Midea Group (000333.SZ 0300.HK), a global leader in smart home appliances and commercial & industrial solutions, today announced record-breaking 2024 annual results with revenue reaching RMB 409.1 billion, up 9.5% year-on-year. Net profit attributable to shareholders surged 14.3% to RMB 38.5 billion, while operating cash flow hit a historic high of RMB 60.5 billion.
Unprecedented Shareholder Returns
Midea declared a dividend of RMB 3.5 per share, totaling RMB 26.7 billion - a 28.5% year-on-year increase, representing nearly 70% payout ratio (up approximately 8 percentage points from 2023). Since its 2013 listing, cumulative dividends have exceeded RMB 134 billion, maintaining its position as the dividend leader among A-share companies. Additionally, the company plans RMB 5-10 billion in share buybacks, with 70% to be canceled to boost EPS. At the upper limit, total shareholder returns (dividends plus buybacks) would reach RMB 37 billion.
Technology Leadership: Decade-long R&D Investment Exceeds RMB 100 Billion
Midea invested over RMB 16 billion in R&D in 2024, with three-year cumulative investment reaching RMB 43 billion and ten-year total surpassing RMB 100 billion. The company added 11,000 globally authorized patents (including 5,000 invention patents) and led the formulation/revision of 230 industry technical standards last year. By end-2024, Midea's global patent applications exceeded 150,000 with over 90,000 patents maintained, continuing its industry leadership.
OBM-first Global Strategy: Self-owned Brands Surpass 43%
According to Euromonitor, Midea ranked as the world's top smart home appliances brand in 2024, with its smart home business generating annual revenue of RMB 269.5 billion. Overseas markets contributed over 40% of total revenue, of which self-owned brand (OBM) sales represented over 43%. The company demonstrated strong global market leadership: its refrigerators claimed the No.1 market share in Malaysia, Saudi Arabia, and Chile; air conditioners maintained leading positions in Brazil and Egypt; while laundry appliances dominated in Malaysia.
Enterprise Business: New Growth Engine Breaks RMB 100 Billion
Midea's B2B revenue surpassed RMB 100 billion for the first time in 2024, representing 25.5% of total revenue. The company maintained global leadership in residential AC compressors and domestic central air conditioning, while its centrifugal chillers captured 15% market share (top among domestic brands). The domestic market share of KUKA's industrial robots has steadily increased to 8.2% by sales volume and to 15% by sales value.
*Note: All currency figures in Chinese Yuan*