Core Viewpoint - The home appliance giants in China are increasingly engaging in overseas acquisitions, with Midea Group recently announcing a strategic cooperation agreement with Hydronic Group to enhance its HVAC business layout [2][3]. Group 1: Overseas Revenue Growth - The combined overseas revenue of China's "three giants" in home appliances exceeded 341 billion yuan last year, marking a nearly 10% year-on-year growth [5]. - Midea Group led with an overseas revenue of 169.03 billion yuan, followed by Haier Smart Home at 143.81 billion yuan and Gree Electric Appliances at 28.20 billion yuan [5]. - Gree Electric Appliances experienced the highest year-on-year growth rate at 13.25%, while Midea Group and Haier Smart Home saw increases of 12.01% and 5.43%, respectively [5]. - Haier Smart Home's overseas revenue accounted for over half of its total revenue, while Midea Group and Gree Electric Appliances had overseas revenue shares of 41.52% and 14.91%, respectively [5]. Group 2: Strategic Acquisitions and Market Trends - Midea's acquisition of Hydronic Group includes the purchase of existing operations in China, covering manufacturing, sales networks, and core technologies [3]. - The partnership allows Midea to continue using Hydronic's four major brands in China, enhancing its multi-brand strategy [3]. - The integration of technologies in heating and cooling sectors is expected to reshape the competitive landscape of the HVAC industry [3]. - Industry experts believe that the global HVAC market presents significant growth opportunities over the next 5-10 years, driven by quality living demands and green consumption trends [3][4]. - The trend of overseas acquisitions among major home appliance manufacturers is shifting from horizontal expansion to deepening the supply chain and exploring new growth avenues in various sectors [5].