Business Wire

Midea Announces 2022 Semi-annual Results: Steady Growth in Revenue and Profit, Acceleration in Technology-driven Transformation

Share

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/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

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.

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

Nordic Companies Warm to Automation as Platforms Evolve8.12.2022 12:00:00 EET | Press release

Enterprise use of AI-powered automation platforms has soared over the past year in the Nordics, although challenges to enterprise and public sector adoption remain, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. The 2022 ISG Provider Lens™ Intelligent Automation — Platforms and Products report for the Nordics finds that the recent surge in adoption has been triggered by several converging factors. The high cost of labor in the Nordics has generated demand for automation to replace some tasks, while enterprises are also embracing the new technologies to ensure employee well-being and productivity as they ask team members to return to the office. These trends are accelerating against the backdrop of a general move toward enterprise digital transformation across the Nordics and other developed regions. “Intelligent automation is meeting emerging needs at companies in the Nordics,

REPLY: Arlanis Reply Named Salesforce Implementation Partner of the Year and Community Impact Partner of the Year8.12.2022 11:30:00 EET | Press release

Arlanis Reply, the Reply Group company specialized in Salesforce solutions and services, has been recognized with two awards from Salesforce for its outstanding performance as a partner in the categories "Salesforce Implementation Partner of the Year" and "Community Impact Partner of the Year" in Germany, Austria and Switzerland. With these Partner Awards, Salesforce annually honours partner companies that have demonstrated exceptional commitment to consistently delivering high-quality implementations and business outcomes for their clients. The award for the "Salesforce Implementation Partner" was given in recognition of the variety, complexity and number of customer projects with the highest customer satisfaction. As a long-standing Salesforce Consulting Partner, Arlanis Reply convinced the jury with profound expertise and comprehensive knowledge of the entire Salesforce portfolio – as well as high quality in numerous, cross-industry customer projects. The second "Community Impact Pa

ADVA’s new OSA 3350 SePRC™ optical cesium clock breaks records with industry’s longest holdover8.12.2022 11:00:00 EET | Press release

ADVA (FSE: ADV) today launched its latest optical cesium atomic clock solution, providing unprecedented protection for critical network infrastructure systems that rely on synchronization from GNSS. The new OSA 3350 Super ePRC (SePRC™) delivers extensive timing holdover with high-performance stability and lifetime that significantly outperforms any other solution on the market. It offers a vital lifeline to time-as-a-service (TaaS) and GNSS-backup-as-a-service (GBaaS) providers, defense organizations, communication network operators, power utilities and transportation network operators looking to mitigate the risk of jamming and spoofing attacks. As a GBaaS solution, the OSA 3350 SePRC™ provides a backup to satellite-based synchronization, helping prevent severe harm to businesses and society that long GNSS outages can cause. The new device will enable the most robust PNT solution on the market. “Across all nations, our well-being and safety are more dependent than ever on critical net

Record-Breaking Demand for Alternative Residence and Citizenship8.12.2022 10:39:00 EET | Press release

The number of high-net-worth individuals enquiring about investment migration options has more than doubled since the coronavirus was first reported three years ago, with record numbers of wealthy international investors now looking to diversify their residence and citizenship options amid unprecedented global volatility. Henley & Partners has also seen a huge surge in interest and applications from citizens of highly developed countries such as Canada, the UK, and the US compared to pre-pandemic times, with Americans now the top client nationality seeking alternative residence and/or additional citizenship. Henley & Partners CEO Dr. Juerg Steffen says with many economies now in a post-pandemic phase plagued by security, political, and economic risks, wealthy families are revisiting their priorities to ensure that their legacies, wealth, and lifestyles are protected and future-proofed. “For high-net-worth investors, the optionality of living in or conducting business in a country of th

Primary endpoint met in the CLEAR Outcomes Trial of bempedoic acid showing statistically significant relative risk reduction in major adverse CV events8.12.2022 10:00:00 EET | Press release

Daiichi Sankyo Europe, (hereafter, Daiichi Sankyo) announced today that the primary endpoint was met in the Phase 3 cardiovascular CLEAR (Cholesterol Lowering via Bempedoic acid, an ATP citrate lyase (ACL)-Inhibiting Regimen) Outcomes Trial, demonstrating statistically significant relative risk reduction in major adverse CV events (MACE-4) in patients treated with 180 mg/day bempedoic acid compared to placebo (with no or very low statin background).1,3 Comprehensive data from the CLEAR Outcomes Trial, led by US-based biotech company Esperion Therapeutics Inc., will be presented at a key medical congress in early 2023 and subsequently submitted to applicable regulatory authorities. The initial findings from the data indicate that bempedoic acid is the first oral, ACL inhibitor known to reduce both LDL-C levels and risk of major adverse CV events.1 The findings are congruent with previous significant evidence and the latest clinical guidelines highlighting that the lower a person’s LDL-C

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