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Midea’s net profit up 16 percent in 2016

MIDEA Group, which acquired German robot giant Kuka last year, achieved a 16-percent growth in net profit last year, thanks to increased revenue and market shares, the home appliance giant said today.

Midea’s net profit was 15.9 billion yuan (US$2.3 billion), with earnings per share of 2.29 yuan. The revenue was 159.8 billion yuan , up 15 percent from a year ago.

In 2016, Midea is among the top three players in the domestic markets of air-conditioner, washing machine, refrigerator, electric cooker, heater and other home appliance devices, according to research firm China Marketing Monitor, a Beijing-based research firm.

In the long term, Midea aims to build itself into a high-tech firm covering consumer appliances, heating, ventilation and air-conditioning (HVAC) systems, robot, and industrial automation systems other than a home appliance firm. As a major step to achieve the target, it used 4 billion euros (US$4.27 billion) to acquire Kuka, one of the world’s top four robot firms.

The company plans to place more investment into research and development. In the past five years, it has invested more than 20 billion yuan on R&D, covering 17 research centers in eight countries.


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