Breaking the 100 billion mark for the first time! Midea Group's total revenue in the second quarter was 101.2 billion yuan, a record high in a single quarter [Analysis of Midea Group Enterprises]

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On August 30, Midea Group released its semi annual performance report for 2023, bringing a series of positive news to investors and the market. The report shows that Midea Group achieved a total revenue of 1978 billion yuan in the first half of the year, including 101.2 billion yuan in the second quarter, It broke through the 100 billion mark for the first time, becoming a record high of Midea's single quarter revenue.

Midea Group has always been in a leading position in smart home business. According to the data of Ovi Cloud, in the first half of the year, Midea series products ranked first in the domestic online and offline market shares in seven categories, including household air conditioners and desktop pan microwave. In addition, core components of consumer appliances are an important part of Midea's B-end business. According to the data of Industry Online, the global market share of household air conditioning compressor in the first half of the year rose to 46%, and it continued to occupy the first place in the world.

(Related data drawing)

At the same time, Midea Group's overseas business realized scale growth and stable profitability in the first half of the year, and its operational resilience was improved 。 The report shows that the revenue of overseas business accounted for 40.88%, and the gross profit rate of overseas business increased by 3.3 percentage points.

On the whole, we can see from the report that, Midea Group's ToC (consumer oriented) business, ToB (enterprise oriented) business and innovative business are growing rapidly. In particular, ToB business has steadily increased its contribution to Midea Group.

——The layout history of Midea Group's white goods business

From the development history of Midea Group, Midea Group was founded in 1968 and formally entered the household appliance industry in 1980. In 1985, Midea Group began to explore the air conditioning industry and gradually expanded to other categories in the household appliance industry. In 2004, through a series of mergers and acquisitions, Midea Group further optimized the layout of refrigerator, central air conditioner, washing machine and other white goods industries, and improved the white goods business strength. In 2013, Midea Group went public as a whole. By 2022, Midea Group has been listed in the Fortune Global 500 for seven consecutive years, the latest ranking being 245th.

——Air conditioning market share is the largest

From the perspective of the market share of the top 10 brands in China's air conditioning online market, Midea's online retail sales accounted for the highest proportion in the first half of 2022, reaching 34.0%; The second is Gree, accounting for 27.5%; Haier again, accounting for 13.9%.

From the perspective of the market share of the top 10 brands in the offline market of air conditioners in China, Midea will account for the largest proportion of retail sales in the offline market of air conditioners in China in the first half of 2022, reaching 34.1%; The second is Gree, whose market share is 33.8%; Again, Haier has a market share of 16.3%.

R&D investment exceeds 12 billion yuan

In 2017-2021, the amount of R&D investment of Midea Group showed an upward trend. In 2021, Midea Group's R&D investment will be 12.015 billion yuan, an increase of 18.74% compared with 2020; The intensity of R&D investment is 3.52%, a small decrease compared with 2020.

As an important part of modern household life, white goods industry has a long history and broad market prospects. With the continuous progress of science and technology and consumers' pursuit of high-quality life, the white goods industry is also constantly developing and upgrading. In the future, the white goods industry will continue to maintain a rapid development trend. First of all, with the improvement of people's living standards and the change of consumption concepts, consumers have higher and higher requirements for home life, which will further promote the development of white goods industry. Secondly, technological progress will provide more innovation opportunities for white goods industry, such as the application of smart home, Internet of Things, artificial intelligence and other technologies will further promote the development of the industry. In addition, the popularization of environmental protection, energy conservation, low-carbon and other concepts will also bring more market opportunities for white goods industry.

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For more research and analysis on this industry, please refer to the Analysis Report on Market Foresight and Investment Strategic Planning of China's White Appliance Industry issued by the Prospective Industry Research Institute

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