Guangdong home appliance supplier sees record profits

Midea Group, one of the world's largest home appliance suppliers based in Foshan, Guangdong province, reported impressive growth and record profits in 2023, according to its annual financial report.

The company achieved a total revenue of 373.7 billion yuan ($51.74 billion), representing a year-on-year increase of 8 percent, with the net profit attributable to shareholders increasing by 14 percent year-on-year to 33.7 billion yuan, marking the largest growth since 2019.

Midea's business growth is attributed to its "Global Impact" strategy, which has resulted in overseas sales accounting for over 40 percent of its total sales for several years, according to the report.

Midea's products have been exported to over 200 countries and regions worldwide, and it is continuously expanding its overseas manufacturing layout, promoting the construction of manufacturing bases in Indonesia, India, Thailand, Brazil, Mexico, Italy, Egypt, and other countries, the company said.

The company's new energy and industrial technology are co-builders of digital transformation and green sustainable development in the global industrial field, consolidating its leading position in the industry, according to the report.

The company's household air conditioning compressor business ranked first in 2023, claiming a global market share of 45 percent. Its household air conditioning and washing machine motors also secured the top spot globally, with market shares of 40 percent and 22 percent, respectively.

Kuka, a subsidiary of Midea, reached record-high revenue and order volume in 2023, with a particularly strong performance in the Chinese market.