Midea Group Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	418,111	374,029	344,133	316,465	308,298	261,475
Other Revenue	33,121	33,121	27,905	27,453	32,936	22,747
Revenue	451,232	407,150	372,038	343,918	341,234	284,222
Revenue Growth (YoY)	12.84%	9.44%	8.18%	0.79%	20.06%	2.16%
Cost of Revenue	333,418	300,206	276,612	261,006	265,129	217,317
Gross Profit	117,815	106,944	95,426	82,912	76,104	66,905
Selling, General & Admin	57,825	53,260	45,430	40,299	38,914	32,828
Research & Development	17,776	16,233	14,583	12,619	12,015	10,119
Other Operating Expenses	-1,381	-1,115	-265.88	-330.23	301.88	109.56
Operating Expenses	74,432	68,364	59,971	53,087	51,317	43,195
Operating Income	43,383	38,580	35,454	29,825	24,788	23,709
Interest Expense	-2,436	-2,455	-2,840	-1,880	-1,445	-1,411
Interest & Investment Income	12,599	10,578	9,087	7,836	9,674	7,514
Currency Exchange Gain (Loss)	-1,398	-1,398	-904.74	-507.08	798.12	446.35
Other Non Operating Income (Expenses)	2,709	249.82	-150.31	83.44	76.2	0.05
EBT Excluding Unusual Items	54,857	45,554	40,646	35,357	33,892	30,259
Gain (Loss) on Sale of Investments	-61.43	1,302	-226.49	-257.35	-166.41	1,763
Gain (Loss) on Sale of Assets	-56.25	214.9	-60.87	-59.85	58.26	-60.52
Asset Writedown	-592.73	-384.91	-78.02	-54.17	-35.02	-297.36
Other Unusual Items	3.86	3.86	-3.85	-30.13	-31.28	-0.35
Pretax Income	54,150	46,690	40,277	34,956	33,718	31,664
Income Tax Expense	8,906	7,933	6,532	5,146	4,702	4,157
Earnings From Continuing Operations	45,244	38,757	33,745	29,810	29,015	27,507
Minority Interest in Earnings	-522.55	-219.98	-25.42	-256.72	-441.73	-283.57
Net Income	44,722	38,537	33,720	29,554	28,574	27,223
Preferred Dividends & Other Adjustments	83.94	83.94	66.16	63.56	82.15	64.93
Net Income to Common	44,638	38,453	33,654	29,490	28,491	27,158
Net Income Growth	18.62%	14.29%	14.10%	3.43%	4.96%	12.44%
Shares Outstanding (Basic)	7,586	7,071	6,824	6,791	6,837	6,909
Shares Outstanding (Diluted)	7,628	7,113	6,849	6,819	6,906	6,972
Shares Change (YoY)	10.25%	3.85%	0.44%	-1.26%	-0.95%	2.97%
EPS (Basic)	5.88	5.44	4.93	4.34	4.17	3.93
EPS (Diluted)	5.86	5.42	4.92	4.33	4.14	3.90
EPS Growth	7.61%	10.07%	13.58%	4.75%	5.97%	9.20%
Free Cash Flow	47,858	52,672	51,589	27,306	28,266	24,901
Free Cash Flow Per Share	6.27	7.41	7.53	4.00	4.09	3.57
Dividend Per Share	4.000	3.500	3.000	2.500	1.700	1.600
Dividend Growth	33.33%	16.67%	20.00%	47.06%	6.25%	-
Gross Margin	26.11%	26.27%	25.65%	24.11%	22.30%	23.54%
Operating Margin	9.61%	9.48%	9.53%	8.67%	7.26%	8.34%
Profit Margin	9.89%	9.44%	9.05%	8.58%	8.35%	9.55%
Free Cash Flow Margin	10.61%	12.94%	13.87%	7.94%	8.28%	8.76%
EBITDA	49,257	45,086	42,803	36,333	30,058	28,730
EBITDA Margin	10.92%	11.07%	11.51%	10.56%	8.81%	10.11%
D&A For EBITDA	5,874	6,506	7,349	6,508	5,270	5,020
EBIT	43,383	38,580	35,454	29,825	24,788	23,709
EBIT Margin	9.61%	9.48%	9.53%	8.67%	7.26%	8.34%
Effective Tax Rate	16.45%	16.99%	16.22%	14.72%	13.95%	13.13%
Revenue as Reported	453,451	409,084	373,710	345,709	343,361	285,710

Source: S&P Global Market Intelligence. Standard template. Financial Sources.