In 2022, Midea ranked first in China in terms of market share for several categories of products both online and offline.
Midea Holding Co., Ltd. (hereinafter referred to as "Midea", Chinese: 美的), headquartered in Foshan, Guangdong Province, recently released its 2022 annual report and 2023 quarterly report. In 2022, the company's total revenue reached CNY 345.7 billion (USD 50 billion), an increase of 0.7% year-on-year, with a net profit of CNY 29.6 billion, 3.4% higher than in the previous year. In the first quarter of 2023, Midea achieved total revenue of CNY 96.6 billion, up 6.3% year-on-year, and achieved net profit attributable to its parent of CNY 8 billion, an increase of 12.0% from the same period last year.
Founded in 1968, Midea is one of the leading companies in the electrical appliance industry. Its five business segments are smart home, building technology, electro-mechanical, robotics & automation, and digital innovation. It has spent nearly CNY 50 billion on research and development in the past five years and provides services to over 400 million users worldwide each year. Up until now, Midea has about 200 subsidiaries, 35 R&D centers and 35 major production bases worldwide, with operations in more than 200 countries and regions.
In the overseas market, which accounts for up to 41% of its overall revenue, Midea's 2022 overseas sales revenue reached CNY 142.65 billion, up 3.63% year-on-year. Last year, Midea made headway towards the Global Impact strategy that has focused on the United States, Brazil, Germany, Japan and ASEAN, and initiated a special campaign for overseas branding. In 2022, Midea had more than 3000 new partners, and witnessed a year-on-year increase of 14% in e-commerce sales revenue
According to global information technology service provider All View Cloud, Midea ranked first in China in terms of market share for several categories of products both online and offline, including air conditioners, countertop microwaves, countertop ovens, electric heaters, induction cookers, electric kettles, etc. Among them, Midea's offline share of air conditioners reached 33.7% of the total market share and its online share reached 33.6%.
The major competitors of Midea in the electrical appliance field include Chinese companies such as Gree (Chinese: 格力), Haier (Chinese: 海尔) (together with the Midea known as China's "Three Giants of Electrical Appliances"), as well as international players such as LG Electronics from South Korea, Panasonic from Japan, and AEG from Germany.
Based on current industry trends, Tan Xiguang, chairman of Midea, believes that the electrical appliance industry is heading to a more intelligent, more efficient and greener future. In February 2023, Midea was listed among the "2022 Forbes China Top 50 Sustainable Development Industrial Enterprises". Besides, Midea is increasing investment in R&D, constantly launching innovative products, and cooperating with technology companies to jointly explore new trends in the home appliance industry.