [3] - The To B segment, including robotics, contributed 226 billion yuan in revenue, with a growth rate of 9%, which is lower than other To B sectors [4][6] Robotics Business Development - Midea's robotics business has seen a slight increase in revenue contribution from 6% to approximately 6.22% of total revenue, indicating it is still in the early stages of development [5][6] - The company has established a humanoid robot innovation center and is focusing on core component research, household appliance upgrades, and complete robot development [6][8] - Midea's humanoid robot "Mei Luo" has begun operations in its washing machine factory, performing tasks such as information collection and equipment maintenance [8][11] Research and Development - Midea has invested over 43 billion yuan in R&D over the past three years, with 87.67 billion yuan allocated in the first half of 2025, marking a 14.4% increase [9] - The increased R&D investment indicates a commitment to advancing technology in robotics and other sectors [9][11] Future Outlook - The company is expected to gradually realize the potential of its robotics business as technology matures and application scenarios expand, although this may take time [11]