Recently, Midea Group held the 2024 Annual General Meeting of Shareholders at its global headquarters in Shunde, Foshan. Regarding the domestic home appliance market, Wang Jianguo, director of Midea Group, and president of the smart home business group, said that after the implementation of the “trade-in” policy last year, sales of high-end home appliances worth 10,000 yuan or more were quite popular, and there was even a shortage of supply. However, different categories showed different performance this year. Although the price of air conditioners is declining, the growth trend is relatively good. The number of air conditioners installed in May of this year increased by more than 50% over the same period last year. However, the month-on-month decline in categories such as kitchen appliances, such as dishwashers, may be related to real estate. Regarding the impact of tariffs, Wang Jianguo believes that in 2024, the Midea Group's business revenue in the US will only account for 6% of total revenue, and its impact is relatively limited. Furthermore, based on the global layout of production bases, Midea already has 23 overseas factories. Taking air conditioners as an example, Midea's overseas factories in 7 to 8 countries can export to the US. By the end of June this year, the US will be able to produce 95% of the products exported to the US at overseas bases, which can effectively avoid tax problems. At the same time, in the new context of globalization, Midea will prepare for more regionalized supply chains, and customers of all categories can choose factories in three countries.

Recently, Midea Group held the 2024 Annual General Meeting of Shareholders at its global headquarters in Shunde, Foshan. Regarding the domestic home appliance market, Wang Jianguo, director of Midea Group, and president of the smart home business group, said that after the implementation of the “trade-in” policy last year, sales of high-end home appliances worth 10,000 yuan or more were quite popular, and there was even a shortage of supply. However, different categories showed different performance this year. Although the price of air conditioners is declining, the growth trend is relatively good. The number of air conditioners installed in May of this year increased by more than 50% over the same period last year. However, the month-on-month decline in categories such as kitchen appliances, such as dishwashers, may be related to real estate. Regarding the impact of tariffs, Wang Jianguo believes that in 2024, the Midea Group's business revenue in the US will only account for 6% of total revenue, and its impact is relatively limited. Furthermore, based on the global layout of production bases, Midea already has 23 overseas factories. Taking air conditioners as an example, Midea's overseas factories in 7 to 8 countries can export to the US. By the end of June this year, the US will be able to produce 95% of the products exported to the US at overseas bases, which can effectively avoid tax problems. At the same time, in the new context of globalization, Midea will prepare for more regionalized supply chains, and customers of all categories can choose factories in three countries.