Surprise, or rather, big surprise. Between the end of July and the beginning of August the reporting. on according to quarter of the year of multinationals, including that of the new great protagonist of domestic technology, the Beko World, but not the report of the world n.1, the Chinese Midea, which, despite having closed the quarterly and half-yearly accounts on 30 June, was literally for the first time jumping the traditional appointment. Which then, in extremis, amid uncertainties and more, he honored only yesterday, after a month and a half of closing the accounts, with a notable delay, and after numerous requests from the global financial press. And, in passing, we are able to reveal that Midea has made another coup, purchasing in June from Heritage the German-Spanish Teka (built-in high-end), which has 600 million euros in sales. Once again, the results of Midea and the Chinese technology conglomerates (smart, home, city, automotive...) are good, even excellent. But in a context that has not favored and will not favor their progression at all. And let's see why.
Midea: why the dead silence on the second quarter
No communications from the Chinese giant, not even confidential, not even - it seems - to the shareholders of the because of the delay. Obviously they deny – obtusely – any contact with the press. Of course, there is a debut very, very difficult to Hong Kong bag, which ended positively only after almost two years of waiting. We are able to report the opinion of a very high-ranking CCP official: “On the same day that the CCP Politburo held its meeting on July 30, Xi, in a letter, called on Hong Kong entrepreneurs to increase investment in mainland China and contribute to the country's reform and opening-up”. That is: finance the country's expansion and research even before enriching yourself abroad, bringing resources out of the country."
Additionally, on July 2, the company made important announcements changes ai vertices, also following the obligations deriving from the listing in Hong Kong. However, the company is in full expansion (it has recently upgraded the European factory and R&D center for air conditioning and alternative energy, the Italian Clivet) and has made its debut in retail with built-in washing machines and dishwashers (all entry level) . But for the moment, therefore, the Chinese multinational's purchasing campaign has stopped, even if its offer to purchase Electrolux is still there, on the table of interrupted negotiations.
As for the results of the second semester ended June 30, Midea Group reported i results. For the half-year, the company posted revenue of CNY218.121,84 million compared to CNY197.795,61 million a year ago. Net profit was CNY20.804,18 million compared to CNY18.232,29 million a year ago. Basic earnings per share from continuing operations were CNY3,02 compared to CNY2,67 a year ago. Diluted earnings per share from continuing operations were CNY3,01 compared to CNY2,66 a year ago.
The recovery? Maybe in 2025
A very meager +1%, but more could arrive surprises, due to the persistence consumption crisis which cannot fail to be reflected, in the coming months, on the production capacities of factories and with inevitable M&A operations, especially if the US market closes in the event that Trump wins the elections. In any case, after the second year of negative closure in Italy, in Europe and in almost all the markets of industrialized countries, experts predict a +1% both for appliances that 'sConsumer electronics (for this perhaps not even 1%), due to price increases, bubbles and building crises in many areas of the world and the boiling climate due to conflicts. Thus Haier's impetuous advance in Europe also stopped. Hisense advances and the "debutant" Tcl, also in the very important segment of consumer electronics, both thanks to non-Chinese management (especially Italian), which knows the European markets well.
The Beko Europe plan? Maybe it will slip
The CEO of the Turkish multinational, Hakan Bulgurlu, particularly active on social media in spreading his extraordinary sporting exploits, from Everest to the poles, always in the name of a strong environmental commitment, had promised Minister Urso, the trade unions, the press, that in September he would reveal the broad outline of the plan of reorganization of the inherited industrial and commercial structure, the ex Whirlpool EMEA, Africa and MO. It will be very difficult for him to keep his promise and there is talk of a postponement to October. The problem is that the Turkish leaders - Bulgurlu first and foremost - certainly do not have a strong propensity to dialogue with the press as listed companies with great social responsibilities towards the territory usually do. The real problem of the new "masters" of our factories is precisely this: one lack of transparency. And this is all the more worrying since, in the meantime, the timing of the layoffs of the Italian Bianco factories is coming to an end.
A serious social alarm that in the very hot capital, among the sleepy benches of the majority, they will not know how to deal with from September. Because in September, the story Electrolux it could result in another style exit Whirlpool EMEA: Electrolux could leave by selling its European factories to someone to manage an emergency already faced by Bosch in the United States: investing in American factories and creating alliances or something else to guarantee a protection from the storm of import duties and Trump o Harris they could unleash to duplicate the chips act, Biden's winning program, which has governed Made in America well like no other. Hundreds of billions of dollars could be awarded to those who open research and production centers in America for smart devices that boost construction and consumption. And then, if Electrolux leaves Europe, we understand why appointment of Fierling, an excellent manager of European scale, great knowledge of European markets but less experienced in strategic management of global scale.
