Midea's main subsidiaries: owners, officers and reported fines

analysisMidea's 2025 annual results announcement states that Midea has over 600 subsidiaries, 41 R&D centres and 65 major manufacturing bases. Midea's September 2024 Hong Kong prospectus had stated that, besides the companies shown in its corporate chart, the group had over 400 other subsidiaries established in various jurisdictions; the two counts differ in scope (other subsidiaries outside the chart versus all subsidiaries) and in date, and neither document lists the subsidiaries in full. Midea's 2026 interim report groups some of them by business: its energy business includes Hiconics and CLOU Electronics, its healthcare business includes Wandong Medical and the business of Carestream Health, Inc. outside the United States, whose assets Midea acquired in December 2025 according to its 2025 annual results, and Annto is its smart-logistics business. ^{1 2 3}

analysisThe table of principal subsidiaries in Midea's 2025 annual report, as at 31 December 2025, names GD Midea Air-Conditioning Equipment Co., Ltd. (73% held directly and 7% indirectly), Guangdong Midea HVAC Equipment Co., Ltd. (90% direct, 10% indirect), Midea Group Finance Co., Ltd. (95% direct, 5% indirect), Wuxi Little Swan Electric Co., Ltd. (100% direct) and Annto Logistics Supply Chain Technology Co., Ltd. (53% indirect); the listed Hiconics Eco-energy Technology (18% indirect), Beijing Wandong Medical Technology (45% direct) and Shenzhen CLOU Electronics (23% direct); KUKA and Toshiba Lifestyle Products & Services Corporation (TLSC), 100% indirectly each; and the holding and trading companies Midea International Corporation Company Limited (Hong Kong investment holding, 100% direct), Midea Investment Development Company Limited (British Virgin Islands), Midea Electric Netherlands (I) B.V. and Midea Electric (Singapore) Trading Co., Ltd., 100% indirectly each. The report records GD Midea Air-Conditioning Equipment, Hiconics, Wandong, CLOU, KUKA and TLSC as obtained through business combinations not under common control, meaning acquisitions of businesses not previously under the same control as Midea, and Annto as established by the group; it states that no subsidiary has non-controlling interests that are material to the group. ⁴

analysisOutside its own subsidiaries, Midea's 2025 annual results state that under its human-vehicle-home strategy Midea deepened cooperation with BYD, NIO and Huawei on interconnection scenarios, joined industry organisations such as the Global Intelligent Internet of Things Consortium (GIIC) and took part in drafting national standards for smart-home interconnection and interoperability. ²

analysisMidea's September 2024 prospectus described GD Midea Air-Conditioning Equipment Co., Ltd. (广东美的制冷设备有限公司) as a manufacturer of residential air conditioners established on 22 October 2004, stated that the group's attributable equity interest in it was 80% and said that the remaining 20% was held by Toshiba Carrier Corporation, a subsidiary of Carrier Global Corporation (NYSE: CARR). Midea's 2025 annual report gives the group's holding at 31 December 2025 as 73% direct and 7% indirect. Later records name a different 20% holder. Registry data shown by a commercial company-data service list three members: Midea Group (73.00%, first recorded on 16 August 2019), Carrier Japan Corporation (日本开利株式会社, 20.00%, first recorded on 17 December 2024) and Midea Electric Investment (BVI) Limited, whose share is not shown; an online encyclopedia entry gives Midea Group 73%, Carrier Japan Corporation 20% and Midea Electric Investment (BVI) Limited 7%. The reviewed evidence does not show whether the change of the 20% holder from Toshiba Carrier Corporation to Carrier Japan Corporation reflects a renaming or a transfer of the interest. ^{1 2 3 4}

analysisRegistry data shown by a commercial company-data service record the company as an active Sino-foreign equity joint venture with registered and paid-in capital of RMB 854 million, unified social credit code 9144060672547107X0 and registration number 440681400009557, established on 21 October 2004, with 13,821 insured employees; Midea's prospectus and an encyclopedia entry give the establishment date as 22 October 2004, one day later. Midea's 2025 annual report describes Wang Jianguo, Midea's executive director and executive president, as chairman of GD Midea Air-Conditioning Equipment, besides his roles as president of Midea's new-energy business division and chairman of Wandong Medical. Registry data shown by a commercial company-data service list Wang Jianguo as chairman and executive director, Ling Cheung Lincoln Cheng as vice-chairman and Cao Zhijie as general manager, and an online encyclopedia entry names Wang Jianguo as legal representative; these listings carry no appointment dates. ^{3 2}

analysisA commercial company-data service also shows an earlier, cancelled registration under the Chinese name 广东美的制冷设备有限公司: registration number 4406812007370, established on 1 November 2000 with registered capital of RMB 250 million, with a note that it was converted into a foreign-invested enterprise after an equity acquisition. The record names He Xiangjian as legal representative and lists Guangdong Midea Electric Appliances (90%) and 顺德市美的控股有限公司 (10%) as members first recorded on 19 April 2007. The listing gives no cancellation date and does not explain how this earlier domestic registration relates to the current joint-venture registration established in 2004, and the identity of the 10% member with the present Midea Holding is not established. ⁵

analysisGuangdong Midea HVAC Equipment Co., Ltd. (广东美的暖通设备有限公司) appeared in Midea's September 2024 prospectus as GD Midea Heating & Ventilating Equipment Co., Ltd., a manufacturer of commercial air conditioners established on 26 September 2005 and 100% attributable to the group. Midea's 2025 annual report gives the group's holding as 90% direct and 10% indirect, and Midea's 2026 interim report lists it among the group's important subsidiaries. It is also the Midea subsidiary that bought control of the listed Hiconics in 2020. Registry data shown by a commercial company-data service record it as an active limited company established on 25 September 2005, with unified social credit code 914406067811533917, registered and paid-in capital of RMB 500 million and the former names 佛山市美的中央空调设备安装工程有限公司 and 佛山市顺德区美的机电设备安装有限公司; an online encyclopedia entry gives 26 September 2005, matching the prospectus. The data service lists Midea Group and Foshan Midea Air-Conditioning Industrial Investment Co., Ltd. (10.00%) as members, both first recorded on 20 March 2016, and the encyclopedia entry gives their shares as 90% and 10%. The officers listed, without appointment dates, are Guan Jinwei as legal representative, manager and director, Fang Hongbo as chairman and Zhong Zheng as a director. ^{1 2 3 4 5 6 7}

analysisHainan Midea Building Technology Co., Ltd. (海南美的楼宇科技有限公司) is the Midea subsidiary that bought WINONE Elevator and signed the agreement on Toshiba Elevator's joint ventures in China. A business-directory page last updated in July 2021 records it as established in Haikou on 3 November 2020 with unified social credit code 91460000MA5TQJ8749 and registered capital of RMB 970 million at the time, and names Guan Jinwei as manager. An online encyclopedia entry citing registry data lists Midea Group (95%) and Foshan Midea Air-Conditioning Industrial Investment Co., Ltd. (5%) as its members, names Guan Jinwei as chairman and legal representative and Zhou Xing as director and general manager, without dates for these offices, and states that the registered capital rose from RMB 970 million to RMB 1.968 billion on 8 December 2025. Midea's 2025 annual report shows the parent company's investment in Hainan Midea Building Technology increasing by RMB 948,100 thousand during 2025, from RMB 921,500 thousand to RMB 1,869,600 thousand at 31 December 2025. ^{1 2 3 4 5}

analysisMidea's 2020 annual report states that Hainan Midea Building Co., Ltd., a wholly owned subsidiary, acquired WINONE Elevator Company Limited (菱王电梯有限公司) and Foshan Longyue Investment Co., Ltd. in December 2020 in a business combination not under common control, and Midea's 2025 annual results describe WINONE, established on 8 February 2002, and its subsidiaries as a subsidiary acquired in 2020; an online encyclopedia entry likewise dates Midea Group's completion of a strategic investment in WINONE to December 2020. Registry data shown by a commercial company-data service give an earlier date. They list two members of WINONE: Hainan Midea Building Technology (80.00%, paid-in RMB 161.6 million, first holding date shown as 9 October 2019) and Guangdong Biaodi Investment Co., Ltd. (20.00%, paid-in RMB 40.4 million, first holding date 16 November 2014). The 9 October 2019 date precedes Hainan Midea Building's own establishment on 3 November 2020 as recorded by a business directory and an encyclopedia entry; the reviewed evidence does not explain the discrepancy, which may reflect a predecessor holder or a data-service artefact. ^{3 4 6 7}

analysisRegistry data shown by a commercial company-data service record WINONE as an active limited company established on 7 February 2002, with registered and paid-in capital of RMB 202 million, unified social credit code 91440600736162184J, registration number 440682000087658, 754 insured employees and the former names 菱王电梯股份有限公司, 广东菱王电梯有限公司, 佛山市菱王电梯有限公司 and 南海市菱王电梯有限公司; Midea's 2025 annual results and an encyclopedia entry give the establishment date as 8 February 2002, one day later. The sources differ on who represents the company. Registry data shown by a commercial company-data service in 2026 list Yang Fan as WINONE's chairman, executive director, manager and legal representative and Liang Yongbiao among its directors, and show Yang Fan as legal representative of 17 entities, those displayed being WINONE and its subsidiaries and branches. An online encyclopedia entry names Guan Jinwei as legal representative as of 2025, and an undated, self-submitted business-directory card for the same registration number, under the former name 广东菱王电梯有限公司, names Liang Yongbiao. The listings are consistent with successive changes of legal representative, but the dates of any changes are not in the reviewed evidence. ^{6 8 7 9}

analysisWINONE's 20% member is linked to one of its directors. A commercial company-data service profile describes Liang Yongbiao as president of the Nanhai District machinery and equipment industry association and chairman of Guangdong Biaodi Technology Equipment Co., Ltd., and lists him as a shareholder, executive director, manager and legal representative of Guangdong Biaodi Investment Co., Ltd. (registered capital RMB 50 million, established on 12 January 2011), the 20% member of WINONE, and as a director of WINONE. The profile does not show his share in Guangdong Biaodi Investment. ¹⁰

analysisAccording to an online encyclopedia entry summarising a Midea announcement, Midea Group announced on 21 November 2024 that Hainan Midea Building Technology had signed a share subscription agreement with Toshiba Elevator (东芝电梯株式会社) to acquire shares in and join its elevator joint ventures in China with Chevalier International (其士国际集团有限公司), Toshiba Elevator (China) Co., Ltd. and Toshiba Elevator (Shenyang) Co., Ltd., and that Midea would obtain control of them on completion; the announcement itself was not reviewed. Midea's 2025 annual report states that the acquisition of Toshiba Elevator's China business was completed in 2025, records the completion in February 2025 of the acquisition of 58% of Toshiba Elevator (China) Co., Ltd. and Toshiba Elevator (Shenyang) Co., Ltd. for RMB 988,834,000, and dates the group's agreement with Toshiba Elevator and Toshiba (China) Co., Ltd. to October 2024. The two accounts thus differ on the date (October 2024 in the annual report, an announcement of 21 November 2024 in the encyclopedia entry) and in how they describe the agreement and its counterparties, and the reviewed material does not show whether they refer to one agreement or two. ^{1 5}

analysisAnnto Logistics Supply Chain Technology Co., Ltd. (安得智联供应链科技股份有限公司), Midea's smart-logistics business, is a PRC subsidiary established on 24 February 2011, according to Midea's 2025 annual results and annual report. The 2025 annual report gives the group's indirect interest as 53% at 31 December 2025 and states that during 2025 Annto, a non-wholly owned subsidiary, issued 205,200,000 new ordinary shares to certain minority shareholders for total consideration of RMB 1,900,000,000, with RMB 1,223,728,000 of net assets attributable to those investors recorded as non-controlling interests; the report does not name the investors. Midea's September 2024 prospectus had stated that the remaining equity in Annto was held by ten domestic employee shareholding platforms, including two holding 5.3% and 5.1%, whose executive partners are group employees who are not directors, supervisors or senior management. ^{1 2 3}

analysisA media report of September 2024 gave a different figure for the chain above Annto. It stated that, according to earlier tutoring-filing documents, Midea Zhilian (Shanghai) held 73.85% of Annto as its controlling shareholder and Midea Group held 100% of Midea Zhilian; that Midea Group announced in July 2023 a plan to spin off Annto for listing on the main board of the Shenzhen Stock Exchange; and that Annto completed tutoring registration, the pre-listing guidance stage, in 2023 with China International Capital Corporation as tutoring broker but had not filed a prospectus. The filing documents were not reviewed; the 73.85% figure predates Annto's 2025 share issue and is not reconciled in the reviewed material with the 53% indirect interest that Midea reports at 31 December 2025. ^{4 5}

analysisA media report of 10 May 2025 stated that Midea Group had announced a plan to spin off its controlling subsidiary Annto for an independent listing on the Main Board of the Hong Kong Stock Exchange, after the earlier plan for a Shenzhen listing had not progressed; the plan had passed a special meeting of Midea's independent non-executive directors and still required shareholder approval. According to the report, Midea's spin-off proposal described Annto's revenue and gross profit from related-party sales to the group as relatively high, and gave Annto's revenue as rising from RMB 14.189 billion in 2022 to RMB 18.663 billion in 2024 and its net profit from RMB 215 million to RMB 380 million; the report cited market concern about this dependence and recalled that a listing plan of Annto's predecessor had been rejected in 2009 because of a high share of related-party transactions. Midea's proposal, as quoted, stated that Annto provides trunk, urban and home delivery, warehousing and handling services to the group, has built the capability to meet the group's supply-chain needs and is expected to keep large-scale cooperation with the group for some time as its business expands. The proposal was not reviewed, and the concern about related-party dependence is the view of the report and market commentators. A commercial company-data service's company summary for Midea Group, written in 2026, states that Annto had again submitted a prospectus to the Hong Kong Stock Exchange; the filing and its date are not in the reviewed material, and no listing outcome is recorded in it. ^{5 6}

analysisRegistry data shown by a commercial company-data service record Midea Zhilian (Shanghai) Supply Chain Technology Co., Ltd. (美的智联（上海）供应链科技有限公司) as an active single-shareholder limited company established on 29 September 2020, with unified social credit code 91310118MA1JNX7J15, registered and paid-in capital of RMB 960 million, Midea Group as sole member, Xiao Mingguang as chairman, general manager and legal representative, and Zhao Wenxin and Zhong Zheng as directors. An online encyclopedia entry gives the establishment date as 30 September 2020 and states that Fang Hongbo was legal representative at incorporation and that Xiao Mingguang replaced him in January 2021, when the registered capital rose from RMB 100 million to RMB 960 million. ^{7 8}

analysisAn online encyclopedia entry with registration data describes Hefei Midea Washing Machine Co., Ltd. (合肥美的洗衣机有限公司) as Midea Group's core domestic washing-machine production base, with plants in Hefei and Wuxi making Midea and Little Swan brand machines and a Hefei capacity of 16 million units a year in 2024. The entry records it as an operating foreign-invested (not wholly foreign-owned) limited company established on 28 March 1996, with unified social credit code 91340100149067617J, registered capital of US$135.52 million and Xiao Yi as legal representative, and a commercial company-data service lists Xiao Yi as chairman and general manager. Midea's 2026 interim report lists the company among group subsidiaries entitled in 2026 to an additional 5% VAT input-credit deduction for advanced manufacturing enterprises. ^{1 2 3}

analysisRegistry data shown by a commercial company-data service list three members of Hefei Midea Washing Machine: Wuxi Little Swan Electric Co., Ltd. (69.4695%, first recorded on 9 February 2021), Midea Electric Investment (BVI) Limited (美的电器（BVI）有限公司, 25.0000%, first recorded on 18 December 2008) and Midea Group, whose direct share is not shown. Midea Group's March 2013 merger report already described the company, under its former name 合肥荣事达洗衣设备制造有限公司, as a controlled subsidiary of Midea Group. ^{2 4}

analysisGLEIF records Midea Group Finance Co., Ltd. (美的集团财务有限公司; unified social credit code 914406065591232632; LEI 300300C5009844000006) at Midea's headquarters address in Beijiao, Shunde, Foshan, with Midea Group as direct parent, and Midea's 2025 annual report lists it as a financial-services subsidiary held 95% directly and 5% indirectly. A media report of 14 April 2022, summarising public data, described it as established in July 2010 with registered capital of RMB 3.5 billion and Zhong Zheng as legal representative, held 95% directly by Midea Group, with a business scope covering financial and financing advice, settlement of transactions, guarantees and entrusted loans for group member companies; the legal representative may have changed since April 2022. ^{1 2 3}

analysisThe same media report of 14 April 2022 stated that the Foshan Central Sub-branch of the State Administration of Foreign Exchange (SAFE) had published an administrative penalty disclosure (Fo Hui Chu [2022] No. 4) under which Midea Group Finance was ordered to rectify, warned and fined RMB 50,000 for failing to submit statistical reports and other materials as required, in breach of Article 35 of the Foreign Exchange Administration Regulations and Articles 23 and 31 of the People's Bank of China measures on banks' foreign-exchange settlement business. The report cited SAFE's published penalty table, which was not itself retrieved, and no response by Midea Group Finance is recorded in the reviewed material. The report also stated, citing a commercial company-data service, that in June 2017 the Foshan office of the former China Banking Regulatory Commission fined Midea Group Finance RMB 200,000 for handling bill-discounting business without a genuine trade background; this is a second-hand account, and the penalty decision was not reviewed. ³

analysisA media report of October 2025, citing a commercial company-data service, described Shenzhen Midea Payment Technology Co., Ltd. (深圳市美的支付科技有限公司) as established in June 2011 and as Midea Group's operating entity for third-party payments, offering wealth-management services, third-party guaranteed transactions, mobile and game top-ups and collection and payment services, and providing payment settlement and fund-transfer services to Midea's business units and their partners; its subsidiary status is confirmed by Midea's 2025 annual report, which lists it among group subsidiaries recognised as high-technology enterprises. The same report stated that on 26 September 2025 the Shenzhen Branch of the People's Bank of China warned Midea Payment and fined it RMB 2.81 million for violating account-management and clearing-management rules, and that the then deputy general manager was warned and fined RMB 625,000 for responsibility for the account-management violations; both decisions are to be publicly displayed for five years. The report was based on the penalty decisions, but the People's Bank of China publication was not retrieved, and the individual is not named here. ^{4 2}

analysisGLEIF, the global register of legal entity identifiers (LEIs), held data retrieved on 1 October 2026 for six legal entities that report Midea Group Co., Ltd. as their direct parent: Guangdong Midea Electric Co., Ltd. (广东美的电气有限公司), Midea Investment Development Company Limited, Midea Group Finance Co., Ltd., Midea Refrigeration (Hong Kong) Limited, Midea International Corporation Company Limited and KUKA SE & Co. KGaA. These parent data reflect the accounting-consolidation parent reported by each entity; they are not a complete list of subsidiaries and do not show the size of the shareholding. GLEIF records Guangdong Midea Electric Co., Ltd. (LEI 836800V4AQ30D3RZCP87; unified social credit code 91440606MA4W96D79N) with a creation date in March 2017 and a registered address in Beijiao, Shunde, Foshan. Although GLEIF lists the same English name, it is a different legal entity from Guangdong Midea Electric Appliances Co., Ltd. (广东美的电器股份有限公司), which Midea Group absorbed in 2013. Midea's 2025 annual report records the parent company's investment in 广东美的电气有限公司 at RMB 37,024,142 thousand, about RMB 37.0 billion, at 31 December 2025. ^{1 2 3}

analysisMidea Investment Development Company Limited (美的投資發展有限公司) is described in a Midea announcement to the Hong Kong stock exchange of May 2026 as a wholly owned subsidiary of Midea Group and the issuer of HK$8,624,000,000 zero-coupon guaranteed convertible bonds due 11 May 2027, guaranteed by Midea Group. GLEIF records it as a British Virgin Islands company (number 1913800; LEI 2549002AFC0XU0PWCW23) created on 12 May 2016, with its legal address care of Vistra (BVI) Limited in Road Town, Tortola, and its headquarters address at Midea's head office in Shunde, Foshan. Two Hong Kong companies with Midea Group as direct parent in GLEIF share an address at Harbour City, Tsim Sha Tsui, Kowloon: Midea Refrigeration (Hong Kong) Limited (美的制冷(香港)有限公司; company number C0978832; LEI 3003006ARJ12JEUY4X60) and Midea International Corporation Company Limited (美的国际控股有限公司; company number C0913897; LEI 3003002SH8M0JG44GM75). Midea's 2025 annual report lists the latter as a Hong Kong investment-holding subsidiary held 100% directly, and Midea Group's 2013 report on the absorption of Guangdong Midea Electric Appliances already described it as a controlled subsidiary. Midea Group's March 2013 report on that share-swap absorption also defines Midea Electric Investment (BVI) Limited (美的电器（BVI）有限公司) as a controlled subsidiary of Midea Group. ^{4 1 3 2}

analysisMidea's 2025 annual report uses the defined term 高创 for Servotronix Motion Control Ltd. and describes it as a subsidiary established in Israel and subject to Israel's 23% corporate income tax rate. A commercial company-data service reproducing Israeli company-register data records Servotronix as an active private limited company with registration number 511638538, incorporated on 29 December 1991, whose last annual report year is 2026; the service's free listing does not show shareholders or directors. Midea Group's March 2013 report on the absorption of Guangdong Midea Electric Appliances defined Misr Refrigeration and Air Conditioning Manufacturing Co. as an Egyptian listed company in which Midea Group held an equity participation, that is, a non-controlling stake. Midea's 2025 annual report describes Misr Refrigeration and Air Conditioning Manufacturing Company, S.A.E. as a subsidiary established in Egypt and subject to Egypt's 22.5% corporate income tax rate; when Midea obtained control is not stated in the reviewed material. ^{1 2 3}

analysisMidea's annual results announcement for 2025, dated 30 March 2026, defines TLSC as Toshiba Lifestyle Products & Services Corp. (東芝生活電器株式會社), a company established in Japan and acquired by Midea in 2016, and Midea's annual report for 2020 lists TLSC (Japan, manufacture of home appliances) as a subsidiary held 100% indirectly and acquired through a business combination not under common control. Japan's gBizINFO lists 東芝ライフスタイル株式会社 (Toshiba Lifestyle) under corporate number 4010001116880, with its head office at 1310 Omiya-cho, Saiwai-ku, Kawasaki, Kanagawa Prefecture, the industry classification manufacturing and 750 employees; the business office at the same address shows 793 persons insured under the employee pension and health insurance schemes. The two employee figures come from different government data sets (corporate-number data obtained on 13 February 2026, workplace data on 27 June 2026), and the identification of this record with TLSC rests on the Japanese name. The same record shows 1,115 industrial-property records based on Japan Patent Office data (858 patents, 11 designs and 246 trademarks), as counters without filing dates, status or subject matter, and no entries for notifications and certifications, subsidies, government procurement or awards. ^{1 2 3}