Midea Group Company Research Report
Company Overview
Name
- Midea Group
Mission
- Midea Group commits to 'humanizing' the latest technology through its diverse business units, offering cutting-edge appliances, energy solutions, and digital innovations.
Founding
- No information is available.
Key People
- No information is available.
Headquarters
- No information is available.
Number of Employees
- Over 166,000 employees
Revenue
- Total reported revenue of $51.39 billion in 2023
Company Recognition
- Ranked 278th on the Fortune Global 500 list
- Lauded by Forbes as an Industry Benchmark for Sustainable Development Industrial Enterprises in China
Known For
- Recognized globally as the World's No.1 brand in Air Treatment, Air Coolers, Cooling Fans, Small Cooking Appliances, and Rice Cookers (Source: Euromonitor International).
Products and Business Divisions
Smart Home
- Description: Focused on 'humanizing' high-tech appliances to enrich the science and technology experience in households.
- Key Features: Emphasis on innovative and technologically advanced home appliances for improved daily lives.
Industrial Technology
- Description: Offers green energy solutions and core industrial components dedicated to efficiency and sustainability.
- Key Features: Utilizes science and technology to enhance product performance and solutions.
Building Technologies
- Description: Provides comprehensive solutions in Heating, Ventilation, and Air Conditioning, Elevators, and Energy Control.
- Key Features: Holistic technological approaches to equip residential, commercial, and public facilities with efficient technologies.
Robotics & Automation
- Description: Focuses on providing solutions for 'Future Factories' with industrial robots, logistic automation, and related systems.
- Key Features: Incorporates medical care and entertainment aspects in product portfolio, facilitating automation across various sectors.
Digital Innovation
- Description: Develops software services, unmanned retail solutions, and supports the digital transformation of enterprises.
- Key Features: Centers innovation around customer and retail technology for a transformative digital experience.
Recent Developments
New Products and Technologies
- Matter-connected X23 Oven: Demonstrated commitment to connectivity standards through the new X23 oven showcased in Singapore.
- Award-Winning Smarthome App: Launched at IFA Berlin, offering support for all smart home brands.
Partnerships and Initiatives
- Community Football Project: Launched in collaboration with Manchester City in Sao Paulo, Brazil, emphasizing community engagement through sports.
- Industrial Complex in Egypt: Initiated the creation of the third industrial complex in Egypt, expanding production capabilities in Sadat City.
Technological Advancements
- Matter V1.2 Integration: Midea played a key role in adding 9 new device types to the industry connectivity standard, notably supporting 5 home appliance categories.
Research and Development
- Midea invests 3.5% of its profits into R&D, boasting global R&D resources with 31 innovation centers and over 10,000 personnel.
- Accrued over 35,000 patents with filings surpassing 80,000, reinforcing a robust innovation pipeline.
Global Research Centers
- Locations include Germany, Italy, China, USA, etc., focusing on an array of technological developments and design enhancements.
Financial Performance
- Total revenue for 2023 reached RMB 373.7 billion, with a net profit of RMB 33.7 billion.
- Ranked on the Fortune China ESG Impact list and Fortune Most Admired Chinese Companies list in 2023.
This comprehensive overview of Midea Group illustrates its global presence and dedication to innovation across multiple industries, grounding its strategic approach in sustained growth and technological advancements.
