国内逆风下展现韧性：3Q26销售受国内空调市场拖累，均衡战略驱动稳健增长

Nomura comments on Midea Group's (000333.SZ) 3Q26 results. Quarterly revenue declined year on year as worsening domestic demand, particularly a sharp contraction in the air-conditioning segment, weighed on sales, yet the decline was milder than at major white-goods peers thanks to a more balanced business mix and greater exposure to 2B businesses. The 2B segment delivered high-single-digit revenue growth, driven by solid momentum in building technologies and robotics & automation. Reported net profit rose year on year while core profit fell, mainly reflecting fair value changes on currency hedging;