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.
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SOURCE Midea Group