Midea Group(SZ:000333)2023-04-28 16:00Company Performance - Midea Group ranked No. 245 on the 2022 Fortune Global 500 list and No. 36 on the Brand Finance Tech 100 list[4]. - Operating revenue for 2022 was RMB 343,917,531, representing a 0.79% increase from RMB 341,233,208 in 2021[29]. - Net profit attributable to shareholders increased by 3.43% to RMB 29,553,507 from RMB 28,573,650 in 2021[29]. - Midea achieved total revenue of RMB 345.7 billion in 2022, up 0.68% year on year, and a net profit attributable to shareholders of RMB 29.6 billion, up 3.43% year on year[66]. - Midea's total operating revenue for 2022 was RMB 343.92 billion, a year-on-year increase of 0.79%[180]. - The HVAC segment generated RMB 150.63 billion, accounting for 43.80% of total revenue, with a growth of 6.17% year-on-year[180]. - Midea's online sales reached RMB 68.01 billion, representing 19.78% of total revenue, with a year-on-year growth of 9.51%[180]. - The Robotics & Automation Division recorded revenue of RMB 29.93 billion, up 9.70% year-on-year[180]. Strategic Focus and Goals - The company aims to stabilize profit and drive growth in 2023, focusing on exploring new markets and product categories[10]. - Midea's business principle for 2023 emphasizes entrepreneurship and the formation of internal entrepreneurial groups to foster innovation[10]. - Midea plans to enhance its international presence by accelerating the growth of its overseas business and developing global industrial chains[9]. - Midea's strategic focus includes improving profitability and achieving robust operations through a return to basic business principles[4]. - Midea's strategic focus includes technology leadership, direct user engagement, and global impact, aiming for comprehensive digitalization and intelligence[38]. - Midea's strategic focus on "Technology Leadership" aims to drive transformation towards becoming a global technology group[93]. Market Performance - Midea maintained the number one market share in several home appliance categories, including residential air conditioners (33.7%) and countertop pan-microwave ovens (55.2%) in 2022[43]. - The domestic retail sales of air conditioners reached RMB141.1 billion, down by 8.7% year on year, with high-end products' online market share exceeding 65%[47]. - The domestic retail sales of laundry appliances were RMB62.4 billion in 2022, down 12.6% year on year, while clothes dryers saw retail sales of RMB8.3 billion, up 12.3% year on year[48]. - The domestic retail sales of refrigerators were RMB91.7 billion in 2022, down by 8.2% year on year, with large refrigerators (over 500L) capturing nearly 50% of the offline market share[49]. - The domestic retail sales of kitchen appliances totaled RMB183.1 billion in 2022, down 9.5% year on year, with dishwashers reaching RMB10.2 billion, up 7.6% year on year[50]. - The domestic sales of small domestic appliances were RMB131.1 billion in 2022, down 6.4% year on year, while air fryers saw retail sales of RMB5.6 billion, up 58.1% year on year[52]. - Online retail sales accounted for 57.8% of total retail sales of home appliances in China during 2022, up 6% from the previous year[54]. Innovation and R&D - Midea increased R&D investments to enhance efficiency and established a global R&D platform, aiming for leadership in R&D achievements and product trends[92]. - By the end of 2022, Midea held over 80,000 valid patents and was granted more than 4,000 invention patents globally in 2022[96]. - Midea won three national science and technology awards and over 340 provincial and ministerial science and technology awards by the end of 2022[96]. - Midea participated in the formulation/revision of 314 technological standards in 2022, including 11 international standards[97]. - Midea's innovative projects, such as precision washing technology and low-noise motors, have led to significant technological breakthroughs and improved product performance[94][95]. - Midea's AI Innovation Center achieved breakthroughs in smart home, smart manufacturing, smart medical services, and household robots, with the XIAOWEI robot now mass-produced[130]. Sustainability and ESG - Midea has been selected as one of the ESG case companies by Forbes China, highlighting its commitment to environmental, social, and governance practices[4]. - Midea's focus on green recycling has led to the establishment of an "Internet +" recycling platform, promoting sustainable practices[105]. - Midea's photovoltaic engineering projects saved customers millions in annual electricity costs, while household energy storage products and integrated photovoltaic storage solutions saw overseas market orders exceeding RMB100 million[145]. - Midea's "Key Technologies and Equipment for Urban Sustainable Development" project was included in China's 14th Five-Year Plan for National Key R&D Projects, focusing on human factors engineering in public buildings[154]. Financials and Investments - The proposed cash dividend is RMB 25 (tax inclusive) per 10 shares, based on a total share capital of 6,875,060,728 shares[15]. - Midea has distributed cash dividends totaling more than RMB86 billion since its listing in 2013, including over RMB2.6 billion for share repurchases in 2022[163]. - Midea has invested over RMB50 billion in R&D over the past five years, with more than RMB12 billion invested in 2022 alone[167]. - Cash inflows from financing activities increased by 158.87% to RMB 54,739,462 compared to the previous year[193]. - Total investment amount for the reporting period was RMB 116,463,458, reflecting a year-on-year increase of 1.98%[200]. Global Expansion - Midea's overseas business spans more than 200 countries and regions, enhancing its global supply cooperative mechanism[114]. - Midea has established 18 overseas manufacturing bases and 24 overseas operating agencies to enhance global competitiveness[169]. - Midea's manufacturing base in Egypt and a new air conditioning base in Thailand were completed in 2022, enhancing overseas capacity[119]. - Midea's Amazon business in the US grew tens of times in sales during 2022, reflecting significant channel expansion efforts[117]. Customer Engagement and Service - Midea's active service platform launched 33 service scenes, significantly improving user engagement and satisfaction[105]. - The company has built a closed-loop system for customer feedback, enabling rapid problem resolution and service improvement[105]. - By the end of 2022, Midea had over 140 million registered members, with a Net Promoter Score increase of 6% compared to the same period in 2021[103]. - Midea achieved a user confirmation rate of 90% and a 24-hour completion rate of 88% for service requests[104].