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
Tennis World Champion Carlos Alcaraz Becomes Global Brand Ambassador for Ant International19.5.2026 06:10:00 EEST | Press release
Global tennis icon Carlos Alcaraz has become the new Global Brand Ambassador for Ant International, a leading global digital payment, digitisation and financial technology provider, and its key brands. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518952984/en/ (L-R) Ant International CEO Peng Yang and Carlos Alcaraz celebrate Global Brand Ambassador partnership This collaboration underscores Ant International’s commitment to enabling inclusive growth across global markets through a relentless pursuit of world-leading AI-powered payment and fintech solutions for businesses and individuals – a vision that mirrors the fierce energy and inspiration Carlos Alcaraz brings to every match. “Carlos is not only a sporting champion, but the very personification of the core values of tennis for fans worldwide: boundless ambition, unwavering dedication, scalpel precision in delivery, and sportsmanship both on and off the court,” sai
Hitachi Announces Strategic Partnership With Anthropic to Strengthen "Lumada 3.0" Through Frontier AI19.5.2026 03:00:00 EEST | Press release
Hitachi, Ltd. (TSE:6501, "Hitachi") today announced a strategic partnership with Anthropic PBC (“Anthropic”), a global leader in AI safety research and trusted AI models, to further strengthen the “Lumada 3.0” business model. As artificial intelligence evolves beyond cyberspace to directly influence real-world systems—otherwise known as physical AI—demand is rapidly growing for the safe and seamless deployment of AI in mission-critical environments. This alliance will combine Hitachi’s deep domain knowledge built over more than 110 years, along with its expertise in IT, OT (operational technology), and products, with Anthropic’s frontier AI capabilities. Together, the companies will accelerate the advancement of system engineering, operations, and cybersecurity for critical infrastructure sectors including energy, transportation, manufacturing, and finance. By enabling safer, more resilient, and intelligent operations of these infrastructures, the partnership will contribute to advanci
Moore Nanotechnology Systems (Nanotech) Will Be Acquired by Shibaura Machine Group to Form a New Ultra-Precision Machine Tool Organization18.5.2026 22:36:00 EEST | Press release
MOORE NANOTECHNOLOGY SYSTEMS (“Nanotech”), today announced that it is being acquired by an affiliate of SHIBAURA MACHINE CO., LTD., an industrial machine-tool manufacturer headquartered in Japan. Founded nearly 30 years ago by Len Chaloux and Newman Marsilius III as a standalone subsidiary of the Moore Tool Company, Inc., Nanotech has become a global leader in the design, development and manufacture of state-of-the-art ultra-precision machine tools and associated processes for the production of advanced optical and reflective components. “As the world’s markets continue to develop, finding the right strategic partnerships is essential,” said Mark Boomgarden, President and CEO of Nanotech. “Partnering with Shibaura allows us to combine the true competencies of both organizations under one management team - affording both companies the ability to scale resources and invest on a global stage like never before.” Co-owner Newman Marsilius IV shared, “Moore Nanotechnology Systems grew to a p
First Guests Arrive at Four Seasons Resort and Residences Red Sea at Shura Island from 20 May, as Red Sea Global Launches First JV Resort18.5.2026 21:06:00 EEST | Press release
Red Sea Global (RSG), the regenerative tourism developer, has reached a major milestone as Four Seasons Resort and Residences Red Sea at Shura Island welcomes first guests from 20 May, marking the first joint venture-developed resort within its portfolio to enter the market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518349628/en/ An aerial view of Four Seasons Resort and Residences at Shura Island, set along the shoreline with clear views of the Red Sea. Developed in partnership with Kingdom Holding Company (KHC), the launch represents a shared milestone for both organizations and marks a new phase in RSG’s development model, highlighting the growing role of institutional and private sector partnerships in scaling Saudi Arabia’s luxury tourism sector. “With Four Seasons preparing to welcome guests, we are significantly scaling the capacity and offering of The Red Sea destination in time for one of the busiest travel
Belkin Advances Towards Carbon Neutrality in Scope 3 Emissions18.5.2026 19:10:00 EEST | Press release
Belkin, a leading consumer electronics brand for 40 years, published its 2025 Impact Report, highlighting key achievements and reaffirming its commitment to corporate responsibility. Having achieved carbon neutrality in scope 1 and scope 2 emissions in 2025, the company continues to advance toward scope 3 carbon neutrality through enhanced life cycle assessment capabilities and improved supplier and logistics data collection. In 2025, Belkin calculated 131 product carbon footprints across its portfolio, surpassed 21.6 million PCR products sold, and has achieved a 95% reduction in single-use plastic packaging since 2019, reflecting continued progress in carbon reduction and responsible product design. “As we continue to make progress against our sustainability goals, we are taking deliberate steps to reduce our impact,” said Steven Malony, CEO of Belkin. “Over the past year, we expanded the use of post-consumer recycled materials, further reduced single-use plastic packaging, and streng
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