Revenues: $50 billion growth in Q1: profits equal to 8% of revenues and colossal investments in R&D. group presents its 2022 financial statements together with the first quarterly report for 2023. In 2022, the company’s total turnover reached 345, 7 billion Yuan (about US$50 billion), an increase of 0.7% year on year. However, net profit of 29.6 billion yuan (8.6% of revenue) increased by 3.4% over the previous year.

In the first quarter of 2023, Midea increased its revenue by 6.3% and its profit by 12% compared to the same period last year.

Founded in 1968, Midea is not only a leader in the household appliances sector. Its five business segments are smart home, building technology, electromechanics, robotics and automation, and digital innovation. It has spent nearly 50 billion yuan at its 35 R&D centers over the past five years. It has 35 major manufacturing bases around the world.Midea exports 41% of turnover (up in 2022 as domestic market shrinks) and ranks first in China in terms of market share for several product categories both online and offline, including air conditioners, ovens countertop microwaves, countertop ovens, electric stoves, induction cookers, electric kettles, etc. One out of three air conditioners sold in China is made by Midea