Midea Group’s published figures show a diversified global manufacturer with RMB 407,149,600 thousand in 2024 operating revenue, substantial HVAC exposure, and expanding overseas and B2B activity. The statistics below distinguish consolidated Midea Group data from HVAC-only measures, company-cited market estimates, and environmental reporting boundaries.
Key Midea Statistics
The most useful headline figures are:
- In 2024, Midea Group reported RMB 407,149,600 thousand in operating revenue worldwide.
- In 2024, net profit attributable to Midea’s parent shareholders was RMB 38,537,237 thousand for the consolidated group.
- In 2024, operating cash flow reached RMB 60.5 billion for Midea Group.
- In 2023, HVAC revenue was RMB 161,110,843 thousand, equal to 43.31% of Midea Group operating revenue.
- In the first half of 2024, Midea HVAC revenue was RMB 101,461,115 thousand.
- In 2024, smart-home business revenue was RMB 269,532,353 thousand, or 66.20% of operating revenue.
- In 2024, commercial and industrial solutions revenue was RMB 104,496,253 thousand, or 25.67% of operating revenue.
- In 2024, overseas revenue was RMB 169,034,383 thousand, representing 41.52% of operating revenue outside China.
- In 2024, domestic revenue was RMB 238,115,217 thousand, representing 58.48% of operating revenue in China.
- In 2024, Midea’s ToB revenue reached RMB 104.5 billion worldwide.
- From 2020 to 2023, Midea’s B2B revenue share rose from 18.5% to above 25% of total revenue.
- In 2024, Midea reported around 200,000 employees worldwide.
- In 2024, Midea reported 333 innovation centers in 11 countries.
- In 2024, Midea reported more than 80,000 granted patents.
- In 2024, Midea’s Scope 1 plus Scope 2 emissions were 2,203,472 tonnes CO2e within its operational boundary.
- In 2024, Midea’s total Scope 3 emissions were 196,247,729 tonnes CO2e across its reported value chain.
- In 2024, Midea’s total energy consumption was 3,528,346.64 MWh within its reporting boundary.
- In 2024, online sales were RMB 85,622,150 thousand, or 21.03% of Midea Group operating revenue.
Contents
- Revenue, profit and cash-flow trends
- HVAC and smart-home business data
- Global, domestic and overseas sales
- Research, innovation and workforce
- Sustainability, energy and emissions
- Digital sales, manufacturing and shareholders
Midea Revenue, Profit and Cash-Flow Trends
Midea’s 2024 financial scale is reported in RMB thousand unless otherwise stated. The annual-report operating-revenue measure excludes interest and fee income, while total operating income includes additional items.
| Measure | 2024 | Comparison or definition |
|---|---|---|
| Operating revenue | RMB 407,149,600 thousand | Up 9.44% from 2023 |
| Total revenue including interest and other items | RMB 409,084,266 thousand | 2024 total operating income |
| Net profit attributable to parent shareholders | RMB 38,537,237 thousand | 2023: RMB 33,719,935 thousand |
| Operating cash flow | RMB 60.5 billion | Rounded company communication figure |
Source: Midea Group Co., Ltd. Annual Report 2024, and Midea Group’s Letter to Shareholders.
The cost structure also shows the scale of operations. Cost of sales was RMB 299,584,935 thousand in 2024, compared with RMB 276,409,404 thousand in 2023; selling expenses were RMB 38,753,649 thousand and administrative expenses were RMB 14,505,864 thousand in 2024.
Research-and-development expense was RMB 16,232,771 thousand in 2024, versus RMB 14,583,311 thousand in 2023. Dividing the reported R&D expense by reported operating revenue produces a derived 3.98% intensity, which is not a company-published KPI.
Midea HVAC and Smart-Home Business Data
HVAC remains a major product category, but the segment figures cover more than residential air conditioners. In 2023, HVAC revenue was RMB 161,110,843 thousand, or 43.31% of operating revenue, while HVAC cost of sales was RMB 119,912,866 thousand and reported gross margin was 25.57%.
| HVAC measure | Period | Reported figure |
|---|---|---|
| Revenue | 2023 | RMB 161,110,843 thousand |
| Cost of sales | 2023 | RMB 119,912,866 thousand |
| Gross margin | 2023 | 25.57% |
| Revenue | First half 2024 | RMB 101,461,115 thousand |
| Revenue comparison | First half 2023 | RMB 92,006,787 thousand |
| Cost of sales | First half 2024 | RMB 74,725,772 thousand |
The 2023 HVAC figures come from The 2023 Annual Report of Midea Group Co., Ltd., while the first-half 2024 figures come from the Midea Group Co., Ltd. Annual Report 2024.
Midea’s broader business mix in 2024 included RMB 269,532,353 thousand from smart-home business, equal to 66.20% of operating revenue. Smart-home revenue grew 9.41% from RMB 246,351,405 thousand in 2023, while commercial and industrial solutions generated RMB 104,496,253 thousand, or 25.67% of operating revenue.
Intelligent building technology revenue was RMB 28,469,710 thousand in 2024, up 9.86% year over year. These business-segment definitions are broader than residential air conditioning.
Company-cited Industry Online estimates provide additional HVAC context, but they are not audited corporate results: Midea’s domestic multi-split air-conditioner market share exceeded 20% in China in 2023, central-air-conditioning export scale represented more than 27% of global industry export scale, and home-air-conditioner compressor global market share reached 45%.
Source: Midea Group’s total revenue in 2023 will be 373.7 billion yuan, with both revenue and profit hitting a record high. The market figures are company-cited Industry Online estimates, with definitions and denominators following that source.
Midea Global, Domestic and Overseas Sales
Midea’s geographic mix shifted toward faster overseas growth in 2024, although China remained the larger reported geography.
| Geographic segment | 2023 | 2024 | 2024 change |
|---|---|---|---|
| China/domestic revenue | RMB 221,131,596 thousand | RMB 238,115,217 thousand | Up 7.68% |
| Outside China/overseas revenue | RMB 150,905,684 thousand | RMB 169,034,383 thousand | Up 12.01% |
| Domestic share of operating revenue | 59.44% | 58.48% | 2024 share |
| Overseas share of operating revenue | 40.56% | 41.52% | 2024 share |
The figures are geographic segments, not a separate measure of the Midea consumer brand. Source: Midea Group Co., Ltd. Annual Report 2024 and The 2023 Annual Report of Midea Group Co., Ltd..
B2B activity has also become a larger part of the group. B2B revenue was RMB 97.8 billion in 2023 and exceeded 25% of total revenue, compared with a reported B2B share of 18.5% in 2020; Midea’s 2024 ToB revenue reached RMB 104.5 billion.
Source: Midea Group’s total revenue in 2023 will be 373.7 billion yuan, with both revenue and profit hitting a record high and Midea Group’s Letter to Shareholders.
Midea Research, Innovation and Workforce Statistics
Midea’s 2025 company profile, describing 2024 scale, reported around 200,000 employees worldwide, 40 production centers worldwide, and operations in more than 200 countries and regions. The country-and-region figure describes geographic reach, not necessarily manufacturing locations.
The same profile reported 333 innovation centers in 11 countries and more than 80,000 granted patents. The patent total is cumulative and its patent-family and jurisdiction treatment is not specified.
Midea ranked 277th in the 2024 Fortune Global 500. That is a ranking based on Fortune’s methodology, rather than a direct operating measure.
Source: Midea Group Co., Ltd. Annual Report 2024 and Midea Group’s Letter to Shareholders.
Midea Sustainability, Energy and Emissions Statistics
Midea’s 2024 ESG report separates operational emissions from value-chain emissions. Scope 1 plus Scope 2 totaled 2,203,472 tonnes CO2e, made up of 681,036 tonnes of Scope 1 and 1,522,436 tonnes of Scope 2.
| Environmental measure | 2024 figure | Boundary or definition |
|---|---|---|
| Scope 1 + 2 emissions | 2,203,472 tonnes CO2e | Operational boundary |
| Scope 3 emissions | 196,247,729 tonnes CO2e | Value chain |
| Use of sold products | 186,411,900 tonnes CO2e | Scope 3 category 11 |
| Purchased products and services | 8,494,973 tonnes CO2e | Scope 3 category 1 |
| Upstream transportation | 1,340,856 tonnes CO2e | Scope 3 category 4 |
The 2024 Scope 3 total is not directly comparable with earlier totals because the report expanded coverage to include purchased products and services, upstream transport, and improved sold-product categories. Source: 2024 Midea Group Environmental, Social and Governance Report.
Midea’s total energy consumption was 3,528,346.64 MWh in 2024, including 748,516.55 MWh of direct energy and 2,779,830.09 MWh of indirect energy. The group consumed 23,862,429 tonnes of water, with reported intensity of 0.5966 tonnes per RMB 10,000 revenue.
Packaging materials totaled 655,836 tonnes at 0.0164 tonnes per RMB 10,000 revenue. General solid waste was 729,790 tonnes, of which 19,811 tonnes were recovered or utilized; hazardous waste totaled 20,451.20 tonnes.
Reported 2024 exhaust emissions totaled 388.79 tonnes, including 56.58 tonnes of NOx and 45.60 tonnes of SOx. Volatile organic compound emissions were 165.47 tonnes and particulate-matter emissions were 119.99 tonnes.
For comparison, the 2023 ESG report recorded 2,298,311 tonnes CO2e of Scope 1 plus Scope 2 emissions in 2023, versus 1,505,877 tonnes in 2022. In 2023, Scope 1 was 1,017,606 tonnes CO2e, including 851,446 tonnes from refrigerants and 141,518 tonnes from fossil fuels; Scope 2 was 1,280,705 tonnes CO2e, including 1,241,421 tonnes from market-based electricity and 39,284 tonnes from purchased steam, heating and cooling.
The 2023 report added refrigerant process emissions to the operational count, so the 2023 and later figures should be interpreted using each report’s stated boundary and methodology. Source: Midea Group 2023 ESG Report.
Midea Digital Sales, Manufacturing and Shareholder Data
Midea’s 2024 sales-model figures show that offline channels remained larger, while online sales grew faster than the total manufacturing classification.
| Measure | 2023 | 2024 | 2024 share or change |
|---|---|---|---|
| Online sales | RMB 77,330,838 thousand | RMB 85,622,150 thousand | 21.03%; up 10.72% |
| Offline sales | Not stated in supplied comparison | RMB 321,527,450 thousand | 78.97% |
| Manufacturing revenue | RMB 333,060,319 thousand | RMB 362,654,889 thousand | 89.07%; up 8.89% |
These are sales-model and industry-classification segments in the annual report, not measures of individual product purchases. Source: Midea Group Co., Ltd. Annual Report 2024.
Midea proposed a 2024 cash dividend of RMB 35 per 10 shares, subject to annual-general-meeting approval in the report. During 2024, the group distributed approximately RMB 20,764,776 thousand in ordinary-share cash dividends.
At 31 December 2024, total assets were RMB 604,351,853 thousand and total equity was RMB 227,667,391 thousand. These are year-end consolidated balance-sheet figures, not annual revenue or cash-flow measures.
Source: Midea Group Co., Ltd. Annual Report 2024.