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Midea Group Co., Ltd. Semi-Annual Report 2020

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Midea Group Co., Ltd. Semi-Annual Report 2020 Midea Group Co., Ltd. Semi-Annual Report 2020 August 2020 1 Midea Group Co., Ltd. Semi-Annual Report 2020 Section I Important Statements, Contents and Definitions The Board of Directors, the Supervisory Committee, directors, supervisors and senior management of Midea Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is free of any misrepresentations, misleading statements or material omissions, and shall together be wholly liable for the truthfulness, accuracy and completeness of its contents. All directors of the Company attended the Board meeting to review this report. The Company plans not to distribute cash dividends or bonus shares or convert capital reserves into share capital for the first half of 2020. Mr. Fang Hongbo, Chairman of the Board and CEO of the Company and Ms. Zhong Zheng, Director of Finance of the Company, have represented and warranted that the financial statements in this report are true, accurate and complete. The financial statements in this report are unaudited by a CPAs firm. The future plans and some forward-looking statements mentioned in this report shall not be considered as virtual promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. 2 Midea Group Co., Ltd. Semi-Annual Report 2020 Contents SECTION I IMPORTANT STATEMENTS, CONTENTS AND DEFINITIONS ............................. 2 SECTION II COMPANY PROFILE AND KEY FINANCIAL RESULTS ........................................ 5 SECTION III BUSINESS PROFILE ........................................................................................... 9 SECTION IV PERFORMANCE DISCUSSION AND ANALYSIS .............................................. 18 SECTION V SIGNIFICANT EVENTS ...................................................................................... 63 SECTION VI CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS ...... 113 SECTION VII PREFERENCE SHARES ................................................................................ 122 SECTION VIII CONVERTIBLE CORPORATE BONDS ......................................................... 123 SECTION IX INFORMATION ABOUT DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT ..................................................................................................................... 124 SECTION X CORPORATE BONDS ...................................................................................... 125 SECTION XI FINANCIAL REPORT ....................................................................................... 126 SECTION XII DOCUMENTS AVAILABLE FOR REFERENCE .............................................. 218 3 Midea Group Co., Ltd. Semi-Annual Report 2020 Definitions Term Definition The “Company”, “Midea”, “Midea Group” or the Midea Group Co., Ltd. “Group” Midea Holding Midea Holding Co., Ltd. TLSC Toshiba Lifestyle Products & Services Corporation KUKA KUKA Aktiengesellschaft Reporting Period 1 January 2020 to 30 June 2020 4 Midea Group Co., Ltd. Semi-Annual Report 2020 Section II Company Profile and Key Financial Results 1. Corporate Information Stock abbreviation Midea Group Stock code 000333 Stock exchange where the shares of the Company are Shenzhen Stock Exchange listed Name of the Company in 美的集团股份有限公司 Chinese Abbr. of the Company name 美的集团 in Chinese Name of the Company in Midea Group Co., Ltd. English (if any) Abbr. of the Company name Midea Group in English (if any) Legal representative Fang Hongbo 2. Contact Us Company Secretary Representative for Securities Affairs Name Jiang Peng You Mingyang Midea Headquarters Building, No. 6 Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde Midea Avenue, Beijiao Town, Shunde Address District, Foshan City, Guangdong District, Foshan City, Guangdong Province, China Province, China Tel. 0757-22607708 0757-23274957 Fax 0757-26605456 0757-26605456 E-mail [email protected] 3. Other Information 3.1 Ways to Contact the Company Changes to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period: □ Applicable √ N/A 5 Midea Group Co., Ltd. Semi-Annual Report 2020 No such changes in the Reporting Period. The said information can be found in the 2019 Annual Report. 3.2 Information Disclosure and Place Where the Semi-Annual Report Is Kept Changes to the media for information disclosure and the place where materials carrying disclosed information such as this Report were kept in the Reporting Period: □ Applicable √ N/A The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing this Report and the place where materials carrying disclosed information such as this Report were kept did not change in the Reporting Period. The said information can be found in the 2019 Annual Report. 4. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data □Yes √No H1 2020 H1 2019 Change (%) Operating revenue (RMB'000) 139,067,022 153,770,300 -9.56% Net profit attributable to shareholders of 13,928,295 15,187,069 -8.29% the Company (RMB'000) Net profit attributable to shareholders of the Company before non-recurring 13,457,044 14,555,674 -7.55% gains and losses (RMB'000) Net cash flows from operating activities 18,405,491 21,787,890 -15.52% (RMB'000) Basic earnings per share (RMB/share) 2.01 2.32 -13.36% Diluted earnings per share 2.01 2.30 -12.61% (RMB/share) Weighted average ROE (%) 13.03% 16.97% -3.94% 30 June 2020 31 December 2019 Change (%) Total assets (RMB'000) 334,662,664 301,955,419 10.83% Net assets attributable to shareholders 104,979,110 101,669,163 3.26% of the Company (RMB'000) Total share capital of the Company on the last trading session before disclosure: Total share capital of the Company on the last trading 7,023,022,068 session before disclosure (share) 6 Midea Group Co., Ltd. Semi-Annual Report 2020 Fully diluted earnings per share based on the latest 1.98 share capital above (RMB/share) 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards 5.1 Differences in the net profit and net assets disclosed in the financial reports prepared under China Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) □Applicable √N/A No such differences for the Reporting Period. 5.2 Differences in the net profit and net assets disclosed in the financial reports prepared under CAS and foreign accounting standards □Applicable √N/A No such differences for the Reporting Period. 6. Non-recurring Profits and Losses √Applicable □N/A Unit: RMB'000 Item H1 2020 Note Profit or loss from disposal of non-current assets -11,070 Except for effectively hedging business related to normal business operations of the Company, profit or loss arising from the change in the fair value of financial assets held for trading, derivative financial assets, financial liabilities held for trading, derivative financial 240,361 liabilities and other non-current financial assets, as well as investment profit or loss produced from the disposal of the aforesaid financial assets and liabilities Other 422,455 Less: Corporate income tax 90,684 Minority interests (after tax) 89,811 Total 471,251 -- Explain the reasons if the Company classifies an item as a recurring profit/loss item, which is defined as a non-recurring profit/loss according to the definition in the <Explanatory Announcement No. 1 on 7 Midea Group Co., Ltd. Semi-Annual Report 2020 Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Profits and Losses>, or is enumerated as a non-recurring profit/loss in the said explanatory announcement □Applicable √N/A No such cases for the Reporting Period. 8 Midea Group Co., Ltd. Semi-Annual Report 2020 Section III Business Profile 1. Business Scope in the Reporting Period 1.1 Summary of business scope Midea is a global technologies group in HVAC systems, consumer appliances, robotics & industrial automation systems, and digital business. Midea offers diversified products and services, including HVAC centered on residential air-conditioning, commercial air-conditioning, heating & ventilation systems; consumer appliances centered on laundry appliances, refrigerators, kitchen appliances, and various small home appliances; robotics and industrial automation systems centered on KUKA and Guangdong Midea Intelligent Robotics Co., Ltd.; and the digital business centered on smart supply chains, Industrial Internet and silicon chips. With “Bring Great Innovations to Life” as its corporate vision, “Integrate with the World, to Inspire Your Future” as its mission, and “Embrace what’s next - Aspiration、Dedication、Collaboration、Innovation” as its values, Midea integrates global resources and promotes technological innovation to create a better life for over 400 million users, major customers and strategic partners in different areas worldwide every year with satisfying products and services. Midea, a global operating company, has now established a global platform with around 200 subsidiaries, 28 R&D centers, 34 major manufacturing bases, and approximately 150,000 employees. Its business covers more than 200 countries and regions. Overseas, Midea has 18 R&D centers and 17 manufacturing bases
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