10 Consecutive Years on the List, Driven by R&D and Global Expansion
On July 29, 2025, Midea Group rose to No. 246 on the Fortune Global 500, climbing 31 places and securing its 10th straight appearance. In 2024, the company reported RMB 409.1 billion in revenue (up 9.5%) and RMB 38.5 billion in net profit (up 14.3%), with record operating cash flow of RMB 60.5 billion. These results reflect its philosophy of “growth through simplification and resilience through reinvention.”
Midea’s growth is anchored in R&D investment and globalization. Over three years, it has invested more than RMB 43 billion in research, and the opening of the Midea Global Innovation Park in Shanghai strengthens its worldwide “2+4+N” R&D network.
The company has introduced innovations such as the world’s first helium-free superconducting MRI, ultra-high-temperature heat pumps, and AI-powered appliances, while also amassing over 150,000 patents. In manufacturing, it operates six Lighthouse Factories, including the world’s first AI-driven facility for central air conditioning.
Global expansion continues, with 40% of revenue from overseas markets and OBM sales growing 35% year-on-year. Midea is the No.1 air conditioner brand in Latin America, while localized products in Europe and North America address specific regional needs.
Looking ahead, Midea aims to sustain dual growth in ToC and ToB markets and expand into energy, robotics, and healthcare, consolidating its role as a global technology solutions leader.
Key Terms Explained
- Fortune Global 500: Annual ranking of the world’s largest firms by revenue.
- OBM (Own Brand Manufacturing): Selling products under one’s own brand to build global recognition.
- Lighthouse Factory: Advanced, highly digitalized model plants driving next-generation manufacturing.
