On March 27, Midea Group released its 2023 annual report, showing impressive growth and record profits. The company's total operating income in 2023 will be 373.7 billion yuan, a year-on-year increase of 8%. In addition, Midea's net profit attributable to shareholders was 33.7 billion yuan, an increase of 14% year-on-year.
Midea's smart home business is the highlight, and its ToC business ranks first in eight categories of products in China's online and offline markets. The B-end business maintained rapid growth, with the proportion of B-end revenue in total revenue increasing from 18.5% in 2020 to more than 25% in 2023, reaching RMB 97.8 billion, becoming one of the main engines of Midea's business growth
Midea's new energy and industrial technology is a co-builder of digital transformation and green and sustainable development in the global pan-industrial field, and continues to consolidate its leading position in the industry. According to industry online data, the global market share of household air conditioning compressors will increase to 45% in 2023, continuing to rank first in the world; The global market share of refrigerator compressors reached 16%, ranking second in the industry; The global sales share of household air conditioning motors and washing machine motors is about 40% and 22%, respectively. In 2023, 14 chips in four series of main control, touch, inverter and IPM will be mass-produced and marketed, with a total sales volume of more than 30 million. Midea's new energy and industrial technologies have rapidly built three product lines of automotive-grade thermal management, electric drive systems, and chassis actuation systems, with shipments reaching 750,000 units in 2023, a year-on-year increase of 400%. In addition, through the early acquisition of new energy companies Kelu Electronics and Hekang New Energy have entered the energy storage industry with huge market potential. In 2023, the KUKA Group's Robotics & Automation Solutions business continued to consolidate and enhance its market leadership in robotics and automation solutions, with both revenue and order numbers reaching record highs in 2023, especially in China, where the revenue contribution increased from 15.0% in 2020 to more than 22% in 2022.
Midea Intelligent Building Technology is a service provider of intelligent ecological integration solutions for building buildings, with 6 major product manufacturing bases and 7 major R&D centers around the world, and a sales network covering the global market. In 2023, according to the data of "Central Air Conditioning Market", Midea ranks first in the industry in terms of sales scale in the domestic central air conditioning market, and its market share in core products such as centrifugal units, screw units, and module units is also in the first place among domestic brands; According to industry online data, Midea's domestic multi-online market share exceeds 20%, and the industry proportion of Midea's central air conditioning export scale will exceed 27% in 2023.
In recent years, Midea's R&D investment has continued to grow. In 2023, Midea will invest more than 14.5 billion yuan in R&D, with more than 23,000 R&D personnel worldwide. According to the Frost & Sullivan report, as of December 31, 2022, Midea ranked seventh in the world in terms of total patent family number, and ranked first among Chinese companies and the global home appliance industry, with more than 28,000 invention patents.
Midea is a globally operating company with businesses and customers all over the world. So far, Midea has about 200 subsidiaries, 33 R&D centers and 40 major production bases around the world, with more than 190,000 employees and business in more than 200 countries and regions. It has 17 overseas R&D centers and 21 major production bases, covering more than 10 countries, and 22 settlement currencies.