China Consumer Durables_ White goods 3Q25 wrap_ Tough domestic comps well recognized by market, growth to be increasingly sup...

5 November 2025 | 4:23PM CST Equity Research Four leading white goods companies (Midea, Haier, Gree, Hisense First Takes) reported increasingly divergent 3Q25 results. Midea and Haier came above expectations with ~10% revenue and profits growth, while Gree and Hisense missed both our and market expectations with SD% yoy profits decline. In the domestic market, we see notable divergence in split AC growth where Gree reported sequentially widened teens% yoy revenue decline while Midea, Haier and Hisense showe ...