美的集团：2022年第三季度报告(英文)

Stock code: 000333 Stock name: Midea Group Announcement No.: 2022-097

Midea Group Co., Ltd.Interim Report for the Third Quarter 2022

Midea Group Co., Ltd. (hereinafter referred to as the “Company”) and all the members of theCompany’s Board of Directors have warranted that the information given in this Report is true, accurateand complete, as well as free of any false record, misleading statement or material omission.

Important Reminders:

1. The Board of Directors, the Supervisory Committee as well as all the directors, supervisors andsenior management staff of the Company have warranted that this Report contains no false record,misleading statement or material omission. And they shall be jointly and severally liable for thetruthfulness, accuracy and completeness of the information given in this Report.

2. The legal representative, principal in charge of accounting and head of the accounting departmentof the Company have represented and warranted that the financial information in this Report is true,accurate and complete.

3. Is this Report audited by a CPA firm?

□Yes √No

This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.

1. Key financial information

1.1 Major accounting data and financial indicators

Does the Company adjust retrospectively or restate accounting data of previous years?

□Yes √No

	July-September 2022	YoY Change (%)		January- September 2022	YoY Change (%)
Operating revenue (RMB'000)	87,705,744	0.20%		270,366,753	3.45%
Net profit attributable to shareholders of the Company (RMB'000)	8,474,425	0.33%		24,469,921	4.33%
Net profit attributable to shareholders of the Company before non-recurring gains and losses (RMB'000)	8,374,107	5.63%		24,065,619	6.65%
Net cash flows from operating activities (RMB'000)	——	——		29,472,352	5.65%
Basic earnings per share (RMB/share)	1.25	0.81%		3.59	5.28%
Diluted earnings per share (RMB/share)	1.24	0.81%		3.58	5.60%
Weighted average ROE (%)	6.46%	-0.84%		18.36%	-1.15%
	30 September 2022		31 December 2021		Change (%)
Total assets (RMB'000)	417,453,076		387,946,104		7.61%
Net assets attributable to shareholders of the Company (RMB'000)	139,231,869		124,868,124		11.50%

Notes: Profit from operation was RMB9.98 billion during the three months ended 30 September 2022,representing a year-on-year increase of 14.3%, and that for the nine months ended 30 September2022 was RMB28.84 billion, representing an increase of 10.9% from a year ago. Profit from operationis operating profit less investment income and gains/losses on changes in fair value.The Company’s five business segments, namely the Smart Home Business Group, the IndustrialTechnology Business Group, the Building Technologies Division, the Robotics & Automation Division,and the Digital Innovation Business recorded revenue of RMB186.2 billion (up 1.70% year-on-year),RMB17 billion (up 14.84% year-on-year), RMB17.9 billion (up 22.65% year-on-year), RMB19.5 billion(up 5.72% year-on-year), and RMB8.1 billion (up 37.30% year-on-year) respectively during January-September 2022.

1.2 Non-recurring gains and losses

√Applicable □N/A

Unit: RMB’000

Item	July-September 2022	January-September 2022	Note
Gain or loss from disposal of non-current assets	-20,859	1,297
Except for effectively hedging business related to normal business operations of the Company, gain 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 liabilities, and other non-current financial assets, as well as investment income or loss produced from the disposal of the aforesaid financial assets and liabilities	-241,045	-675,386
Other non-operating income and expenses except above-mentioned items	316,391	1,088,768
Less: Corporate income tax	-56,616	-26,521
Minority interests (after tax)	10,785	36,898
Total	100,318	404,302	--

Particulars about other items that meet the definition of non-recurring gain/loss:

□Applicable √N/A

No such cases for the Reporting Period.Explain the reasons if the Company classifies an item as a recurring gain/loss item, which isenumerated as a non-recurring gain/loss in the <Explanatory Announcement No. 1 on InformationDisclosure for Companies Offering Their Securities to the Public—Non-Recurring Gains and Losses>:

□Applicable √N/A

No such cases for the Reporting Period.

1.3 Major changes of main items in financial statements and financial indicators, as well as thereasons for the changes

√Applicable □N/A

Unit: RMB’000

Financial statement items (consolidated)	30 September 2022/January- September 2022	31 December 2021/January- September 2021	Change (%)	Reasons for the changes
Financial assets held for trading	3,521,607	5,879,202	-40.10%	Mainly due to the decreased structured deposits
Derivative financial assets	734,757	545,865	34.60%	Mainly due to the changes in the fair value of derivative financial instruments
Loans and advances	14,075,276	21,508,527	-34.56%	Mainly due to the changes in the operations of the finance business
Other receivables	2,135,800	3,104,065	-31.19%	Mainly due to the decreased receivables and advances for others

Current portion of non-current assets	40,335,141	19,851,577	103.18%	Mainly due to the acquisition of fixed-income products with a maturity of over one year
Other current assets	51,672,375	33,156,012	55.85%	Mainly due to the acquisition of fixed-income products with a maturity of over one year
Other debt investments	10,703,172	7,893,935	35.59%	Mainly due to the increased large-denomination negotiable certificates of deposit
Construction in progress	3,988,108	2,690,930	48.21%	Mainly due to the increased construction in progress
Short-term borrowings	8,758,645	5,381,623	62.75%	Mainly due to the increased borrowings
Derivative financial liabilities	369,139	157,602	134.22%	Mainly due to the changes in the fair value of derivative financial instruments
Current portion of non-current liabilities	1,691,493	28,947,540	-94.16%	Mainly due to the repayment of borrowings
Long-term borrowings	55,483,504	19,734,020	181.16%	Mainly due to the increased borrowings
Deferred income	1,742,904	1,228,459	41.88%	Mainly due to the increased government subsidies received
Other comprehensive income	573,069	-1,758,948	132.58%	Mainly due to the changes in differences on translation of foreign currency financial statements
Interest costs	35,457	76,088	-53.40%	Mainly due to the changes in the operations of the finance business
Financial expenses	-2,110,455	-3,349,461	36.99%	Mainly due to the increased exchange losses
Investment income	862,732	1,999,228	-56.85%	Mainly due to the decreased investment income derived in the period of holding financial assets held for trading
Losses on disposal of assets	-3,640	57,969	-106.28%	Mainly due to the increased losses on disposal of non-current assets
Non-operating expenses	71,626	139,501	-48.66%	Mainly due to the decreased donation expenditures
Net cash flows from investing activities	-18,705,995	6,680,656	-380.00%	Mainly due to the decreased cash received from disposal of investments
Net cash flows from financing activities	-1,171,191	-27,666,525	95.77%	Mainly due to the increased cash received from borrowings
Net increase in cash and cash equivalents	9,944,675	6,662,307	49.27%	Mainly due to the increased net cash flows from financing activities

2. Shareholder information

2.1 Total number of common shareholders and preference shareholders with resumed votingrights, as well as shareholdings of the top ten shareholders at the period-end

Unit: share

Total number of common shareholders at the period-end		436,153			Total number of preference shareholders with resumed voting rights at the period-end (if any)				0
Top 10 shareholders
Name of shareholder	Nature of shareholder		Shareholding percentage (%)	Number of shares held		Number of restricted shares held		Shares in pledge or frozen
								Status			Shares
Midea Holding Co., Ltd.	Domestic non-state-owned corporation		30.98	2,169,178,713				In pledge			100,000,000
Hong Kong Securities Clearing Company Limited	Foreign corporation		18.22	1,275,263,264				-			-
China Securities Finance Co., Ltd.	Domestic non-state-owned corporation		2.83	198,145,134				-			-
Fang Hongbo	Domestic individual		1.67	116,990,492		87,742,869		-			-
Central Huijin Asset Management Ltd.	State-owned corporation		1.26	88,260,460				-			-
Huang Jian	Domestic individual		1.23	86,140,000				-			-
Canada Pension Plan Investment Board－ own funds (stock exchange)	Foreign corporation		0.88	61,913,903				-			-
Li Jianwei	Foreign individual		0.66	46,154,545				-			-
Yuan Liqun	Domestic individual		0.57	40,168,097				-			-
Huang Xiaoxiang	Domestic individual		0.54	37,835,332				In pledge			23,499,363
Top 10 non-restricted shareholders
Name of shareholder			Number of non-restricted shares held at the period-end				Type of shares
							Type			Shares
Midea Holding Co., Ltd.			2,169,178,713				RMB common stock			2,169,178,713
Hong Kong Securities Clearing Company Limited			1,275,263,264				RMB common stock			1,275,263,264
China Securities Finance Co., Ltd.			198,145,134				RMB common stock			198,145,134
Central Huijin Asset Management Ltd.			88,260,460				RMB common stock			88,260,460
Huang Jian			86,140,000				RMB common stock			86,140,000
Canada Pension Plan Investment Board－ own funds (stock exchange)			61,913,903				RMB common stock			61,913,903
Li Jianwei			46,154,545				RMB common stock			46,154,545
Yuan Liqun			40,168,097				RMB common stock			40,168,097
Huang Xiaoxiang			37,835,332				RMB common stock			37,835,332
Temasek Fullerton Alpha Pte Ltd			37,417,918				RMB common stock			37,417,918
Explanation of related relationship or/and acting-in-			N/A

concert parties among the above-mentioned shareholders

Explanation on the top 10 common shareholders participating in securities margin trading

The Company’s shareholder Yuan Liqun holds 560,000 shares in the Company through her common securities account and 39,608,097 shares in the Company through her account of collateral securities for margin trading, representing a total holding of 40,168,097 shares in the Company. The Company’s shareholder Huang Xiaoxiang holds 29,435,332 shares in the Company through his common securities account and 8,400,000 shares in the Company through his account of collateral securities for margin trading, representing a total holding of 37,835,332 shares in the Company.

Note: 144,248,028 shares (or 2.06% of the Company’s total share capital) were held in the special account forrepurchased shares of Midea Group Co., Ltd. at the end of the Reporting Period.

2.2 Total number of preference shareholders and shareholdings of the top 10 preferenceshareholders at the period-end

□Applicable √N/A

3. Other significant events

□Applicable √N/A

4. Financial statements

4.1 Financial statements

Consolidated and Company Balance Sheets
Prepared by Midea Group Co. Ltd. As at 30 September 2022 Unit: RMB’000
ASSETS		30 September 2022	31 December 2021	30 September 2022	31 December 2021
		Consolidated	Consolidated	Company	Company
Current assets:
Cash at bank and on hand		63,154,762	71,875,556	35,103,863	48,153,997
Financial assets held for trading		3,521,607	5,879,202	267,712	3,442,317
Derivative financial assets		734,757	545,865	413,449	157,501
Notes receivable		6,055,187	4,784,914	-	-
Accounts receivable		31,431,007	24,636,440	-	-
Receivables financing		12,916,309	10,273,552	-	-
Advances to suppliers		4,168,971	4,352,807	43,416	106,838
Contract assets		4,244,361	3,823,476	-	-
Loans and advances		12,965,148	20,656,600	-	-
Other receivables		2,135,800	3,104,065	24,924,954	31,447,849
Inventories		36,554,195	45,924,439	-	-
Current portion of non-current assets		40,335,141	19,851,577	37,153,183	19,095,262
Other current assets		51,672,375	33,156,012	35,310,757	11,713,182
Total current assets		269,889,620	248,864,505	133,217,334	114,116,946
Non-current assets:
Other debt investments		10,703,172	7,893,935	5,892,185	6,034,563
Long-term receivables		829,750	871,356	-	-
Loans and advances		1,110,128	851,927	-	-
Long-term equity investments		4,002,775	3,796,705	72,385,336	66,805,691
Investments in other equity instruments		43,377	45,747	-	-
Other non-current financial assets		6,977,348	5,912,873	291,884	537,214
Investment properties		815,637	859,195	397,383	428,460
Fixed assets		24,084,306	22,852,848	595,856	661,692
Construction in progress		3,988,108	2,690,930	1,066,366	800,243
Right-of-use assets		2,214,885	2,297,354	9,547	2,585
Intangible assets		16,584,060	17,173,072	657,279	669,158
Goodwill		27,075,391	27,874,752	-	-
Long-term prepaid expenses		1,464,886	1,394,240	88,818	79,799
Deferred tax assets		9,614,936	8,192,309	241,765	289,964
Other non-current assets		38,054,697	36,374,356	35,774,548	33,023,304
Total non-current assets		147,563,456	139,081,599	117,400,967	109,332,673
TOTAL ASSETS		417,453,076	387,946,104	250,618,301	223,449,619

Consolidated and Company Balance Sheets (Cont’d)
Prepared by Midea Group Co. Ltd. As at 30 September 2022 Unit: RMB’000
LIABILITIES AND SHAREHOLDERS’ EQUITY	30 September 2022	31 December 2021	30 September 2022	31 December 2021
	Consolidated	Consolidated	Company	Company
Current liabilities:
Short-term borrowings	8,758,645	5,381,623	-	-
Loans with the Central Bank	-	178,878	-	-
Customer deposits and deposits from banks and other financial institutions	87,260	78,180	-	-
Financial liabilities held for trading	1,618,289	-	-	-
Derivative financial liabilities	369,139	157,602	-	-
Notes payable	28,290,679	32,752,007	-	-
Accounts payable	61,617,766	65,983,559	-	-
Contract liabilities	24,166,174	23,916,595	-	-
Employee benefits payable	5,954,020	7,535,168	96,585	420,536
Taxes payable	3,951,826	5,404,267	584,018	1,184,813
Other payables	4,458,475	4,288,104	170,786,202	151,450,555
Current portion of non-current liabilities	1,691,493	28,947,540	96,523	92,647
Other current liabilities	58,858,965	48,227,953	4,068,114	35,932
Total current liabilities	199,822,731	222,851,476	175,631,442	153,184,483
Non-current liabilities:
Long-term borrowings	55,483,504	19,734,020	21,420,000	12,509,900
Bonds payable	3,201,337	-	-	-
Lease liabilities	1,507,826	1,533,552	4,089	-
Provisions	316,906	310,571	-	-
Deferred income	1,742,904	1,228,459	154,015	154,015
Long-term employee benefits payable	1,402,168	1,825,016	-	-
Deferred tax liabilities	4,424,577	4,950,245	13,793	17,028
Other non-current liabilities	687,709	687,689	-	-
Total non-current liabilities	68,766,931	30,269,552	21,591,897	12,680,943
Total liabilities	268,589,662	253,121,028	197,223,339	165,865,426
Shareholders’ equity:
Share capital	7,000,783	6,986,564	7,000,783	6,986,564
Capital surplus	20,915,271	20,516,930	28,406,867	27,105,153
Less: Treasury stock	(15,225,644)	(14,044,550)	(15,225,644)	(14,044,550)
Other comprehensive income	573,069	(1,758,948)	(2,457)	(7,295)
General risk reserve	655,391	719,922	-	-
Special reserve	17,108	15,542	-	-
Surplus reserve	9,449,901	9,449,901	9,449,901	9,449,901
Undistributed profits	115,845,990	102,982,763	23,765,512	28,094,420
Total equity attributable to shareholders of the Company	139,231,869	124,868,124	53,394,962	57,584,193
Minority interests	9,631,545	9,956,952	-	-
Total shareholders’ equity	148,863,414	134,825,076	53,394,962	57,584,193
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	417,453,076	387,946,104	250,618,301	223,449,619
Legal representative: Principal in charge of accounting: Head of accounting department: Fang Hongbo Zhong Zheng Chen Lihong

Consolidated and Company Income Statements
Prepared by Midea Group Co. Ltd. For the nine months ended 30 September 2022 Unit: RMB’000
Item	For the nine months ended 30 September 2022	For the nine months ended 30 September 2021	For the nine months ended 30 September 2022	For the nine months ended 30 September 2021
	Consolidated	Consolidated	Company	Company
Total revenue	271,775,057	262,942,589	1,128,972	1,381,918
Including: Operating revenue	270,366,753	261,341,969	1,128,972	1,381,918
Interest income	1,407,722	1,600,306	-	-
Fee and commission income	582	314	-	-
Total operating cost	(243,771,100)	(237,666,842)	618,929	865,983
Including: Cost of sales	(206,530,717)	(202,595,165)	(31,123)	(26,639)
Interest costs	(35,457)	(76,088)	-	-
Fee and commission expenses	(1,721)	(5,209)	-	-
Taxes and surcharges	(1,155,550)	(1,172,144)	(11,208)	(31,835)
Selling and distribution expenses	(21,196,708)	(20,948,273)	-	-
General and administrative expenses	(8,044,890)	(7,454,498)	(922,674)	(701,472)
Research and development expenses	(8,916,512)	(8,764,926)	-	-
Financial income	2,110,455	3,349,461	1,583,934	1,625,929
Including: Interest expenses	(1,269,255)	(989,334)	(1,952,684)	(1,671,992)
Interest income	4,256,895	3,842,498	3,545,017	3,318,208
Add: Other income	1,274,084	1,043,294	19,594	102,686
Investment income	862,732	1,999,228	5,999,505	8,764,498
Including: Investment income from associates and joint ventures	478,015	410,522	207,222	195,952
Gains/(Losses) on changes in fair value	(1,042,032)	(924,798)	(161,751)	(239,518)
Asset impairment losses	(195,425)	(171,668)	-	-
Credit impairment losses	(236,992)	(204,276)	1,477	(492)
Losses on disposal of assets	(3,640)	57,969	(281)	(891)
Operating profit	28,662,684	27,075,496	7,606,445	10,874,184
Add: Non-operating income	292,601	406,215	33,677	31,299
Less: Non-operating expenses	(71,626)	(139,501)	(10,286)	(48,782)
Total profit	28,883,659	27,342,210	7,629,836	10,856,701
Less: Income tax expenses	(4,189,933)	(3,649,382)	(287,458)	(88,176)
Net profit	24,693,726	23,692,828	7,342,378	10,768,525
(1) Classified by continuity of operations
Net profit from continuing operations	24,693,726	23,692,828	7,342,378	10,768,525
Net profit from discontinued operations	-	-	-	-
(2) Classified by ownership of the equity
Attributable to shareholders of the Company	24,469,921	23,455,250	7,342,378	10,768,525
Minority interests	223,805	237,578	-	-
Other comprehensive income, net of tax	2,314,988	(180,401)	4,838	18,926
Other comprehensive income attributable to equity owners of the Company, net of tax	2,332,017	(139,373)	4,838	18,926
(1) Other comprehensive income items which will not be reclassified subsequently to profit or loss	236,579	131,437	-	-
1) Changes arising from remeasurement of defined benefit plan	233,662	129,967	-	-
2) Changes in fair value of investments in other equity instruments	2,917	1,470	-	-
(2) Other comprehensive income items which will be reclassified subsequently to profit or loss	2,095,438	(270,810)	4,838	18,926
1) Other comprehensive income that will be transferred subsequently to profit or loss	26,369	15,944	4,838	18,926

under the equity method
2) Cash flow hedging reserve	381,971	(199,762)	-	-
3) Differences on translation of foreign currency financial statements	1,687,098	(86,992)	-	-
Other comprehensive income attributable to minority shareholders, net of tax	(17,029)	(41,028)	-	-
Total comprehensive income	27,008,714	23,512,427	7,347,216	10,787,451
Attributable to equity owners of the Company	26,801,938	23,315,877	7,347,216	10,787,451
Attributable to minority interests	206,776	196,550	-	-
Earnings per share:
(1) Basic earnings per share (RMB Yuan)	3.59	3.41	Not applicable	Not applicable
(2) Diluted earnings per share (RMB Yuan)	3.58	3.39	Not applicable	Not applicable
Legal representative: Principal in charge of accounting: Head of accounting department: Fang Hongbo Zhong Zheng Chen Lihong

Consolidated and Company Cash Flow Statements
Prepared by Midea Group Co. Ltd. For the nine months ended 30 September 2022 Unit: RMB’000
Item	For the nine months ended 30 September 2022		For the nine months ended 30 September 2021		For the nine months ended 30 September 2022		For the nine months ended 30 September 2021
	Consolidated		Consolidated		Company		Company
1. Cash flows from operating activities
Cash received from sales of goods or rendering of services	234,341,478		227,937,641		-		-
Net increase in customer deposits and deposits from banks and other financial institutions	9,080		-		-		-
Net decrease in loans and advances	7,455,670		-		-		-
Net decrease in deposits with the Central Bank, banks and other financial institutions	123,170		1,347,924		-		-
Net increase in loans with the Central Bank	-		19,841		-		-
Cash received from interest, fee and commission	1,405,190		1,536,829		-		-
Refund of taxes and surcharges	8,612,132		6,789,422		-		-
Cash received relating to other operating activities	6,262,601		4,897,712		29,058,041		51,113,226
Sub-total of cash inflows	258,209,321		242,529,369		29,058,041		51,113,226
Cash paid for goods and services	(166,690,317)		(149,209,825)		-		-
Net increase in loans and advances	-		(3,676,530)		-		-
Net decrease in customer deposits and deposits from banks and other financial institutions	-		(60,752)		-		-
Net decrease in borrowings from the Central Bank	(178,878)		-		-		-
Cash paid for interest, fee and commission	(38,342)		(82,085)		-		-
Cash paid to and on behalf of employees	(26,297,099)		(24,558,796)		(328,470)		(12,798)
Payments of taxes and surcharges	(12,996,276)		(11,392,788)		(358,516)		(437,678)
Cash paid relating to other operating activities	(22,536,057)		(25,651,849)		(897,876)		(6,070,874)
Sub-total of cash outflows	(228,736,969)		(214,632,625)		(1,584,862)		(6,521,350)
Net cash flows from operating activities	29,472,352		27,896,744		27,473,179		44,591,876
2. Cash flows from investing activities
Cash received from disposal of investments	79,619,731		104,890,385		40,500,000		43,296,962
Cash received from returns on investments	3,712,469		4,360,871		7,107,197		11,345,718
Net cash received from disposal of fixed assets, intangible assets and other long-term assets	124,672		236,010		53		86
Net cash received from disposal of subsidiaries and other business units	14,829		182,133		6,500		-
Cash received relating to other investing activities	335,082		10,251		-		-
Sub-total of cash inflows	83,806,783		109,679,650		47,613,750		54,642,766
Cash paid to acquire fixed assets, intangible assets and other long-term assets	(4,318,974)		(5,875,219)		(375,100)		(573,214)
Cash paid to acquire investments	(97,817,524)		(95,094,863)		(62,696,223)		(60,960,461)
Net cash paid to acquire subsidiaries and other business units	(376,280)		(2,028,912)		-		-
Sub-total of cash outflows	(102,512,778)		(102,998,994)		(63,071,323)		(61,533,675)
Net cash flows from investing activities	(18,705,995)		6,680,656		(15,457,573)		(6,890,909)
3. Cash flows from financing activities
Cash received from capital contributions	1,256,885		1,474,377		1,255,885		1,431,805
Including: Cash received from capital contributions by minority shareholders of subsidiaries	1,000		42,572		-		-
Cash received from borrowings	43,047,859		13,864,476		9,000,000		6,800,000
Cash received from issuance of medium-term debentures	2,841,690		-		-		-
Cash received from issuance of short-term financing bonds	3,999,500		2,999,629		3,999,500		2,999,629

Cash received relating to other financing activities	90,498		51,159		-		-
Sub-total of cash inflows	51,236,432		18,389,641		14,255,385		11,231,434
Cash repayments of borrowings	(34,310,771)		(12,723,723)		(89,900)		(4,799,314)
Cash paid for repayment of short-term financing bonds	-		(6,000,000)		-		(6,000,000)
Cash payments for interest expenses and distribution of dividends or profits	(13,090,540)		(12,415,831)		(14,154,406)		(12,871,936)
Including: Cash payments for dividends or profit to minority shareholders of subsidiaries	(158,110)		(289,414)		-		-
Cash payments relating to other financing activities	(5,006,312)		(14,916,612)		(2,581,074)		(13,807,786)
Sub-total of cash outflows	(52,407,623)		(46,056,166)		(16,825,380)		(37,479,036)
Net cash flows from financing activities	(1,171,191)		(27,666,525)		(2,569,995)		(26,247,602)
4. Effect of foreign exchange rate changes on cash and cash equivalents	349,509		(248,568)		-		-
5. Net increase in cash and cash equivalents	9,944,675		6,662,307		9,445,611		11,453,365
Add: Cash and cash equivalents at the beginning of the period	40,550,039		23,548,508		21,957,042		16,595,063
6. Cash and cash equivalents at the end of the period	50,494,714		30,210,815		31,402,653		28,048,428
Legal representative: Principal in charge of accounting: Head of accounting department: Fang Hongbo Zhong Zheng Chen Lihong

4.2 Auditor’s report

Is this Report audited by a CPA firm?

□Yes √No

This Report is unaudited by a CPA firm.

The Board of Directors of Midea Group Co., Ltd.29 October 2022