In 2024, the world continued to evolve through uncertainty. Facing complex internal and external challenges, Midea remained focused on improving efficiency across the value chain and driving structural growth—achieving record-breaking results. Total revenue reached RMB 409.1 billion, including RMB 104.5 billion from ToB business. Net profit attributable to shareholders was RMB 38.5 billion, with operating cash flow of RMB 60.5 billion. Midea ranked 277th on the Fortune Global 500 and was again named to Fortune China’s ESG Impact List and Most Admired Companies, as well as Forbes’ list of the World’s Best Employers for the second year in a row. In 2024, Midea also successfully listed its H-shares on the Hong Kong Stock Exchange, strengthening its dual A+H capital platform to support global expansion.
Midea has scaled yet another peak. From less than RMB 10 billion in revenue in the early 2000s to over RMB 400 billion today, from a single product line to a multi-industry layout across ToC and ToB, from Shunde to a global R&D, manufacturing, and sales presence—our progress is built on generations of “Midea people” driving self-disruption and transformation, step by step. Every seemingly small act has created the poetry and distance we see today. To all our people: you are braver than you think. To all our shareholders: your belief and support through volatile markets and industry cycles are the foundation of our long-term value creation.
But no success is permanent. The global economy faces weak momentum, geopolitical complexity, rapid technological shifts, and intense competition. No company is safe. Former darlings of past cycles may vanish if they fail to evolve. The goal of reaching the summit is not to stay there—but to discover what lies beyond. As Peter Drucker said, “The greatest danger in times of turbulence is not the turbulence itself, but to act with yesterday’s logic.” In today’s fierce competition, we must boldly break conventions, tear down mental barriers, and drive innovation. Only through internal reinvention can we respond to macro uncertainty with our own cycle of change.
In 2025, Midea will stay committed to “simplifying for growth and embracing self-disruption.” Simplicity is clarity; complexity leads to confusion. We will simplify business structures, product portfolios, workflows, and organisations—eliminating inefficiencies and focusing resources where they matter most. Self-disruption means shedding legacy burdens and path dependency, daring to restructure and rebuild. History has shown that companies that survive disruption do so through bold reform and reinvention. We will continue to strengthen product excellence, boost efficiency, optimise operations, reduce costs, and improve cash flow—while advancing our technology leadership strategy. Our focus:
Prioritise OBM globally
Expand offshore manufacturing, improve efficiency and delivery, increase OBM R&D and product competitiveness, and raise OBM’s share of overseas revenue.
Deepen DTC transformation
Put users at the centre, reshape offline via online, achieve full-channel integration, and build agile retail organisations for better traffic and user engagement.
Advance ToB innovation
Drive R&D in core components and green energy; reduce costs in robotics; expand smart building solutions in Europe; grow health, logistics, and heating businesses; and increase ToB revenue share.
The tide of time moves on. Whether Midea fades or thrives depends on the choices we make. Regardless of global changes or domestic shifts, we must move forward through the storm. The world is vast, and Midea is still small. There’s no road longer than the one under our feet, and no wall taller than hope. Let us stay driven, daring, and resilient—pushing global boundaries and growing wherever we go.
We look forward to writing the next Midea chapter together with you.
Midea Group Co., Ltd. Board of Directors
March 2025