Midea Group released its third quarterly report: revenue exceeded 270 billion yuan and core business continued to grow strongly

Our reporter Li Yucheng and trainee reporter Wang Jingru

On the evening of October 28, Midea Group released its third quarterly report for 2022. According to the report, Midea Group achieved a total operating income of 270.367 billion yuan in the first three quarters, a year-on-year increase of 3.45%; a net profit attributable to the parent company of 24.47 billion yuan, a year-on-year increase of 4.33%, continuing to maintain its leading position in the industry. Among them, the ToC business continued to rise steadily, with strong growth of dual high-end brands; the ToB business continued to grow with high quality and rapidity, of which the building technology division increased by 22.65% year-on-year, and the digital innovation business increased by 37.3% year-on-year.

In the first three quarters, Midea Group implemented the operation principle of “reasonable income and profit recovery”, focused on core business and products, returned to the essence of operation, and further optimized a number of indicators. Its own funds reached 149.3 billion yuan, a year-on-year increase of 13.5%, which fully demonstrated Midea’s performance. The corporate genes of reform and innovation and the development resilience of firm growth.

ToB continues to develop at a high speed and high quality, with a maximum year-on-year growth of nearly 40%

According to the report, the revenue of the Building Technology Division was 17.9 billion yuan, a year-on-year increase of 22.6%. Among them, the domestic market scale of central air conditioners and the export scale of heat pump products continued to maintain the industry leading position. The iBUILDING building digital platform has reached cooperation with leading Internet companies to jointly build a smart park.

The industrial technology business group’s revenue was 17 billion yuan, a year-on-year increase of 14.8%, with a significant increase in speed. In addition to continuing to maintain global leadership in the fields of consumer appliance compressors and motors, Midea Welling Auto Parts Co., Ltd. has launched the world’s first mass-produced 800VSiC high-speed electric compressor, which has become an innovative product in the supply system of new energy vehicle parts.

The revenue of the Robotics and Automation Division in the first three quarters was 19.5 billion yuan, an increase of 7.3 billion yuan over the first half of the year, and the market performed well. According to KUKA’s third-quarter financial report, KUKA China’s revenue was 645 million euros (about 4.6 billion yuan), a year-on-year increase of 59.1%, and the localization development effect was further demonstrated.

The revenue of digital innovation business was 8.1 billion yuan, a year-on-year increase of 37.3%. Among them, Meiyun Zhishu, as the carrier of Midea’s industrial Internet output, its Meijing industrial Internet platform was selected as the “Double-cross” platform of the Ministry of Industry and Information Technology of the People’s Republic of China. The trinity of “Industrial Solutions” has formed the construction and implementation capability of the “Lighthouse Factory” integrating software and hardware. Midea Kitchen Heat Shunde Factory has become Midea’s 5th “Lighthouse Factory”.

ToC’s dual high-end brand strategy continues to be strong, and COLMO has increased by 138% year-on-year

Midea’s smart home business group’s revenue in the first three quarters was 186.2 billion yuan, an increase of 60.3 billion yuan compared with the first half of the year. COLMO and Toshiba’s two high-end brands continued to perform strongly, with year-on-year growth of 138% and 61% respectively.

The report shows that in the first three quarters of 2022, the company invested 8.9 billion yuan in research and development, a year-on-year increase of 1.73%. Under the guidance of the strategy of strengthening the country with science and technology, Midea Group takes technological leadership as the core, insists on technological innovation to drive enterprise development, continues to increase investment in digitalization, IoT, global breakthroughs and technological leadership, and deploys and invests in new cutting-edge technologies, especially It is to strengthen investment in basic science, break through technical barriers in multiple dimensions, and lead the sustainable development of the industry.

Since 2022, Midea Group has continued to optimize its five business segments, from smart home to industrial technology, building technology, robotics and automation, and digital innovation, and insists on developing both ToC and ToB businesses. While focusing on the stock upgrade of the “Number One Strategy” of the ToC business, we will achieve incremental creation for the ToB transformation, and firmly ignite the second engine.

(Editor He Fan)