Midea Group announced that it has featured on the 2020 Fortune Global 500 List for the fifth year running, ranking 307th place, moving up 5 places compared to 2019. The Group first entered the Fortune Global 500 list in 2016. Over the past five years, Midea has continuously climbed up the ranks thanks to the company’s dedication towards innovation. This year, Midea Group has started transforming five of its key businesses, including Consumer Appliances, HVAC Systems, Components, Industrial Automation and Smart Logistics. “Looking ahead – they state from the company – Midea Group will continue to focus on achieving its aim of becoming a world-leading technology corporation through the development of innovative platforms including its retail and industrial cloud arms.”
The Group expresses its satisfaction for this result after a difficult year spent facing the pandemic problems.
«As a company with major operations in China and around the world – the CEO, Paul Fang wrote on February to all the Midea staff – we have a responsibility to contribute to the fight against this epidemic. I am extremely proud of the efforts that this company has already made and the fact that we were one of the first to respond. We donated thousands of appliances to Huoshenshan Hospital and have donated 100 million yuan to contribute towards the relief efforts.
Shenzhen-listed Midea reported net profits of 6.04 billion yuan ($858.5 million) in the three months through September, representing a 23.5% increase year-on-year. Its revenue hit 67 billion yuan in the three months through September, 6.4% higher than last year.
Over at Gree, whose business mainly focuses on air conditioners, growth was more sluggish. The Shenzhen-listed company posted 8 billion yuan in net profit — a rise of 0.66% year-on-year — and generated 57 billion yuan in revenue, a rise of just 0.03%.
Meanwhile, Shanghai-listed Haier, which is staking its future on developing “smart home” technologies, turned a net profit of 2.6 billion yuan, more than double the equivalent figure from last year, and also reported a 7.7% rise in revenue to 148 billion yuan. The figures come after Haier jettisoned its logistics arm — bringing 4.6% revenue growth, according to the company — and earned 144 billion yuan from a stock selloff.Domestic sales of home appliances hit 174.5 billion yuan in the third quarter, a year-on-year increase of 4.2%, according to the China Testing & Inspection Institute for Household Electric Appliances, an organization affiliated to the country’s State Council.
