HONG KONG, Sept 12, 2024 – (ACN Newswire) – – On August 19, Midea Group, a leading global home appliance and smart manufacturing company, released its interim results report for 2024. The report shows that the Company has achieved total revenue. of RMB218.1 billion, representing a year-on-year growth of 10%. Net profit attributable to shareholders of the listed company reached RMB20.8 billion, representing a year-on-year increase of 14%. Both revenue and net profit saw double-digit growth, further cementing the Company's leading role in the industry.
Strong Emphasis on ESG and Establishing a Strong Global Business Profile
In the first half of 2024, Midea Group has focused its core values on advanced ESG principles, continuously making intensive efforts in the areas of environment, society and business management, setting a mark to demonstrate sustainable development in the industry. The data shows that the Company planned and implemented 1,415 energy saving and carbon reduction projects in the first half of the year, with an expected annual profit of RMB170 million, which shows the Company's strong commitment to environmental change and remarkable achievements.
In terms of social responsibility, Midea Group has made a large donation, including RMB1 million to Middle School No. 2 in Dongfeng Town, Zhongshan City, to support education infrastructure, and RMB400,000 to Dandelion School-Beijing, to support education development. and improving the lives of teachers and students, reflecting the Company's deep commitment to social welfare and promoting educational equity.
For its prominent role in the field of ESG, Midea Group was listed in the “Fortune 2023 China ESG Impact List” and was honored with the award of “Forbes China's ESG Inspirational Case for 2023”, which also consolidates its leadership in ESG and builds its image. as a responsible and dedicated business in the global market.
Strengthening Investments in Science and Technology to Improve Overall Competitiveness
While applying the ESG concept, Midea Group takes innovation as its main strategy and continues to increase its investment in research and development (R&D), leading to a new trend of technological development and product innovation. In the first half of 2024, the Company's investment in R&D reached RMB7.66 billion, representing a year-on-year growth of 15.91%. More than 5,000 new patents have been licensed and the number of patents is the eighth largest in the world. These remarkable achievements are not only the invention of the Company's new technology, but also a strong demonstration of dedication to technological leadership and the pursuit of success. Through intensive R&D, the Company accelerates iteration and innovation in the field of smart home, brings consumers a more intelligent, convenient and comfortable life experience, and is expected to make a big difference in the field of smart home in the future. .
Accelerating International Business Development and Further Deepening Globalization Strategy
Midea Group continues to deepen and expand its global business structure, accelerating the success of its global operations. The data shows that in the first half of 2024, Midea's overseas OBM business revenue accounted for almost half of the revenue from overseas Smart Home Solutions, with a market share of more than 40% highlighting its strong brand influence and market competition.
It is noteworthy that Midea Group's overseas e-commerce business under its brand has grown significantly. In the first half of 2024, e-commerce sales have increased by more than 50% year-on-year. Many star brands have topped Amazon's (NASDAQ:) bestseller list, successfully winning the hearts of consumers in many countries.
In its approach to globalization, Midea Group is well aware of the importance of “R&D first” and has accelerated the construction and expansion of overseas R&D centers, with 17 R&D centers established in 10 countries around the world, forming a coherent global network. advantages.
At the same time, the Company places great emphasis on talent development, actively promoting the corporate culture of “Diversity, Equality and Inclusion” (DEI). It is strengthening efforts to attract and cultivate local talent groups in its overseas markets. By combining the strengths of local and international talents, the Company continues to develop its talent structure, providing strong support for the sustainable and healthy development of its overseas business.
In terms of production presence, Midea Group has also demonstrated strong foresight and execution ability. Currently, the Group's production is mainly carried out in 43 major production sites worldwide, including 22 overseas sites, enabling it to produce and deliver globally seamlessly. Also, the Company also promoted the smooth production of four national production bases and the construction of new factories in four production bases, continuously improving the global supply chain system, improving product influence and increasing market competition to achieve long-term global strategic goals.
Overall, in the first half of 2024, with continuous investment in innovation, expansion of global markets, effective product development and effective ESG practices, Midea Group has achieved a series of impressive results, won the trust and favor of consumers around the world. In the future, the Company will continue to innovate, deepen digital transformation, improve efficiency, and collaborate with global partners, focus on users and constantly explore smart home and smart manufacturing to create a better life for consumers around the world.
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