2024-08-19-深交所-美的集团_2024年半年度报告（英文版）_262页_3mb

Midea Group Co., Ltd. 2024 Semi-Annual Report Summary

Core Content Overview

Midea Group Co., Ltd. has released its Semi-Annual Report for the period from 1 January 2024 to 30 June 2024. The report outlines the company's financial performance, business strategies, and key developments in its core industries, including home appliances, energy solutions, intelligent building technology, robotics & automation, and other innovation sectors. It also includes information on corporate governance, environmental and social responsibility, and the company's future direction.

Main Financial Highlights

Key Business Segments

1. Smart Home Solutions

Midea focuses on smart appliances and services for individual consumers. It has built intelligent scenarios, user operations, and data value discovery to enhance user experience with comprehensive smart home solutions.

2. Energy Solutions & Industrial Technology

This segment is driven by core technologies in "green energy" and "key industrial components." It operates multiple brands such as GMCC, Welling, CLOU Electronics, and provides green, efficient, and intelligent products and solutions globally.

3. Intelligent Building Technology

Midea's digital building service platform, iBUILDING, is central to this segment, which includes products like VRF units, large chillers, and building automation software. It integrates "Building Equipment and Facilities + Digital Technology + Industrial Ecosystem" to empower smart and sustainable building solutions.

4. Robotics & Automation

Midea provides solutions for industrial robotics, automatic logistics systems, and transmission systems, as well as applications in health care, entertainment, and new consumption fields.

5. Other Innovation Businesses

Includes Annto (supply chain solutions), Midea Cloud (industrial software and digitalization consulting), Midea Lighting (lighting and intelligent electrical products), and WDM (medical imaging technology).

Position in the Home Appliance Industry

Midea Group has maintained its leadership in the domestic home appliance market, ranking first in nine categories by both online and offline market share:

• Residential Air Conditioners: 37.7% market share, 1st place
• Laundry Appliances: 29.6%, 2nd place
• Clothes Dryers: 31.3%, 1st place
• Countertop Pan-Microwave Ovens: 65.1%, 1st place
• Induction Cookers: 44.8%, 1st place
• Electric Fans: 44.1%, 1st place
• Countertop Electric Ovens: 43.0%, 1st place
• Electric Radiators: 41.8%, 1st place
• Electric Kettles: 36.5%, 1st place
• Air Fryers: 35.6%, 1st place
• Water Dispensers: 25.0%, 1st place
• Electric Pressure Cookers: 38.5%, 2nd place
• Rice Cookers: 37.4%, 2nd place
• Electric Water Heaters: 30.2%, 2nd place
• Electric Baking Pans: 28.5%, 2nd place
• Water Purifiers: 18.3%, 2nd place
• Freezers: 16.8%, 2nd place
• Blenders: 27.6%, 3rd place

On the online market, Midea leads in several categories, including:

• Residential Air Conditioners: 33.2%, 1st place
• Laundry Appliances: 38.3%, 1st place
• Clothes Dryers: 38.7%, 1st place
• Induction Cookers: 54.6%, 1st place
• Countertop Pan-Microwave Ovens: 53.8%, 1st place
• Electric Kettles: 30.6%, 1st place
• Electric Fans: 28.8%, 1st place
• Countertop Electric Ovens: 27.2%, 1st place
• Air Fryers: 26.3%, 1st place
• Electric Radiators: 24.1%, 1st place
• Water Purifiers: 20.6%, 1st place

Industry Overview

A. Home Appliance Industry

• Overall Performance: The domestic home appliance market faced pressure due to weak demand and price competition, although there were signs of structural upgrades.
• Air Conditioners: Domestic retail sales decreased by 14.5% year-on-year, with an average price drop of 4.8% online and 2.3% offline. Energy-efficient and smart air conditioners saw increased market share.
• Washing Machines: Domestic sales increased by 1.8%, while clothes dryers saw a 16.9% rise. Washer-dryer combos were the main growth driver.
• Refrigerators: Sales increased slightly by 0.4%, with a shift toward French multi-door and cross-four-door models. Built-in refrigerators gained traction.
• Gas Stoves and Range Hoods: Sales increased slightly, with smart features such as linkage and hand wave control becoming more prominent.
• Dishwashers: Sales increased by 5%, with a preference for larger capacities and specialized functions.
• Water Heaters: Sales decreased by 0.9%, but gas water heaters saw a 42.1% increase in retail volume. Features like constant temperature and low noise are driving structural upgrades.
• Water Purifiers: Sales declined by 1%, but high-capacity models like 1,200G and 1,000G all-in-one purifiers gained market share.
• Built-in Microwave-Steamer-Ovens: Sales increased by 2.2%, with a focus on mid-range products in the offline market.
• Small Kitchen Appliances: Overall sales declined by 5.4%, but certain products like soybean milk makers and coffee machines saw growth.

B. Robotics and Automation Industry

• The IFR's World Robotics 2023 report highlights rapid advancements in robotics technology, particularly in collaborative robotics which use sensors and visual recognition for real-time environmental response.

Corporate Governance and Social Responsibility

Midea Group has maintained consistent corporate governance practices, with all directors attending the board meeting to review the report. The company has also taken significant steps in environmental and social responsibility, including joining UN Women's WEPs programme and achieving a leading position in intelligent manufacturing and digital development with 28 state-level green factories, three zero-carbon factories, nine 5G factories, and five "Lighthouse" factories.

Future Plans and Dividend Policy

• Midea has no plans to distribute cash dividends, bonus shares, or convert capital reserves into share capital in the current reporting period.
• The company is committed to its strategic focus on Technology Leadership, Direct to Users, Digitization & Intelligence Driven, and Global Impact.

Conclusion

Midea Group continues to maintain its leadership in the home appliance industry and is expanding its influence in the global market through strategic innovation and digital transformation. The company's financial performance shows steady growth, with a strong emphasis on sustainability, technological advancement, and user-centric approaches. Despite market pressures and consumption downgrades, Midea remains a key player in the industry with a robust product portfolio and a clear vision for the future.