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Located in Shunde of Guangdong province and reputed as "Top 100 Counties of China", Midea initiated its business in 1968. Today, Midea has become a sizeable conglomerate with focus on household appliances and concerning relevant fields of real estates, logistics, finance, and maintenance equipment for public highways, turning into one of the most sizeable household appliance bases and export bases in China.
Midea formally entered into the household appliance industry in 1980, starting to use the brand name of Midea in 1981. In 2001, Midea became a non-governmental enterprise. In 2004, Midea accelerated its paces in market expansion through successive acquisition of Hefei Royalstar and Guangzhou Hualin.
Today, Midea Group holds total assets of 16 billion with 65,000 staff and owns over ten famous brands in several industries, namely Midea, Hualin, Royalstar and Welling, etc. The Group has established production bases scattered in Shunde, Guangzhou, Zhongshan, Wuhu, Wuhan, Huaian, Kunming, Changsha, Hefei, Chongqing, Shangyu, Suzhou, etc., covering a total area of nearly 10,000 acres, with marketing networks spread throughout China, and establishing branch subsidiaries in United States of America, Germany, Japan, Hong Kong, Korea, Canada, and Russia.
Currently, Midea has the most sizeable and complete Air Conditioner production chain and Microwave Oven production chain, holding the most sizeable and complete small household appliances and kitchen appliances industry groups, with products of residential AC, commercial AC, large-scale central AC, electric fan, electric cooker, refrigerator, microwave oven, water dispenser, washing machine, electric warmer, dishwasher, induction cooker, water heater, cooking utensils, sterilizing cabinet, electric chafing dish, electric oven, vacuum cleaner, and small household appliances, as well as the household appliances accessory products, such as compressor, electric motor, magnetron, transformer, and enameled wire.
In 2003, Midea was chosen as the Advanced Non-Governmental Enterprise of Guangdong by the Guangdong Provincial Government. In the Top 200 Enterprises with most value of export of China in 2003, Midea was ranked 83rd. In September 2004, in the election of 2003 Top 500 Large-Scale Enterprise Groups of China conducted by Chinese National Bureau of Statistics, Midea was ranked 88th. In the same year, Midea was chosen by Guangdong Small and Inter-Medium Enterprises Bureau in the first session of Top 100 Non-Governmental Enterprises in Guangdong election, ranking 1st.
When keeping rapid increase, Midea also made active contribution for local economic development. Since the 1990's, Midea has paid tax of more than 3.5 billion and has donated more than 65 million for social welfare and education business.
Keeping healthy, steady, and rapid growth all the time in the 1980's, Midea's annual rate of increase was 60%, and in the 1990's, it was 50%. In the new century, it has exceeded 30%.
In 2004, Midea realized 30 billion of sales revenue, of which export contributed 1.05 billion USD, up 70% and 110% separately compared with the previous year. In 2003, in the election of the most valuable brand names of China, brand value of Midea increased from 12.15 billion Yuan to 20.118 billion Yuan in 2004, ranking 2nd in the industry.
Looking into the future, on the base of keeping the current household appliance business professionalized and in large scale, as well as the strategy of total cost ahead, Midea is making effort to develop into the largest white household appliances manufacturing enterprise in China, meanwhile realizing relevant diversified development through mergers and acquisitions, and fostering at least two pillar industries other than home appliance, which should be in leading position amid the same industry. It is expected that by 2010, Midea will realize 100 billion of sale revenue and diversify into domestic well-known comprehensive and internationalized manufacturing enterprise group from a sole household appliance maker.
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