Midea Group Co., Ltd./ADR

Midea Group Co. Ltd. is one of China's largest household appliance manufacturers, producing key products such as air conditioners, refrigerators, washing machines, and small appliances. The company ranks among the top three in China by retail sales across most home appliance categories and also develops industrial automation and robotics systems through its wholly owned subsidiary Kuka, a global leader based in Germany. Heating, ventilation, and air conditioning (HVAC) products form the largest revenue contributor, followed by other consumer appliances and robotics solutions. Midea Group generates approximately 40% of its sales outside China, serving both consumer (ToC) and business (ToB) markets with a focus on direct-to-consumer transformation and overseas expansion. Employing over 198,000 people, it operates in the consumer cyclical sector, specifically furnishings, fixtures, and appliances, playing a pivotal role in global home appliance innovation and industrial automation markets.