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
Axelspace Announces Launch of Seven GRUS-3 Earth Observation Microsatellites, No Earlier Than July 202619.5.2026 11:30:00 EEST | Press release
Axelspace Corporation, a leading developer and operator of microsatellites dedicated to realizing its vision of “Space within Your Reach,” announced today that GRUS-3, a set of seven next-generation Earth observation microsatellites, is scheduled to be launched no earlier than July 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519449959/en/ Seven flight model of GRUS-3 next-generation Earth observation microsatellites ©Axelspace The seven GRUS-3 microsatellites will launch aboard the Transporter-17 rideshare mission via Exolaunch, a global leader in launch mission management, satellite integration, and deployment services, from Vandenberg Space Force Base in California, USA. We currently operate five optical Earth observation microsatellites, GRUS-1, under our Earth observation data service, AxelGlobe. With the launch of its successor, GRUS-3, it will expand its satellite constellation to more than 10 satellites. E
Money20/20 Europe Announces Powerhouse Speaker Lineup Featuring Leaders from Klarna, BBVA, ABN AMRO, Mastercard, eToro, and Revolut19.5.2026 11:10:00 EEST | Press release
Money20/20, the world’s leading fintech show and the place where money does business, today announced a stellar line-up of speakers for Money20/20 Europe happening on June 2-4 at the RAI in Amsterdam. The show will feature 450+ speakers across six stages, exploring the forces redefining global finance through AI innovation, digital assets, and regulatory transformation. Newly confirmed speakers include some of the most influential voices shaping the future of payments, banking, and financial services: Sebastian Siemiatkowski, Co-Founder and CEO, Klarna. A pioneer in the buy now, pay later revolution, Siemiatkowski has transformed consumer payments and continues to drive innovation in embedded finance and AI-powered shopping experiences. Onur Genç, CEO, BBVA. Leading one of Europe's most digitally advanced banks, Genç is at the forefront of banking transformation, leveraging data, technology, and customer-centric strategies to redefine financial services. Marguerite Bérard, Chief Execut
Mythic Acquires Videantis, One of Europe’s Leading Digital Processor IP Companies, to Build the World’s Most Energy-Efficient AI Compute Platform19.5.2026 11:00:00 EEST | Press release
Mythic, a pioneer in analog compute-in-memory and architect of the industry’s most energy-efficient AI acceleration technology, today announced it has acquired Videantis GmbH, one of Europe’s leading digital processor IP companies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519255958/en/ The transaction unites Mythic’s breakthrough analog compute platform with Videantis’ highly differentiated, unified digital processor architecture and production-proven software stack — accelerating Mythic’s delivery of a new class of hybrid AI compute platform with a 100x energy efficiency advantage over conventional GPU-based systems. This deal builds on Mythic’s recently announced agreement with Honda to co-develop next-generation AI chips for future vehicles — a validation of Mythic’s game-changing architecture in one of the world’s most demanding production environments. Together, the Honda collaboration and the Videantis acquisi
Splio Enters a New Phase of Its Regional Development in Southern Europe19.5.2026 10:00:00 EEST | Press release
A few months after launching its AI-first CRM, Splio is entering a new phase of its development in Southern Europe. Already established for more than 12 years in Spain, Portugal and Italy, the company has chosen to invest further in the region, convinced that it combines economic potential with rapidly evolving digital usage. Antoine Parizot, Splio’s co-CEO, is relocating to Barcelona, where the company’s historic office is based. At the same time, Donald Pontabry, COO and based in Spain for more than eight years, is taking responsibility for Southern Europe in addition to his current role. This development is supported by a regional team of around thirty people, spanning partnerships, business development, customer success and support. The team already works with around one hundred local clients, including Bodeboca, QVC, GoodNews, Gocco, Equivalenza, Lola Casademunt, Casa Viva, Piazza Italia, Conforama and Gaudi. “We see Southern Europe as much more than a region where we have a long-
KfW, Germany’s largest national promotional bank, future-proofs regulatory reporting, by migrating to Regnology Reporting Hub (RRH)19.5.2026 09:33:00 EEST | Press release
Regnology, a leading provider at the intersection of regulatory, risk, and supervisory technology, today announced that KfW Bankengruppe (KfW) is advancing its long-term partnership with the company by electing to migrate to the next-generation Regulatory Reporting Hub (RRH). The solution will be delivered as a cloud-native service on Rcloud, Regnology’s high-performance cloud architecture layer. This strategic move to the modern RRH platform future-proofs the mission-critical reporting functions for one of the world's leading promotional banks. Headquartered in Frankfurt am Main, KfW is a public‑law institution dedicated to supporting sustainable economic, social and ecological development in Germany, across Europe and globally. Regnology’s foresight led to the 2023 launch of Rcloud, its state-of-the-art architecture layer built on Google Cloud, enabling next‑generation solutions like RRH to operate with the full power of cloud-native design delivering the clear operational and strate
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