Midea Group Achieves RMB 218.1 Billion Revenue in First Half of 2024
- Midea Group reports a record-breaking revenue of RMB 218.1 billion in the first half of 2024.
- The Chinese electrical appliance manufacturer achieves this financial milestone with revenue surpassing RMB 100 billion for two consecutive quarters.
- This significant growth showcases Midea Group's strong performance in the market.
FOSHAN, China, Aug. 19, 2024 /PRNewswire/ -- Midea Group has announced a significant financial achievement, with revenue exceeding RMB 100 billion for two consecutive quarters, culminating in a total of RMB 218.1 billion for the first half of 2024. This marks a 10% increase year-over-year, while profits surged to RMB 20.8 billion, reflecting a 14% rise. The company's OBM operations have particularly thrived, with e-commerce sales revenue increasing by over 50% compared to the previous year. The consumer segment (ToC) generated RMB 147.6 billion, an 11% increase, while the commercial and industrial solutions segment (ToB) saw a 6% growth. Notably, the new energy and industrial technology segment reached RMB 17.1 billion, with intelligent building technology and robotics revenues at RMB 15.7 billion and RMB 13.9 billion, respectively. Midea has also committed RMB 7.66 billion to R&D, marking a 15.91% increase in investment during the first half of 2024. Midea Group's dedication to Environmental, Social, and Governance (ESG) principles is evident through its adherence to the UN Women’s Empowerment Principles and its A2 Moody’s credit rating, indicating financial stability. The company operates 17 R&D centers and 22 production bases globally, emphasizing its leadership in smart manufacturing and digital transformation. Despite economic challenges, Midea Group's robust performance in H1 2024 underscores its strategic focus on innovation and operational efficiency. Ranked 277th in the Fortune Global 500 and 205th in the Forbes Global 2000 list, Midea continues to solidify its global brand presence and market influence.