Midea $美的集团(000333)$ announced its 2Q/1H24 results on Aug 19 after market hour. 2Q24 revenue grew by 10% YoY to Rmb111bn, 2% higher than consensus. Net profit was up 16% YoY to Rmb11.8bn, exceeding consensus by 5%. Midea’s domestic revenue (+8% YoY) growth remained resilient in 1H24 despite a lacklustre industry performance (15% YoY decline in retail sales value of air conditioners in 1H24, per All View Cloud). Overseas business (+13% YoY) outperformed with accelerated revenue growth and GPM expansion, driven by ongoing restocking demand.
The Global X China Consumer Brand ETF (2806) $GX中国消费(02806)$ tracks the performance of China's consumer sector, including leading companies such as retailers, food and beverage producers, home appliance manufacturers and EV makers, offering investment opportunities to benefit from the growth of China's massive consumer market.
The Global X China Global Leaders ETF (3050) $GX中国全球领导(03050)$ seeks to invest in leading Chinese companies that have significant overseas presence including companies active in sectors such as information technology, materials, industrials, consumer goods, and healthcare.
Source: Midea, All View Cloud, August 19, 2024
Learn more about the Global X China Global Leaders ETF (3050) and its risk factors: https://www.globalxetfs.com.hk/campaign/china-consumer-brand-etf/
Learn more about the Global X China Consumer Brand ETF (2806) and its risk factors:
https://www.globalxetfs.com.hk/funds/china-global-leaders-etf/#
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