Midea Group

Midea’s official brand history traces the group to 1968, when a modest workshop in Shunde was founded by 23 residents, including He Xiangjian, with capital of 5,000 yuan. The company entered the air-conditioning industry in 1985 and then diversified from a single product area into an integrated white-goods and consumer-appliance business. [1]

Midea’s 2024 shareholder letter reports a major current scale milestone: total revenue reached RMB 409.1 billion, the business-to-business segment reached RMB 104.5 billion, net profit attributable to the parent company was RMB 38.5 billion, and operating cash flow was RMB 60.5 billion. The letter also records Midea’s 2024 issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange, alongside its established Shenzhen listing. [2] [3]

The 2024 annual report shows the breadth behind those figures. Smart Home Solutions contributed RMB 269.532 billion, or 65.9% of revenue; Energy Solutions and Industrial Technology RMB 33.610 billion; Intelligent Building Technology RMB 28.470 billion; and Robotics & Automation RMB 28.701 billion. The report gives the registered and business address as the Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan, Guangdong, confirming Foshan as the group’s base while its activities span consumer, commercial, industrial and automation markets. [3]