Manufacturing · Profile from Manufacturing Research Companion: Companies, Strategic Moves, and Technical Studies
Midea Group
The appliance and automation group from Shunde, Guangdong, founded in 1968 by He Xiangjian as a small township workshop (from memory, verify) that became China's largest appliance maker by revenue — ~RMB 458.5bn in 2025 by its Hong Kong annual announcement (RMB 456.452bn, +12.11%, in another summary of the annual report — bases differ), with net profit attributable to shareholders of ~RMB 43.95bn (+~14%) (company, Xinhua). Midea grew by making air conditioners, fans, microwaves and compressors at enormous scale, much of it for other companies' brands, then bought brands and capability abroad: Toshiba's household-appliance business (2016), the German robot maker KUKA (2016–17, ~€4.5bn per the batch seed, verify), Spain's Teka (completed 30 Apr 2025) — and, in Apr 2026, a role in US manufacturing through joint ventures with Electrolux at Anderson, South Carolina and Juárez, Mexico, approved by CFIUS (Electrolux releases). Its Sep 2024 Hong Kong listing raised HK$31.01bn (~US$3.98bn) before the over-allotment option, the city's largest IPO since 2021 (SCMP, Bloomberg). Midea's story turns on utilisation and scale from China, and on buying a robot maker for its own factories: it became the low-cost producer, then bought the automation and brands to stay one as Chinese wages and foreign tariffs rose.
At a glance
- Founded
- 1968, Beijiao, Shunde (Foshan), Guangdong, by He Xiangjian with a group of local residents; first products plastic bottle caps and small parts; electric fans from 1980, air conditioners from 1985 (all from memory, verify)
- Headquarters
- Beijiao, Shunde, Foshan, Guangdong, China
- Ownership / structure
- Listed on the Shenzhen Stock Exchange (000333; group listing from 2013 after absorbing GD Midea Holding — from memory, verify) and the Hong Kong Stock Exchange (0300, from 17 Sep 2024); controlling shareholder Midea Holding, controlled by He Xiangjian (from memory, verify)
- Leadership (2026)
- Paul Fang (Fang Hongbo), chairman and president (chairman since 2012, from memory, verify); He Xiangjian, founder (retired from chairman 2012, from memory, verify)
- Business segments
- Smart home (household appliances and HVAC for homes); new energy and industrial technology (compressors, motors, components — Welling, GMCC brands, from memory, verify); intelligent building technology (commercial HVAC, Clivet); robotics and automation (KUKA, Swisslog); health and logistics (Annto) (from memory for segment names, verify)
- Brands
- Midea, COLMO, Little Swan, Toshiba (home appliances, licensed), Comfee, Eureka, Clivet, KUKA, Teka, Küppersbusch, Intra (from memory except Teka brands, verify)
- Scale
- FY2025: revenue ~RMB 458.5bn (HKEX announcement) / RMB 456.452bn (+12.11%, operating revenue per another summary); net profit attributable ~RMB 43.95bn (+~14%) (Xinhua, company). Q3 2026: revenue RMB 107.32bn (−4.12%); net profit attributable RMB 14.95bn (+25.93%); nine months revenue RMB 367.36bn (+1.19%), net profit RMB 41.39bn (+9.27%), but excluding non-recurring items RMB 28.79bn (−22.49%), mainly from the classification of FX losses and derivative gains (Quartr summary — single aggregator, verify vs filing)
- US and North American footprint
- Midea America sales operations (from memory, verify); a 45% stake in the Electrolux-led Anderson, SC laundry manufacturing JV (operational 1 Sep 2026); 65% of the Juárez, Mexico refrigeration manufacturing entities (from 1 Oct 2026); a North American refrigeration sales JV with Electrolux reported as 50/50 (Electrolux releases, C14); Mexican plants in Nuevo León (two new facilities started 2024, reported)
- Signature moves (incl. failures)
- Founding and the appliance rise (1968–2000s); the 2013 group listing reorganisation; Toshiba Lifestyle (2016); KUKA (2016–17) and its privatisation (2021–22); the Hong Kong listing (2024); Teka (2024–25); Mexico plants under US and Mexican tariffs (2024–26); the Electrolux North America partnership (2026)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1968
Beijiao Founding and the Appliance Rise
Founding; product launches (fans 1980, air conditioners 1985); capacity build-out
2013
Group Listing Reorganisation
Restructuring (absorption of a listed subsidiary); spin-off or IPO (group listing in Shenzhen)
2016
Toshiba Lifestyle Acquisition
Acquisition
2017
KUKA Takeover and Privatisation
Acquisition (public takeover); financing or take-private (squeeze-out and delisting)
2024
Hong Kong Listing
Spin-off or IPO (secondary listing of H shares in Hong Kong); financing
2025
Mexico Plants and US Tariffs
Reshoring, offshoring or footprint consolidation (nearshoring to Mexico); trade-policy setback
2025
Teka Acquisition
Acquisition
2026
Electrolux North America Partnership
Joint venture (three JVs with Electrolux); acquisition (65% of the Juárez refrigeration entities)