Appliance-Maker Midea Reports Solid Growth Despite Slumping Home Market
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Midea Group Co. Ltd. posted decent growth in both revenue and profit in the first half of this year, bucking a broader downward trend in China’s home appliance market.
The company’s solid financial performance came as rivals Gree Electric Appliances Inc. of Zhuhai and Haier Smart Home Co. Ltd. suffered revenue and profit declines amid weak local consumer demand, geopolitical tensions and currency fluctuations, which are broadly challenging the sector.
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