CITIC Securities: Overseas home appliance companies' 25Q3 performance is stable, commercial HVAC is highly prosperous.

The research report from CITIC Securities indicates that overseas home appliance companies' performance will continue to be stable in 2025Q3, with a slight increase in overall revenue and divergent profitability. Looking at it regionally: 1) North America has weak demand, with consumers preferring cost-effective products and prices under pressure; residential HVAC is still destocking, with diverging corporate profitability; commercial HVAC is being driven by the high prosperity of data centers, with optimized product structure and impressive performance. 2) Europe's weak recovery continues, but demand remains at historically low levels, with heat pumps potentially being a bright spot. 3) Emerging markets have divergent performances, with Latin America experiencing weak demand due to high interest rates, inflation, and extreme weather conditions, intensifying competition, while the Middle East region sees strong demand driven by large projects and data centers.