Midea Records Revenue of CNY 140 Billion in 1H 2020, Twice that of Gree Electric
The gap between Midea and Gree Electric is gradually widening.
On August 30, Midea Group released its first-half financial report of 2020. During the reporting period, the company's revenue reached CNY 140 billion, a year-on-year decrease of 9.47%; net profit was CNY 14 billion, a year-on-year decline of 8.29%.
In terms of products, Midea's HVAC revenue was CNY 64.03 billion, a year-on-year decrease of 10.37%; gross profit margin was 24.20%, a year-on-year decline of 7.88%; consumer electronics business (small appliances, refrigerators, washing machines) revenue was CNY 53.04 billion, a year-on-year decrease of 9.11%; gross profit margin was 31.61 %, an increase of 0.32% year-on-year.
Midea's online channels performed strongly. The company's omnichannel sales exceeded CNY 43 billion, an increase of 30% year-on-year, and it ranked first in all household appliances category on platforms such as JD.com, Tmall and Suning.com.
Midea's online market share of air conditioners was 37.40%, and the offline market share was 34.20%, both increased over the same period last year. The online market share of washing machines was 34.60%, and the offline market share was 27.30%. The online market share of refrigerators is 19%, and the offline market share is 14.30%.
In the field of smart home, data shows that the activation rate of Midea's smart home appliances has increased by 33% from the beginning of 2020. The sampling rate of Midea's smart products in offline channels has reached 78%. Over 10 million households have used Midea's smart home services.