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Midea's Q1 sales revenue sees 28% YOY growth
Updated: 2021-04-19    Source: Zhongshan Daily Large Medium Small Print

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In 2020, the sales volume of Midea's small household appliances rose sharply. In particular, western-style small household appliances like air fryers and sandwich makers saw 300% and 100% sales growth respectively from a year earlier.

Lyu Zigang, Midea's finance department director, said that the company has handled an explosion in orders thanks to the optimization and upgrading of production lines in recent years. In 2020, Midea invested 35 million yuan to transform the 40,000-square-meter warehouse into an electric product manufacturing workshop and introduced the production of small household appliances, including high speed blenders, coffee machines and blenders, from Shenzhen Heshunde Factory, which further improved its production efficiency. In 2020, Midea's newly added output value of electric products increased by 650 million yuan.

Since the beginning of 2021, the global epidemic situation has been alleviated. As the domestic and foreign markets recover, the sales revenue of Midea in the first quarter of 2021 was up 28%. The company saw a year-on-year increase of 46% in exports in Q1 .

"We are actively upgrading off-line platforms and constantly exploring new business channels such as opening new-type experience stores and fan communities, organizing community group purchases and etc. Meanwhile, we are also concurrently strengthening after-sales services," Lyu said.

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