美的集团定期财报：美的集团：2019年半年度报告（英文版）

MideaGroupCo.,Ltd.Semi-AnnualReport2019August2019MideaGroupCo.,Ltd.Semi-AnnualReport20191SectionIImportantStatements,ContentsandDefinitionsTheBoardofDirectors,theSupervisoryCommittee,directors,supervisorsandseniormanagementofMideaGroupCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethattheinformationpresentedinthisreportisfreeofanymisrepresentations,misleadingstatementsormaterialomissions,andshalltogetherbewhollyliableforthetruthfulness,accuracyandcompletenessofitscontents.AlldirectorsoftheCompanyattendedtheBoardmeetingtoreviewthisreport.TheCompanyplansnottodistributecashdividendsorbonussharesorconvertcapitalreservesintosharecapitalforthefirsthalfof2019.Mr.FangHongbo,ChairmanoftheBoardandPresidentoftheCompanyandMs.ZhongZheng,DirectorofFinanceoftheCompany,haverepresentedandwarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete.ThefinancialstatementsinthisreportareunauditedbyaCPAsfirm.Thefutureplansandsomeforward-lookingstatementsmentionedinthisreportshallnotbeconsideredasvirtualpromisesoftheCompanytoinvestors.Therefore,investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks.ThisreporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.MideaGroupCo.,Ltd.Semi-AnnualReport20192ContentsSECTIONIIMPORTANTSTATEMENTS,CONTENTSANDDEFINITIONS.1SECTIONIICOMPANYPROFILEANDKEYFINANCIALRESULTS...........4SECTIONIIIBUSINESSPROFILE...............................................................7SECTIONIVPERFORMANCEDISCUSSIONANDANALYSIS..................15SECTIONVSIGNIFICANTEVENTS..........................................................51SECTIONVICHANGESINSHARESANDINFORMATIONABOUTSHAREHOLDERS.......................................................................................97SECTIONVIIPREFERENCESHARES....................................................104SECTIONVIIIINFORMATIONABOUTDIRECTORS,SUPERVISORSANDSENIORMANAGEMENT..........................................................................105SECTIONIXCORPORATEBONDS.........................................................107SECTIONXFINANCIALREPORT...........................................................108SECTIONXIDOCUMENTSAVAILABLEFORREFERENCE...................199MideaGroupCo.,Ltd.Semi-AnnualReport20193DefinitionsTermDefinitionThe“Company”,“Midea”,“MideaGroup”orthe“Group”MideaGroupCo.,Ltd.MideaHoldingMideaHoldingCo.,Ltd.LittleSwanWuxiLittleSwanCompanyLimitedTLSCToshibaLifestyleProducts&ServicesCorporationKUKAKUKAAktiengesellschaftReportingPeriod1January2019to30June2019MideaGroupCo.,Ltd.Semi-AnnualReport20194SectionIICompanyProfileandKeyFinancialResults1.CorporateInformationStockabbreviationMideaGroupStockcode000333StockexchangewherethesharesoftheCompanyarelistedShenzhenStockExchangeNameoftheCompanyinChinese美的集团股份有限公司Abbr.oftheCompanynameinChinese美的集团NameoftheCompanyinEnglish(ifany)MideaGroupCo.,Ltd.Abbr.oftheCompanynameinEnglish(ifany)MideaGroupLegalrepresentativeFangHongbo2.ContactUsCompanySecretaryRepresentativeforSecuritiesAffairsNameJiangPengOuYunbinAddressMideaHeadquartersBuilding,No.6MideaAvenue,BeijiaoTown,ShundeDistrict,FoshanCity,GuangdongProvince,ChinaMideaHeadquartersBuilding,No.6MideaAvenue,BeijiaoTown,ShundeDistrict,FoshanCity,GuangdongProvince,ChinaTel.0757-226077080757-23274957Fax0757-26605456E-mailIR@midea.com3.OtherInformation3.1WaystoContacttheCompanyChangestotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddressandemailaddressoftheCompanyintheReportingPeriod:□Applicable√N/ANosuchchangesintheReportingPeriod.Thesaidinformationcanbefoundinthe2018AnnualReport.MideaGroupCo.,Ltd.Semi-AnnualReport201953.2InformationDisclosureandPlaceWheretheSemi-AnnualReportIsKeptChangestothemediaforinformationdisclosureandtheplacewherematerialscarryingdisclosedinformationsuchasthisReportwerekeptintheReportingPeriod:□Applicable√N/AThenewspapersdesignatedbytheCompanyforinformationdisclosure,thewebsitedesignatedbytheCSRCfordisclosingthisReportandtheplacewherematerialscarryingdisclosedinformationsuchasthisReportwerekeptdidnotchangeintheReportingPeriod.Thesaidinformationcanbefoundinthe2018AnnualReport.4.KeyAccountingDataandFinancialIndicatorsWhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata□Yes√NoH12019H12018Change(%)Operatingrevenue(RMB'000)153,770,300142,623,8377.82%NetprofitattributabletoshareholdersoftheCompany(RMB'000)15,187,06912,936,84617.39%NetprofitattributabletoshareholdersoftheCompanybeforenon-recurringgainsandlosses(RMB'000)14,555,67412,500,25316.44%Netcashflowsfromoperatingactivities(RMB'000)21,787,8907,613,688186.17%Basicearningspershare(RMB/share)2.321.9717.77%Dilutedearningspershare(RMB/share)2.301.9418.56%WeightedaverageROE(%)16.97%16.43%0.54%30June201931December2018Change(%)Totalassets(RMB'000)284,033,825263,701,1487.71%NetassetsattributabletoshareholdersoftheCompany(RMB'000)92,588,97983,072,11611.46%MideaGroupCo.,Ltd.Semi-AnnualReport201965.DifferencesinAccountingDataunderDomesticandOverseasAccountingStandards5.1DifferencesinthenetprofitandnetassetsdisclosedinthefinancialreportspreparedunderChinaAccountingStandards(CAS)andInternationalFinancialReportingStandards(IFRS)□Applicable√N/ANosuchdifferencesfortheReportingPeriod.5.2DifferencesinthenetprofitandnetassetsdisclosedinthefinancialreportspreparedunderCASandforeignaccountingstandards□Applicable√N/ANosuchdifferencesfortheReportingPeriod.6.Non-recurringProfitsandLosses√Applicable□N/ARMB'000ItemH12019NoteProfitorlossfromdisposalofnon-currentassets-13,705Profitorlossfromfair-valuechangesintradingandderivativefinancialassetsandliabilitiesandothernon-currentfinancialassets&incomefromdisposaloftradingandderivativefinancialassetsandliabilitiesandothernon-currentfinancialassets(exclusiveoftheeffectiveportionofhedgesthatariseintheCompany’sordinarycourseofbusiness)-74,312Other944,851Less:Corporateincometax227,883Minorityinterests(aftertax)-2,444Total631,395--ExplainthereasonsiftheCompanyclassifiesanitemasanon-recurringprofit/lossaccordingtothedefinitioninthe,orclassifiesanynon-recurringprofit/lossitemmentionedinthesaidexplanatoryannouncementasarecurringprofit/lossitem□Applicable√N/ANosuchcasesfortheReportingPeriod.MideaGroupCo.,Ltd.Semi-AnnualReport20197SectionIIIBusinessProfile1.BusinessScopeintheReportingPeriod1.1SummaryofbusinessscopeMideaisatechnologiesgroupinHVACsystems,consumerappliances,robotics&industrialautomationsystems,andsmartsupplychain(logistics).Mideaoffersdiversifiedproductsandservices,includingHVACcenteredonresidentialair-conditioning,commercialair-conditioning,heating&ventilationsystems;consumerappliancescenteredonkitchenappliances,refrigerators,laundryappliances,andvarioussmallhomeappliances;roboticsandindustrialautomationsystemscenteredonKUKAandGuangdongMideaIntelligentRoboticsCo.,Ltd.;andintegratedsmartsupplychainsolutionswithAnntoLogisticsTechnologyCo.,Ltd.astheserviceplatform.With“BringGreatInnovationstoLife”asitscorporatevision,“IntegratewiththeWorld,toInspireYourFuture”asitsmission,and“Embracewhat’snext-Aspiration、Dedication、Collaboration、Innovation”asitsvalues,Mideaintegratesglobalresourcesandpromotestechnologicalinnovationtocreateabetterlifeforover300millionusers,majorclientsandstrategicpartnersindifferentareasworldwideeveryyearwithsatisfyingproductsandservices.Midea,aglobaloperatingcompany,hasnowestablishedaglobalplatformwith15overseasmanufacturingbases,around33,000overseasemployees,24operatingagencies,coveringmorethan200countriesandregionswith22settlementcurrencies.Additionally,itisthemajorityshareholderofKUKA,aGermany-basedworld-leadingcompanyinroboticsandautomation,withastakeofapproximately95%.1.2PositioninthehouseholdapplianceindustryMidearanksNo.312onthe2019FortuneGlobal500list,movingup169placessinceitsdebutonthelistin2016,andranksNo.36onthe2019FortuneChina500list,thehighest-rankingamongthehomeapplianceindustryinthecountryforfiveconsecutiveyears.ItalsorankshighlyontheTop500MostCredibleChineseEnterpriseslist,theTop100MostCredibleChineseManufacturerslist,theTop100MideaGroupCo.,Ltd.Semi-AnnualReport20198MostCredibleChinesePrivateEnterpriseslistandtheTop500MostCredibleChineseListedCompanieslistof2018releasedbythe2019ChinaEnterpriseCreditDevelopmentForum&the10thGoodFaithPublicWelfareCeremony.Inaddition,MidearanksNo.33onthe2019BrandZTop100MostValuableChineseBrandslist,withitsbrandvalueup20%.Also,MideatakestheleadamongdomestichomeappliancemakersbyrankingNo.138andNo.27respectivelyonthe2019Top500MostValuableBrandslistandtheTop100MostValuableTechBrandslistreleasedbyBrandFinance,aBritishbrandassessmentinstitution.Mideahasbeengivenexcellentcreditratingsbythethreemajorinternationalcreditratingagencies,Standard&Poor’s,FitchRatingsandMoody’s.TheratingsareinaleadingpositionamonghomeappliancemanufacturersworldwideaswellasamongChinesenon-state-ownedenterprises.AccordingtodatafromAVC,Midea’smajorhomeappliancesalltookupalargershareinthedomesticmarketinthefirsthalfof2019.Itsresidentialair-conditioners,inparticular,sawamuchbiggershareinallchannels,withanonlinemarketshareof29.5%andanofflinemarketshareof27.2%.ThetablebelowshowstheofflinemarketsharesandrankingsoftheCompany’sprimaryhomeapplianceproducts(byretailsales)inthefirsthalfof2019:ProductcategoryMarketshareRankingAirconditioners27.2%2Laundryappliances26.9%2Refrigerators11.9%2Microwaveovens44.3%2Ricecookers44%1Foodprocessors38.8%1Pressurecookers45.9%1Electricfans39.7%1Waterpurifiers22.6%2Waterheaters15.9%3Rangehoods8.4%4Midea’sonlinesalesduringthefirsthalfof2019exceededRMB32billion,upbyover30%YoY,remainingMideaGroupCo.,Ltd.Semi-AnnualReport20199thebest-sellinghomeappliancemanufactureronmajore-commercechannelssuchasJD,TmallandSuning.ThetablebelowshowstheonlinemarketsharesandrankingsoftheCompany’sprimaryhomeapplianceproducts(byretailsales)inthefirsthalfof2019:ProductcategoryMarketshareRankingAirconditioners29.5%1Laundryappliances31.1%2Refrigerators17.0%2Electricwaterheaters33.4%1Gaswaterheaters18.5%1Rangehoods16.7%1Waterdispensers25.0%1Waterpurifiers16.4%1Microwaveovens48.5%1Ricecookers31.7%1Inductioncookers44.7%1Electricpressurecookers41.3%1Electricfans21.4%1Gasstoves12.3%22.SignificantChangesintheMainAssets2.1SignificantchangesinthemainassetsMainassetsReasonsforanysignificantchangeConstructioninprogressDown32.36%YoY,primarilydrivenbythetransferofconstructioninprogressoutofthisitemuponcompletionShort-termborrowingsUp53.76%YoY,primarilydrivenbyanincreaseinsuchborrowingsobtainedDerivativefinancialliabilitiesDown90.06%YoY,primarilydrivenbythechangesinthefairvalueofderivativefinancialinstrumentsCurrentportionofnon-currentliabilitiesDown98.38%YoY,primarilydrivenbytherepaymentofthecurrentportionofMideaGroupCo.,Ltd.Semi-AnnualReport201910bondspayableandlong-termborrowings2.2Mainassetsoverseas□Applicable√N/A3.CoreCompetitivenessAnalysis3.1Asoneoftheleadersamongtheglobalhouseholdappliancemakersandadominatorinthemajorappliancesectors,MideaGroupprovideshigh-quality,one-stophomesolutionsthroughitswideproductrange,completewithfullspecifications.AsawhitegoodsandHVACenterprisewithawholeindustrialchainandfullproductline,MideaGrouphasdevelopedacompleteindustrialchaincombiningR&D,manufacturingandsalesofkeycomponentsandfinishedproducts,supportedbyanindustry-leadingR&Dcenterandmanufacturingtechnologiesofcorecomponents(suchascompressors,electricalcontrolsandmagnetrons),andultimatelybasedonitspowerfulcapabilitiesinlogisticsandservices.MideaiswidelyknownasatopbrandofhouseholdapplianceandHVACinChina.ItsdominanceinthemajorapplianceandHVACmarketsmeansthatitcanprovideawiderangeofcompetitiveproductsets.Italsomeansinternalsynergiesinbrandawareness,pricenegotiationasawhole,customerneedsresearchandR&Dinvestments.Compatibility,coordinationandinteractionamonghouseholdapplianceshavebecomeincreasinglyimportantsincesmarthomeisgainingpopularity.Withafullproductline,Mideahashadaheadstartinprovidingacombinedandcompatiblee-homeplatformwithintegratedhomesolutionsforcustomers.3.2GlobalR&Dresourceintegrationcapabilities,continuingleadinR&DandtechnicalinnovationTheGroupisfocusedonbuildingacompetitive,multi-layeredglobalR&Dsystemcenteringonuserexperienceandproductfunctions,whichrepresentsworld-classR&Dinputandstrength.WithmorethanRMB30billioninvestedinR&Doverthepastfiveyears(around10billionin2018),theGrouphassetupatotalof20researchcentersinninecountriesincludingChina,withitsR&Demployeesover10,000andseniorforeignexpertsover500.Atpresent,Mideahasfiledforover100,000patents,ofwhichmorethan50,000havebeengranted.AccordingtoClarivateAnalytics,Mideaholdsthemostinventionpatentsintheglobalhomeapplianceindustryformanyconsecutiveyears.Whileestablishingitsownresearchcentersaroundtheworld,theGrouphasalsocooperatedwithdomesticandforeignscientificresearchMideaGroupCo.,Ltd.Semi-AnnualReport201911institutions,suchasMIT,UCBerkeley,UIUC,Stanford,PurdueUniversity,UniversityofMaryland,PolitecnicodiMilan,TsinghuaUniversityandtheChineseAcademyofSciences,inordertoestablishjointlabsandbuildaglobalinnovationecosystem.TheGroup’slong-termfocusonbuildingtechnology,marketing,productandopeninnovationsystems,buildingacutting-edgeresearchsystemandbuildingreservesintechnologyformid/longterm,hasprovidedasolidfoundationfortheGrouptomaintaintechnicalsuperiorityacrosstheglobe.3.3AstrongernetworkofglobaloperationsdevelopedanddesignedwithMidea’scontinualglobalresourceallocationandinvestments,globally-advancedmanufacturingcapabilitiesandadvantageofscaleThesuccessofaseriesofglobalacquisitionsandnewbusinessexpansionmoveshasfurthersolidifiedMidea’sglobaloperationsandleadingadvantagesinroboticsandautomation.Withtheworld’sleadingproductioncapacityandexperience,andawidevarietyofproductsaswellasitsproductionbasesallovertheworld,theGrouphasbeenabletoexpandrapidlyintotheemergingoverseasmarketsandisbecomingastrongercompetitorinthosematureoverseasmarkets.TheGroupisoneofthebiggestmanufacturersintheworldformanyproductcategories,whichgivesitcompetitiveedgesinefficiencyimprovingandcostreducingthatitsoverseascompetitorsareunabletoachieve.OverseassalesoftheGroupaccountsformorethan40%ofthetotalsalesrevenue.Itsproductshavebeenexportedtoover200countriesandregions,anditowns15overseasmanufacturingbasesand24overseasoperatingagencies.Midea’sglobaloperationsystemhasbeenfurtherimprovedthroughthereformofinternationalbusinessorganizationschangingfromaplatformunittoabusinessentity.Italsoincreasesinvestmentsinoverseasbusinessoperations,focusesontheneedsofthelocalcustomersandenhancesproductcompetitivenessinabidtopromotegrowthinitsown-brandedbusiness.Inaddition,withadeepknowledgeandunderstandingonproductcharacteristicsandproductdemandsinoverseasmarket,Mideaispromotingworldwidebrandingandexpansionthroughglobalcollaborationandcooperation.Inthisway,theglobalcompetitivenessofMideaisincreasingsteadily.3.4Broadchannelnetworksandawell-establishedsmartsupplychainsystemensuringthesteadygrowthofMidea’sonlineandoff-linesalesByvirtueofyearsofdevelopmentandinvestments,MideaGrouphasformedanall-dimensionalmarketMideaGroupCo.,Ltd.Semi-AnnualReport201912coverage.Inthematurefirstandsecond-tiermarkets,theCompanyhasdevelopedandmaintainedgoodpartnershipswithlargehomeapplianceretailchains.Whileinthebroadthirdandfourth-tiermarkets,theCompanyusesflagshipstores,specialtyshops,traditionalchannelsandnewchannelsaseffectivesupplements.Currently,theCompanyhasalreadycoveredthemarketsatalltiers.Additionally,theCompany'sdominanceinbranding,products,offlinechannelsandlogisticsdistributionhavealsocreatedpowerfulguaranteesfortheCompany'srapidexpansionofitse-commercebusinessandchannels.AchievingthehighestonlinesalesamongChina’shouseholdappliancemanufacturers,Midea’sonlinesalesexceededRMB32billioninthefirsthalfof2019,upbyover30%YoY,maintainingthehighestsalesonChina’smainstreame-commerceplatformssuchasJD,TmallandSuninginvarioushomeappliancecategories.Withadvancedsmarttechnologies,AnntoLogisticsTechnologyCo.,Ltd.(Annto),asubsidiaryofMidea,haspossessedcorecompetitivenessandadvantagesinlogisticsautomation.Anntohasestablishedanefficient,customer-orientedandquickresponsenationwidewarehousesanddirectdistributionnetwork,featuringasmoothflowoforderdatabetweenthemanufacturingendandtheretailendthroughthelogisticsinformationsystem,aswellasthefastdeliveryofsmallordersthroughtheflexiblemainlinetransportationcapacity.Relyingonover100urbandistributioncentersnationwide,Anntoconcentratesitsresourcesonurbandistribution.Meanwhile,supportedbyitsself-developedinformationtechnologysystemandnationwidedistributionnetwork,Anntoisabletoprovidefullyvisualizeddirectdistributionservicescoveringeverytownandvillageofthecountry.Itcanfinishthedeliveryto19,956townsandvillageswithin24hoursandto16,511townsandvillageswithin24-48hours,aswellasto87.6%ofthecountry’stownsandvillageswithin48hours.3.5Asolidfoundationfordigitalization-drivenIndustrialInternetoperationsMideahasbeenpromotingastrategyof“SmartHome+SmartManufacturing”.Withcontinualresearchandinvestmentinartificialintelligence(AI),chip,sensor,bigdata,cloudcomputingandothernewtechnologies,MideahasbuiltthebiggestAIteaminthehouseholdapplianceindustry,whichiscommittedtoenablingproducts,machines,productionprocessesandsystemstosense,perceive,understandandmakedecision,drivenbythecombinationofbigdataandAI,inordertoreduceintermediariesforman-machineinteractiontotheminimumandcreatetrulysmartapplianceswithoutanyassistanceininteraction.MideaGroupCo.,Ltd.Semi-AnnualReport201913Uponyearsofadigitalizedreformcharacterizedby“OneMidea,OneSystem,OneStandard”,Mideahassuccessfullymaterializedoperationsdrivenbysoftwareanddatathroughitsvaluechain,connectingendtoendandcoveringR&D,PO,scheduling,flexiblemanufacturing,procurement,follow-upofproductquality,logistics,installation&post-saleservices,etc.TheGroup’scloudplatformhasmadecometrueC2Mflexiblemanufacturing,platform-basedandmodularizedR&D,digitalizedproductiontechniquesandsimulation,intelligentlogistics,digitalmarketing,digitalcustomerservice,etc.“M.IoT”,theMideaIndustrialInternetPlatform,hasbecomeChina’sfirstcompleteindustrialInternetplatformprovidercoveringindustrialknowledge,softwareandhardware.M.IoTfocusesonbuildingtheSCADAplatform,theindustrialcloudplatform,theindustrialbigdataplatformandindustrialSaaSservicetoprovidestandardized,cloud-basedandplatformservice,includingC2M,supplycoordinationandsolutions.Ithasdevelopedover20platformproductssofar.InadditiontoapplyingtheseindustrialInternetplatformsolutionstoitsmanufacturingbasesacrosstheworldandtensofthousandsof……