Relying on large-scale entrusted operation of distributed PV assets, Midea PV has built the full industrial chain of development – operation & maintenance – power retail and established integrated capabilities of power generation and retail. Essentially, it represents a strategic upgrade from a pure PV developer to a comprehensive energy service provider.As of 2025, its entrusted-operated PV power stations exceed 3GW with an annual power generation of approximately 3 billion kWh. Combined with industrial and commercial distributed PV as well as wind power resources, it has aggregated a power generation asset pool with an annual output of over 10 billion kWh, providing a stable power supply source for its power retail business.

In terms of qualifications and trading capabilities, Midea PV has obtained power retail qualifications in multiple provinces including Anhui, Zhejiang, Jiangsu, Hunan and Chongqing. Leveraging the Group’s AI-assisted power trading system with a power price prediction accuracy of over 92%, it has developed a trading system featuring locking basis spread via medium and long-term contracts, capturing price spread in the spot market, and increasing revenue through ancillary services. It can precisely target markets with large peak-valley price spreads to maximize asset returns.

In terms of customer and business model collaboration, it internally aggregates the power demand of all Midea Group production bases, and externally serves more than 3,000 supply chain enterprises, industrial and commercial clients, as well as residential users. It has formed a diversified profit model covering self-consumption of on-site generation, surplus power grid connection, green power trading, and peak-valley arbitrage.

Through the virtual power plant platform, it integrates distributed PV, energy storage, charging piles and other resources to realize real-time energy data monitoring and unified dispatch. This not only addresses the consumption bottleneck of distributed PV, but also maximizes arbitrage margins in cities with prominent peak-valley price differences and improves asset return rates.This integrated generation-and-retail model enables Midea PV to break away from reliance on single power generation revenue, and build a closed value loop of source-grid-load-storage. Against the backdrop of power market reform and widening peak-valley price spreads, it significantly enhances risk resilience and profit flexibility, and builds differentiated competitive moats in the industry.