FOSHAN, China, Aug. 20, 2024 /PRNewswire/ -- Midea Group has achieved a historic financial milestone, with revenue surpassing RMB 100 billion for two consecutive quarters and reaching a remarkable RMB 218.1 billion in the first half of 2024. This represents a 10% year-over-year increase, with profits jumping to RMB 20.8 billion, reflecting a 14% rise.
Revenue of Mainland China grew 8%, demonstrating Midea Group's strong market penetration in China. Internationally, the company's revenue experienced a remarkable 13% leap. OBM operations recorded a considerable revenue growth, with an over 50% YOY increase in e-commerce sales revenue.
The consumer (ToC) segment reported a revenue of RMB 147.6 billion, an 11% increase, while commercial and industrial solution (ToB) revenues saw a 6% year-over-year growth. The new energy and industrial technology segment reached RMB 17.1 billion, intelligent building technology revenues were at RMB 15.7 billion, and robotics and automation revenues stood at RMB 13.9 billion.
Midea has invested RMB 7.66 billion in R&D, with a 15.91% increase in the first half of 2024. The acquisition of over 5,000 new patents in 2024 has placed Midea among the top 10 global patent holders. Its global network of 17 R&D centers and 22 production bases across more than 200 countries highlights its leadership in smart manufacturing and digital transformation.
Midea Group's unwavering commitment to ESG (Environmental, Social, and Governance) is underscored by its adherence to the UN Women's Empowerment Principles and an A2 Moody's credit rating, showcasing financial stability. The company's innovative edge is reflected in its cutting-edge manufacturing, including 3 zero-carbon, 9 5G-enabled, and 5 World Lighthouse Factories. Recognized globally, Midea Group has consistently ranked in the Fortune Global 500, securing the 277th spot in 2024, and as the 205th company in the 2024 Forbes Global 2000 list, alongside being rated the 236th most valuable brand by Brand Finance, affirming its strong global brand presence and market influence.
Despite economic volatility, Midea Group has shown resilience with significant semi-annual revenue growth. With a strategic focus on innovation, operational efficiency, and global expansion, the company is set for continued growth, committed to investing in R&D and digital transformation.
The financial results for H1 2024 highlight Midea Group's thriving performance across both domestic and international markets, reflecting a balanced strategy that combines technological innovation with operational excellence and a robust global presence.
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