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The 2020 Annual Report

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The 2020 Annual Report ANNUAL 2020 RESULTS Midea Group Co., Ltd. The 2020 Annual Report 30 April 2021 The 2020 Annual Report of Midea Group Co., Ltd. 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 Annual Report. There are no directors, super- visors, or senior management who do not warrant or who dispute the truthfulness, accuracy and completeness of the contents of this Annual Report. The financial statements for 2020 have been audited by PricewaterhouseCoopers Zhong Tian LLP and have obtained an unqualified audit report. 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 and complete. The Board has considered and approved the following dividend payout plan for the year 2020: based on the 6,916,495,109 shares at the disclosure date of this report (the total share capital of 7,047,686,070 shares minus the repurchased 131,190,961 shares in the repo securities account at that date), it is proposed that the Company should distribute a cash dividend of RMB16 (tax inclusive) per 10 shares to all the shareholders and should not convert capital surplus into share capital. When the profit distribution plan is implemented, if any change occurs to the total shares eligible for profit distribution, the profit distribution plan shall be based on the total shares eligible for profit distribution at the book closure date of the profit distribution, and the dividend per share shall be adjusted under an unchanged total distribution amount. 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 The 2020 Annual Report of Midea Group Co., Ltd. Contents SECTION I IMPORTANT STATEMENTS, CONTENTS AND DEFINITIONS ................................................. 2 SECTION II COMPANY PROFILE AND KEY FINANCIAL RESULTS ............................................................ 8 SECTION III BUSINESS PROFILE . .11 SECTION IV PERFORMANCE DISCUSSION AND ANALYSIS ................................................................... 20 SECTION V SIGNIFICANT EVENTS ...................................................................................................... 86 SECTION VI CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS .............................. 165 SECTION VII INFORMATION ABOUT DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND EMPLOYEES ............................................................................................................. 178 SECTION VIII CORPORATE GOVERNANCE ........................................................................................... .194 SECTION IX FINANCIAL REPORT ........................................................................................................ 202 SECTION X DOCUMENTS AVAILABLE FOR REFERENCE .................................................................. .357 3 The 2020 Annual Report of Midea Group Co., Ltd. Definitions Term Definition The “Company”, “Midea”, “Midea Group” or the “Group” Midea Group Co., Ltd. Midea Holding Midea Holding Co., Ltd. TLSC Toshiba Lifestyle Products & Services Corporation KUKA KUKA Aktiengesellschaft Reporting Period 1 January 2020 to 31 December 2020 4 The 2020 Annual Report of Midea Group Co., Ltd. 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 listed Shenzhen Stock Exchange Name of the Company in Chinese 美的集团股份有限公司 Abbr. of the Company name in Chinese 美的集团 Name of the Company in English (if any) Midea Group Co., Ltd. Abbr. of the Company name in English (if any) Midea Group Legal representative Fang Hongbo Registered address Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan City, Guangdong Province, China Postal code 528311 Business address Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan City, Guangdong Province, China Postal code 528311 Company website https://www.midea.com E-mail [email protected] 5 The 2020 Annual Report of Midea Group Co., Ltd. Section II Company Profile and Key Financial Results 2. Contact Us Board Secretary Representative for Securities Affairs Name Jiang Peng You Mingyang Address Midea Headquarters Building, No. 6 Midea Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Avenue, Beijiao Town, Shunde District, Foshan City, Guangdong Province, China Foshan City, Guangdong Province, China Tel. 0757-22607708 0757-23274957 Fax 0757-26605456 E-mail [email protected] 3. Information Disclosure and Place Where the Annual Report Is Kept Newspaper designated by the Company China Securities Journal, Securities Times and Shanghai Securities News for information disclosure Website designated by the China Securities Regulatory Commission http://www.cninfo.com.cn (CSRC) for the publication of the Annual Report Place where the Annual Report of the Company Investor Relations Department Company is kept 4. Company Registration and Alteration Organization code 91440606722473344C Changes in main business activities since None the Company was listed (if any) Changes of controlling shareholder of the None Company (if any) 6 The 2020 Annual Report of Midea Group Co., Ltd. Section II Company Profile and Key Financial Results 5. Other Relevant Information Accounting firm engaged by the Company Name of the accounting firm PricewaterhouseCoopers Zhong Tian LLP Business address of the accounting firm 11/F., PricewaterhouseCoopers Center, 2 Corporate Avenue, 202 Hu Bin Road, Huangpu District, Shanghai 200021, PRC Name of accountants writing signatures Yao Wenping and Qiu Xiaoying Sponsor engaged by the Company to continuously perform its supervisory function during the Reporting Period Applicable N/A Financial advisor engaged by the Company to continuously perform its supervisory function during the Reporting Period Applicable N/A Name of the financial advisor Business office of the Representative of the Supervisory period financial advisor financial advisor CITIC Securities Co., Ltd. CITIC Securities Tower, No.8 Wu Renjun, Chen Jianjian, Li 2019.6.21-2020.12.31 Zhongxin 3rd Road, Futian Haoran, Li Chang, Li Wei and District, Shenzhen, 518048, Liu Kun PRC 7 The 2020 Annual Report of Midea Group Co., Ltd. Section II Company Profile and Key Financial Results 6. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data Yes No 2020-over-2019 2020 2019 2018 change (%) Operating revenue (RMB’000) 284,221,249 278,216,017 2.16% 259,664,820 Net profit attributable to shareholders of 27,222,969 24,211,222 12.44% 20,230,779 the Company (RMB’000) Net profit attributable to shareholders of the Company before non-recurring 24,614,653 22,724,392 8.32% 20,058,155 gains and losses (RMB’000) Net cash flows from operating activities 29,557,117 38,590,404 -23.41% 27,861,080 (RMB’000) Basic earnings per share (RMB/share) 3.93 3.60 9.17% 3.08 Diluted earnings per share (RMB/share) 3.90 3.58 8.94% 3.05 Weighted average ROE (%) 24.95% 26.43% -1.48% 25.66% 31 December 31 December Change of 31 December 2020 31 December 2020 2019 over 31 December 2019 2018 Total assets (RMB’000) 360,382,603 301,955,419 19.35% 263,701,148 Net assets attributable to shareholders 117,516,260 101,669,163 15.59% 83,072,116 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 session before disclosure (share) 7,047,686,070 Fully diluted earnings per share based on the latest share capital above: Dividend paid to preference shareholders 0 Fully diluted earnings per share based on the latest share capital above (RMB/share) 3.86 8 The 2020 Annual Report of Midea Group Co., Ltd. Section II Company Profile and Key Financial Results 7. Differences in Accounting Data under Domestic and Overseas Accounting Standards 7.1 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. 7.2 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. 7.3 Reasons for the differences Applicable N/A No such differences for the Reporting Period. 8. Key Financial Results by Quarter RMB’000 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Diluted earnings per share (RMB/share) 58,013,031 81,053,991 77,693,764 67,460,463 Net profit attributable toshareholders
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