FOSHAN, China, April 29, 2022 /PRNewswire/ — 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 to focus on long-term investments on technology and digital transformation and accelerate the upgrade of its smart products and smart home business. At the same time, 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.