Midea Group (000333) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of RMB 409.1 billion in 2024, up 9.5% year-over-year, with net profit attributable to shareholders of RMB 38.5 billion, up 14.3%.

• Operating cash flow reached RMB 60.5 billion, and the company maintained its position in the Fortune Global 500 for the ninth consecutive year.

• Successfully listed H shares on the Hong Kong Stock Exchange, further strengthening dual-capital market presence.

Financial highlights

• Revenue: RMB 409.1 billion, up 9.5% year-over-year; net profit: RMB 38.5 billion, up 14.3%.

• Gross margin improved to 28.24% for manufacturing, with overall gross profit up 10.1%.

• Basic EPS: RMB 5.44, up 10.3%; weighted average ROE: 21.29%.

• Total assets: RMB 604.4 billion, up 24.3%; net assets: RMB 216.8 billion, up 33.1%.

• Operating cash flow: RMB 60.5 billion, up 4.5%.

• Proposed cash dividend of RMB 35 per 10 shares, totaling RMB 26.7 billion.

Outlook and guidance

• 2025 focus on simplification, self-disruption, and global expansion, with emphasis on DTC transformation, OBM overseas strategy, and ToB business growth.

• Continued investment in R&D, digitalization, and high-end brand development to drive long-term value.

• Cautious outlook for domestic appliance retail growth in 2025 due to high base and policy effects.