Midea Announces 2022 Semi-annual Results: Steady Growth in Revenue and Profit, Acceleration in Technology-driven Transformation
14.9.2022 18:20:00 EEST | Business Wire | Press release
Midea released its financial report for the first half of 2022, showing semi-annual revenue growth from 5.0% to RMB183.7bn. Net profit growth was even faster than revenue, coming in at RMB 16bn with a YoY 6.6% increase.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220830006040/en/
Midea 2022 Semi-annual Results (Photo: Business Wire)
Balanced in both ToB and ToC businesses, Midea Smart Home revenue during the first half of 2022 was RMB126.9bn. According to AVC, Midea home appliance products ranked 1st during the first half of 2022 in both domestic online and offline market shares among 7 household appliance categories, including air conditioners and microwave ovens.
Industrial Technology achieved a revenue of RMB12.1bn with 13.3% YoY growth, and Midea’s global market of residential AC compressors increased to 44%, representing the 1st worldwide. The unit sales of motors for residential ACs and laundry appliances accounted for 42% of the global figures.
Building Technology realized significant growth of 33.1% RMB12.2bn revenue. Commercial AC ranked No.1 amongst the domestic market share while the export value of Midea’s heat pump grew by over 200% YoY, with its export volume ranking 1st in China’s heat pump industry.
Midea's overseas revenue over the first half of 2022 was RMB77.8bn with a YoY increase of 5.2%. With “China-Based Supply for the World + Local Supply”, Midea has advanced the construction of manufacturing bases in Egypt and Brazil to cover the local markets, begun Indian A/C compressor manufacturing bases, and integrated a Thai compressor company. With over 20,000 new sales networks, and having kicked off Midea direct sales stores in Brazil and the Philippines, Midea continues to improve its overseas distribution channels.
With Technology Leadership firmly in its sights as its long-term strategy, Midea continues to build artificial intelligence technical capabilities with R&D investment in the first half of 2022 numbering RMB5.9bn, with 10.5% YoY growth. Midea owns 35 worldwide R&D centers and has over 77,000 authorized patents under its belt to date.
Driven by intelligence, Midea loT has nearly 13million units of newly connected devices and services for over 70 million families.
About Midea Group
Midea Group comprises of five strategic business pillars: Smart Home, Industrial Technology, Building Technologies, Robotics & Automation, and Digital Innovation. Midea Group has over 160,000 employees in over 200 countries and regions, and ranks #245 on the Global Fortune 500 list of 2022.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220830006040/en/
Contact information
Lori Luo, luory17@midea.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
RSA Announces Expanded Partnership with Microsoft, Enhances Leadership in Passwordless Identity Security24.3.2026 18:00:00 EET | Press release
RSA today announced expanded support for the new Microsoft 365 E7: The Frontier Suite solution at RSAC Conference 2026. This new support joins additional passwordless capabilities that provide organizations with enhanced security, seamless experience, and resilient operations as they embrace the future of AI-driven productivity. By integrating RSA® ID Plus for Microsoft with Microsoft 365 E7, enterprises can ensure trusted authentication for both human users and AI agents, while safeguarding sensitive data and privileged operations across hybrid, cloud, and on-premises environments. This deployment follows RSA joining the Microsoft Intelligent Security Association (MISA), launching RSA Advisor for Admin Threats in Microsoft Security Copilot, and deploying RSA ID Plus Admin Logs Connector, further strengthening the ongoing collaboration between RSA and Microsoft. “The rise of AI agents in the enterprise means organizations need to rethink how they secure every identity—human and machine
Lexon × Jeff Koons Unveil the Chromatic Collection: a Colorful New Chapter for the Acclaimed Balloon Dog Lamp and Balloon Dog Speaker24.3.2026 16:10:00 EET | Press release
Following the success of its 2025 inaugural edition, the Lexon × Jeff Koons collaboration enters a bold new era with the launch of the Chromatic Collection—a colorful evolution of its Balloon Dog Lamp and Balloon Dog Speaker. Pre-orders will be available starting March 24, 2026, exclusively on lexon-design.com as part of a time-limited edition. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324498068/en/ Lexon x Jeff Koons — new Chromatic Collection Retaining the signature translucent body that reveals the technology within, the Chromatic Collection introduces eight models: Balloon Dog Lamps in Gold, Blue, Red, and Platinum, and Balloon Dog Speakers in Gold, Blue, Red, and White, reinforcing the collectible nature of the series, offering new audiences an entry point while giving existing collectors the opportunity to enrich their collection. This new approach brings greater variety and a more personal dimension to the col
iQmetrix Joins TM Forum as ODA Component Directory Partner, Giving Telecom Operators a Faster, Cleaner Path to Modern Commerce24.3.2026 16:00:00 EET | Press release
iQmetrix, the global provider of Interconnected Commerce solutions purpose-built for telecom retail, today announced it has joined TM Forum and earned recognition as an Open Digital Architecture (ODA) Component Directory Partner. The achievement validates that iQmetrix aligns with the ODA vision and that its platform is built around standardized open APIs, modular cloud-native components, and interoperable architecture aligned with how leading operators are building their digital futures. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260324562860/en/ iQmetrix partners with TM Forum’s ODA Component Directory to accelerate open, future‑ready telecom transformation The recognition comes as communications service providers (CSPs) accelerate AI adoption and move away from integration-heavy legacy environments. For operators under pressure to reduce technical debt, lower cost, and move faster, architecture standards are no longer
Andersen Consulting Enters into a Collaboration Agreement with Ventum Consulting24.3.2026 15:30:00 EET | Press release
Andersen Consulting expands its global platform with the addition of collaborating firm Ventum Consulting, a German-based business transformation and technology consulting firm specializing in digital transformation, enterprise agility, product development, data-driven innovation, and emerging technologies such as AI. Ventum Consulting helps organizations bridge the gap between business and technology by delivering tailored solutions across strategy, process optimization, and IT implementation. The firm’s expertise includes data and AI, cybersecurity, enterprise architecture, sustainability, cloud transformation, and agile enablement, representing only a selection of their comprehensive service portfolio. Ventum Consulting works with clients across industries including automotive and manufacturing, financial services and insurance, healthcare and life sciences, and the public sector to accelerate digital transformation, enhance operational resilience, and drive measurable business valu
SES Taps K2 Space to Accelerate Next-Gen MEO Satellite Network, meoSphere24.3.2026 15:00:00 EET | Press release
SES, a space solutions company, today announced it will deploy meoSphere, a next-generation medium Earth orbit (MEO) satellite network targeted for operation by 2030 and designed to significantly boost the company’s MEO network capacity. The program launches with a close collaboration designed for efficient satellite production. SES will pair its own software-defined payloads, being developed and manufactured in Luxembourg, with an initial 28 high-power satellite platforms developed by K2 Space, representing the first phase of the broader meoSphere rollout. The collaboration gives SES tighter control over key supply-chain elements, compresses the build timeline, and allows the company to manage schedules and costs with precision, laying the foundation for future scalability. meoSphere is SES’s next generation MEO network, significantly boosting global broadband capacity, increasing user data speeds while reducing terminal sizes and costs. These step-change improvements come from advanc
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom