Midea Group (000333)

Midea Group Co., Ltd. is one of the largest household appliance manufacturers in China, producing air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most of the home appliance products. The firm is also involved in industrial automation systems through its 94.55% stake in KUKA, a leading global player in the industry based in Germany. Heating, ventilation, and air-conditioning, or HVAC, products accounted for 41% of Midea’s total revenue in 2021, followed by other consumer appliances (38%) and robotics and automation systems (8%). In addition, more than 40% of the group’s sales is ex-China.