Structure
Founded in 1968, Midea is a well-known, well-established household appliance manufacturer. The company also dapples in real estate and logistics. At present, Midea is one of the largest household appliance production and export facilities in China.
Midea broke into the household appliance industry in 1980, and shortly thereafter began manufacturing under their current brand name of Midea. Today, Midea Group has more than 180,000 employees, 17 billion dollars of sales revenues, and owns more than ten famous brands in various industries.
Apart from its headquarters in Shunde, the Group has established production bases throughout Guangzhou, Zhongshan, Wuhu, Wuhan, Huai'an, Kunming, Changsha, Hefei, Chongqing and Suzhou, as well as Pingyang, Vietnam. Midea is part of an extensive marketing network with far-reaching leverage all over China. The Group has also established twenty-one overseas branch subsidiaries in the U.S.A, England, Germany, Japan, Hong Kong, Korea, Canada, Russia, France, Malaysia, and Vietnam.
Midea presently boasts the largest and most complete production chains in China for air-conditioners, refrigerators, microwave ovens, small home appliances, and kitchen utensil groups. Its core products include: residential AC, commercial AC, large-scale central AC, washing machines, electric cookers, refrigerators, water dispensers, microwave ovens, dishwashers, induction cookers, electric fans, electric warmers, water heaters, kitchen ranges, range hoods, sterilizing cabinets, electric chafing dishes, electric ovens, vacuum cleaners, small household appliances, and a myriad of other household appliances and their integral components such as compressors, electric motors, magnetrons and transformers.
Midea has experienced a steady incline in business over the past several decades with an average growth rate of 60% and 50% respectively in the 80s and the 90s. Since the arrival of the new millennium, Midea respectfully maintains a growth rate of 35% annually. In 2007, Midea's sales revenue increased by 30% and reached a record 75 billion Yuan, all while experiencing a 40% surge in export sales over the previous year bringing the company's total exports to 3.12 billion USD. China's Most Valuable Brands are assessed annually; in 2007, brand value of Midea ranked No.7 by surging to 37.829 billion Yuan. During this same year Midea ranked third on the list of Guangdong's Top 100 Enterprises as reported by Guangdong Enterprise Union Committee and Guangdong Enterprise Association. The company's successes during 2007 were also demonstrated by a ranking of number 52 on the National Bureau of Statistics' Top 500 Large-scale Enterprise Groups in China.
Midea places a high degree of importance on contributing to local economic development. In the past two decades, Midea has donated nearly 120 million Yuan toward social welfare and education. Looking to the future, Midea will continue to strive toward maintaining status as an industry leader in scientific development across the diverse industries in which they manufacture household appliances; continue branching out their products and services globally; and maximizing its integrated value and further improving its corporate structure and management systems. All of this will be implemented professionally and ethically with the foremost goal of becoming the most revered brand of home appliances in China and becoming an international consumer electrical appliances manufacturing superpower.
