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[Introduction] Midea Group released its 2024 semi-annual report, with an average daily profit of 114 million yuan

China Fund News reporter Qiu Dekun

On the evening of August 19, Midea Group, with a market value of 435.6 billion yuan, handed in its "report card" for the first half of 2024, which showed two major characteristics.

First, revenue exceeded 100 billion yuan for two consecutive quarters for the first time. Midea Group's revenue in the first half of 2024 was 217.274 billion yuan, a year-on-year increase of 10.30%. The company's revenue in the first and second quarters was 106.102 billion yuan and 111.172 billion yuan respectively.

Second, in the first half of 2024, Midea Group's net profit attributable to its parent company was 20.804 billion yuan, a year-on-year increase of 14.11%. It can be seen that Midea Group made an average profit of 114 million yuan per day in the first half of 2024.

ToB industry continues to grow

Midea Group is no longer the giant that only focused on home appliance business.

In the first half of 2024, Midea Group's smart home, new energy and industrial technology, intelligent building technology, and robotics and automation businesses achieved revenues of 147.6 billion yuan, 17.1 billion yuan, 15.7 billion yuan, and 13.9 billion yuan, respectively.

Midea Group said that it is a global technology group covering smart home, new energy and industrial technology, smart building technology, robotics and automation and other innovative businesses.

In recent years, Midea Group has continued to deepen its development strategy that gives equal importance to ToC and ToB industries, and achieved sustained and steady growth in the ToB industry in the first half of 2024.

In the new energy and industrial technology business, the photovoltaic EPC business of Hekang New Energy, a subsidiary of Midea Group, achieved rapid growth in the first half of 2024 and comprehensively deployed in the field of photovoltaic storage and new energy.

In the field of "industrial core components", Midea Group's household air-conditioning compressors have a global market share of 45%, ranking first in the world.

In terms of building control, Midea Group has helped more than 100,000 buildings around the world achieve green upgrades, covering industrial and agricultural production, commercial services, airports, rail transit, medical care and other industry scenarios.

In the robotics and automation business, Midea Group further strengthened its local development. Its subsidiary Kuka promoted product innovation and service improvement, and actively explored the application of AI in industry.

AI has become the development focus of Midea Group in the second half of 2024. Midea Group said that digitalization and AI are the general trend, and it is necessary to actively embrace various new technologies and applications such as generative AI, and use digital technology and AI technology to reconstruct the company's traditional value chain to establish new competitive advantages.

Deepening global breakthroughs

In recent years, many domestic companies have launched international development strategies. As one of the earliest companies to go overseas, Midea Group achieved overseas business revenue of 91.076 billion yuan in the first half of 2024, a year-on-year increase of 13.09%.

In its 2024 semi-annual report, Midea Group stated, "The company must completely change its methods, learn from outstanding overseas companies, and strive to become an international company."

In the first half of 2024, the number of newly registered overseas users of Midea Group's smart home applications exceeded 1 million, and the number of registered users reached 3.1 million. Its business covers more than 200 countries and regions, serving approximately 500 million users worldwide.

For the second half of 2024, Midea Group has outlined four core tasks. The first one mentioned is to firmly adhere to the OBM (overseas own brand) priority strategy and go overseas in an all-round way.

Midea Group revealed that it will seek growth opportunities wherever there is demand for home appliances, while continuing to promote the layout of overseas factories and further increase overseas investment and brand communication efforts.

Midea Group said that in order to enhance its overseas localized operational capabilities, the company has continuously strengthened the localized layout of the entire value chain, including R&D, manufacturing, marketing, and services, and improved infrastructure and capacity building.

In the first half of 2024, Midea Group will promote the smooth commissioning of manufacturing bases in four countries and the construction of new factories in four production bases, and promote collaborative support between domestic and overseas factories on the manufacturing side.

At the same time, Midea Group's R&D investment in the first half of 2024 reached 7.66 billion yuan, a year-on-year increase of 15.91%. Currently, Midea Group has established 33 R&D centers and 43 major manufacturing bases in more than 10 countries.

Editor: Joey

Reviewer: Chen Siyang

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