Midea growth

Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.

Midea in 245th place among the Fortune 500
Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.

Midea in 245th place among the Fortune 500
Midea climbs to 245th place in the 2022 version of the ranking of the world’s 500 largest companies drawn up annually by Fortune. The turnover of the Chinese group grew by 20.06% in 2021, reaching an all-time high of 343.4 billion yuan, equal to about 50 billion euros at the current exchange rate.

As reported in a press release from the group , Midea pursues the goal of “Technological Leadership” and accelerates its transformation based on technology in all sectors of intervention. In the home appliance under the banner of the ‘smart home’ you are committed to providing the best experience of appliances and services for the whole home through the use of IoT and AI technology.

The Midea Group employs 160,000 people, of which over 30,000 are outside China. Over the past five years, Midea has invested nearly 50 billion yuan (7.2 billion euros) in research and development and has 35 research and development centers and as many manufacturing bases around the world. Midea products and services are used and appreciated by 400 million consumers in over 200 countries and regions.

Midea to remain in appliance industry

Midea partially confirms the rumors that were circulating. It will proceed with disposals, plant closures and layoffs but not in the household appliances sector which remains one of the 5 divisions on which the Chinese giant (165,000 employees, 51 billion dollars in sales) intends to focus its future. The shareholders’ meeting on May 20, President Paul Fang announced that the company has decided to keep the home appliance business and to give up the categories of products for mom and baby and for pets.

The group is concentrating investments on B2B sectors with a higher technological content such as robots and industrial automation, batteries, technologies for construction

Midea Group

Midea Group published the 2021 annual report. Despite the pandemic’s numerous hurdles, we still achieved RMB29 billion in net profit, a YoY increase of 5.5%. The total revenue grew 20.2% in 2021, reaching an all-time high of RMB343.4 billion.

The Canton Fair is online until April 24, 2022

China Import and Export Fair, also known as Canton Fair, started its 131st edition that will be also online on April 24, 2022. As Xu Bing, spokesperson of the Fair, deputy director general of China Foreign Trade Centre, explained in the opening cerimony, Themed facilitating the “dual circulation” of domestic and overseas markets, the event is held from April 15-24 online. The exhibition offers an online display platform, business matchmaking services, and a cross-border e-commerce zone.

The electronic and home appliances exhibition zone hosts about 2,600 companies with 140,000 products. Among the protagonist brands, the event was attended by Haier, Hisense, Gree, Midea, Changhong, TCL, and others.

Midea Group as a pioneer in the 4th Industrial Revolution f

Midea Group Co., Ltd. was honoured as a pioneer of Industry 4.0 technologies with two factories, Midea Heifei and Midea Jingzhou, included in the Global Lighthouse Network of the World Economic Forum (WEF), showing the Group’s efforts in achieving both production efficiency and sustainability.

The Global Lighthouse Network is a community of production sites and value chains which are world leaders in the adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution (4IR). In total, Midea Group owns 4 WEF Lighthouse factories covering smart home appliances, which account for a relatively high proportion of the Group’s revenue.

“Our factory used to produce high-end and middle-end products at the same time, and our production faced a very big challenge,” commented Li Zhen, General Manager of Midea Jingzhou factory. “It was very inefficient in the traditional manufacturing way, and difficult to meet the needs of our consumers in time.”
Through the implementation of the digital and intelligent transformation measures, Midea Jingzhou lighthouse factory adopted flexible automation. loT and artificial intelligence with more than 2,000 digital transformation initiatives have increased labor productivity by 52%, and reduced production lead time by 25%, the failure rate by 53%, and the utility consumption per unit by 20%.

Midea washing machine factory in Hefei has also witnessed a similar revolution. The number of product SKUs exceeds 1,100 and the annual production and sales volume of Midea Hefei is also at the forefront. “Digitalization has driven the transformation of our entire business process, model and increased efficiency,” according to Zhang Zhimin, General Manager of the factory.

Targeting domestic high-end product segments and overseas market expansion, Midea Hefei Advanced 4IR Lighthouse factory widely deploys artificial intelligence and loT technologies across end-to-end value chains to form a faster response and more efficient supply chain, resulting in lead time reduction by 56%, customer report defect rate reduction by 36%, and labor productivity improvement by 45%. Also, it also helps to meet the goal of achieving carbon emissions peak in 2025 and net-zero in 2040.

In the future, Midea Group will continue to increase investment in digitalization, IoT, global breakthroughs and technological leadership and invest in new cutting-edge technologies,” said Simon Zhang, CIO of Midea Group.

Midea big plans

Seven months into his new role as the chief financial officer of Midea Group, 39-year-old Jeremy Choy is starting to feel at home in Foshan, a city neighbouring Guangzhou in southern Guangdong province.

With multiple new Midea office towers being visibly constructed behind him, Choy told the South China Morning Post in a video chat on October 29 that the appliance giant is ready to be taken seriously as a technology company, competing head-to-head with the likes of General Electric, Siemens, Philips and Xiaomi.

“Many people still regard Midea as merely a home appliance company, but if you look at our broad product portfolio in smart homes, building technology, robots and industrial technology, we are in fact a technology company,” he said.

Before moving to mainland China from his native home of Hong Kong, Choy was head of Asia technology mergers and acquisitions for HSBC. Before that, he worked for Goldman Sachs and JP Morgan. He joined Midea in April, shortly after the appliance brand saw its market capitalisation soar past 700 billion yuan (US$109 billion).

Midea, the first appliance manufacturer to obtain the new energy label A and sound level A

Midea , the world’s No. 1 selling manufacturer of air handling appliances *, has become the first Chinese brand to obtain the double A certification of energy label A and sound level A , of the new design standard eco-energy of the European Union.

The new regulation, which came into force on April 1 of this year, affects certain categories of household appliances, such as refrigerators, washing machines or dishwashers, and differs from the previous standard by changing their labels.

The new energy labeling has gone from being from A to A +++, to being from G to A. Consequently, the class A +++ up to now would be equivalent to the current C or lower, so the new standard seeks to give a margin of improves appliance manufacturers by encouraging them to develop much more efficient and environmentally friendly models.

Obtaining this certification by Midea has been possible thanks to the great efforts made by it in the field of innovation. During this year , it has opened 28 R&D centers in 11 countries. With them, the brand not only seeks to have the opportunity to launch better home appliances on the market, both in terms of design and efficiency, but also to contribute its grain of sand to the global technological race for the preservation of the planet. Likewise, the recognition comes from the launch of a new combi refrigerator with energy classification A and sound level A, to which, at the end of the year, a whole range of electrical appliances with energy certificates between C and A will be added. This range consists of combi and multi-door refrigerators, side by side and, chest and built in models

Midea Manchester City partnership

HOME appliances company Midea and Manchester City recently announced an amplification of its global partnership, which kicked off in January last year.

Throughout this partnership, Midea has produced engaging digital content, which has proved to be very popular with City fans around the world, most notably, the #MideaHomeChallenge which kept fans entertained during the several lockdowns.

Midea Laundry VDE Certification

On September 6th, the VDE certification award ceremony for the Midea Laundry Division was held in the Wuxi Little Swan Electric Co., Ltd. Distinguished guests from Midea Laundry Division and VDE INSTITUTE were invited to attend the ceremony.

Distinguished guests from VDE INSTITUTE included Mr. Hong Wei, Chief Representative of VDE China Representative Office; Mrs. Cang Yan, Chief Expert of VDE China; Mr. Dean Wen, General Manager of VDE Renewable Energy China; and Mr. Daniel Roehrs, General Manager of VDE China.

Image: Guests from Midea Laundry and VDE pose for photo at the awarding ceremony

The guests of Midea Laundry Division attending this ceremony included Mr. George Guo, General Manager of Overseas Marketing; Mr. Xu Pengcheng, Director of R&D Center; Mr. Wang Haifeng, Director of Domestic Product Development Center of R&D Center; Mr. Yan Shulin, Director Of Overseas Product Development Center of R&D Center, and Advanced Research of R&D Center Expert Mr. Gao Hongxi, etc..

Five professional VDE certifications were awarded at the ceremony site: VDE “New EU Energy Class A”; VDE “Low Noise and Less Vibration Certification”; VDE “Vibration Reduction Certification”; VDE “Hygiene Certification”; VDE “Test Data Acceptance Program Certification” for acoustic laboratory of advanced technology research institute of Midea laundry.

At the beginning of the ceremony, Mr. Daniel Roehrs, General Manager of VDE China, delivered a speech on behalf of VDE. He says that Midea, as one of the best international brands in home appliance industry, has lots of expectations for its energy efficiency development in the future; and VDE hopes to provide corresponding support to Midea Laundry. He points out that global climate change is the biggest challenge of the 21st century. Midea Laundry is the first and only Chinese brand whose products in the 7, 8, 9, 10 kilograms have all passed the VDE German new EU Energy Class A tests. He believes that in the future, VDE and Midea will have more solid cooperation.

Afterwards, Mr. Hong Wei, Chief Representative of the VDE China Representative Office, gave a detailed introduction on VDE “New EU Energy Class A”. He points out that since 1995, washing machine energy efficiency certification has quickly become the most indicative label and a major selling point in the European Market. In 2017, European new energy label directive and new standards start to upgrade the energy efficiency level and VDE energy expert team started cooperation with Midea Laundry in the same year. During this period, VDE and Midea Laundry jointly built a platform of VDE experts, which has more than a dozen experts covering safety, energy, washing performance, drying performance, hygiene, noise and vibration. The platform regularly conducts external tests and trainings.

At the same time, VDE CEO Sven Öhrke also sent a congratulatory message from Germany in the form of video.

After the speech, the award ceremony officially began. VDE “New EU Energy Class A”, VDE “Low Noise and Less Vibration Certification”, VDE “Vibration Reduction Certification”, VDE “Hygiene Certification”, VDE “Test Data Acceptance Program Certification” trophies and certificates were successively awarded at the scene.

At the end of the ceremony, Mr. Xu Pengcheng, Director of the R&D Center, made a concluding speech. Mr. Xu says that Midea Laundry has cooperated with VDE for many years. VDE represents the highest level of global testing and certification. As Midea Laundry continues to deepen its globalization, it needs strong support from VDE, which requires Midea Laundry to design more environmentally friendly, healthy and green products. 

Under the general trend of world diversification and globalization, the globalization and internationalization of products has become an important topic. The obtaining of a number of VDE professional certifications by Midea washing machines, not only marks the recognition of the energy efficiency of Midea products by the international community, but also marks another step forward for Midea washing machines on the road to internationalization. In the future, Midea Laundry will continue to increase its investment in technological research, and is committed to designing more green, healthy, high-quality products that meet market needs.

Midea posts solid H1 revenue growth

China’s leading home appliance manufacturer Midea Group saw its revenue rise 24.98 percent year on year in the first half of 2021, following strong sales growth.

Its revenue reached 173.8 billion yuan (about 26.9 billion U.S. dollars) in the January-June period, the Fortune 500 company said in an interim financial report filed with the Shenzhen Stock Exchange on Tuesday.

Over the period, the company chalked up 15 billion yuan in net profit, up 7.76 percent year on year, according to the report.

Midea said its major home appliance products expanded their shares in online and offline domestic markets in the first six months of this year. The company was the top seller of household air conditioners in both markets during the period