MIDEA GROUP SETS RECORD-BREAKING REVENUE OF 373.7 BLN CHINESE YUAN IN 2023

KUALA LUMPUR, March 29 (Bernama) -- Midea Group, the world's largest home appliance supplier has reported total revenue for 2023 increased 8.10 per cent year-on-year to 373.7 billion Chinese yuan. (100 Chinese yuan = RM65.46)

In a statement, the group said its net profit attributable to shareholders reached 33.7 billion Chinese yuan, a year-on-year increase of 14.10 per cent, marking the largest growth since 2019.

The company's success is attributed to its "Global Impact" strategy, which has resulted in overseas sales accounting for over 40 per cent of its total sales for several years, demonstrating its commitment to innovation, sustainability, and global expansion.

Midea's products have been exported to over 200 countries and regions worldwide, and it is continuously expanding its overseas manufacturing layout, promoting the construction of manufacturing bases in Indonesia, India, Thailand, Brazil, Mexico, Italy, and Egypt, among others.

Its new energy and industrial technology are co-builders of digital transformation and green sustainable development in the global industrial field, consolidating its leading position in the industry.

The company's household air conditioning compressor business ranked first in 2023, claiming a global market share of 45 per cent, while its household air conditioning and washing machine motors also secured the top spot globally, with market shares of 40 per cent and 22 per cent, respectively.

Furthermore, its New Energy automotive parts product lines are rapidly developed, with an expected shipment volume of 750,000 units in 2023, representing a year-on-year growth of 400 per cent.

Additionally, through the acquisition of energy companies such as CLOU Electronics and Hiconics Eco-energy, Midea has entered the energy storage industry, which holds immense market potential.

Midea Group has invested over 14.5 billion Chinese yuan in research and development, employing more than 23,000 research personnel globally. As of 2022, the company ranks seventh globally in total patent families, first among Chinese enterprises and the global home appliance industry, with over 28,000 invention patents.

The group has approximately 200 subsidiaries, 33 research and development centres, and 40 major production bases worldwide, with over 190,000 employees.

-- BERNAMA