Thousands of dollars of "submission", layoffs are difficult to solve the dilemma, and the growth rate of revenue in the second quarter is less than 1%.

After the layout of the first half of the year, Midea Group handed over a seemingly good semi -annual report.

According to the financial report, the group's revenue achieved 183.7 billion in the first half of this year, an increase of 5.04%year -on -year; the net profit was 16 billion, a year -on -year increase of 6.57%. From the perspective of the financial report, the revenue and net profit of the Midea Group in the first half of the year have achieved the realization of the revenue and net profit of the group. Positive growth.

However, although the performance in the first half of the year seems to be pretty good, in terms of subdivisions, in fact, Midea Group's semi -annual report is not high.

In terms of data in a single quarter, the performance growth rate of the Midea Group in the second quarter declined significantly. In terms of specific data, the group in the second quarter achieved revenue of 92.72 billion, an increase of only 0.97%year -on -year, which was significantly declined compared with the revenue growth rate of 9.54%in the first quarter. The growth rate of 10.97%in quarterly declined significantly compared with the growth rate of net profit.

It is not difficult to see from the financial report data in the first half of the year that Midea Group has maintained a high growth of many years of performance and is gradually disappearing, and the growth rate of revenue and net profit has fallen to a single digit. Although the business has also improved, it is still low in the proportion of revenue, and it is difficult to bear the heavy responsibility of the group transformation in the short term.

Judging from various signs, although Fang Hongbo is pushing the Midea Group for transformation and upgrading, in the short term, it is difficult for the large -scale and beautiful groups to "dance" again.

The growth of performance slows down, the beauty of the "stall"

As one of the domestic appliance giants, Midea Group has always been known for "high growth".

Judging from the financial report data over the years, the performance growth rate of Midea Group has been relatively stable, especially in terms of net profit. From 2013 to 2020, the net profit growth rate of Midea Group in 7 years has not been less than 10%, of which The growth rate of net profit in 2014 reached 97.5%.

In terms of revenue, although the growth rate of Midea Group's revenue is not as stable as the growth rate of net profit, from the final result, the revenue of Midea Group in 2021 exceeded the 300 billion mark, which eventually reached 343.4 billion, and 2013 Compared with 121.3 billion years, the revenue of the 9 -year -old group increased significantly by 183.1%, which was more than three times the growth rate of Gree Electric's revenue during the same period.

However, since entering 2021, Midea Group has maintained a high growth of many years of performance, but has signs of ending.

From the perspective of a single quarter performance, since the growth rate of net profit in the second quarter of last year, the performance of Midea Group has begun to "stall".

In terms of specific data, from the second quarter of last year to the second quarter of this year, Midea Group achieved net profit of 8.54 billion, 8.446 billion, 5.18 billion, 7.178 billion, and 8.818 billion, respectively. %, 10.97%, and 3.24%, although the growth rate of net profit in the first quarter of this year returned to double -digit, it still has a lot of gap compared with the previous profit growth rate of more than 30%.

Of course, in addition to the decline in net profit growth, Midea Group's revenue also showed signs of slowing down.

According to data from the Midea Group recently disclosed, in the first half of this year, Midea Group achieved revenue of 183.7 billion, an increase of only 5.04%year -on -year, which was significantly declined compared with the revenue growth rate of 25.14%in the same period last year. In the second quarter, the group in the second quarter achieved revenue of 92.72 billion, an increase of only 0.97%year -on -year, almost "steps in place."

With the significant slowdown in performance growth, the stock price of Midea Group in recent years has also ushered in a sharp recovery.

As of the closing of September 1st, Midea Group's stock price closed at 55.11 yuan/share. Compared with the highest 104.7 yuan/share in February last year, the stock price of the group in the year and a half of the year is close to the cut, and the market value has evaporated by 347 billion.

2711 billion goodwill hanging, Midea Group hidden hidden dangers

In addition to the slowdown in performance growth and the decline in stock prices, the huge goodwill in the financial report is a hidden danger hidden in the Midea Group.

Judging from the latest financial report data, as of the second quarter of this year, the goodwill value of Midea Group was as high as 27.11 billion, ranking second among all listed companies in A shares, second only to China Telecom's 29.928 billion goodwill.

So, why is the goodwill value of Midea Group so high? This is actually related to its continuous extension mergers and acquisitions in recent years.

As one of the home appliance giants, Midea Group has a strong sense of worry. As early as 5 years ago, it has begun to prepare diversified transformation to find the "second growth curve"; as for how to achieve, the strategy of Midea Group is also very "simple and simple "Rough" — Through extension mergers or strategic investment, continuously entered new industries and expand its business map.

According to media statistics, since 2017, Midea Group has accumulated a total of more than 10 mergers and acquisitions transactions or strategic investment. Among them, the operations such as the acquisition of German kica robot companies, the acquisition of small swans, and the acquisition of Wantong Medical have reached the number of costs, and the costs have reached the number of costs. One billion or even tens of billions, accompanied by M & A transactions or strategic investment again and again, the tentacles of Midea Group have reached the fields of robots, new energy, smart elevators, medical care and other fields.

It is undeniable that these extensive mergers and acquisitions of Midea Group can indeed bring new growth momentum to the group. At present, Midea Group has five major business segments: smart home business groups, Midea industrial technology, HVAC and building business department, robot and automation business department, digital innovation business. It was established after mergers and acquisitions. However, there are two sides of everything, and the extension mergers and acquisitions are not without risks. Because many mergers and acquisitions are cross -industry mergers and acquisitions. After the mergers and acquisitions, many companies have "not accepting soil and water".

For example, the Robot Giant, Germany, which cost nearly 30 billion yuan. Since the merger in 2017, KUKA's revenue has declined all the way, from 3.479 billion euros in 2017 to 2.792 billion euros in 2020, until 2021's revenue has risen to rose to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reached to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reaching to reached to its return to its income. 3.565 billion euros.

Under normal circumstances, when the performance of the acquired company declines, it is necessary to perform goodwill impairment. However, because there is no performance commitment during the acquisition, the Midea Group does not make an impairment of goodwill. However Midea Group will still have huge impairment pressure in the future.

How to get the future of the transformation, how should the future of beauty go?

With the continuous changes in the environment, since entering 2022, Midea Group has begun to promote the transformation.

In addition to the heated large -scale layoffs that have been highly debated in May, transferring the attention of business from the C side to the B -end is also a major focus of the current transformation of Midea Group. Earlier, Midea Group announced that it would adjust the business: to C business, retain the core category of home appliances, mother and infants, pet electrical appliances and other categories; to B business, retain the "four major and four small" core business, other shutdown and transfer and transfer to transfer Essence To C business should transform and upgrade, structure optimization, and strengthen overseas business. At the same time, it firmly transforms to the TO B business and increases investment. The more difficult, the more firm.

In fact, with the gradual saturation of the home appliance industry, home appliance companies have gradually transformed into the B -end.

In addition to the Midea Group, currently Haier, Gree, Hisense, TCL and other home appliance companies are also working on the B -end business. Obviously, the current B -end business has become a new growth point for the home appliance industry, and it has also become a number of home appliances. Fight.

From the perspective of financial reports, the Midea Group, which has been transformed, has a lot of gains in the B -end business. According to the interim report data, the revenue of the Building Science and Technology Division in the first half of the year was 12.2 billion yuan, an increase of 33.1%year -on -year; the revenue of the industrial and technical business group in the first half of the year was 12.1 billion yuan, an increase of 13.3%year -on -year; 100 million yuan; digital innovation business revenue of 5.2 billion yuan in the first half of the year, an increase of 42.4%year -on -year.

However, although multiple businesses on the B -end have obtained a good growth rate, from the perspective of revenue, Midea Group HVAC and consumer appliances achieved revenue in the first half of the year. The proportion was 45.57%and 36.32%, respectively.

Obviously, most of the revenue of Midea Group still comes from the C -end business.

From the current point of view, the key to the recovery of Midea Group depends on whether the B -side business can continue to be vigorously promoted; but from the perspective of the proportion of revenue, the proportion of B -end business is still not high. A long way to go.

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