Industry Notes

Industry Notes / Midea and European air conditioning / Chapter 5 of 10 · Side-by-side

Magnitude: a beat, not a group rewrite

Western Europe ToC HVAC is a positive surprise, not a regime change

What is still unclear?

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Pulse already cashed

  • WE AC H1 sales +70%+
  • PortaSplit shipments ~doubled
  • A/H price snap (e.g. 29 Jun)

What it means for the group

  • Consensus still mid/high single-digit revenue
  • Quality mix > regime re-rate
  • Validates outbound strategy—not a new growth formula

AC matters inside Midea, but one Western Europe ToC HVAC pocket cannot re-rate a ~RMB 459 bn revenue base. Citi framed Q2 Europe ToC HVAC +20%+ YoY—mix and brand matter more. What gets validated is OBM + localized R&D/make/sell.

Source：花旗等机构公开转述；美的集团 2025 年报营收口径

Research notes, not investment advice.