Core Viewpoint - Midea Group achieved a net profit attributable to shareholders of 26 billion yuan in the first half of 2025, representing a year-on-year growth of 25% [1] Group 1: Business Performance - The C-end business showed steady growth, while the B-end business performed exceptionally well [1] - The company is recognized as a global leading technology group, with stable operations in ToC business and active promotion of DTC transformation and OBM penetration [1] - The B-end business is strategically positioned in high-potential and high-growth sectors, supported by dual-driven growth from domestic and international markets [1] Group 2: Shareholder Returns - The company places significant emphasis on shareholder returns, having initiated its first mid-term dividend to share development dividends [1] Group 3: Future Projections - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 44.4 billion yuan, 48.6 billion yuan, and 52.7 billion yuan respectively [1] - The corresponding price-to-earnings ratios based on the market value as of September 23 are projected to be 13, 12, and 11 times for the years 2025, 2026, and 2027 [1] - The report initiates coverage with a "buy" rating [1]