Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... ·...
Transcript of Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... ·...
![Page 1: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/1.jpg)
Midea Group
IR presentation
2017.02
1
![Page 2: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/2.jpg)
2
Corporate Snapshot
![Page 3: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/3.jpg)
3
Successful transition into a multi-product and global industry leader
Milestones
![Page 4: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/4.jpg)
Return to Shareholders
4
RMB Bn
Stable dividend distribution to shareholders every year
![Page 5: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/5.jpg)
5
Market Cap and rankings
Market cap: ~ RMB 200bn
Ranking among A-share companies: 26
Ranking among A-share companies (excl.
financial and energy companies):4
Ranking among Shenzhen stock exchange: 2
+
Overview
FY 2015
$22 billion Export to
200+ Revenue Countries/Regions
Ranked
481st Fortune 2016
Credit ratings
A-/A3/A- S&P/Moody’s/Fitch
FY 2015, US$ Bn
# 1 Global Home Appliances Player by Revenue
2015 Revenue, US$ Bn
Leading Technology Group in consumer appliances, HVAC, robotics and automation systems
![Page 6: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/6.jpg)
6
Product Portfolio
General SDA
Products
Kitchen
Appliances
Split A/C
Standing A/C
Movable A/C
Residential A/C
Major Domestic
Appliances
Side by Side
Refrigerator
Roof-top
U.S. Ducted
VRF
Mini VRF
Chillers
Commercial A/C
Dish
Washer
Electric
Oven
Microwave
Cooktop
Washing
Machine
French Doors
Refrigerator
Freezer In-line Water
Heater
Central A/C
System
Key Components
A/C and REF
Compressor
Electric
Motor
HVAC and
Appliance Motor
Hood
Electronic
Controller Magnetron
Range
Kettle
Water
Purifier
Vacuum
Cleaner
Heater
Fan
Juicer
Rice Cooker
Smart Washing
Machine
Robotics & Industrial
Automation
![Page 7: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/7.jpg)
7
Market Position
No.1 No.2 No.1 No.1 No.1 No.2 No.2 No.3 No.2 No.3 No.3 No.3 No.1
Induction
Cooker
Microwave
Oven
Pressure
Cooker Rice Cooker Kettle
Water
Purifier
Residential
AC Washer
Water
Heater
Vacuum
Cleaner Refrigerator Hoods Gas Stove
![Page 8: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/8.jpg)
Turnover Breakdown
8
Unit: RMB Bn
Source: 2016 Semi-Annual Report
2016H1 Main Business Turnover Breakdown
Air conditioner,
48%
Refrigerator,
9%
Wash machine,
10%
Small appliances,
28%
Motor,
3%
Logistics,
1%
Inside China,
56%
Outside of China,
44%
HVAC account for close to half of revenue; international sales account for over 40%
![Page 9: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/9.jpg)
Manufacturing Footprint
9
Saudi Arabia
Residential AC, Washing
Machine, Refrigerator, Rice
Cooker, Fans
Vietnam (1)
India (2)
Egypt (1)
Brazil (2)
Argentina (1)
Microwave, Stoves
Belarus (1)
China (17)
Residential AC,
Commercial AC,
Refrigerators,
Microwaves, Stoves,
Ovens,
Disinfection cabinets,
Small Appliances,
Compressors, Motors
Lighting
Washing machines,
Vacuum Cleaners,
Water Heaters
Japan (2)
Rice Cooker, Fan,
Induction Cooker
Refrigerator, Wash Machine, Rice Cooker, Microwave Oven
Thailand (1) Residential AC Residential AC,
Commercial AC Residential AC
Residential AC,
Commercial AC
Italy (1)
Commercial AC
Inside / Outside of China: 17 / 12 production facilities; ~90,000 / ~15,000 employees
In addition, KUKA has 15 manufacturing sites and 13,200 employees worldwide,
including 2 sites and over 1,000 employees in China
![Page 10: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/10.jpg)
10
Corporate Governance
![Page 11: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/11.jpg)
Management Handover
11
Midea Group
SDA Motor Logistics Midea Electric (List
Co)
Midea Holding Strategic
Investors Management
59.85% 21.15% 19.00%
Issue Shares
Share swap
Midea Group
(List Co)
SDA Motor Logistics Midea Electric
Midea Holding Strategic
Investors Management
35.49% 12.54% 11.27%
Others
40.70%
58.83% 41.17%
Prior to IPO
After IPO
Shareholders of
Midea Electric
In 2012, professional manager team came on board
Hongbo Fang (Paul) Chairman & President
Joined Midea in 1992
In 2013, Midea Group launched IPO
Fengtao Zhu (Frank) VP & GM of Kitchen Appliances
Joined in 1993
Jinliang Wang (Kim) VP & Head of Domestic Marketing
Joined in 1995
Ziqiang Hu (Zack) VP & Chief of Central Research
Joined in 2012
Yanmin Gu (Andy) VP
Joined in 2000
Feide Li (Fred) VP & Head of Operations
Joined in 1999
Mingguang Xiao (Peter) CFO
Joined in 2000
Board composition:
4 executive + 2 non-executive + 4 independent
A family enterprise managed by professional managers
Bitong Yin (Berton) VP & & GM of Residential AC
Joined in 1999
Peng Jiang (Galen) Board Secretary
Joined in 2007
![Page 12: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/12.jpg)
Organizational Chart
12
Midea Group
Kit
ch
en
Ap
pli
an
ce
s
To
sh
iba L
ifesty
le (
TL
SC
)
Lau
nd
ry
Re
frig
era
tor
Liv
ing
Ap
pli
an
ce
s
Co
mm
erc
ial A
C
En
vir
on
men
tal
Ap
plian
ces
Wate
r H
eate
r
Pa
rts
& C
om
po
ne
nts
10 Business Units + KUKA
International
Business
Platform
E-commerce
Platform
M-Smart
Institute
Financing
Platform
Service
Platform
Procurement
Platform R
es
ide
nti
al A
C
Logistics
Platform Central R&D
Institute
10 Business Units + 8 Platforms + Corporate Functions = Great Synergies
KU
KA
![Page 13: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/13.jpg)
Incentive Schemes
13
Midea Group
Controlling Shareholder
36%
Strategic Investors
4%
Management
4%
Other Shareholders
56%
Three terms of share option plans for employees.
Accumulatively account for 6% of TSO.
Majorly management in R&D and manufacturing.
Two terms of “Partners” Program (ESOP)
For key senior management.
From “professional managers” to “business partners”.
Share Option
Plan
“Partners”
Program
Clear Shareholding Structure & long-term incentive plans
![Page 14: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/14.jpg)
14
Strategic Transformations
![Page 15: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/15.jpg)
15
Key Financial Changes
2011 2015 Change
Revenue (RMB Bn) 134.1 138.4 3%
Net Earnings (RMB Bn) 6.6 13.6 106%
Net Cash / Debt (RMB Bn) * -5.1 64.9 +70 Bn
Cash flow from Operating Activities (RMB Bn) 4.1 26.7 551%
Revenue per employee (RMB Mn) 6.8 13.1 91%
Number of Employees (‘000) 196 105 -46%
Net Asset (RMB Bn) ** 30.2 56 85%
* The calculation of Net Cash here includes Notes Receivable.
** In addition, the dividend paid to the shareholders of the list company and JV partners amount to RMB 18Bn
in total in the last five years.
Significant margin improvement and strong cash generation capabilities
![Page 16: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/16.jpg)
16
Leading
Products
• Focus on consumer-centric; improve product competitiveness
• Increase investment in R&D and innovation
• Spin off loss-making product categories; improve product mix
Global
Operation
Efficiency
Driven
• Set up International Business Platform (MIB)
• HQ globalization, subsidiaries localization
• Business model from OEM to OBM
• Joint Ventures, Mergers & Acquisitions
• Launch 632 IT project to standardize and streamline process
• Invest on automation of factories
• Promote Just-in-time manufacturing and destocking initiatives
• Consolidate business support to 6 platforms to create synergies
Strategic Focuses
Strategic focuses shifted to Products, Efficiency, and Globalization
![Page 17: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/17.jpg)
17
Technology & Innovation
Top Global Innovator with increased R&D expenses, personnel and centers
![Page 18: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/18.jpg)
18
Efficiency Driven
RMB 7Bn on
factory
automation
RMB 2Bn on
632 IT
project
Product
categories:
6432
SKU:
>4,000
2,000
Inventory:
1610Bn
RMB
Loan:
14.44Bn
RMB
Lean organization, lean manufacturing, made to orders (T+3 model)
Investments Reductions
Investment on automation & IT; reduction on overcapacity, inventory, leverage
![Page 19: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/19.jpg)
19
Proven Partner with Leading Global Brands
JV cooperation in HVAC
and compressors
JV cooperation in Belarus
94.55% Stake in Kuka and
cooperation in robotics
JV cooperation in China with
Bosch Thermotechnology
JV with Little Swan,
OEM business
Joint development on
electronic controllers
JV cooperation in China,
India, Egypt, Philippines
and South America
JV cooperation on
Commercial Ac
JV cooperation in China
on robotics
Globalization
HQ
Globalization
Subsidiaries
Localization
Global
standardization
Local
Differentiation
Midea International Business (“MIB”)
• A management platform with corporate functions
• An interface between HQ and overseas subs
• A “Special Economic Zone” within Midea Group
• 15 nationalities of less than 100 employees
OEM OBM
Functional Brand
Emotional Brand
Aspirational Brand
To achieve global allocation of capital and global operations
![Page 20: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/20.jpg)
20
Recent Transactions
美的以5亿美元,受让
Midea + Toshiba
Acquisition of 80.1% stake in the
home appliances businesses of
Toshiba with a consideration of
c.US$500 million
Being licensed to use the Toshiba
brand worldwide for 40 years;
Obtained over 5,000 IP assets
Significant synergies in brand,
channels, R&D, supply chain, etc.
Closed on 30 June 2016
Midea + Clivet
Acquisition of 80% stake in Clivet, a
European leading company based in
Italy
Improve market share on the
European as well as global markets
Significant synergies in in product
offerings, market presence, supply
chain, manufacturing and
technologies
Closed on 31 October 2016
Midea + KUKA
Launched a voluntary tender offer at
EUR115 in cash per KUKA share;
Total consideration amounts to be
approximately EUR 3.7Bn
81.04% of shares tendered, plus the
13.51% shares acquired by Midea
prior to the takeover offer, results in
a total of 94.55% of all issued shares
of KUKA
In line with Midea Smart 2 Strategy
Closed on 6 January 2017
![Page 21: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/21.jpg)
21
Future Strategies
New geographic expansion
Existing business
New business
“Leading Products” strategy
Focusing on strategic markets
Building, security, B to B business
![Page 22: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/22.jpg)
22
Midea Corporate Strategy
HVAC Home
Appliance
Automation
Robotics Components New Fields
(Building Solution,,
etc.)
Continuous
Transformation
Smart 2 Strategy Leading Positions
Intelligent Products Globalized Business Smart Home Smart manufacturing Leading
Products
Leading
Enterprise
Leading
Platform
Overarching platform underpinned by big data, services and ecosystem
Supported by infrastructure seamlessly incorporating logistics, finance and customer service platforms
![Page 23: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/23.jpg)
23
Midea Automation Platform Strategy
Industrial / Logistics Automation Service Robotics
Software /
Systems
Hardware /
Product Design
Components
Industry
Applications
Enterprise
Software Cloud &
Big Data
Service-
based
Business
Model
Software
Eco-
system
Current Industry
Focus
Increased
General Industry
Penetration
Cobots Medium-sized Large-sized
Future Investment/Development Area
+
Joint Investment/Development Area
![Page 24: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/24.jpg)
24
KUKA Overview
2015 Revenue: €3BN → 2020 Revenue: €4 - 4.5BN
KUKA Robotics 2015 Revenue(1): €910MM
2015 EBIT(1): €100MM
Swisslog 2015 Revenue(1): €621MM
2015 EBIT(1): €(46)MM
Product Cell Solution
KUKA Systems 2015 Revenue(1): €1472MM
2015 EBIT(1): €115MM
Industries Systems
Healthcare Warehouse
Logistics Automotive Reis
Technical
Solutions
Industrial
Robotics
Service & Medical
Robotics Aerospace
Au
tom
oti
ve
Ae
ros
pa
ce
Ele
ctr
on
ics
Co
ns
um
er
Go
od
s
Me
tal In
du
str
y
Lo
gis
tics
/ E
-
Co
mm
erc
e
He
alt
hc
are
Se
rvic
e
Ro
bo
tic
s
Top 5 Global Player in General Industry Robotics #1 Global Player in
Automotive Robotics
Serving a Variety of End Markets
Integrated software solutions and modular product platform
Robotics Expertise Application and Industry
Expertise
Systems and Process
Expertise
Note:
1. Segment financials excludes corporate expenses
![Page 25: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/25.jpg)
25
The Chinese Automation Opportunity
China is Facing Rising Labor
Costs and Aging Demographics… …While Continuing to Act
as “Workshop of the World”
Rising Labor Cost Manufacturing wages (RMB per year)
17,966
51,369
2006 2008 2010 2012 2014
Aging Population
19%
12%
70%
55%
11%
33%
2010
2050E
Under 15 15–60 Over 60
Share of Global Handset Production
Share of Global Auto Production
75% 35%
42% 21%
Share of Global Electronics Robot
Shipment
Share of Global Auto Robot Shipment
Source: www.tradingeconomics.com
Source: KPMG, China 360, 2013 Source: IFR
…Though Its Robotics
Industry is Still in Infancy
![Page 26: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/26.jpg)
26
The Chinese Automation Opportunity (cont’d)
Source: IFR
60
305
120
300
195
954 1,141 990 1,050 1,140
China U.S.
Chinese
Industrial
Robots
CAGR
(10–14)
69% 30% 72% 25% 44%
Industrial Robots Remain Underpenetrated in China Compared to the U.S.
Robots per
10,000
Manufacturing
Employees
Electrical & Electronics Automotive Food Processing Chemical, Rubber & Plastics Metal & Machinery
16x
4x
8x
3.5x
6x
Rich, Mature Industries in China
with Capital to Invest in Automation
![Page 27: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/27.jpg)
27
Business Update
![Page 28: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/28.jpg)
28
Revenue & Margins
Revenue growth recovered; both gross and net profit margin further increased
Note: Acquisition of TLSC was closed on 30 June 2016. Financial reports of TLSC has been consolidated since then.
![Page 29: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/29.jpg)
29
Cash & Cash Flow
Abundant cash-in-hand; strong cash generation capabilities
* The calculation of Net Cash here includes Notes
receivables.
![Page 30: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/30.jpg)
30
Cash Conversion Cycle
Cash conversion cycle became negative
![Page 31: Midea Group IR presentationimg.midea.com/global/investors/financial_statements/Presentations/... · 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net ... Healthcare Warehouse Logistics](https://reader033.fdocuments.in/reader033/viewer/2022042223/5eca6b7e2047d83ea45dbb02/html5/thumbnails/31.jpg)
Thank you!