Xin Lang Cai Jing·2025-12-02 00:33Core Viewpoint - The report from CITIC Securities indicates that overseas home appliance companies will continue to show steady performance in Q3 2025, with slight overall revenue growth and differentiated profitability across regions [1] Regional Analysis - North America shows weak demand, with consumers favoring cost-effective products leading to price pressure; residential HVAC is still in destocking, and corporate profitability is varied; commercial HVAC is performing well driven by high demand from data centers and optimized product structure [1] - Europe is experiencing a weak recovery, but demand remains at historically low levels, with heat pump demand potentially being a bright spot [1] - Emerging markets are showing mixed performance; Latin America faces weak demand due to high interest rates, inflation, and extreme weather, along with intensified competition; the Middle East is seeing strong demand driven by large projects and data centers [1]