The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 24, Midea Group Co., Ltd. (000333.SZ)) submitted a listing application to the main board of the Hong Kong Stock Exchange. CICC and Bank of America Securities are joint sponsors.
According to the prospectus, Midea Group is a world-leading technology group. Its business covers smart homes and various home appliances for consumers, and provides commercial and industrial solutions to corporate customers, including new energy and industrial technology, intelligent building technology, robotics and automation, and innovative businesses.
Based on sales volume and revenue in 2022, the company is the largest home appliance company in the world. Based on sales volume in 2022, the company ranked first in both online and offline channels in mainland China in 6 categories, including household air conditioners and desktop microwave ovens. Based on production in 2022, the company's home appliance compressor business ranked first in the global market. The company's household air conditioning compressor business also ranked first in the global market during the same period, with a global market share of 44%. According to 2022 revenue, the company is the largest commercial air conditioning provider in mainland China and the top five in the world. The company's KUKA Group is one of the world's top four industrial robot companies, ranking second in heavy-duty robot sales in 2022.
From 2020 to 2022, the company's commercial and industrial solutions revenue grew at a compound annual rate of 25.9%, and its share of total revenue increased from 18.5% in 2020 to 25.4% in the first half of 2023. Looking forward to the future, I believe commercial and industrial solutions will be an important engine for the company's growth.
The company's robotics and automation business is managed by KUKA Group, which is headquartered in Germany and is one of the world's top four industrial robot manufacturers, with a history of more than 120 years. KUKA Group provides one-stop automation solutions covering industrial robots, work units and fully automated systems, as well as automated logistics systems through its subsidiary Swisslog, which can serve end markets such as automobiles, electronics, metals and plastics, consumer goods, retail, e-commerce and healthcare. Since the company acquired KUKA Group in 2017, its business in China has grown rapidly, and revenue reached a record high in 2022, making KUKA China an important contributor to KUKA Group's overall growth. KUKA China's revenue contribution to KUKA Group's overall business increased from 15.0% in 2020 to 22.2% in 2022.
On the financial side, in 2020, 2021, 2022, 2022, and the six months ending June 30 in 2023, Midea Group's revenue was about 285.71 billion yuan, 343.369 billion yuan, 345,709 billion yuan, 183.663 billion yuan, and 197,796 billion yuan. In the same period, the Group achieved annual/intra-term profits of about 27.502 billion yuan, 29.031 billion yuan, 29.812 billion yuan, 16.124 billion yuan, 18.529 billion yuan, respectively.
Notably, in its prospectus, Midea Group mentioned that although the company believes that commercial and industrial solutions will be an important driving force for the company's growth, the company faces risks and challenges in further developing such businesses; furthermore, if the company fails to launch new products and services in a timely manner to meet rapidly changing customer needs and technological progress, the company's business may be adversely affected, and the company's R&D investment may not generate the expected benefits.