Midea Group(000333) 新浪财经·2025-03-29 00:15Core Viewpoint - Midea Group reported robust growth in revenue and profit for 2024, with total revenue surpassing 400 billion yuan, indicating a strong performance across various business segments [1] Financial Performance - Total operating revenue for 2024 reached 409.08 billion yuan, a year-on-year increase of 9.47% [1] - Pre-tax profit was 46.69 billion yuan, up 15.92% year-on-year [1] - Net profit amounted to 38.54 billion yuan, reflecting a 14.29% increase, with a profit margin of 9.5%, up 0.5 percentage points from the previous year [1] Revenue Breakdown - Revenue from the domestic market was 240.1 billion yuan, growing by 7.7% [1] - Overseas market revenue reached 169 billion yuan, marking a 12.0% increase [1] - Smart home business generated 269.53 billion yuan, up 9.4% [1] - New energy and industrial technology business saw revenue of 33.61 billion yuan, a significant growth of 20.6% [1] - Smart building technology revenue was 28.47 billion yuan, increasing by 9.9% [1] - Robotics and automation business revenue declined to 28.70 billion yuan, down 7.6% [1] - Sales of raw materials and other businesses generated 35.1 billion yuan, up 18.5% [1] Strategic Initiatives - Growth in the smart home business was driven by global expansion, prioritizing OBM strategy, DTC transformation, and integration of online and offline channels [2] - The new energy and industrial technology segment's growth was attributed to innovation in HVAC components and comprehensive green energy solutions [2] - The decline in robotics and automation revenue was linked to cyclical demand fluctuations in the industry [2] Profitability Metrics - Gross margin for 2024 was 26.2%, an increase of 0.7 percentage points year-on-year [2] - The smart home business gross margin improved from 28.7% to 30.0% [2] - The smart building technology gross margin rose from 29.4% to 30.2% [2] Expenditure Overview - R&D expenditure was 16.2 billion yuan, up 11.3%, maintaining a 4% revenue share [3] - General and administrative expenses reached 15.4 billion yuan, increasing by 10.2% due to digital investments and salary growth [3] - Sales and marketing expenses were 38.8 billion yuan, a 21.3% increase, with a revenue share rising from 8.6% to 9.5% [3] Cash Flow and Capital Expenditure - Net cash flow from operating activities was 60.5 billion yuan, a 4.2% increase [3] - Capital expenditure decreased to 9.9 billion yuan, down 20.2% due to prior acquisition impacts [3] - The company raised 32.15 billion yuan through H-share issuance to strengthen its financial position [3] Strategic Focus - Midea Group emphasizes four strategic pillars: technology leadership, direct user engagement, digital intelligence, and global expansion [3]