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Midea (300 HK — US$84 billion) is the world's largest producer of home appliances.
It sells over 300 million units of air conditioners, washing machines, refrigerators and other appliances annually.
The copmany started as a township enterprise in China's Guangdong province, producing plastic bottle caps. Then, in the 1980s, it switched its focus to electric fans and later air conditioners.
After founder He Xiangjian retired in 2012, he left the control of the business to talented engineer Fang Hongbo. And since then, Midea gone from success to success.
A pivotal year for Midea was 2016, when Midea acquired Toshiba's home appliance division as well as German industrial robot maker Kuka. The latter company is one of the top 4 robotics companies globally, alongside ABB, FANUC, and Yaskawa.
Thanks to these acquisitions, Midea has narrowed the technological gap over time. The products are no longer just cheap; they are genuinely better than the competition's. For example, Tom's Guide called the Midea U product: "The best air conditioner. Period."
The quality of Midea's products might be why an index of Google search queries for "Midea" keeps rising, year after year:
The financial results has been similarly impressive. In the past decade, Midea's earnings per share has risen at an +11% compound annual growth rate. Midea now tops home appliance sales on China's Tmall and JD.com, ahead of its domestic rivals Haier and Gree.
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