M idea achieved revenue of US$6.87 billion in the first quarter of 2015, a year-on-year increase of 10.5 percent, according to the group's financial report which was published on the evening of April 28. The holding company saw net profit of US$538 million, a year-on-year increase of 32 percent.

Earnings per share were at US$0.13, a year-on-year increase of 32 percent. The gross margin was at 26.8 percent, a year-on-year increase of 1.5 percentage points.

In 2012 and 2013, Midea Group's revenue experienced a decline due to corporate consolidation costs, in combination with domestic government policy changes, which impacted domestic sales. Since then the company has been focusing on new strategies involving The Internet of Things, online sales channels, building overseas manufacturing and research and development bases and signing joint ventures with giants such as Bosch, Alibaba and Siix.

This has paid dividends as last year proved the most lucrative in Midea Group's history. Highlights of this quarter include compressor brand GMCC achieving sales of 6 million units in March, an all-time industry high which comes after 20 years of consistent growth.



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