Overview Key strengths Key risks Largest global home appliance manufacturer by units. Highly competitive markets. Strong market position in small appliances. Healthy free operating cash flow. Net cash position. We expect revenue to rise 4%-6%, beating the low to mid-single-digit increases of small appliance makers in China. Large home appliance makers such as Midea will likely grow faster than the market, given their better product line-up and more favorable mix. Weakness in China's property market weighs on the home appliance market, typically with an 18-month lag. Weaker consumer sentiment compounds the softness. Nevertheless, replacement and upgrade demand, the trend toward innovative and premium products, and increased contributions from commercial products will continue to support the growth of Midea. Midea?s EBITDA
