Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
Stock code: 000333 Stock name: Midea Group Announcement No.: 2023-086
Midea Group Co., Ltd.
Interim Report for the Third Quarter 2023
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 di screpancies or
misunderstandings between the two versions, the Chinese version shall prevail.
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Interim Report for the Third Quarter 2023 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
July-September January-
YoY Change (%) YoY Change (%)
2023 September 2023
Operating revenue (RMB'000) 94,122,108 7.32% 291,110,510 7.67%
Net profit attributable to
shareholders of the Company 9,485,190 11.93% 27,717,481 13.27%
(RMB'000)
Net profit attributable to
shareholders of the Company
9,188,736 9.73% 26,840,589 11.53%
before non-recurring gains and
losses (RMB'000)
Net cash flows from operating
—— —— 44,787,056 51.96%
activities (RMB'000)
Basic earnings per share
1.39 11.20% 4.06 13.09%
(RMB/share)
Diluted earnings per share
1.39 12.10% 4.05 13.13%
(RMB/share)
Weighted average ROE (%) 6.27% -0.19% 18.41% 0.05%
30 September 2023 31 December 2022 Change (%)
Total assets (RMB'000) 465,019,979 422,555,267 10.05%
Net assets attributable to
shareholders of the Company 156,226,891 142,935,236 9.30%
(RMB'000)
The Company recorded revenue of RMB21.3 billion, RMB21.2 billion, and RMB22.9 billion
respectively from new energy & industrial technology, intelligent building technologies, and robotics &
automation during the nine months ended 30 September 2023, up 25%, 19%, and 17% respectively
on a year-on-year basis.
1.2 Non-recurring gains and losses
√Applicable □N/A
Unit: RMB’000
Item July-September 2023 January-September 2023 Note
Gain or loss from disposal of non-current assets -30,510 -21,985
Except for effecti vely 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 23,652 48,671
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
Other non-operating income and expenses except 340,311 979,692
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Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
above-mentioned items
Less: Corporate income tax 52,836 138,099
Minority interests (after tax) -15,837 -8,613
Total 296,454 876,892 --
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 is
enumerated as a non-recurring gain/loss in the :
□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
30 September 31 December
Financial statement items 2023/January- 2022/January- Change
Reasons for the changes
(consolidated) September September (%)
2023 2022
Financial assets held for Mainly due to the increased
10,961,011 3,284,593 233.71%
trading structured deposits
Mainly due to the decreased large-
Other debt investments 6,265,554 11,094,259 -43.52% denomination negotiable
certificates of deposit
Mainly due to the increased
Investment properties 1,363,365 809,936 68.33%
business combinations
Mainly due to the increased
Construction in progress 6,020,835 3,843,777 56.64%
business combinations
Mainly due to the increased
Other non-current assets 67,912,424 42,840,079 58.53% investments in fixed-income
products
Mainly due to the increased trade
Short-term borrowings 12,494,727 5,169,480 141.70%
financings
Customer deposits and
Mainly due to the changes in the
deposits from banks and 118,328 77,469 52.74%
operations of the finance business
other financial institutions
Mainly due to the increased income
Taxes payable 6,587,520 4,955,335 32.94%
tax payable
Current portion of non- Mainly due to the transfer from
20,454,107 7,240,626 182.49%
current liabilities long-term borrowings
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Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
Mainly due to the new lease
Lease liabilities 1,982,211 1,507,480 31.49%
contracts
Mainly due to the increased
Provisions 670,072 394,977 69.65%
provisions for risk
Mainly due to the payments for
Other non-current liabilities 30,033 680,482 -95.59%
equity acquisitions
Mainly due to the changes in cash
Other comprehensive income -372,801 108,289 -444.26%
flow hedging reserve
Mainly due to the increased
Minority interests 12,035,366 8,988,566 33.90%
business combinations
Mainly due to the decreased
investment income from the
Investment income 505,083 862,732 -41.46%
disposal of derivative financial
assets and liabilities
Mainly due to the changes in the
Gains/(Losses) on changes
118,137 -1,042,032 111.34% fair value of investments in equity
in fair value
instruments
Mainly due to the decreased
Non-operating income 183,740 292,601 -37.20%
government subsidies
Mainly due to the increased other
Non-operating expenses 181,097 71,626 152.84%
expenses
Mainly due to the increased profit
Income tax expenses 5,495,255 4,189,933 31.15%
before tax
Net profit attributable to Mainly due to the increased profits
569,608 223,805 154.51%
minority interests of non-wholly-owned subsidiaries
Mainly due to the increased cash
Net cash flows from
44,787,056 29,472,352 51.96% received from sales of goods or
operating activities
rendering of services
Net cash flows from investing Mainly due to the increased cash
-33,608,113 -18,705,995 -79.66%
activities paid to acquire investments
Net cash flows from financing Mainly due to the decreased cash
-13,409,903 -1,171,191 -1044.98%
activities received from borrowings
Net increase in cash and Mainly due to the decreased net
-2,060,575 9,944,675 -120.72%
cash equivalents cash flows from investing activities
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 preference
Total number of common shareholders at shareholders with resumed
325,280 0
the period-end voting rights at the period-
end (if any)
Top 10 shareholders
Sharehol
Number of Shares in pledge or
Nature of ding Number of frozen
Name of shareholder restricted
shareholder percenta shares held
shares held Status Shares
ge (%)
Midea Holding Co., Ltd. Domestic non- 30.85 2,169,178,713 In 100,000,000
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Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
state-owned pledg
corporation e
Hong Kong Securities Clearing Foreign 19.97 1,404,332,481 - -
Company Limited corporation
Domestic non-
China Securities Finance Co., Ltd. state-owned 2.82 198,145,134 - -
corporation
Domestic
Fang Hongbo 1.66 116,990,492 87,742,869 - -
individual
Central Huijin Asset Management State-owned
1.26 88,260,460 - -
Ltd. corporation
Domestic
Huang Jian 1.23 86,170,000 - -
individual
Canada Pension Plan Investment
Foreign
Board－ own funds (stock 0.77 54,007,196 - -
corporation
exchange)
Foreign
Li Jianwei 0.65 45,591,545 - -
individual
Foreign
UBS AG 0.63 44,033,057 - -
corporation
Foreign
Temasek Fullerton Alpha Pte Ltd 0.52 36,841,885 - -
corporation
Top 10 non-restricted shareholders
Number of non-restricted Type of shares
Name of shareholder shares held at the period-
Type Shares
end
RMB common
Midea Holding Co., Ltd. 2,169,178,713 2,169,178,713
stock
RMB common
Hong Kong Securities Clearing Company Limited 1,404,332,481 1,404,332,481
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 86,170,000 86,170,000
stock
Canada Pension Plan Investment Board－ own funds RMB common
54,007,196 54,007,196
(stock exchange) stock
RMB common
Li Jianwei 45,591,545 45,591,545
stock
RMB common
UBS AG 44,033,057 44,033,057
stock
RMB common
Temasek Fullerton Alpha Pte Ltd 36,841,885 36,841,885
stock
RMB common
Yuan Liqun 36,337,100 36,337,100
stock
Explanation of related relationship or/and acting-in-
concert parties among the above-mentioned N/A
shareholders
The Company’s shareholder Yuan Liqun holds 6,002,100
shares in the Company through her common securities account
Explanation on the top 10 common shareholders
and 30,335,000 shares in the Company through her account of
participating in securities margin trading
collateral securities for margin trading, representing a total
holding of 36,337,100 shares in the Company.
118,366,752 shares (or 1.68% of the Company’s total share
Special account for repurchased shares among the capital) were held in the special account for repurchased shares
top 10 shareholders
of Midea Group Co., Ltd. at the end of the Reporting Period.
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Interim Report for the Third Quarter 2023 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 Third Quarter 2023 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 30 September 2023 Unit: RMB’000
30 September 2023 31 December 2022 30 September 2023 31 December 2022
ASSETS
Consolidated Consolidated Company Company
Current assets:
Cash at bank and on hand 68,099,578 55,270,099 26,000,601 28,492,401
Financial assets held for trading 10,961,011 3,284,593 7,316,970 274,120
Derivative financial assets 473,550 665,484 - -
Notes receivable 5,108,524 4,758,129 - -
Accounts receivable 35,752,203 28,237,973 - -
Receivables financing 16,935,626 13,526,540 - -
Advances to suppliers 3,876,761 4,367,211 40,382 34,724
Contract assets 4,838,145 4,498,956 - -
Loans and advances 13,506,003 14,138,756 - -
Other receivables 1,942,571 2,211,177 24,639,376 26,175,101
Inventories 33,379,154 46,044,897 - -
Current portion of non-current assets 39,828,068 37,553,078 34,483,343 33,168,421
Other current assets 38,560,284 46,542,378 26,512,094 33,476,601
Total current assets 273,261,478 261,099,271 118,992,766 121,621,368
Non-current assets:
Other debt investments 6,265,554 11,094,259 3,306,144 7,215,301
Long-term receivables 641,523 614,598 - -
Loans and advances 930,113 693,294 - -
Long-term equity investments 4,991,656 5,188,817 74,697,610 73,103,569
Investments in other equity instruments 41,228 41,359 - -
Other non-current financial assets 9,189,870 10,625,244 293,453 347,698
Investment properties 1,363,365 809,936 404,262 386,435
Fixed assets 28,676,370 26,082,992 1,318,758 1,223,553
Construction in progress 6,020,835 3,843,777 672,066 504,757
Right-of-use assets 2,844,183 2,339,878 2,945 8,040
Intangible assets 18,378,522 16,908,915 642,871 653,320
Goodwill 29,954,519 28,548,653 - -
Long-term prepaid expenses 1,620,475 1,579,899 74,746 85,109
Deferred tax assets 12,927,864 10,244,296 285,405 327,251
Other non-current assets 67,912,424 42,840,079 62,512,635 35,423,939
Total non-current assets 191,758,501 161,455,996 144,210,895 119,278,972
TOTAL ASSETS 465,019,979 422,555,267 263,203,661 240,900,340
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Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
Consolidated and Company Balance Sheets (Cont’d)
Prepared by Midea Group Co. Ltd. As at 30 September 2023 Unit: RMB’000
LIABILITIES AND 30 September 2023 31 December 2022 30 September 2023 31 December 2022
SHAREHOLDERS’ EQUITY Consolidated Consolidated Company Company
Current liabilities:
Short-term borrowings 12,494,727 5,169,480 400,000 -
Customer deposits and deposits
from banks and other 118,328 77,469 - -
financial institutions
Financial liabilities held for
1,321,567 1,580,771 - -
trading
Derivative financial liabilities 211,314 234,606 - -
Notes payable 18,635,368 25,572,421 - -
Accounts payable 71,440,916 64,233,225 - -
Contract liabilities 29,041,409 27,960,038 - -
Employee benefits payable 6,998,153 7,152,217 108,554 173,824
Taxes payable 6,587,520 4,955,335 549,747 718,181
Other payables 4,165,077 4,322,025 186,392,250 159,953,351
Current portion of non-current
20,454,107 7,240,626 12,423,498 5,896,701
liabilities
Other current liabilities 72,366,510 57,843,528 42,383 77,066
Total current liabilities 243,834,996 206,341,741 199,916,432 166,819,123
Non-current liabilities:
Long-term borrowings 38,727,279 50,685,948 9,000,000 15,619,900
Bonds payable 3,238,127 3,163,616 - -
Lease liabilities 1,982,211 1,507,480 - 2,350
Provisions 670,072 394,977 - -
Deferred income 1,997,774 1,721,092 190,758 152,548
Long-term employee benefits 1,289,707 1,488,456 - -
payable
Deferred tax liabilities 4,987,523 4,647,673 - -
Other non-current liabilities 30,033 680,482 - -
Total non-current liabilities 52,922,726 64,289,724 9,190,758 15,774,798
Total liabilities 296,757,722 270,631,465 209,107,190 182,593,921
Shareholders’ equity:
Share capital 7,030,771 6,997,273 7,030,771 6,997,273
Capital surplus 21,368,056 19,693,139 29,556,089 27,826,208
Less: Treasury stock (13,406,249) (14,933,944) (13,406,249) (14,933,944)
Other comprehensive income (372,801) 108,289 1,892 (5,679)
General risk reserve 679,682 671,999 - -
Special reserve 17,120 16,350 - -
Surplus reserve 10,702,928 10,702,928 10,702,928 10,702,928
Undistributed profits 130,207,384 119,679,202 20,211,040 27,719,633
Total equity attributable to
shareholders of the 156,226,891 142,935,236 54,096,471 58,306,419
Company
Minority interests 12,035,366 8,988,566 - -
Total shareholders’ equity 168,262,257 151,923,802 54,096,471 58,306,419
TOTAL LIABILITIES AND
465,019,979 422,555,267 263,203,661 240,900,340
SHAREHOLDERS’ EQUITY
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 Third Quarter 2023 of Midea Group Co., Ltd.
Consolidated and Company Income Statements
Prepared by Midea Group Co. Ltd. For the nine months ended 30 September 2023 Unit: RMB’000
For the nine For the nine For the nine For the nine
months ended 30 months ended 30 months ended 30 months ended 30
Item September 2023 September 2022 September 2023 September 2022
Consolidated Consolidated Company Company
Total rev enue 292,379,658 271,775,057 807,741 1,128,972
Including: Operating revenue 291,110,510 270,366,753 807,741 1,128,972
Interest income 1,268,673 1,407,722 - -
Fee and commission income 475 582 - -
Total operating cost (260,261,351) (243,771,100) 343,587 618,929
Including: Cost of sales (215,876,420) (206,530,717) (30,606) (31,123)
Interest costs (21,818) (35,457) - -
Fee and commission expenses (2,027) (1,721) - -
Taxes and surcharges (1,325,457) (1,155,550) (25,709) (11,208)
Selling and distribution expenses (25,346,676) (21,196,708) - -
General and administrative expenses (9,337,069) (8,044,890) (1,030,915) (922,674)
Research and development expenses (10,013,534) (8,916,512) - -
Financial income 1,661,650 2,110,455 1,430,817 1,583,934
Including: Interest expenses (2,285,139) (1,269,255) (2,232,397) (1,952,684)
Interest income 5,113,637 4,256,895 3,671,077 3,545,017
Add: Other income 1,414,310 1,274,084 30,588 19,594
Investment income 505,083 862,732 8,577,756 5,999,505
Including: Investment income from associates
620,966 478,015 178,044 207,222
and joint ventures
Gains/(Losses) on changes in fair value 118,137 (1,042,032) 87,451 (161,751)
Asset impairment losses (172,481) (195,425) - -
Credit impairment losses (181,670) (236,992) 697 1,477
Losses on disposal of assets (21,985) (3,640) (86) (281)
Operating profit 33,779,701 28,662,684 9,847,734 7,606,445
Add: Non-operating income 183,740 292,601 9,555 33,677
Less: Non-operating expenses (181,097) (71,626) (371) (10,286)
Total profit 33,782,344 28,883,659 9,856,918 7,629,836
Less: Income tax expenses (5,495,255) (4,189,933) (183,895) (287,458)
Net profit 28,287,089 24,693,726 9,673,023 7,342,378
(1) Classified by continuity of operations
Net profit from continuing operations 28,287,089 24,693,726 9,673,023 7,342,378
Net profit from discontinued operations - - - -
(2) Classified by ownership of the equity
Attributable to shareholders of the Company 27,717,481 24,469,921 9,673,023 7,342,378
Minority interests 569,608 223,805 - -
Other comprehensiv e income, net of tax (543,238) 2,314,988 7,571 4,838
Other comprehensive income attributable to equity
(481,090) 2,332,017 7,571 4,838
owners of the Company, net of tax
(1) Other comprehensive income items which will not be
(11,761) 236,579 - -
reclassified subsequently to profit or loss
1) Changes arising from remeasurement of
(11,761) 233,662 - -
defined benefit plan
2) Changes in fair value of investments in other
- 2,917 - -
equity instruments
(2) Other comprehensive income items which will be
(469,329) 2,095,438 7,571 4,838
reclassified subsequently to profit or loss
1) Other comprehensive income that will be
17,323 26,369 7,571 4,838
transferred subsequently to profit or loss
9
Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
under the equity method
2) Cash flow hedging reserve (556,111) 381,971 - -
3) Differences on translation of foreign currency
84,630 1,687,098 - -
financial statements
4) Other (15,171) - - -
Other comprehensive income attributable to minority
(62,148) (17,029) - -
shareholders, net of tax
Total comprehensiv e income 27,743,851 27,008,714 9,680,594 7,347,216
Attributable to equity owners of the Company 27,236,391 26,801,938 9,680,594 7,347,216
Attributable to minority interests 507,460 206,776 - -
Earnings per share:
(1) Basic earnings per share (RMB Yuan) 4.06 3.59 Not applicable Not applicable
(2) Diluted earnings per share (RMB Yuan) 4.05 3.58 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 Third Quarter 2023 of Midea Group Co., Ltd.
Consolidated and Company Cash Flow Statements
Prepared by Midea Group Co. Ltd. For the nine months ended 30 September 2023 Unit: RMB’000
For the nine months For the nine months For the nine months For the nine months
ended 30 September ended 30 September ended 30 September ended 30 September
Item 2023 2022 2023 2022
Consolidated Consolidated Company Company
1. Cash flow s from operating activ ities
Cash received from sales of goods or rendering
262,375,345 234,341,478 - -
of services
Net increase in customer deposits and deposits
from banks and other financial institutions 40,860 9,080 - -
Net decrease in loans and advances 480,148 7,455,670 - -
Net decrease in deposits with the Central Bank,
152,667 123,170 - -
banks and other financial institutions
Net increase in loans with the Central Bank - - - -
Cash received from interest, fee and commission 1,283,930 1,405,190 - -
Refund of taxes and surcharges 6,181,899 8,612,132 - -
Cash received relating to other operating
4,963,743 6,262,601 30,456,009 29,058,041
activities
Sub-total of cash inflow s 275,478,592 258,209,321 30,456,009 29,058,041
Cash paid for goods and services (159,850,989) (166,690,317) - -
Net increase in loans and advances - - - -
Net decrease in customer deposits and deposits
- - - -
from banks and other financial institutions
Net increase in balances with the Central Bank - - - -
Net decrease in borrowings from the Central
- (178,878) - -
Bank
Cash paid for interest, fee and commission (23,845) (38,342) - -
Cash paid to and on behalf of employees (29,339,923) (26,297,099) (357,445) (328,470)
Payments of taxes and surcharges (15,180,128) (12,996,276) (335,458) (358,516)
Cash paid relating to other operating activities (26,296,651) (22,536,057) (1,209,264) (897,876)
Sub-total of cash outflow s (230,691,536) (228,736,969) (1,902,167) (1,584,862)
Net cash flow s from operating activ ities 44,787,056 29,472,352 28,553,842 27,473,179
2. Cash flow s from inv esting activities
Cash received from disposal of investments 87,124,789 79,619,731 60,703,000 40,500,000
Cash received from returns on investments 4,232,951 3,712,469 11,477,722 7,107,197
Net cash received from disposal of fixed assets,
119,685 124,672 11 53
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries
6,000 14,829 18,000 6,500
and other business units
Cash received relating to other investing activities 373,816 335,082 - -
Sub-total of cash inflow s 91,857,241 83,806,783 72,198,733 47,613,750
Cash paid to acquire fixed assets, intangible
(4,143,771) (4,318,974) (767,476) (375,100)
assets and other long-term assets
Cash paid to acquire investments (121,236,767) (97,817,524) (86,102,212) (62,696,223)
Net cash paid to acquire subsidiaries and other
- (376,280) - -
business units
Cash paid relating to other investing activities (84,816) - - -
Sub-total of cash outflow s (125,465,354) (102,512,778) (86,869,688) (63,071,323)
Net cash flow s from inv esting activities (33,608,113) (18,705,995) (14,670,955) (15,457,573)
3. Cash flow s from financing activ ities
Cash received from capital contributions 2,196,750 1,256,885 2,155,838 1,255,885
Including: Cash received from capital
contributions by minority 40,912 1,000 - -
shareholders of subsidiaries
Cash received from borrowings 22,764,632 43,047,859 400,000 9,000,000
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Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
Cash received from issuance of medium-term
- 2,841,690 - -
debentures
Cash received from issuance of short-term
- 3,999,500 - 3,999,500
financing bonds
Cash received relating to other financing activities 303,154 90,498 - -
Sub-total of cash inflow s 25,264,536 51,236,432 2,555,838 14,255,385
Cash repayments of borrowings (18,192,653) (34,310,771) (89,900) (89,900)
Cash paid for repayment of short-term financing
- - - -
bonds
Cash payments for interest expenses and
(18,993,135) (13,090,540) (19,504,858) (14,154,406)
distribution of dividends or profits
Including: Cash payments for dividends or profit
to minority shareholders of (193,050) (158,110) - -
subsidiaries
Cash payments relating to other financing
(1,488,651) (5,006,312) (262,011) (2,581,074)
activities
Sub-total of cash outflow s (38,674,439) (52,407,623) (19,856,769) (16,825,380)
Net cash flow s from financing activ ities (13,409,903) (1,171,191) (17,300,931) (2,569,995)
4. Effect of foreign exchange rate changes on
170,385 349,509 - -
cash and cash equiv alents
5. Net increase in cash and cash equiv alents (2,060,575) 9,944,675 (3,418,044) 9,445,611
Add: Cash and cash equivalents at the beginning
51,131,968 40,550,039 27,904,229 21,957,042
of the period
6. Cash and cash equiv alents at the end of the 49,071,393 50,494,714 24,486,185 31,402,653
period
Legal representative: Principal in charge of accounting: Head of accounting department:
Fang Hongbo Zhong Zheng Chen Lihong
12
Interim Report for the Third Quarter 2023 of Midea Group Co., Ltd.
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 2023
□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.
31 October 2023
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