Midea 2017 net profit up over 17 percent

[Adam WANG SHANGHAI MEGA]

Midea 2017 net profit up over 17 percent
Source: Xinhua| 2018-03-31 14:46:40|Editor: Xiang Bo

GUANGZHOU, March 31 (Xinhua) -- Midea Group, a leading Chinese home appliance manufacturer, reported an increase of 17.7 percent in its net profit in 2017.

Net profit attributable to the company's shareholders stood at 17.28 billion yuan (2.75 billion U.S. dollars), according to its annual report published on Friday night.

Its total operating revenue soared by 51.35 percent to 241.9 billion yuan last year, the report showed.

The manufacturer is improving its intelligent supply chain and developing the industrial internet, it said.

During the past five years, Midea poured more than 20 billion yuan into research and development (R&D), with more than 10,000 R&D staff. It has 20 research centers in nine countries, the report said.

Last year, the company applied for 16,934 patents.

In the future, Midea will focus on robotics and intelligent manufacturing.

A Midea and Kuka Aktiengesellschaft plant, covering intelligent manufacturing, logistics, home and healthcare, will be built in a Sino-German intelligent manufacturing park in south China's Foshan.

The annual output of robots from the plant is expected to reach 75,000 by 2024.

KEY WORDS:Midea Group

 

[Bussard Ramjet]

Midea 2017 net profit up over 17 percent
Source: Xinhua| 2018-03-31 14:46:40|Editor: Xiang Bo

GUANGZHOU, March 31 (Xinhua) -- Midea Group, a leading Chinese home appliance manufacturer, reported an increase of 17.7 percent in its net profit in 2017.

Net profit attributable to the company's shareholders stood at 17.28 billion yuan (2.75 billion U.S. dollars), according to its annual report published on Friday night.

Its total operating revenue soared by 51.35 percent to 241.9 billion yuan last year, the report showed.

The manufacturer is improving its intelligent supply chain and developing the industrial internet, it said.

During the past five years, Midea poured more than 20 billion yuan into research and development (R&D), with more than 10,000 R&D staff. It has 20 research centers in nine countries, the report said.

Last year, the company applied for 16,934 patents.

In the future, Midea will focus on robotics and intelligent manufacturing.

A Midea and Kuka Aktiengesellschaft plant, covering intelligent manufacturing, logistics, home and healthcare, will be built in a Sino-German intelligent manufacturing park in south China's Foshan.

The annual output of robots from the plant is expected to reach 75,000 by 2024.

KEY WORDS:Midea Group

Hey, can you give me R&D budget of midea for the last year?

 

[Adam WANG SHANGHAI MEGA]

Midea will increase smart manufacturing capabilities

With the increase in consumption upgrades, labor costs, and raw material costs, China domestic home appliance products have evolved to the high end, and product upgrade iterations have accelerated.

Midea Group judged that based on the improvement of the Internet of Things, cloud computing platforms, and hardware, the smart home ecosystem that enables remote control, electrical intercommunication, and machine self-learning has begun to take shape, and home appliance companies have entered the era of smart manufacturing.

Household appliance companies gradually increase investment in technology research and development. Midea Group invested more than RMB 20 billion in R&D funds over the past five years. It has set up 20 research centers in 9 countries including China, with more than 10,000 R&D personnel. In 2017,Midea Group applied for 16934 patents, accounting for about 24% of the cumulative domestic patent applications in China.

For the 2018 plan, Midea Group disclosed that it would continue to lay out around industrial robots, commercial robots, service robots and artificial intelligence, and further promote the digital construction of enterprises.

It is worth pointing out that the gross profit rate of the main business of Midea Group is around 26%, and there is still room for improvement.