Midea Group Achieves 10% Revenue Growth in H1, Driven by Strong Overseas Performance

Tech 2024-08-20 10:30:24 Source: Network

Midea Group Achieves 10% Revenue Growth in H1, Driven by Strong Overseas PerformanceOn the evening of August 19th, Midea Group released its 2024 semi-annual report. The report revealed that the company's total operating revenue reached 218

Midea Group Achieves 10% Revenue Growth in H1, Driven by Strong Overseas Performance

On the evening of August 19th, Midea Group released its 2024 semi-annual report. The report revealed that the company's total operating revenue reached 218.1 billion yuan in the first half of the year, representing a 10% year-on-year increase. Net profit attributable to the parent company amounted to 20.8 billion yuan, up 14% year-on-year.

Despite navigating a challenging landscape marked by slowing domestic demand growth, a strained white goods retail market, global economic fluctuations, currency changes, and escalating geopolitical conflicts, Midea Group has achieved steady growth. The company has adhered to its annual operating principle of "enhancing efficiency across the entire value chain and upgrading structural growth." It has maintained a focus on core businesses and products, particularly the development of overseas operations, which has significantly enhanced the group's overall scale and profitability.

In terms of revenue structure, Midea Group's home appliance business performed stably, while its TOB (Transaction-Oriented Business) operations faced certain pressures. Specifically, intelligent home appliance revenue reached 147.6 billion yuan, a 11% year-on-year increase. Revenue from the new energy and industrial technology business amounted to 17.1 billion yuan, a 26% year-on-year increase. Intelligent building technology revenue reached 15.7 billion yuan, up 6% year-on-year. However, revenue from the robotics and automation business declined by 9% to 13.9 billion yuan. Midea Group attributed the decline to a slowdown in domestic automotive manufacturers' capacity expansion plans and adjustments in product strategies by overseas automotive manufacturers.

From a product perspective, Midea Group's HVAC and consumer appliance businesses both witnessed year-on-year growth exceeding 10%. Meanwhile, the robotics, automation systems, and other manufacturing businesses recorded a 6.02% year-on-year increase.

Geographically, Midea Group achieved robust revenue growth both domestically and internationally. Domestic revenue increased by 8.37% year-on-year, while overseas revenue surged by 13.09% year-on-year.

Midea Group Achieves 10% Revenue Growth in H1, Driven by Strong Overseas Performance

Regarding key business development priorities for the second half of 2024, Midea Group stated its commitment to implementing a priority OBM (Own Brand Management) strategy, expanding its presence globally, and learning from successful overseas companies to become a truly international enterprise. The company also plans to actively embrace new technologies and applications in the fields of digitalization and artificial intelligence to build new competitive advantages.

Specific Data:

Total Operating Revenue: 218.1 billion yuan, 10% year-on-year growth

Net Profit Attributable to the Parent Company: 20.8 billion yuan, 14% year-on-year growth

Intelligent Home Appliance Revenue: 147.6 billion yuan, 11% year-on-year growth

New Energy and Industrial Technology Revenue: 17.1 billion yuan, 26% year-on-year growth

Intelligent Building Technology Revenue: 15.7 billion yuan, 6% year-on-year growth

Robotics and Automation Revenue: 13.9 billion yuan, 9% year-on-year decline

Domestic Revenue Growth: 8.37% year-on-year

Overseas Revenue Growth: 13.09% year-on-year

Analysis of Midea Group's H1 Performance:

Stable Growth: Despite numerous challenges, Midea Group has achieved stable growth in both revenue and profit, demonstrating its strong resilience and development potential.

Strong Overseas Performance: The rapid growth in overseas operations has injected new vitality into Midea Group's overall development and reflects its increasing competitiveness in international markets.

Focus on Core Businesses: Midea Group remains focused on core businesses and products, constantly innovating and upgrading to adapt to market competition and evolving demands.

Digitalization and Artificial Intelligence: Midea Group's proactive embrace of new technologies and applications will provide new growth momentum for the company's future development.

Overall, Midea Group's first-half performance demonstrates stability and positive growth momentum. The company plans to continue cultivating its core businesses, expanding into overseas markets, and embracing digitalization and artificial intelligence to pursue sustainable growth.

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