Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
Stock code: 000333 Stock name: Midea Group Announcement No.: 2024-028
Midea Group Co., Ltd.
Interim Report for the First Quarter 2024
Midea Group Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors have warranted that the information given in this Report is true, accurate
and 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
senior 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 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
of 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 or
misunderstandings between the two versions, the Chinese version shall prevail.
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
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. 2024 Jan.-Mar. 2023 YoY Change (%)
Operating revenue (RMB'000) 106,101,612 96,262,922 10.22%
Net profit attributable to shareholders of the
9,000,007 8,041,853 11.91%
Company (RMB'000)
Net profit attributable to shareholders of the
Company before non-recurring gains and 9,236,971 7,672,681 20.39%
losses (RMB'000)
Net cash flows from operating activities
13,928,908 9,272,312 50.22%
(RMB'000)
Basic earnings per share (RMB/share) 1.31 1.18 11.02%
Diluted earnings per share (RMB/share) 1.31 1.18 11.02%
Weighted average ROE (%) 5.37% 5.46% -0.09%
31 Mar. 2024 31 Dec. 2023 Change (%)
Total assets (RMB'000) 497,968,468 486,038,184 2.45%
Net assets attributable to shareholders of
172,498,707 162,878,825 5.91%
the Company (RMB'000)
During the Reporting Period, the Company’s Intelligent Building Technology, Energy Solutions &
Industrial Technology, and Robotics & Automation recorded respective revenue of RMB8.2 billion (up
6% year on year), RMB7.7 billion (up 23% year on year), and RMB6.7 billion (down 12% year on
year).
Intelligent Building Technology reported a slowdown in revenue growth during the Reporting Period
mainly due to changes in subsidy policies for heat pumps in some countries and the decline in natural
gas prices in Europe. Exclusive of heat pumps, the other product categories of Intelligent Building
Technology combined saw a year-on-year growth of 28% in revenue.
Robotics & Automation reported a year-on-year decline in revenue during the Reporting Period mainly
due to the temporary suspension of production ramp-up plans by domestic automakers and the
product strategy adjustments by overseas automakers; at the same time, the logistics automation
business was driven by strong offline consumption overseas, achieving over 9% growth in the
Reporting Period.
Total share capital of the Company on the last trading
6,974,420,601
session before disclosure (share)
Fully diluted earnings per share based on the latest share
1.29
capital above (RMB/share)
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
1.2 Non-recurring gains and losses
√ Applicable □ N/A
Unit: RMB’000
Item Jan.-Mar. 2024 Note
Gains and losses on disposal of non-current assets 7,249
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
-381,518
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 liabilities
Other 233,456
Less: Corporate income tax 26,172
Minority interests (after tax) 69,979
Total -236,964 --
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
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 the
reasons for the changes
√ Applicable □ N/A
Unit: RMB’000
31 March 31 December
Financial statement items Change
2024/January- 2023/January- Reasons for the changes
(consolidated) (%)
March 2024 March 2023
Mainly due to the changes in the fair
Derivative financial assets 1,759,324 1,278,161 37.64%
value of derivative financial instruments
Mainly due to the increased notes
Receivables financing 19,019,180 13,330,008 42.68% receivable at fair value through other
comprehensive income
Current portion of non-current 7,211,636 10,760,577 -32.98% Mainly due to the decreased current
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
assets portion of financial product investments
with fixed income
Mainly due to the changes in the fair
Derivative financial liabilities 680,097 257,668 163.94%
value of derivative financial instruments
Mainly due to the payment of
Employee benefits payable 5,559,443 9,076,027 -38.75%
remunerations to employees
Current portion of non-current Mainly due to the repayment of the
8,230,153 14,457,710 -43.07%
liabilities current portion of borrowings
Mainly due to the retirement of treasury
Treasury stock 7,651,734 12,871,738 -40.55%
stock
Mainly due to the changes in
Other comprehensive income -617,669 -164,202 -276.16% differences on translation of foreign
currency financial statements
Fluctuations in the valuation of assets
and liabilities denominated in minor
currencies, such as the Egyptian
Financial expenses/(income) -557,258 710,597 -178.42%
pound, and other foreign currencies,
such as the United States dollar, the
euro and the Japanese yen
Mainly due to the increased input tax
Other income 643,446 339,952 89.28%
credits
Mainly due to the decreased investment
Investment income 27,984 266,267 -89.49% income from the disposal of derivative
financial assets and liabilities
Mainly due to the changes in the fair
Losses/(gains) on changes in
-280,110 117,441 -338.51% value of investments in equity
fair value
instruments
Mainly due to the increased inventory
Asset impairment losses -176,207 -135,237 -30.29%
valuation losses
Losses/(gains) on disposal of Mainly due to the decreased gains on
-3,777 11,215 -133.68%
assets disposal of non-current assets
Mainly due to the increased other
Non-operating income 115,251 35,234 227.10%
income
Mainly due to the increased other
Non-operating expenses -25,427 -7,491 -239.43%
expenses
Net profit attributable to minority Mainly due to the decreased profits of
36,314 103,879 -65.04%
interests non-wholly-owned subsidiaries
Mainly due to the increased cash
Net cash flows from operating
13,928,908 9,272,312 50.22% received from sales of goods or
activities
rendering of services
Mainly due to the increased cash
Net cash flows from investing received from disposal of investments
-5,954,871 -25,100,790 76.28%
activities and the decreased cash paid to acquire
investments
Mainly due to the decreased cash
Net cash flows from financing received from borrowings and the
-5,090,826 9,068,738 -156.14%
activities increased cash repayments of
borrowings
2. Shareholder information
2.1 Total number of common shareholders and preference shareholders with resumed voting
rights, as well as shareholdings of the top ten shareholders at the period-end
Unit: share
Total number of common shareholders at Total number of preference
286,772 0
the period-end shareholders with resumed
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
voting rights at the period-
end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareholding Number of Shares in pledge or
Nature of Number of
Name of shareholder percentage restricted frozen
shareholder shares held
(%) shares held Status Shares
Domestic
non-state-
Midea Holding Co., Ltd. 31.12 2,169,178,713
owned
corporation
Hong Kong Securities Clearing Foreign
20.36 1,419,137,016
Company Limited corporation
Domestic
non-state-
China Securities Finance Co., Ltd. 2.84 198,145,134
owned
corporation
Domestic
Fang Hongbo 1.68 116,990,492 87,742,869
individual
Central Huijin Asset Management State-owned
1.27 88,260,460
Ltd. corporation
Domestic
Huang Jian 1.24 86,140,000
individual
Industrial and Commercial Bank of
China Limited－Huatai-PineBridge
Other 0.76 53,109,693
CSI 300 Traded Open-ended Index
Securities Investment Fund
Foreign
Li Jianwei 0.65 45,591,545
individual
China Construction Bank
Corporation－E Fund CSI 300
Traded Open-ended Index Other 0.53 37,076,546
Promoter Securities Investment
Fund
Domestic
Yuan Liqun 0.51 35,414,050
individual
Top 10 non-restricted shareholders
Number of non-restricted Type of shares
Name of shareholder
shares held at the period-end Type Shares
RMB common
Midea Holding Co., Ltd. 2,169,178,713 2,169,178,713
stock
RMB common
Hong Kong Securities Clearing Company Limited 1,419,137,016 1,419,137,016
stock
RMB common
China Securities Finance Co., Ltd. 198,145,134 198,145,134
stock
RMB common
Central Huijin Asset Management Ltd. 88,260,460 88,260,460
stock
RMB common
Huang Jian 86,140,000 86,140,000
stock
Industrial and Commercial Bank of China Limited
RMB common
－Huatai-PineBridge CSI 300 Traded Open-ended 53,109,693 53,109,693
stock
Index Securities Investment Fund
RMB common
Li Jianwei 45,591,545 45,591,545
stock
China Construction Bank Corporation－E Fund
RMB common
CSI 300 Traded Open-ended Index Promoter 37,076,546 37,076,546
stock
Securities Investment Fund
RMB common
Yuan Liqun 35,414,050 35,414,050
stock
RMB common
Huang Xiaoxiang 34,005,286 34,005,286
stock
Related-parties or acting-in-concert parties among
N/A
the shareholders above
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
48,558,888 shares (or 0.70% of the Company’s total share capital)
Special account for repurchased shares among
were held in the special account for repurchased shares of Midea
the top 10 shareholders
Group Co., Ltd. at the end of the Reporting Period.
The Company’s shareholder Yuan Liqun holds 5,912,100 shares in
the Company through her common securities account and
29,501,950 shares in the Company through her account of collateral
securities for margin trading, representing a total holding of
Explanation on the top 10 common shareholders 35,414,050 shares in the Company.
participating in securities margin trading The Company’s shareholder Huang Xiaoxiang holds 24,805,286
shares in the Company through his common securities account and
9,200,000 shares in the Company through his account of collateral
securities for margin trading, representing a total holding of
34,005,286 shares in the Company.
5% or greater shareholders, top 10 shareholders, and top 10 non-restricted public shareholders
involved in refinancing shares lending
√ Applicable □ N/A
Unit: share
Top 10 shareholders, and top 10 non-restricted public shareholders involved in refinancing shares lending
Shares in the common Shares lent in Shares in the common Shares lent in
account and credit refinancing and not yet account and credit refinancing and not yet
account at the period- returned at the period- account at the period- returned at the period-
begin begin end end
Full name of As % of As % of As % of As % of
shareholder the the the the
Total Total Total Total
Company’ Company’ Company’ Company’
shares shares shares shares
s total s total s total s total
held held held held
share share share share
capital capital capital capital
Industrial and
Commercial
Bank of
China
Limited－
Huatai-
PineBridge
36,737,633 0.53% 10,100 0.00% 53,109,693 0.76% - 0.00%
CSI 300
Traded
Open-ended
Index
Securities
Investment
Fund
China
Construction
Bank
Corporation
－E Fund
CSI 300
Traded 13,740,646 0.20% 68,000 0.00% 37,076,546 0.53% 216,300 0.00%
Open-ended
Index
Promoter
Securities
Investment
Fund
Changes in the top 10 shareholders and the top 10 non-restricted public shareholders due to
lending/returning shares in refinancing compared with the prior period
□ Applicable √ N/A
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
2.2 Total number of preference shareholders and shareholdings of the top 10 preference
shareholders at the period-end
□ Applicable √ N/A
3. Other significant events
□ Applicable √ N/A
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
4. Financial statements
4.1 Financial statements
Consolidated and Company Balance Sheets
Prepared by Midea Group Co. Ltd. As at 31 March 2024 Unit: RMB’000
31 March 31 December 31 March 31 December
ASSETS 2024 2023 2024 2023
Consolidated Consolidated Company Company
Current assets:
Cash at bank and on hand 95,952,306 81,673,846 34,754,572 30,260,602
Financial assets held for trading 1,979,857 1,790,588 269,518 299,001
Derivative financial assets 1,759,324 1,278,161 -
-
Notes receivable 4,057,066 5,521,960 -
-
Accounts receivable 39,977,677 32,884,739 -
-
Receivables financing 19,019,180 13,330,008 -
-
Advances to suppliers 3,807,586 3,316,194 48,391 81,244
Contract assets 3,885,838 4,045,925 -
-
Loans and advances 15,418,859 14,296,958 -
-
Other receivables 1,760,697 2,181,878 22,367,722 19,614,359
Inventories 41,203,729 47,339,255 -
-
Current portion of non-current assets 7,211,636 10,760,577 9,363,826
5,802,294
Other current assets 55,625,631 62,900,891 35,531,289 43,712,760
Total current assets 291,659,386 281,320,980 98,773,786 103,331,792
Non-current assets:
Other debt investments 6,233,578 6,319,047 3,223,289 3,334,059
Long-term receivables 235,538 250,519 -
-
Loans and advances 908,904 975,272 -
-
Long-term equity investments 4,951,568 4,976,109 75,473,696 75,957,844
Investments in other equity instruments 37,820 37,874 -
-
Other non-current financial assets 7,851,142 7,769,938 264,099 285,170
Investment properties 1,269,879 1,293,629 383,780 393,988
Fixed assets 30,550,827 30,937,963 1,316,105 1,300,998
Construction in progress 5,302,760 4,681,220 827,829 749,934
Right-of-use assets 2,874,129 3,048,785 421 1,683
Intangible assets 17,873,109 18,457,736 619,542 583,714
Goodwill 30,160,121 30,858,237 -
-
Long-term prepaid expenses 1,749,818 1,736,199 69,995 72,745
Deferred tax assets 13,578,003 12,771,150 291,698 289,426
Other non-current assets 82,731,886 80,603,526 73,305,290 71,132,070
Total non-current assets 206,309,082 204,717,204 155,775,744 154,101,631
TOTAL ASSETS 497,968,468 486,038,184 254,549,530 257,433,423
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
Consolidated and Company Balance Sheets (Cont’d)
Prepared by Midea Group Co. Ltd. As at 31 March 2024 Unit: RMB’000
31 March 31 December 31 March 31 December
LIABILITIES AND SHAREHOLDERS’ EQUITY 2024 2023 2024 2023
Consolidated Consolidated Company Company
Current liabilities:
Short-term borrowings 9,995,764 8,819,176 - 400,000
Customer deposits and deposits from banks and other financial
96,718 88,960 - -
institutions
Financial liabilities held for trading 1,183,559 1,346,674 - -
Derivative financial liabilities 680,097 257,668 - -
Notes payable 21,892,827 21,707,608 - -
Accounts payable 79,091,053 72,530,465 - -
Contract liabilities 37,555,322 41,765,475 - -
Employee benefits payable 5,559,443 9,076,027 55,327 169,349
Taxes payable 6,967,511 5,455,102 339,786 411,715
Other payables 4,299,715 4,442,928 173,118,603 170,693,950
Current portion of non-current liabilities 8,230,153 14,457,710 420,406 6,621,910
Other current liabilities 78,444,281 71,297,928 102,267 147,552
Total current liabilities 253,996,443 251,245,721 174,036,389 178,444,476
Non-current liabilities:
Long-term borrowings 46,026,826 46,138,736 16,600,000 16,600,000
Bonds payable 3,200,010 3,217,969 - -
Lease liabilities 1,927,772 2,047,319 - -
Provisions 973,582 782,539 - -
Deferred income 1,752,408 1,734,932 203,629 157,917
Long-term employee benefits payable 1,333,241 1,433,874 - -
Deferred tax liabilities 4,832,588 5,098,280 - -
Other non-current liabilities 58,362 39,165 - -
Total non-current liabilities 60,104,789 60,492,814 16,803,629 16,757,917
Total liabilities 314,101,232 311,738,535 190,840,018 195,202,393
Shareholders’ equity:
Share capital 6,969,777 7,025,769 6,969,777 7,025,769
Capital surplus 17,147,777 21,243,156 25,393,761 29,479,180
Less: Treasury stock (7,651,734) (12,871,738) (7,651,734) (12,871,738)
Other comprehensive income (617,669) (164,202) (7,945) (6,639)
General risk reserve 670,310 642,525 - -
Special reserve 16,823 16,040 - -
Surplus reserve 10,702,928 10,702,928 10,702,928 10,702,928
Undistributed profits 145,260,495 136,284,347 28,302,725 27,901,530
Total equity attributable to shareholders of the Company 172,498,707 162,878,825 63,709,512 62,231,030
Minority interests 11,368,529 11,420,824 -
-
Total shareholders’ equity 183,867,236 174,299,649 63,709,512 62,231,030
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 497,968,468 486,038,184 254,549,530 257,433,423
Legal representative: Principal in charge of accounting: Head of accounting department:
Fang Hongbo Zhong Zheng Chen Lihong
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
Consolidated and Company Income Statements
Prepared by Midea Group Co., Ltd. For the three months ended 31 March 2024 Unit: RMB’000
For the three For the three For the three For the three
months ended 31 months ended 31 months ended 31 months ended 31
Item March 2024 March 2023 March 2024 March 2023
Consolidated Consolidated Company Company
Total revenue 106,483,190 96,636,184 126,624 160,324
Including: Operating revenue 106,101,612 96,262,922 126,624 160,324
Interest income 381,460 373,117 - -
Fee and commission income 118 145 - -
Total operating cost (95,739,487) (87,373,044) 35,257 160,614
Including: Cost of sales (77,114,398) (73,120,434) (10,304) (10,202)
Interest costs (41) (5,743) - -
Fee and commission expenses (190) (590) - -
Taxes and surcharges (527,711) (428,940) (10,616) (4,052)
Selling and distribution expenses (10,629,812) (8,444,025) - -
General and administrative
(3,315,089) (2,801,492) (408,831) (330,901)
expenses
Research and development
(3,594,988) (3,282,417) - -
expenses
Financial expenses/(income) (557,258) 710,597 465,008 505,769
Including: Interest expenses (531,995) (566,174) (714,160) (1,059,937)
Interest income 1,830,446 1,503,878 1,180,285 1,565,822
Add: Other income 643,446 339,952 45 1,007
Investment income 27,984 266,267 334,159 54,577
Including: Investment income from
associates and joint 124,468 106,190 80,109 52,833
ventures
Losses/(Gains) on changes in fair
(280,110) 117,441 (49,594) 63,598
value
Asset impairment losses (176,207) (135,237) - -
Credit impairment losses (301,592) (277,955) (852) (1,035)
Losses/(Gains) on disposal of
(3,777) 11,215 - -
assets
Operating profit 10,653,447 9,584,823 445,639 439,085
Add: Non-operating income 115,251 35,234 26,935 503
Less: Non-operating expenses (25,427) (7,491) (204) (201)
Total profit 10,743,271 9,612,566 472,370 439,387
Less: Income tax expenses (1,706,950) (1,466,834) (75,101) (92,964)
Net profit 9,036,321 8,145,732 397,269 346,423
(1) Classified by continuity of operations
Net profit from continuing operations 9,036,321 8,145,732 397,269 346,423
Net profit from discontinued operations - - - -
(2) Classified by ownership of the equity
Attributable to shareholders of the
9,000,007 8,041,853 397,269 346,423
Company
Minority interests 36,314 103,879 - -
Other comprehensive income, net of tax (553,667) (306,041) (1,306) 13,474
Other comprehensive income attributable
to equity owners of the Company, net of (453,467) (226,110) (1,306) 13,474
tax
(1) Other comprehensive income items
which will not be reclassified 21,034 (4,559) - -
subsequently to profit or loss
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
1) Changes arising from
remeasurement of defined 21,022 (4,538) - -
benefit plan
2) Changes in fair value of
investments in other equity 12 (21) - -
instruments
(2) Other comprehensive income items
which will be reclassified (474,501) (221,551) (1,306) 13,474
subsequently to profit or loss
1) Other comprehensive income that
will be transferred subsequently
5,999 20,146 (1,306) 13,474
to profit or loss under the equity
method
2) Cash flow hedging reserve (216,731) 228,680 - -
3) Differences on translation of
foreign currency financial (255,697) (438,048) - -
statements
4) Other (8,072) (32,329) - -
Other comprehensive income attributable to
(100,200) (79,931) - -
minority shareholders, net of tax
Total comprehensive income 8,482,654 7,839,691 395,963 359,897
Attributable to equity owners of the
8,546,540 7,815,743 395,963 359,897
Company
Attributable to minority interests (63,886) 23,948 - -
Earnings per share:
(1) Basic earnings per share (RMB Yuan) 1.31 1.18 Not applicable Not applicable
(2) Diluted earnings per share (RMB Yuan) 1.31 1.18 Not applicable Not applicable
Legal representative: Principal in charge of accounting: Head of accounting department:
Fang Hongbo Zhong Zheng Chen Lihong
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Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
Consolidated and Company Cash Flow Statements
Prepared by Midea Group Co., Ltd. For the three months ended 31 March 2024 Unit: RMB’000
For the three For the three For the three For the three
months ended 31 months ended 31 months ended 31 months ended 31
Item March 2024 March 2023 March 2024 March 2023
Consolidated Consolidated Company Company
1. Cash flows from operating activities
Cash received from sales of goods or
88,582,691 76,222,164 - -
rendering of services
Net increase in customer deposits and
deposits from banks and other financial 7,758 - - -
institutions
Net decrease in deposits with the Central
Bank, banks and other financial 204,214 53,905 - -
institutions
Cash received from interest, fee and
384,976 378,547 - -
commission
Refund of taxes and surcharges 2,430,455 1,940,204 - -
Cash received relating to other operating
4,680,030 1,007,190 2,832,114 16,429,105
activities
Sub-total of cash inflows 96,290,124 79,602,010 2,832,114 16,429,105
Cash paid for goods and services (53,754,061) (42,177,900) - -
Net increase in loans and advances (1,103,429) (2,738,924) - -
Net decrease in customer deposits and
deposits from banks and other financial - (9,818) - -
institutions
Cash paid for interest, fee and commission (231) (6,333) - -
Cash paid to and on behalf of employees (14,145,520) (11,721,976) (226,355) (193,662)
Payments of taxes and surcharges (4,372,588) (4,663,631) (1,554) (5,357)
Cash paid relating to other operating activities (8,985,387) (9,011,116) (3,299,351) (634,476)
Sub-total of cash outflows (82,361,216) (70,329,698) (3,527,260) (833,495)
Net cash flows from operating activities 13,928,908 9,272,312 (695,146) 15,595,610
2. Cash flows from investing activities
Cash received from disposal of investments 37,756,875 28,212,804 30,466,734 18,724,000
Cash received from returns on investments 1,021,086 1,247,758 1,035,768 1,093,165
Net cash received from disposal of fixed
assets, intangible assets and other long- 100,970 40,201 - -
term assets
Net cash received from disposal of
21,251 - - -
subsidiaries and other business units
Sub-total of cash inflows 38,900,182 29,500,763 31,502,502 19,817,165
Cash paid to acquire fixed assets, intangible
(1,481,175) (1,554,048) (257,575) (204,471)
assets and other long-term assets
Cash paid to acquire investments (43,372,769) (53,047,504) (19,500,000) (33,650,000)
Cash paid relating to other investing activities (1,109) (1) - -
Sub-total of cash outflows (44,855,053) (54,601,553) (19,757,575) (33,854,471)
Net cash flows from investing activities (5,954,871) (25,100,790) 11,744,927 (14,037,306)
3. Cash flows from financing activities
Cash received from capital contributions 679,615 479,733 679,615 468,718
Including: Cash received from capital
contributions by minority - 11,015 - -
shareholders of subsidiaries
Cash received from borrowings 4,127,287 11,302,163 - 400,000
Sub-total of cash inflows 4,806,902 11,781,896 679,615 868,718
Cash repayments of borrowings (9,086,442) (1,764,323) (6,600,000) -
Cash payments for interest expenses and
(404,993) (417,966) (729,371) (1,122,267)
distribution of dividends or profits
Including: Cash payments for dividends or
profit to minority shareholders of (32,786) (30,823) - -
subsidiaries
12
Interim Report for the First Quarter 2024 of Midea Group Co., Ltd.
Cash payments relating to other financing
(406,293) (530,869) (24,272) (68,903)
activities
Sub-total of cash outflows (9,897,728) (2,713,158) (7,353,643) (1,191,170)
Net cash flows from financing activities (5,090,826) 9,068,738 (6,674,028) (322,452)
4. Effect of foreign exchange rate changes
(114,203) (92,665) - -
on cash and cash equivalents
5. Net increase in cash and cash equivalents 2,769,008 (6,852,405) 4,375,753 1,235,852
Add: Cash and cash equivalents at the
59,887,260 51,131,968 29,283,157 27,904,229
beginning of the period
6. Cash and cash equivalents at the end of
62,656,268 44,279,563 33,658,910 29,140,081
the period
Legal representative: Principal in charge of accounting: Head of accounting department:
Fang Hongbo Zhong Zheng Chen Lihong
4.2 Adjustments to financial statement items at the beginning of the year of the first
implementation of the new accounting standards which have been implemented since 2024
□Applicable √N/A
4.3 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.
30 April 2024
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