Smart Buildings

Midea Commercial Building Technologies Business Examined

In this research note, we examine the Chinese global company Midea Group Co Ltd, established as an electric fan manufacturer in 1968, the firm rose to prominence as an air conditioning producer in the 1980s. While it is still best known for its HVAC equipment business, Midea has become a diverse and recognised player across the built environment sector and is a growing presence in the smart buildings market. According to its most recent annual report, Midea’s operating revenue exceeded 300 billion yuan for the first time last year, with a total of RMB 341 billion ($50 billion), a 20% increase from the previous year. Assets totalled RMB 388 billion ($57 billion), and despite continued supply chain challenges posed by the pandemic, Midea achieved RMB 29 billion in net profit, a YoY increase of 5.5%. Midea is vertically integrated with 35 manufacturing bases and 35 R&D centers across 10 countries, total employees top 160,000, and […]

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