(Yicai) Jan. 13 -- Shares of Midea Group dropped after the chairman of the world's biggest maker of home appliances said the company's non-core businesses will be shut or integrated while overseas expansion will remain its top priority.

Midea [SHE: 000333] fell 2.3 percent to CNY74.58 (USD10.17) a share as of 2 p.m. in Shenzhen today, after earlier dropping by as much as 3 percent.

Midea will simplify its business model, streamline stock-keeping units, focus on core businesses and categories, and strictly control the entry of new categories, Paul Fang, who is also president of the company, said at the 2025 Midea Group Annual Meeting on Jan. 10.

At the organizational management level, Midea will simplify its structure by further streamlining research and development, Fang noted, adding that local entities will handle the overseas business.

Midea needs to seek growth opportunities in the global market, not only in developed regions such as North America and Western Europe but also in developing ones such as the Association of South East Asian Nations, the Middle East and Africa, and South America, Fang pointed out.

Foshan-based Midea saw double-digit net profit and revenue growth last year after reporting record-high figures in the first three quarters of the year, Fang said. Overseas income from the smart home business surged by over 25 percent, he added.

Midea's net profit jumped 14 percent to CNY31.7 billion (USD4.3 billion) in the three months ended Sept. 30 from a year earlier, while its operating revenue rose 10 percent to CNY320.3 billion (USD43.7 billion). The company has not released its annual financial report yet.

Overseas, Midea will prioritize its brand by further improving its localization layout and developing localization capabilities, Fang noted.

Editor: Martin Kadiev