Midea Group posted annual revenue of 284.2 billion Yuan for 2020, up by 2% year-on-year, net profit attributable to the parent company 27.2 billion Yuan for 2020, up by 12% year-on-year, revenue of 82.5 billion Yuan for Q1 2021, up by 42% year-on-year, and net profit attributable to the parent company 6.5 billion Yuan for Q1 2021, up by 34% year-on-year, according to the financial report released by the company on April 29, 2021. Midea Group is expected to hit the 300 billion Yuan milestone in revenue in 2021 if this growing momentum continues.
As to specific category, the HVAC (Heating Ventilation Air Conditioning) business of the company posted revenue of 121.2 billion Yuan in 2020. The report says residential air conditioners of Midea accounted for 36% of online market, the biggest of all brands, and 33% of offline market. It’s worth noting that Midea unveiled the offline market share rankings of 16 categories under its umbrella and the online market share rankings of 19 categories in the report, all in the top 3. Consumer electronics of Midea posted revenue of 113.9 billion Yuan in 2020, up by 4% year-on-year. Its revenue from overseas markets came to 121.1 billion Yuan in 2020, up by 0.6% year-on-year. Sales value from overseas markets accounted for more than 40% of its total sales value.