On July 29, the 2025 edition of the Fortune Global 500 was officially released, with Midea Group ranking No. 246—an impressive rise of 31 positions compared to the previous year. This milestone marks Midea's 10th consecutive appearance on the prestigious list, reaffirming its position as one of the world's leading technology-driven enterprises. Amid the uncertainties of a complex global economic cycle, Midea remains firmly committed to its operating philosophy of "growth through simplification and resilience through reinvention." In 2024, the company recorded RMB 409.1 billion in total revenue, representing a year-on-year increase of 9.5%, and RMB 38.5 billion in net profit attributable to shareholders, reflecting a year-on-year increase of 14.3%. Operating cash flow reached a record RMB 60.5 billion, underscoring the resilience of China's manufacturing sector.
Technology-Driven: Innovation as the Engine of Core Competitiveness:
Midea places strong emphasis on R&D investment and the global deployment of technological innovation, positioning "technology leadership" as the core of its strategic framework. Over the past three years, Midea has invested over RMB 43 billion in R&D. On July 21, the Midea Global Innovation Park in Shanghai officially commenced operations, further reinforcing the "2+4+N" global R&D network—comprising two major research centers in Foshan and Shanghai, four overseas hubs in the United States, Germany, Japan, and Italy, and 38 R&D centers worldwide.
Since 2023, Midea has pursued a dual focus on both ToC and ToB business segments, achieving technological breakthroughs across multiple domains:
Technology Industrialization:
The world's first helium-free superconducting MRI system has been deployed across medical institutions in more than 30 countries; a 130°C ultra-high-temperature industrial heat pump was included in China's National Energy-Saving Technology Promotion Catalogue; innovative offerings such as the DeepSeek AI air conditioner are spearheading transformation within the industry.
Intellectual Property Strength:
As of the end of 2024, Midea held over 150,000 patents globally, including more than 11,000 patents granted in 2024 alone—of which over 5,000 were invention patents—placing it among the top home appliance enterprises globally.
Smart Manufacturing Leadership:
Midea operates six Lighthouse Factories worldwide. Notably, the Chongqing facility of Midea Building Technologies became the world's first AI-powered, end-to-end Lighthouse Factory in the central air conditioning sector. Additionally, Midea operates 37 national-level green factories in China.
Frontier Exploration:
Midea's Blue-Orange Laboratory, a National Key Laboratory for Advanced Heavy-Duty Robotics, has made breakthroughs in core component technologies such as RV reducers. Two independently developed humanoid robots, Miro and Mila, have been deployed in intelligent manufacturing and smart home scenarios, respectively.
Global Expansion: Driving End-to-End International Growth:
In 2024, Midea's overseas revenue accounted for more than 40% of total revenue. Its OBM business achieved 35% year-on-year growth, reflecting the robust progress of its end-to-end "Technology-Manufacturing-Brand" globalization strategy.
Multi-Brand Ecosystem:
Adhering to the "OBM-First" strategy, Midea's OBM revenue accounted for 43% of its overseas smart home business in 2024. The Group has established a diversified global brand portfolio, comprising three full-category brands—Midea, Toshiba, and Comfee—along with 13 professional sub-brands such as Eureka, Teka, and COLMO, catering to various specialized product categories.
Localized Operations:
Midea operates 60 manufacturing bases globally. Its facility in Minas Gerais, Brazil, has created more than 2,000 local jobs. The company also established its APAC headquarters in Thailand, and a local office in Saudi Arabia. Midea has been officially certified as the No. 1 air conditioner brand in Latin America.
Scenario-Based Product Innovation:
Midea launched the PortaSplit, a mobile split-type air conditioner designed to address installation challenges in the European market. In North America, modular cold-climate heat pumps have been customized to meet specific heating regulations and regional consumer need.
Sports Sponsorship Initiatives:
Through strategic sponsorships of CAF Africa Cup of Nations, the CONCACAF Gold Cup, and AFC Champions League and Asian Cup competitions, Midea is engaging with billions of football fans worldwide, enhancing global brand recognition and emotional resonance.
Talent Development: Cultivating a Dynamic Global Workforce:
Anchored in its technology-first strategy, Midea is accelerating efforts to optimize its R&D talent structure by attracting leading experts and fostering young professionals. The company has established a global talent development system, brought in dozens of strategic cooperation experts, set up academicians' workstations, and launched joint research projects in collaboration with key institutions.
Supported by global market expansion and structured rotational development programs, Midea empowers its talents to participate in localized operations and fosters high-quality, globally minded professionals with diverse competencies. This ensures the continued development of a talent pipeline that supports long-term international competitiveness.
A Decade of Growth: From Home Appliance Manufacturer to Global Technology Group:
Since its initial inclusion on the Fortune Global 500 list in 2016, Midea has evolved into a global technology group:
In 2024, the company surpassed RMB 400 billion in revenue, and for the first time, its ToB business exceeded RMB 100 billion. New engines of growth have emerged across energy, robotics, and healthcare sectors. Midea has further expanded its global footprint through strategic acquisitions including KUKA, Toshiba Home Appliances, Teka, and ARBONIA Climate.
Midea also remains committed to corporate social responsibility. The company has been listed on the Fortune China ESG Influential Companies list for three consecutive years. Its Hefei-based washing machine factory has received international carbon neutrality certification. In the field of education, Midea Senior High School, affiliated with the Second High School of East China Normal University, will officially open this September with an initial enrolment of 200 students, and the capacity to serve up to 1,800 high school students in the future.
Guided by the operating philosophy of "growth through simplification and resilience through reinvention," Midea continues to advance in the global economic environment. With technological innovation as its driving force and global vision as its compass, Midea is committed to deepening its strategic focus on "technology leadership, direct-to-user approach, digital intelligence, and global breakthrough." The company will maintain its dual-engine development in ToC and ToB segments, increase R&D investments, and further enhance its global network. From navigating challenges to reaching every corner of the globe, Midea is forging ahead to create a smarter, better future.