Chelsea_SunChelsea_Sun ・ Mar. 28, 2024
Midea Group Shatters Revenue and Profit Records in 2023
Midea's products have gained traction in over 200 countries and regions worldwide, supported by its continuous expansion of overseas manufacturing operations.

(TMTPOST)—Midea Group, the world's leading home appliance supplier, has announced remarkable financial results for the fiscal year 2023, setting new records in revenues and profits.

The company reported a staggering total revenue of 373.7 billion yuan (about US$ 52 billion), marking an impressive 8% increase compared to the previous year. Meanwhile, the net profit attributable to shareholders surged to 33.7 billion yuan, demonstrating a remarkable year-on-year increase of 14%, representing the largest surge since 2019.

The remarkable success of Midea Group can be attributed to its steadfast execution of the "Global Impact" strategy, which has consistently driven overseas sales to over 40% of its total global sales over several years.

Midea's products have gained traction in over 200 countries and regions worldwide, supported by its continuous expansion of overseas manufacturing operations. The company has been actively building manufacturing bases in key markets such as Indonesia, India, Thailand, Brazil, Mexico, Italy, and Egypt.

Midea's cutting-edge new energy and industrial technology initiatives have played a pivotal role in facilitating digital transformation and fostering green sustainable development across global industries, cementing its position as an industry leader. In 2023, the company's household air conditioning compressor business clinched the top spot globally, boasting a market share of 45%.

Moreover, its household air conditioning and washing machine motors also secured leading positions on the global stage, with market shares of 40% and 22%, respectively. Additionally, Midea's New Energy automotive parts segment experienced rapid growth, with an anticipated shipment volume of 750,000 units in 2023, representing a remarkable year-on-year surge of 400%. Through strategic acquisitions, such as CLOU Electronics and Hiconics Eco-energy, Midea has ventured into the promising energy storage industry, poised for significant market expansion.

KUKA, a subsidiary of Midea, emerged as one of the "Big Four" industrial robot companies worldwide and ranked as the second-largest heavyweight robot company by sales in 2023. The subsidiary achieved record-high revenue and order volume during the year, with particularly robust performance in the Chinese market.

Midea's intelligent building technology division has positioned itself as a leading provider of intelligent ecological integration solutions for building construction projects. According to Frost & Sullivan, the company emerged as the largest commercial air conditioning supplier in mainland China and secured the fifth position globally in 2023.

Midea Group's unwavering commitment to research and development is reflected in its substantial investment of over 14.5 billion yuan, supporting a workforce of more than 23,000 research personnel worldwide. As of 2022, the company ranks seventh globally in total patent families, leading among Chinese enterprises and the global home appliance industry, with over 28,000 invention patents.

With approximately 200 subsidiaries, 33 research and development centers, and 40 major production bases worldwide, Midea Group boasts a workforce of over 190,000 employees.

(1 yuan equals US$ 0.14)

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