Midea Group Accelerates Global Expansion

September 12, 2024 at 03:47 AM EDT

HONG KONG, Sept 12, 2024 - (ACN Newswire) - On August 19, Midea Group, a leading global enterprise in home appliances and smart manufacturing, released its interim results report for 2024. The report indicates that the Company achieved a total revenue of RMB218.1 billion, representing a year-on-year increase of 10%. Net profit attributable to shareholders of the listed company reached RMB20.8 billion, representing a year-on-year increase of 14%. Both revenue and net profit saw double-digit growth, further solidifying the Company’s leading role in the industry.

Highly Emphasizing ESG and Establishing a Strong Global Business Profile

In the first half of 2024, Midea Group has centered its core values around advanced ESG principles, continually making deep efforts in areas of environment, society and corporate governance, setting a benchmark for the sustainable development in the industry. The data reveals that the Company has planned and implemented 1,415 energy-saving and carbon-reduction projects in the first half of the year, with anticipated annual profits reaching RMB170 million, demonstrating the Company’s firm commitment to green transformation and outstanding achievements.

In terms of social responsibility, Midea Group has made generous contributions, including RMB1 million to No. 2 Middle School in Dongfeng Town, Zhongshan City, to support educational infrastructure, and RMB400,000 to Dandelion School-Beijing, to support the development of education and improve the lives of teachers and students, demonstrating the Company’s deep commitment to social welfare and promoting educational equity.

With its outstanding contributions in the ESG field, Midea Group was listed on the “Fortune 2023 China ESG Impact List” and honored with the “Forbes China’s ESG Inspirational Case for 2023” award, which further consolidates its leadership in the ESG and establishes its image as a responsible and committed enterprise in the global market.

Strengthening Investment in Science and Technology to Significant Improve the Overall Competitiveness

While implementing the ESG concept, Midea Group takes innovation as its core strategy and continues to increase its investment in research and development (R&D), leading the new trend of technological advancement and product innovation. In the first half of 2024, the Company’s investment in R&D amounted to RMB7.66 billion, representing a year-on-year increase of 15.91%. More than 5,000 new patents have been licensed and the number of patents held is the eighth largest in the world. These dazzling achievements are not only the crystallization of the Company’s technological innovation, but also a powerful demonstration of the commitment to technological leadership and the pursuit of excellence. Through in-depth R&D, the Company is accelerating the iteration and innovation in the field of smart home, bringing consumers a more intelligent, convenient and comfortable living experience, and is expected to make a huge difference in the field of smart home in the future.

Accelerating Overseas Business Development and Continuing to Deepen Globalization Strategy

Midea Group continues to deepen and expand its global business layout, accelerating the breakthrough of its global operations. Data shows that in the first half of 2024, Midea’s overseas OBM business revenue accounted for nearly half of the revenue from its overseas Smart Home Solutions, with over 40% market share highlighting its strong brand influence and market competitiveness.

It is particularly noteworthy that Midea Group’s overseas e-commerce business under its own brand has experienced explosive growth. In the first half of 2024, e-commerce sales revenue increased by over 50% year-on-year. Many star products topped Amazon’s best-seller lists, successfully winning the hearts of consumers in multiple countries.

On its path to globalization, Midea Group is well aware of the importance of “R&D first” and has accelerated the construction and scale expansion of overseas R&D centers , with 17 R&D centers established in 10 countries around the world, building a global network with complementary advantages.

At the same time, the Company places great emphasis on talent development, actively promoting a “Diversity, Equity and Inclusion” (DEI) corporate culture. It is intensifying efforts to attract and cultivate local talent teams in its overseas markets. By integrating the strengths of local and international talents, the Company continually optimizes its talent structure, providing solid support for the sustainable and healthy development of its overseas business.

In terms of manufacturing presence, Midea Group has also demonstrated strong foresight and execution capabilities. Currently, the Group’s manufacturing is primarily carried out in 43 major manufacturing bases worldwide, including 22 overseas bases, enabling it to produce and deliver globally in a seamless manner. Also, the Company also actively promoted the smooth production of four national manufacturing bases and the construction of new factories at four production bases, further enhancing the global supply chain system, boosting brand influence and increasing market competitiveness to achieve long-term global strategic goals.

Overall, in the first half of 2024, through continuous investment in innovation, global market expansion, effective brand building and active ESG practices, Midea Group has achieved a series of impressive results, winning the trust and favor of consumers worldwide. In the future, the Company will continue to drive innovation, deepen digital transformation, improve operational efficiency, and collaborate with global partners, focusing on users and constantly exploring smart home and smart manufacturing to create a better living experience for consumers around the world.

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Midea Group Accelerates Global Expansion

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