Swhy research reports point out that the performance of Midea Group Co., Ltd. (000333.SZ) in the third quarter is in line with our performance outlook report expectations. In terms of business, the company's four core business segments: smart home, new energy and industrial technology, intelligent building technology, and Siasun Robot&Automation achieved revenues of 215.4 billion yuan, 25.4 billion yuan, 22.4 billion yuan, and 20.8 billion yuan respectively in the first three quarters, with year-on-year changes of +10%, +19%, +6%, and -9%. The company continues to promote DTC channel transformation in the domestic market, driving the implementation of the 'trade-in' policy through digital mode innovation, and has covered over 0.03 million stores nationwide, bringing dual enhancements in operational efficiency and user experience. In overseas markets, the company adheres to the 'OBM priority' strategy, deepening cooperation with global home retail giants such as The Home Depot, with overseas OBM business growing by more than 25% in the first three quarters, particularly with rapid growth in e-commerce, where overseas e-commerce channel sales in the third quarter alone increased by 50%. Maintaining a 'buy' rating.