Midea Group Co., Ltd.

Name: Midea Group Co., Ltd. financial statements and ratios
Creator: Annalist

0300 · HKEX · Consumer discretionary, household appliances · Hong Kong · CAS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 30 March 2026. Snapshot FY2025_d40f8f14.

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Overview

Revenue, fiscal year

+12.1% year on year

Profit before tax, fiscal year

+13.7% year on year

Net income, fiscal year

+14.0% year on year

Diluted EPS, fiscal year

+6.3% year on year

Pre-tax margin, fiscal year

+0.2pp year on year

Return on equity, fiscal year

−0.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was RMB458.5 billion, 12.1% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202312.1% from 9.5% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was RMB458.5 billion, 12.1% higher than in the previous fiscal year.Recorded from FY2025_d40f8f14 · data update
2. FY2024 StrengthenedRevenue for the fiscal year ended 31 December 2024 was RMB409.1 billion, 9.5% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was RMB373.7 billion, 8.1% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was RMB43.9 billion, 14.0% higher than in the previous fiscal year.
Confirmedin FY2025 · stated since FY202314.0% from 14.3% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedNet income attributable to the company for fiscal 2025 was RMB43.9 billion, 14.0% higher than in the previous fiscal year.Recorded from FY2025_d40f8f14 · data update
2. FY2024 ConfirmedNet income attributable to the company for fiscal 2024 was RMB38.5 billion, 14.3% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was RMB33.7 billion, 14.1% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 20.0%, against 20.3% a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was 20.0%, against 20.3% a year earlier.Recorded from FY2025_d40f8f14 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 20.3%, against 22.1% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 22.1%, against 22.1% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was RMB42.2 billion, and operating cash flow was 1.2 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was RMB42.2 billion, and operating cash flow was 1.2 times net income attributable to the company.Recorded from FY2025_d40f8f14 · data update
2. FY2024 ConfirmedFree cash flow for fiscal 2024 was RMB52.7 billion, and operating cash flow was 1.6 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was RMB51.6 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_d40f8f14

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, renminbi

Profit Before Tax

By fiscal year, renminbi

Profit Attributable to Owners of the Parent

By fiscal year, renminbi

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, renminbi

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.01x, FFO to debt 82.1% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.0 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 82.1% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20231.01x from 1.48x in FY2024
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 1.0 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 82.1% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2025_d40f8f14 · data update
2. FY2024 ConfirmedLease-adjusted debt was 1.5 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 55.2% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 1.4 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 56.6% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 1.0 years of adjusted EBITDA; a year of funds from operations equals 82.1% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	1.01xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	82.1%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	modest	minimal	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	modest	modest	modest	minimal
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Total debt	RMB54.1bn	RMB66.3bn	RMB72.6bn	RMB84.4bn	RMB65.6bn
Operating lease liabilities	RMB0	RMB0	RMB0	RMB0	RMB0
Lease-adjusted debt	RMB54.1bn	RMB66.3bn	RMB72.6bn	RMB84.4bn	RMB65.6bn
EBIT	RMB35.1bn	RMB36.8bn	RMB43.1bn	RMB49.1bn	RMB55.3bn
Depreciation and amortisation	RMB6.2bn	RMB6.5bn	RMB7.3bn	RMB7.8bn	RMB9.3bn
Goodwill impairment	RMB0	RMB0	RMB0	RMB0	RMB0
Share-based compensation	RMB0	RMB0	RMB0	RMB0	RMB0
Operating lease cost	RMB0	RMB0	RMB0	RMB0	RMB0
Adjusted EBITDA	RMB41.3bn	RMB43.3bn	RMB50.4bn	RMB57.0bn	RMB64.6bn
Cash interest	−RMB1.4bn	−RMB1.8bn	−RMB2.8bn	−RMB2.5bn	−RMB2.2bn
Lease interest	RMB0	RMB0	RMB0	RMB0	RMB0
Cash taxes	−RMB4.7bn	−RMB5.1bn	−RMB6.5bn	−RMB7.9bn	−RMB8.6bn
Funds from operations	RMB35.2bn	RMB36.3bn	RMB41.1bn	RMB46.6bn	RMB53.9bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −1.5% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023−1.5% from −4.0% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.5% of average total assets.Recorded from FY2025_d40f8f14 · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 5.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.96 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.96, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 2.96, above the safe threshold of 2.60.Recorded from FY2025_d40f8f14 · data update
2. FY2025 RetiredThe finding changed to the safe zone.Recorded from FY2025_d40f8f14 · data update
3. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.41, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 2.50, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	safe zone	grey zone	grey zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.96Safe zone, above 2.60

The score of 2.96 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 0.90.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.120	6.560	0.790
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.275	3.260	0.895
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.091	6.720	0.610
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.635	1.050	0.667
Score			2.962

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	30 Mar 2026, the date on which the board approved the statements	AR:midea-2025-12-31	c413ed1b9932
Annual report for the year to 31 December 2024	28 Mar 2025, the date on which the board approved the statements	AR:midea-2024-12-31	bc82a1be9e09
Annual report for the year to 31 December 2023	26 Mar 2024, the date on which the board approved the statements	AR:midea-2023-12-31	ff222dd47fc1
Annual report for the year to 31 December 2022	27 Apr 2023, the date on which the board approved the statements	AR:midea-2022-12-31	6261bddd4d8e
Annual report for the year to 31 December 2021	28 Apr 2022, the date on which the board approved the statements	AR:midea-2021-12-31	02c8d03a998d

Checks

390378 of 390 checks passed, 12 warnings

Statement arithmetic206 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports147 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values12 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Cost of sales, FY2020: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2021: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2022: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2023: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2024: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2025: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	222
Confirmed by other figures	68.9%, 153 values
Confirmed by a second document	66.2%, 147 values
Derived from reported figures	0.0%, 0 values
Values withheld	12
Restated figures tracked	2
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Midea Group Co., Ltd., snapshot midea/FY2025_d40f8f14 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_d40f8f14 · dataset SHA-256 d40f8f14c3ca86a44bede4eab6312f636f8d81ee7d72adfbc6cc39b61b0ac09c · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json