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美的集团:2023年第一季度报告全文(英文) 下载公告
公告日期:2023-04-29

Stock code: 000333 Stock name: Midea Group Announcement No.: 2023-022

Midea Group Co., Ltd.Interim Report for the First Quarter 2023Midea 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 and seniormanagement staff of the Company have warranted that this Report contains no false record, misleadingstatement or material omission. And they shall be jointly and severally liable for the truthfulness,accuracy and completeness of the information given in this Report.

2. The legal representative, principal in charge of accounting and head of the accounting department ofthe 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

Jan.-Mar. 2023Jan.-Mar. 2022YoY Change (%)
Operating revenue (RMB'000)96,262,92290,381,1676.51%
Net profit attributable to shareholders of the Company (RMB'000)8,041,8537,177,92512.04%
Net profit attributable to shareholders of the Company before non-recurring gains and losses (RMB'000)7,672,6816,993,0239.72%
Net cash flows from operating activities (RMB'000)9,272,3127,978,98616.21%
Basic earnings per share (RMB/share)1.181.0611.32%
Diluted earnings per share (RMB/share)1.181.0512.38%
Weighted average ROE (%)5.46%5.57%-0.11%
31 Mar. 202331 Dec. 2022Change (%)
Total assets (RMB'000)441,087,159422,555,2674.39%
Net assets attributable to shareholders of the Company (RMB'000)152,352,338142,935,2366.59%

The Building Technologies Division, the Robotics & Automation Division, and the Industrial TechnologyBusiness Group recorded revenue of RMB7.8 billion (up 41% year-on-year), RMB7.6 billion (up 27%year-on-year), and RMB6.2 billion (up 11% year-on-year) respectively during the Reporting Period.

Total share capital of the Company on the last trading session before disclosure (share)7,021,698,756
Fully diluted earnings per share based on the latest share capital above (RMB/share)1.15

1.2 Non-recurring gains and losses

√ Applicable □ N/A

Unit: RMB’000

ItemJan.-Mar. 2023Note
Gains and losses on disposal of non-current assets11,344
Except for effectively hedging business related to normal business operations of the Company, gains and losses 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 gains and losses produced from the disposal of the aforesaid financial assets and liabilities248,525
Other227,585
Less: Corporate income tax111,249
Minority interests (after tax)7,033
Total369,172--

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 any non-recurring gain/loss item mentioned in the<Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities tothe Public—Non-Recurring Gains and Losses> as a recurring gain/loss item

□ 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)31 March 2023/January-March 202331 December 2022/January-March 2022Change (%)Reasons for the changes
Financial assets held for trading7,949,3263,284,593142.02%Mainly due to the increased structured deposits
Derivative financial assets449,881665,484-32.40%Mainly due to the changes in the fair value of derivative financial instruments
Other receivables2,968,5642,211,17734.25%Mainly due to the increased receivables
Other debt investments6,875,24611,094,259-38.03%Mainly due to the decreased large-denomination negotiable certificates of deposit
Short-term borrowings14,191,5365,169,480174.53%Mainly due to the increased borrowings
Employee benefits payable4,617,8347,152,217-35.43%Mainly due to the payment of remunerations to employees
Current portion of non-current liabilities13,846,4887,240,62691.23%Mainly due to the transfer from long-term borrowings
Other comprehensive income-117,821108,289-208.80%Mainly due to the changes in differences on translation of foreign currency financial statements
Interest income373,117557,424-33.06%Mainly due to the changes in the operations of the finance business
Interest costs5,74333,226-82.72%Mainly due to the changes in the operations of the finance business
Financial expenses-710,597-1,155,05038.48%Mainly due to the increased exchange losses
Gains/(Losses) on changes in fair value117,441-416,409128.20%Mainly due to the changes in the fair value of financial assets held for trading
Gains/(Losses) on disposal of assets11,2156,94561.48%Mainly due to the increased gains on disposal of non-current assets
Non-operating income35,23465,080-45.86%Mainly due to the decreased other income
Non-operating expenses7,49118,499-59.51%Mainly due to the decreased other expenses
Net profit attributable to minority interests103,87950,656105.07%Mainly due to the increased profits of joint venture subsidiaries
Net cash flows from investing activities-25,100,790-11,536,258-117.58%Mainly due to the increased cash paid to acquire investments
Net increase in cash and cash equivalents-6,852,4055,005,074-236.91%Mainly due to the decreased net cash flows from investing 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-end404,380Total number of preference shareholders with resumed voting rights at the period-end (if any)0
Top 10 shareholders
Name of shareholderNature of shareholderShareholding percentage (%)Number of shares heldNumber of restricted shares heldShares in pledge or frozen
StatusShares
Midea Holding Co., Ltd.Domestic non-state-owned corporation30.882,169,178,713In pledge100,000,000
Hong Kong Securities Clearing Company LimitedForeign corporation19.131,344,012,114
China Securities Finance Co., Ltd.Domestic non-state-owned corporation2.82198,145,134
Fang HongboDomestic individual1.67116,990,49287,742,869
Central Huijin Asset Management Ltd.State-owned corporation1.2688,260,460
Huang JianDomestic individual1.2386,170,000
UBS AGForeign corporation0.9667,140,912
Canada Pension Plan Investment Board- own funds (stock exchange)Foreign corporation0.8861,913,903
Li JianweiForeign individual0.6646,154,545
Merrill Lynch InternationalForeign corporation0.6445,284,179
Top 10 non-restricted shareholders
Name of shareholderNumber of non-restricted shares held at the period-endType of shares
TypeShares
Midea Holding Co., Ltd.2,169,178,713RMB common stock2,169,178,713
Hong Kong Securities Clearing Company Limited1,344,012,114RMB common stock1,344,012,114
China Securities Finance Co., Ltd.198,145,134RMB common stock198,145,134
Central Huijin Asset Management Ltd.88,260,460RMB common stock88,260,460
Huang Jian86,170,000RMB common stock86,170,000
UBS AG67,140,912RMB common stock67,140,912
Canada Pension Plan Investment Board- own funds (stock exchange)61,913,903RMB common stock61,913,903
Li Jianwei46,154,545RMB common stock46,154,545
Merrill Lynch International45,284,179RMB common stock45,284,179
Yuan Liqun39,838,159RMB common stock39,838,159
Related-parties or acting-in-concert parties among the shareholders aboveN/A
Special account for repurchased shares among146,638,028 shares (or 2.09% of the Company’s total share capital)
the top 10 shareholderswere held in the special account for repurchased shares of Midea Group Co., Ltd. at the end of the Reporting Period.
Explanation on the top 10 common shareholders participating in securities margin tradingThe Company’s shareholder Midea Holding Co., Ltd. holds 2,106,178,713 shares in the Company through its common securities account and 63,000,000 shares in the Company through its account of collateral securities for margin trading, representing a total holding of 2,169,178,713 shares in the Company. The Company’s shareholder Yuan Liqun holds 6,062,100 shares in the Company through her common securities account and 33,776,059 shares in the Company through her account of collateral securities for margin trading, representing a total holding of 39,838,159 shares in the Company.

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 31 March 2023 Unit: RMB’000
ASSETS31 March 202331 December 202231 March 202331 December 2022
ConsolidatedConsolidatedCompanyCompany
Current assets:
Cash at bank and on hand58,975,17355,270,09930,137,55628,492,401
Financial assets held for trading7,949,3263,284,593348,168274,120
Derivative financial assets449,881665,484--
Notes receivable5,609,0724,758,129--
Accounts receivable35,551,43828,237,973--
Receivables financing15,945,62613,526,540--
Advances to suppliers3,893,6014,367,21123,34834,724
Contract assets4,548,0774,498,956--
Loans and advances16,955,50514,138,756--
Other receivables2,968,5642,211,17726,302,84726,175,101
Inventories33,356,96146,044,897--
Current portion of non-current assets45,553,37337,553,07840,166,13733,168,421
Other current assets42,421,08146,542,37837,188,81833,476,601
Total current assets274,177,678261,099,271134,166,874121,621,368
Non-current assets:
Other debt investments6,875,24611,094,2593,923,4607,215,301
Long-term receivables567,323614,598--
Loans and advances664,369693,294--
Long-term equity investments5,168,5845,188,81773,312,30473,103,569
Investments in other equity instruments41,51541,359--
Other non-current financial assets10,216,72310,625,244336,340347,698
Investment properties789,097809,936376,233386,435
Fixed assets26,287,02526,082,9921,194,3201,223,553
Construction in progress4,042,5913,843,777665,973504,757
Right-of-use assets2,405,3282,339,8785,4698,040
Intangible assets16,690,26516,908,915649,360653,320
Goodwill28,733,33728,548,653--
Long-term prepaid expenses1,586,4011,579,89986,67985,109
Deferred tax assets11,081,49710,244,296280,230327,251
Other non-current assets51,760,18042,840,07943,163,62235,423,939
Total non-current assets166,909,481161,455,996123,993,990119,278,972
TOTAL ASSETS441,087,159422,555,267258,160,864240,900,340
Consolidated and Company Balance Sheets (Cont’d)
Prepared by Midea Group Co. Ltd. As at 31 March 2023 Unit: RMB’000
LIABILITIES AND SHAREHOLDERS’ EQUITY31 March 202331 December 202231 March 202331 December 2022
ConsolidatedConsolidatedCompanyCompany
Current liabilities:
Short-term borrowings14,191,5365,169,480400,000-
Customer deposits and deposits from banks and other financial institutions67,65177,469--
Financial liabilities held for trading1,595,7231,580,771.00--
Derivative financial liabilities272,452234,606--
Notes payable18,237,38125,572,421--
Accounts payable66,320,87964,233,225--
Contract liabilities28,415,51427,960,038--
Employee benefits payable4,617,8347,152,21749,048173,824
Taxes payable5,887,6534,955,335605,195718,181
Other payables4,466,5664,322,025175,053,365159,953,351
Current portion of non-current liabilities13,846,4887,240,62612,495,8875,896,701
Other current liabilities64,251,43457,843,52853,20377,066
Total current liabilities222,171,111206,341,741188,656,698166,819,123
Non-current liabilities:
Long-term borrowings43,769,56550,685,9489,019,90015,619,900
Bonds payable3,098,3293,163,616--
Lease liabilities1,505,4301,507,4805062,350
Provisions407,856394,977--
Deferred income1,870,6831,721,092151,584152,548
Long-term employee benefits payable1,418,6861,488,456--
Deferred tax liabilities4,720,2484,647,673--
Other non-current liabilities680,516680,482--
Total non-current liabilities57,471,31364,289,7249,171,99015,774,798
Total liabilities279,642,424270,631,465197,828,688182,593,921
Shareholders’ equity:
Share capital7,024,1976,997,2737,024,1976,997,273
Capital surplus21,267,19219,693,13929,465,14427,826,208
Less: Treasury stock(14,933,944)(14,933,944)(14,933,944)(14,933,944)
Other comprehensive income(117,821)108,2897,795(5,679)
General risk reserve655,307671,999--
Special reserve16,73216,350--
Surplus reserve10,702,92810,702,92810,702,92810,702,928
Undistributed profits127,737,747119,679,20228,066,05627,719,633
Total equity attributable to shareholders of the Company152,352,338142,935,23660,332,17658,306,419
Minority interests9,092,3978,988,566--
Total shareholders’ equity161,444,735151,923,80260,332,17658,306,419
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY441,087,159422,555,267258,160,864240,900,340
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 three months ended 31 March 2023 Unit: RMB’000
ItemFor the three months ended 31 March 2023For the three months ended 31 March 2022For the three months ended 31 March 2023For the three months ended 31 March 2022
ConsolidatedConsolidatedCompanyCompany
Total revenue96,636,18490,938,820160,324436,315
Including: Operating revenue96,262,92290,381,167160,324436,315
Interest income373,117557,424--
Fee and commission income145229--
Total operating cost(87,373,044)(82,511,495)160,61455,260
Including: Cost of sales(73,120,434)(70,336,385)(10,202)(10,369)
Interest costs(5,743)(33,226)--
Fee and commission expenses(590)(1,520)--
Taxes and surcharges(428,940)(388,006)(4,052)(10,612)
Selling and distribution expenses(8,444,025)(7,599,881)--
General and administrative expenses(2,801,492)(2,380,911)(330,901)(407,140)
Research and development expenses(3,282,417)(2,926,616)--
Financial income710,5971,155,050505,769483,381
Including: Interest expenses(566,174)(417,184)(1,059,937)(596,719)
Interest income1,503,8781,308,7881,565,8221,082,164
Add: Other income339,952373,6821,007-
Investment income266,267261,18954,57754,893
Including: Investment income from associates and joint ventures106,190103,80752,83359,564
Gains/(Losses) on changes in fair value117,441(416,409)63,598(49,401)
Credit impairment losses(277,955)(219,124)(1,035)(1,178)
Asset impairment losses(135,237)(117,425)--
Gains/(Losses) on disposal of assets11,2156,945-(268)
Operating profit9,584,8238,316,183439,085495,621
Add: Non-operating income35,23465,0805035,218
Less: Non-operating expenses(7,491)(18,499)(201)(295)
Total profit9,612,5668,362,764439,387500,544
Less: Income tax expenses(1,466,834)(1,134,183)(92,964)(82,940)
Net profit8,145,7327,228,581346,423417,604
(1) Classified by continuity of operations
Net profit from continuing operations8,145,7327,228,581346,423417,604
Net profit from discontinued operations----
(2) Classified by ownership of the equity
Attributable to shareholders of the Company8,041,8537,177,925346,423417,604
Minority interests103,87950,656--
Other comprehensive income, net of tax(306,041)184,27013,474(2,581)
Other comprehensive income attributable to equity owners of the Company, net of tax(226,110)216,31013,474(2,581)
(1) Other comprehensive income items which will not be reclassified subsequently to profit or loss(4,559)128,387--
1) Changes arising from remeasurement of defined benefit plan(4,538)127,142--
2) Changes in fair value of investments in other equity instruments(21)1,245--
(2) Other comprehensive income items which will be reclassified subsequently to profit or loss(221,551)87,92313,474(2,581)
1) Other comprehensive income that will be transferred subsequently to profit or loss under the equity method20,146(4,176)13,474(2,581)
2) Cash flow hedging reserve228,680117,901--
3) Differences on translation of foreign currency financial statements(438,048)(25,802)--
4) Other(32,329)
Other comprehensive income attributable to minority shareholders, net of tax(79,931)(32,040)--
Total comprehensive income7,839,6917,412,851359,897415,023
Attributable to equity owners of the Company7,815,7437,394,235359,897415,023
Attributable to minority interests23,94818,616--
Earnings per share:
(1) Basic earnings per share (RMB Yuan)1.181.06Not applicableNot applicable
(2) Diluted earnings per share (RMB Yuan)1.181.05Not applicableNot 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 three months ended 31 March 2023 Unit: RMB’000
ItemFor the three months ended 31 March 2023For the three months ended 31 March 2022For the three months ended 31 March 2023For the three months ended 31 March 2022
ConsolidatedConsolidatedCompanyCompany
1. Cash flows from operating activities
Cash received from sales of goods or rendering of services76,222,16477,541,698--
Net increase in customer deposits and deposits from banks and other financial institutions-10,051--
Net decrease in loans and advances-527,693--
Net decrease in deposits with the Central Bank, banks and other financial institutions53,905---
Net increase in loans with the Central Bank-129,526--
Cash received from interest, fee and commission378,547474,350--
Refund of taxes and surcharges1,940,2042,324,371--
Cash received relating to other operating activities1,007,1901,305,29016,429,10515,290,251
Sub-total of cash inflows79,602,01082,312,97916,429,10515,290,251
Cash paid for goods and services(42,177,900)(51,917,522)--
Net increase in loans and advances(2,738,924)---
Net decrease in customer deposits and deposits from banks and other financial institutions(9,818)---
Net increase in balances with the Central Bank-(17,361)--
Cash paid for interest, fee and commission(6,333)(35,019)--
Cash paid to and on behalf of employees(11,721,976)(10,851,471)(193,662)(143,499)
Payments of taxes and surcharges(4,663,631)(3,966,746)(5,357)(156,665)
Cash paid relating to other operating activities(9,011,116)(7,545,874)(634,476)(730,277)
Sub-total of cash outflows(70,329,698)(74,333,993)(833,495)(1,030,441)
Net cash flows from operating activities9,272,3127,978,98615,595,61014,259,810
2. Cash flows from investing activities
Cash received from disposal of investments28,212,80420,762,45418,724,00014,200,000
Cash received from returns on investments1,247,7581,537,8111,093,1651,093,468
Net cash received from disposal of fixed assets, intangible assets and other long-term assets40,20128,857-23
Net cash received from disposal of subsidiaries and other business units-9,349--
Cash received relating to other investing activities-335,082--
Sub-total of cash inflows29,500,76322,673,55319,817,16515,293,491
Cash paid to acquire fixed assets, intangible assets and other long-term assets(1,554,048)(1,555,626)(204,471)(170,899)
Cash paid to acquire investments(53,047,504)(32,615,005)(33,650,000)(24,155,045)
Net cash paid to acquire subsidiaries and other business units-(39,180)--
Cash paid relating to other investing activities(1)---
Sub-total of cash outflows(54,601,553)(34,209,811)(33,854,471)(24,325,944)
Net cash flows from investing activities(25,100,790)(11,536,258)(14,037,306)(9,032,453)
3. Cash flows from financing activities
Cash received from capital contributions479,733556,188468,718555,188
Including: Cash received from capital contributions by minority shareholders of subsidiaries11,0151,000--
Cash received from borrowings11,302,1637,529,546400,000-
Cash received from issuance of bonds-2,841,690--
Cash received relating to other financing activities-3,200--
Sub-total of cash inflows11,781,89610,930,624868,718555,188
Cash repayments of borrowings(1,764,323)(954,060)--
Cash payments for interest expenses and distribution of dividends or profits(417,966)(446,421)(1,122,267)(639,276)
Including: Cash payments for dividends or profit to minority shareholders of subsidiaries(30,823)(21,038)--
Cash payments relating to other financing activities(530,869)(942,998)(68,903)(649,449)
Sub-total of cash outflows(2,713,158)(2,343,479)(1,191,170)(1,288,725)
Net cash flows from financing activities9,068,7388,587,145(322,452)(733,537)
4. Effect of foreign exchange rate changes on cash and cash equivalents(92,665)(24,799)--
5. Net increase in cash and cash equivalents(6,852,405)5,005,0741,235,8524,493,820
Add: Cash and cash equivalents at the beginning of the period51,131,96840,550,03927,904,22921,957,042
6. Cash and cash equivalents at the end of the period44,279,56345,555,11329,140,08126,450,862
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 not audited by a CPA firm.

The Board of Directors of Midea Group Co., Ltd.

29 April 2023


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