Midea Group Reports 2021 Annual Performance: Revenue and Profit Hit Historical High
PR95766
FOSHAN, China, April 30, 2022 /PRNewswire=KYODO JBN/ --
Midea Group Co., Ltd. (000333.SZ) has published its 2021 annual report. The
company's total revenue grew 20.2% in 2021, reaching an all-time high of
RMB343.4 billion.
Despite the pandemic's numerous hurdles, including global supply chain
challenges and rising costs in raw materials and shipping, Midea achieved RMB29
billion in net profit, a YoY increase of 5.5%, showing continued growth in
revenue and profit.
The past year has been a showcase of Midea's achievements. Midea's annual
revenue and profit hit a record high. It was listed on Fortune Global 500 for
its sixth consecutive years and selected by Forbes China as one of China's top
10 industrial digital transformation companies. The World Economic Forum
recognized Midea Group as a pioneer in the Fourth Industrial Revolution for the
third time. In addition, four Midea factories have joined the World Economic
Forum's Global Lighthouse Network.
Last year, Midea set up an innovative and agile R&D system for product
digitization, promoted "Efficiency Improvement" across its offline sales
channels, leveraged digital intelligence to meet its target "Direct to Users",
achieved big data operationalization and realized improvements in internal
efficiency. Empowered by its global pool of scientific talents and innovation
ecosystem, Midea has been seeking breakthroughs in overseas markets with
advanced technology as well as production efficiency and capacity.
Midea has revealed its plans to develop both B2B and B2C business models and
increase sales in the domestic and overseas markets concurrently. The company
will continue focusing on long-term investments on technology and digital
transformation and accelerating the upgrade of its smart products and smart
home business. Simultaneously, Midea will also kickstart a second growth curve
by riding on its four business engines of robotics and automation, building
technologies, energy management and smart travel to realize its ultimate aim of
transforming Midea from a world-leading home appliance company into an
innovation-driven technology group.
About Midea Group Co., Ltd.
With a vision of "bringing great innovations to life", Midea Group has upheld
its philosophy of creating a better life with technology for 54 years since its
establishment. Over the past five years, Midea has invested nearly RMB45
billion in R&D. It has 35 R&D centers and 35 major production bases across the
globe. Midea products and services are used by an estimated 400 million
consumers in over 200 countries and regions.
SOURCE Midea Group
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