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Buyer Community> Trade Intelligence> News> Midea's Interim Statements Shows 2.4 Billion Net Profit, and Net Cash Greatly Increases with Abundant Profit
Source: Appliance World Expo Appliance World Expo

Midea's Interim Statements Shows 2.4 Billion Net Profit, and Net Cash Greatly Increases with Abundant Profit

Published: 01 Sep 2013 21:36:37 PST
The leading white goods manufacturer Midea, who has actively completed adjustment and transition, finally announced its interim score on 28th. In the first half of this year, the gross revenue of Midea has reached RMB 46.287 billion, increasing year-on-year by 18.72%. The net profit for stockholders of listed company has reached RMB 2.404 billion, increasing year-on-year by 24.69%. The net cash flow from operating activities has totaled RMB 4.663 billion, increasing year-on-year by 765.01%. This index fully reflects the Midea's achievement of the "profitability" target as well as its depth of profit in the first half year.

In the first half of the year, directed by three strategic spindles of "Product Leading, Efficiency Driving, Global Operating", and surrounding four core works of "Focusing Industry, Completing Product, Guaranteeing Scale, Improving Profit", Midea has achieved sound effects in promoting operational transformation thoroughly.

The gross margin of Midea's several major businesses in the first half year have all improved in general. Among them, the total revenue of air conditioner and parts is RMB 35.262 billion, whose gross margin has increased by 1.25% year-on-year; the total revenue of refrigerators and parts is RMB 4.131 billion with a 2.72% year-on-year growth of gross margin; the total revenue of washing machine and parts is RMB 3.708 billion, whose gross margin has increased by 5.08% year-on-year. The domestic sales has achieved RMB 28.738 billion, while the export sale has achieved RMB 17.549 billion.

Midea is also full of confidence in the future development of household appliance industry, who states that the first reason for the unchanged growth momentum of China's household appliance industry is that China's economy is still in the process of accelerating industrialization and urbanization. The urbanization rate of 2012 is 52.6%, with both the quantity and quality of urbanization has comparatively large room for improvement and undeveloped consumption needs will be released gradually; secondly, the city market is in the upgrading stage of household appliance consumption. The proportion of energy saving frequency conversion air conditioner, multi-door refrigerator and side by side refrigerator, roller washing machine will keep increasing, and high-end development is the future development direction of white goods products; Thirdly, China's household appliance still has global competitiveness in the aspect of overseas market.

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