htmlOn the evening of October 28, Midea Group released its 2022 third quarter report. The report shows that Midea Group achieved total operating revenue of 270.367 billion yuan in the first three quarters, and increased by 23.45% year-on-year; and achieved net profit attributable to shareholders of 24.47 billion yuan, a year-on-year increase of 4.33%, continuing to maintain its leading position in the industry. Among them, ToC business continued to grow steadily and with strong growth in both high-end brands; ToB business continued to grow rapidly with high quality, among which the Building Technology Division increased by 22.65% year-on-year, and the digital innovation business increased by 37.3% year-on-year.
In the first three quarters, Midea Group implemented the business principle of "reasonable income and recovery of profits", focused on core businesses and products, returned to the essence of business, and further optimized a number of indicators, with its own funds reaching 149.3 billion yuan, a year-on-year increase of 13.5%, fully demonstrating Midea's reform and innovative corporate genes and firm growth and development resilience.
ToB continues to develop at a high speed and high quality, with a maximum year-on-year growth of nearly 40%
Report shows that the revenue of the Building Technology Division was 17.9 billion yuan, a year-on-year increase of 22.6%. Among them, the domestic market size of central air conditioners and the export scale of heat pump products continue to maintain the industry's leading position. iBUILDING building digital platform has reached cooperation with leading Internet companies to jointly build a smart park.
Industrial Technology Business Group's revenue was 17 billion yuan, an increase of 14.8% year-on-year, with a significant acceleration. In addition to continuing to maintain global leadership in the fields of consumer electrical appliances compressors and motors, Midea Weiling Automobile Parts Company launched the world's first mass-produced 800VSiC high-speed electric compressors, becoming an innovative product in the new energy vehicle parts supply system.
Robot and Automation Division's revenue in the first three quarters was 19.5 billion yuan, an increase of 7.3 billion yuan over the first half of the year, and the market performed well. Kuka's third-quarter financial report shows that Kuka's China revenue was 645 million euro (approximately RMB 4.6 billion), a year-on-year increase of 59.1%, and the results of localization development were further revealed.
Digital innovation business revenue was 8.1 billion yuan, a year-on-year increase of 37.3%. Among them, Meiyun Zhishu is the carrier of Midea's industrial Internet export, and its Meiqing Industrial Internet platform has been selected as the "double-span" platform of the Ministry of Industry and Information Technology of China, integrating "boutique" platform of "manufacturing best practices, industrial software with independent intellectual property rights, and industrial solutions combining software and hardware", forming a "lighthouse factory" construction and implementation capability of integrated software and hardware. Midea's Kitchen Reef Shunde Factory has become Midea's fifth "lighthouse factory".
ToC dual high-end brand strategy continues to be strong, COLMO increased by 138% year-on-year
Midii Smart Home Business Group's revenue in the first three quarters was 186.2 billion yuan, an increase of 60.3 billion yuan over the first half of the year. The two high-end brands COLMO and Toshiba continued to perform strongly, with year-on-year growth of 138% and 61% respectively.
report shows that the company's R&D investment in the first three quarters of 2022 was 8.9 billion yuan, a year-on-year increase of 1.73%. Under the guidance of the strategy of building a strong country in science and technology, Midea Group takes science and technology leadership as its core, insists on using science and technology innovation to drive corporate development, continues to increase investment in digitalization, IoT, global breakthroughs and science and technology leadership, lays out and invests in new cutting-edge technologies, especially strengthens investment in basic science, breaks through technical barriers in multiple dimensions, and leads the sustainable development of the industry.
Since 2022, Midea Group has continued to optimize five major business segments, from smart home to industrial technology, building technology, robotics and automation and digital innovation businesses, and insists on both ToC and ToB businesses to focus on development. While focusing on the "digital strategy" stock upgrade of ToC business, we will achieve incremental creation towards ToB transformation and firmly ignite the second engine.
