Consumer Discretionary Author: EqualOcean News, Yiru Qian Nov 01, 2021 06:09 PM (GMT+8)

For the first three quarters, the domestic revenue increased by 24.7% and the overseas revenue increased by 15.51% compared with the same period last year.

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According to Midea's financial results for the first three quarters of 2021:

- The revenue increased by 20.57% to CNY 261.342 billion, and net income attributable to parent company was CNY 23.455 billion, with an increase by 6.53% year-on-year. Among them, Q3 revenue achieved CNY 87,532 million (up 12.66% YoY), while the net profit attributable was CNY 8,446 million (up 4.4% YoY).

- The company's domestic revenue increased by 17% in the third quarter of 2021, while overseas revenue increased by 6.4%. By the end of September, the company had added more than 36,000 overseas private label outlets for the whole year.

- The net cash flow from operating activities was CNY 27,897 million, with an increase by 11.52% compared to the same period last year, while its own capital amounted to CNY 128.1 billion (up 2.4% YoY).

- The company's research and development expenses amounted to CNY 8,765 million, showing a year-on-year increase of 30.51%.

- The online and offline shares of the domestic air-conditioning market are 34.8% and 35.8%, respectively.

- The online and offline shares of washing machines are 35.2% and 27.5%, respectively.

- The online and offline shares of refrigerators are 18.6% and 14.5%, respectively.

Founded in 1968, Midea is a global technology group covering five business sectors. It has about 200 subsidiaries with more than 60 overseas branches and 10 strategic business units, whose products and services benefit more than 200 countries and regions around the world for over 400 million users. It was listed on the Shenzhen Stock Exchange on September 18, 2013. As of the close of trading on October 29, 2021, the company's share price edged up by 0.95% to CNY 68.77, with a market capitalization of CNY 480.2 billion, ranking first in the domestic white home appliances industry.

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