Core Viewpoint - Midea Group's Q3 performance exceeded expectations, driven by strong growth in overseas and ToB (business-to-business) segments, supported by two completed acquisitions [1] Group Performance - Midea Group's A-share target price has been raised by 4% from 85.6 RMB to 88.7 RMB based on a 14x P/E ratio for 2026 [1] - The company is expected to experience a slowdown in revenue growth in Q4 due to the waning effects of the trade-in policy, but effective cost control and a restrained promotional strategy will maintain profitability [1] Future Outlook - The penetration of own brand (OBM) is expected to enhance growth visibility, with earnings estimates for the next two years raised by 3% and 2% respectively, reflecting better revenue growth and profit margin performance [1] - OBM revenue grew by 20% year-on-year in the first three quarters of 2025, accounting for 45% of overseas business revenue, with a projected growth of approximately 15% in 2026 [1] - ToB business growth is anticipated to outpace ToC (business-to-consumer) due to the expansion of AI-supported energy and robotics solutions, as well as increased focus on high-growth sectors like advanced manufacturing and data centers [1]