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China's largest home-appliance maker (AC, refrigerators, washers) and a growing supplier of robotics and industrial automation.
China's largest home-appliance maker (AC, refrigerators, washers) and a growing supplier of robotics and industrial automation.
Air conditioners are the biggest line, sold mostly to Chinese households through retailers and online, with exports and manufacturing for other brands adding volume. It bought Japan's Toshiba appliance business in 2016 and KUKA in 2017, and added this Hong Kong listing in 2024 alongside Shenzhen. The founding He family remains in control.
In one line: China's Whirlpool plus a KUKA robotics arm.
Moat: narrow (scale, brand, distribution). Largest global appliance volume gives cost/scale edge, though appliances are a competitive, low-margin category.
Headquarters: Foshan, China · Founded: 1968 · Employees: 198,570
Size Midea (0300.HK) is a Hong Kong Consumer Discretionary company (Electronics/Appliances) with a market value of $100B, the 18th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$100.10 on 6 Nov 2026.
Performance Over six months the shares gained 23.4%, against +7.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +3.8%); the operating margin is 9.3% (peer median 7.9%).
Valuation It trades at 13.8× forward earnings against a peer median of 18.0× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.9 points above its cost of capital (6.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$526B | HK$496B | HK$442B | HK$411B | HK$401B |
| Revenue growth | — | +12% | +7% | +3% | — |
| Gross profit | HK$147B | HK$131B | HK$117B | HK$106B | HK$97.9B |
| EBITDA | n/a | HK$57.3B | HK$50.5B | HK$47.1B | HK$42.0B |
| Net income | HK$54.2B | HK$47.5B | HK$41.7B | HK$37.2B | HK$34.3B |
| Free cash flow | HK$47.8B | HK$55.7B | HK$61.4B | HK$62.9B | HK$36.2B |
| Capital expenditure | HK$10.8B | HK$12.1B | HK$8.50B | HK$6.98B | HK$8.55B |
| Total debt | HK$148B | HK$106B | HK$120B | HK$106B | HK$105B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Midea 0300.HK | $100B | +23% | +7% | 9% | 13.8× | -1.8% |
| Haier Smart Home 600690.SS | $28.0B | 0% | -8% | 7% | 11.1× | -5.9% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% |
| Whirlpool WHR | $2.01B | -32% | -6% | 2% | n/a | n/a |
| Lgelectronics 066570.KS | $17.3B | -2% | +8% | 4% | 11.3× | -4.5% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0300.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +5.6% | 7th highest of 21 |
| 6-month return | +23.4% | +7.9% | 6th highest of 21 |
| Distance from 52-week high | -1.6% | -10.8% | 4th highest of 21 |
| Revenue growth (TTM) | +7.4% | +3.8% | 8th highest of 21 |
| Operating margin | 9.3% | 7.9% | 8th highest of 21 |
| Forward P/E | 13.8× | 18.0× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 4.5% | 6th least demanding of 15 |
| Growth delivered (Del g) | +9.2% | +9.4% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -10.9 pp | -5.2 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +9.9 pp | +5.2 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Midea 0300.HK | Hong Kong | $100B | +23% | +7% | 9% | 13.8× | -1.8% | +9.2% |
| SharkNinja SN | United States | $31.4B | +100% | +19% | 16% | 30.7× | 21.1% | +18.4% |
| Haier Smart Home 600690.SS | China | $28.0B | 0% | -8% | 7% | 11.1× | -5.9% | +7.6% |
| LG Electronics India LGEINDIA.NS | India | $12.6B | +14% | +1% | 9% | 52.1× | 36.6% | +7.3% |
| De'Longhi DLG.MI | Italy | $7.65B | +23% | +6% | 13% | 18.0× | 14.2% | +10.1% |
| Arashi Vision 688775.SS | China | $6.41B | -45% | +74% | -1% | 135.2× | n/a | n/a |
| Howden Joinery HWDN.L | United Kingdom | $6.12B | +16% | +4% | 15% | 16.6× | 14.9% | +9.3% |
| TCL Electronics 1070.HK | Hong Kong | $6.01B | +3% | +14% | 3% | 12.4× | -2.3% | +17.6% |
| Coway 021240.KS | South Korea | $5.56B | +26% | +14% | 18% | 10.8× | n/a | n/a |
| Zhejiang Supor 002032.SZ | China | $5.37B | -4% | 0% | 10% | 18.0× | -2.8% | +4.1% |
| Aditya Infotech CPPLUS.NS | India | $5.37B | +68% | +36% | 13% | 69.9× | n/a | n/a |
| Hisense Visual Technology 600060.SS | China | $5.31B | +8% | -2% | 5% | 12.8× | -3.4% | +8.0% |
| Beijing Roborock Technology 688169.SS | China | $5.29B | +17% | +31% | 8% | 17.3× | 4.6% | +32.8% |
| Hisense Home Appliances 000921.SZ | China | $4.37B | -2% | -11% | 3% | 14.2× | -11.4% | +12.7% |
| Shenzhen MTC 002429.SZ | China | $4.30B | -42% | +3% | 7% | 22.1× | n/a | n/a |
| Ecovacs Robotics 603486.SS | China | $4.22B | -25% | +10% | 7% | 14.5× | 16.2% | +21.4% |
| Seb SK.PA | France | $3.55B | +8% | -1% | 8% | 12.1× | -0.8% | +3.3% |
| Breville BRG.AX | Australia | $3.33B | +13% | +7% | 11% | 31.1× | 26.4% | +8.8% |
| Nikon 7731.T | Japan | $3.17B | -12% | -4% | -2% | 45.4× | n/a | n/a |
| Joyoung 002242.SZ | China | $2.87B | +131% | -7% | -1% | 159.7× | n/a | n/a |
| Kingclean Electric 603355.SS | China | $2.79B | +4% | -2% | 8% | 35.9× | 4.4% | +9.4% |