ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Consumer Durables

Midea Group Co. Ltd.

Company Background

Chinese home appliance maker Midea Group offers products such as air conditioners, refrigerators, washing machines and microwave ovens. Its main competitor is China's top air conditioner maker, Gree Electric Appliances.

He Xiangjian set up the company with friends in 1968 in the town of Foshan, Guangdong Province, beginning with a small operation producing plastic parts. It built earnings with electric fans and the like, and listed on the Shenzhen Stock Exchange in 1993. In 2012, He stepped down, replaced by current Chairman Fang Hongbo.

At the end of 2014, smartphone maker Xiaomi invested in Midea, taking a 1.288% stake. They plan to deepen their business relationship by combining Midea's home-appliance technology with smartphones to jointly produce, for example, a system to easily operate home appliances using smartphones. Recently, Midea has been building partnerships with other companies, including online retailer Jingdong Group.

Business Summary

Midea Group Co., Ltd. manufactures and sells home and commercial electric appliances. Its business segments include large appliances, water, kitchen, large & small cooking, heating, ventilation, electrical and logistics appliances. Its products include air conditioner, fan, bakery machine, rice cooker, microwave, oven, induction cooker, micro-electric air pot, kettle, vacuum cleaner, humidifier, heater, washing machine, water appliances, floor care, and dehumidifier. The company was founded by He Xiang Jian in 1968 and is headquartered in Foshan, China.

Financial Highlights

Dec 2021 CNYUSD
Gross Profit77,125.36M11,958.60M
Operating income25,373.55M3,934.27M
Income before tax33,156.86M5,141.11M
Net income28,491.49M4,417.72M
Diluted EPS4.120.63
Dividends Per Share1.700.26
Total Assets387,946.10M60,870.04M
Total liabilities251,892.56M39,522.78M
Total equity124,868.12M19,592.22M
Operating cash flow40,739.98M6,316.90M
Currency in CNYCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 240,502.46M 260,202.06M 277,659.89M 284,176.08M 341,751.44M
Gross Profit 59,788.27M 71,844.80M 79,611.71M 71,224.35M 77,125.36M
Operating income 18,044.96M 22,373.76M 25,423.34M 23,663.80M 25,373.55M
Income before tax 21,544.75M 25,423.73M 29,422.88M 31,261.01M 33,156.86M
Net income 17,283.68M 20,207.24M 24,170.12M 27,158.03M 28,491.49M
EBITDA 24,740.83M 27,191.22M 30,591.60M 28,684.06M 31,556.40M
Diluted EPS 2.63 3.05 3.56 3.89 4.12
Dividends Per Share 1.20 1.30 1.60 1.60 1.70
Total Assets 248,106.85M 263,701.14M 301,955.41M 360,382.60M 387,946.10M
Total liabilities 165,179.18M 170,599.04M 193,842.16M 235,365.77M 251,892.56M
Total equity 73,737.43M 83,072.11M 101,669.16M 117,516.26M 124,868.12M
Operating cash flow 27,170.22M 29,959.02M 42,616.99M 34,432.10M 40,739.98M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 35,586.64M 39,323.20M 40,183.17M 41,171.60M 52,989.99M
Gross Profit 8,846.74M 10,857.59M 11,521.47M 10,319.02M 11,958.60M
Operating income 2,670.07M 3,381.24M 3,679.28M 3,428.42M 3,934.27M
Income before tax 3,187.93M 3,842.17M 4,258.10M 4,529.11M 5,141.11M
Net income 2,557.43M 3,053.83M 3,497.92M 3,934.67M 4,417.72M
EBITDA 3,660.85M 4,109.29M 4,427.24M 4,155.76M 4,892.95M
Diluted EPS 0.38 0.46 0.51 0.56 0.63
Dividends Per Share 0.17 0.19 0.23 0.23 0.26
Total Assets 38,099.94M 38,408.48M 43,348.89M 55,106.05M 60,870.04M
Total liabilities 25,365.35M 24,848.02M 27,828.09M 35,989.75M 39,522.78M
Total equity 11,323.31M 12,099.58M 14,595.68M 17,969.39M 19,592.22M
Operating cash flow 4,020.32M 4,527.57M 6,167.56M 4,988.54M 6,316.90M

Valuation Measures

Dec 2021
Operating margin7.42%
Profit margin8.33%

Key executives

  • Chairman & Chief Executive Officer: Hong Bo Fang
  • Chief Financial Officer: Zheng Zhong
  • Chief Technology Officer & Vice President: Zi Qiang Hu
  • Vice President & Head-Domestic Marketing: Jin Liang Wang
  • Executive Director & Vice President: Yan Min Gu


  • HE XIANG JIAN (32.1%)
  • China Securities Finance Corp. Ltd. (2.8%)
  • Midea Group Co. Ltd. (2.4%)
  • Canada Pension Plan Investment Board (1.5%)
  • E Fund Management Co., Ltd. (1.4%)
  • Capital Research & Management Co. (Global Investors) (1.3%)
  • China Investment Corp. (Investment Management) (1.3%)
  • HUANG JIAN /MIDEA/ (1.2%)
  • First Sentier Investors (Hong Kong) Ltd. (1.0%)
  • Invesco Great Wall Fund Management Co. Ltd. (Invt Mgmt) (0.8%)

Contact Details

  • Website:
  • Address: Midea Headquartere Building, No. 6 Midea Avenue, Foshan, 528311, China
  • Phone: +86.757.2633.8888

Related Companies

  • Guangdong Midea Smart Home Furnishing Technology Co., Ltd.
  • Shanghai M-BMS Intelligent Construction Co. Ltd.
  • Midea Intelligent Lighting & Controls Technology Co., Ltd.
  • Midea Industrial Technology
  • Guangdong Midea Electric Co. Ltd.
  • Kuka Robotics Australia Pty Ltd.
  • Zhejiang Meizhi Compressor Co., Ltd.
  • Midea Commercial Factoring Co., Ltd.
  • Foshan Midea Air Conditioner Industrial Investment Co. Ltd.
  • Midea Microfinance Co., Ltd.
  • Meidi Capital (Guangdong) Investment Management Co. Ltd.
  • Midea India Pvt Ltd.
  • Midea Innovation Investment Co. Ltd.
  • Wuhu Midea Life Electric Manufacturing Co., Ltd.
  • Wuhu Midea Kitchen Applicances Manufacturing Co., Ltd.
  • Midea Electrics Netherlands II BV
  • Guangzhou Hualing Refrigeration Equipment Co., Ltd.
  • Hefei Midea Refrigerator Co., Ltd.
  • Midea Electric Netherlands (I) BV
  • Midea Group Partner Program
  • GD Midea Heating & Ventilating Equipment Co., Ltd.
  • Electrolux Home Care Products, Inc. /Eureka Brand/
  • Midea America Corp.
  • Foshan Shunde Midea Electrical Heating Appliances Manufacturin
  • Jiangsu Midea Cleaning Appliances Co. Ltd.
  • Wuhu Maty Air-Conditioning Equipment Co., Ltd.
  • Wuhu Midea Washing Appliances Manufacturing Co. Ltd.
  • Midea Investment Development Co. Ltd.
  • Toshiba Lifestyle Products & Services Corp.
  • Foshan Midea Household Appliances Group Co., Ltd.


  • Regal Rexnord Corporation
  • Dayou Automotive Seat Technology Co., Ltd
  • Chigo Holding Limited
  • Airmate (Cayman) International Co., Ltd.
  • Whirlpool Corporation
  • SEB SA
  • A. O. Smith Corporation
  • iRobot Corporation
  • Runner (Xiamen) Corp. Class A
  • Middleby Corporation
  • Strauss Group Ltd
  • Carrier Global Corp.
  • Tianyang New Materials (Shanghai) Technology Co., Ltd. Class A
Last Updated on 20 Jan, 2023

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more