The Digital Source For China's Tech Innovation Since 2000

Search
Close

Midea Predicts Profit Up 50% As Alibaba Cloud Strategy Takes Hold

July 22, 2014
Gadgets & Electronics | Internet

Chinese home appliances group Midea is expecting a huge jump in its 2014 earnings.

The company published its semi-annual performance prediction for 2014, stating that during the first six months of 2014, the company's net profit is expected to increase by between 45% and 60% over the same period of last year; its earnings will reach between CNY6.059 billion and CNY6.686 billion; and its earnings per share will be about CNY1.44 to CNY1.59.

Prior to this announcement, Midea's executives were increasing investment in the company's stock and the total investment reached CNY122 million. This represented their confidence in the performance of the company.

Midea Group said that since the beginning of 2014, when the company launched its smart home strategy named M-Smart and teamed with Alibaba for cloud computing strategic cooperation, the company's prospects have improved. With those moves, Midea aims to apply "Internet thinking and technologies" to promote an industrial model and operations model transformation of its traditional home appliances industry. In 2013, Midea reportedly completed the development of its smart products in eight categories. For 2014, they will accelerate the launch of new smart products and plan to develop 25 product categories.

In addition, Midea will enhance e-commerce development. In March 2014, the company established its own e-commerce subsidiary responsible for its flagship store on Tmall.com and the operation of its official online store. The e-commerce company will adopt big data technology to analyze user purchase behavior to help improve development, manufacturing, logistics, e-commerce IT system, and member management systems.

For logistics, Midea's wholly-owned logistics subsidiary has already established 143 service platforms, covering 31 provinces, cities, and autonomous regions in China. It has a warehousing area of 4.5 million square meters, over 10,000 controllable vehicles, and six major warehouses in Beijing, Shanghai, Hubei, Sichuan, Zhejiang, and Guangdong, respectively. The company plans to add four more warehouses in Liaoning, Shandong, Jiangsu, and Xi'an in the future.

Tags: Alibaba | Beijing | Cloud Computing | e-commerce | Guangdong | Hubei | investment | Jiangsu | Liaoning | logistics | manufacturing | Midea | Shandong | Shanghai | sichuan | smart city | smart home | Tmall.com | warehouse | Xi'an | Zhejiang

Other Related News:

Comparing China Online Education Group (COE) & Its Competitors Stock Observer

December 12, 2021

Former Vice Director Of Google China Engineering Research Institute Will Join Baidu.com

April 16, 2010

WADA launches online education course for Beijing 2022 hopefuls

October 2, 2021

latest news Pakistan Looks To Establish Semiconductors Zone With Chinese Help: Fawad lastminute news

February 12, 2022

HP's 3D Printing Enters Chinese Market

June 21, 2017

Voloridge Investment Management LLC Cuts Stake in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) Slater Sentinel

February 26, 2022

Tesla's profits knocked by China factory shutdowns as it sells Bitcoin

July 21, 2022

Sina Completes Acquisition Of Crillion

March 26, 2004

KCS Wealth Advisory Reduces Holdings in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

August 15, 2021
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter