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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