ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
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 2020 CNYUSD
Gross Profit71,224.35M10,319.02M
Operating income23,663.80M3,428.42M
Income before tax31,261.01M4,529.11M
Net income27,158.03M3,934.67M
Diluted EPS3.890.56
Dividends Per Share1.600.23
Total Assets360,382.60M55,106.05M
Total liabilities235,365.77M35,989.75M
Total equity117,516.26M17,969.39M
Operating cash flow34,432.10M4,988.54M
Currency in CNYCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 158,764.58M 240,502.46M 260,202.06M 277,659.89M 284,176.08M
Gross Profit 42,706.69M 59,788.27M 71,844.80M 79,611.71M 71,224.35M
Operating income 15,037.37M 18,044.96M 22,373.76M 25,423.34M 23,663.80M
Income before tax 18,748.69M 21,544.75M 25,423.73M 29,422.88M 31,261.01M
Net income 14,684.35M 17,283.68M 20,207.24M 24,170.12M 27,158.03M
EBITDA 18,615.37M 24,740.83M 27,191.22M 30,591.60M 28,684.06M
Diluted EPS 2.28 2.63 3.05 3.56 3.89
Dividends Per Share 1 1.20 1.30 1.60 1.60
Total Assets 170,600.71M 248,106.85M 263,701.14M 301,955.41M 360,382.60M
Total liabilities 101,621.61M 165,179.18M 170,599.04M 193,842.16M 235,365.77M
Total equity 61,126.92M 73,737.43M 83,072.11M 101,669.16M 117,516.26M
Operating cash flow 28,649.05M 27,170.22M 29,959.02M 42,616.99M 34,432.10M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 23,897.52M 35,586.64M 39,323.20M 40,183.17M 41,171.60M
Gross Profit 6,428.28M 8,846.74M 10,857.59M 11,521.47M 10,319.02M
Operating income 2,263.45M 2,670.07M 3,381.24M 3,679.28M 3,428.42M
Income before tax 2,822.08M 3,187.93M 3,842.17M 4,258.10M 4,529.11M
Net income 2,210.31M 2,557.43M 3,053.83M 3,497.92M 3,934.67M
EBITDA 2,802.01M 3,660.85M 4,109.29M 4,427.24M 4,155.76M
Diluted EPS 0.34 0.38 0.46 0.51 0.56
Dividends Per Share 0.15 0.17 0.19 0.23 0.23
Total Assets 24,548.63M 38,099.94M 38,408.48M 43,348.89M 55,106.05M
Total liabilities 14,622.86M 25,365.35M 24,848.02M 27,828.09M 35,989.75M
Total equity 8,795.87M 11,323.31M 12,099.58M 14,595.68M 17,969.39M
Operating cash flow 4,312.30M 4,020.32M 4,527.57M 6,167.56M 4,988.54M

Valuation Measures

Dec 2020
Operating margin8.32%
Profit margin9.55%

Key executives

  • Chairman & President: Hong Bo Fang
  • Chief Financial Officer: Zheng Zhong
  • Vice President & Head-Domestic Marketing: Jin Liang Wang
  • Executive Director & Vice President: Yan Min Gu
  • Vice President: Ming Guang Xiao


  • HE XIANG JIAN (32.2%)
  • China Securities Finance Corp. Ltd. (2.9%)
  • Midea Group Co. Ltd. (1.8%)
  • E Fund Management Co., Ltd. (1.5%)
  • Canada Pension Plan Investment Board (1.5%)
  • China Investment Corp. (Investment Management) (1.3%)
  • HUANG JIAN /MIDEA/ (1.2%)
  • First Sentier Investors (Hong Kong) Ltd. (0.9%)
  • Capital Research & Management Co. (Global Investors) (0.7%)
  • Orient Securities Asset Management Co. Ltd. (0.7%)

Contact Details

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

Related Companies

  • 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.
  • Guangdong Midea Lighting Electric Manufacturing Co. Ltd.
  • Midea Electric Trading (Singapore) Co. Pte Ltd.
  • Midea Singapore Trading Co. Pte Ltd.


  • Regal Rexnord Corporation
  • Dayou Automotive Seat Technology Co., Ltd
  • Chigo Holding Limited
  • Whirlpool Corporation
  • SEB SA
  • Airmate (Cayman) International Co., Ltd.
  • A. O. Smith Corporation
  • iRobot Corporation
  • Middleby Corporation
  • BEST Inc. Sponsored ADR Class A
  • Strauss Group Ltd
  • Carrier Global Corp.
  • Zhejiang Yankon Group Co., Ltd. Class A
Last Updated on 19 May, 2022

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