Midea Group: subsidiaries, overseas companies and dated ownership records

analysisThe 2025 consolidated accounts distinguish direct and indirect group interests. GD Midea Air-Conditioning Equipment was 73% directly and 7% indirectly held; GD Midea Heating & Ventilating Equipment was 90% directly and 10% indirectly held. The table shows full group interests in Wuxi Little Swan, Midea International, Midea Electric Netherlands (I), Toshiba Lifestyle and KUKA, and rounded interests of 53% in Annto, 45% in Wandong, 23% in CLOU and 18% in Hiconics. These are consolidated group interests at 31 December 2025. An indirect interest is not proof that the listed issuer is the immediate shareholder. Rounded table percentages do not supersede a more precise, differently dated shareholder register. Older 80% Toshiba Lifestyle and 73.85% Annto figures must not be presented as this later snapshot. ¹

analysisThe accounts record completion in February 2025 of a 58% acquisition covering Toshiba Elevator (China) and Toshiba Elevator (Shenyang) for combined consideration of RMB988.834 million. They also record completion in December 2025 of the acquisition of all shares in 11 companies owned by Carestream Health for US$264.712 million, following a May agreement. The Carestream transaction describes 11 acquired companies, not acquisition of the whole worldwide Carestream parent. The stated elevator interest is a majority stake, not 100% ownership. ¹

analysisThe same report lists new subsidiaries and changes to consolidation. It records cancellation of Servotronix GmbH in March 2025 and Midea France SARL in August, and disposal of Hiconics Inverter (Wuhan) in June. It also lists newly incorporated overseas businesses in Saudi Arabia, Panama, Morocco, Nigeria and Kenya. The cancelled German Servotronix GmbH is not automatically the separately named Israeli Servotronix Motion Control. A cancelled French company and a later French joint venture are also distinct identities. An entity’s inclusion in the group register does not make every local officer a director of Midea Group. ¹

analysisMidea America’s May 2025 disclosure in the Haier action identifies Midea Electrics Netherlands B.V. as corporate parent. Its December 2025 disclosure in the Whirlpool action names Midea International Corporation Company Limited. Both dated disclosures are preserved. The two filings do not by themselves establish a transfer date, an unchanged direct-ownership chain or that the named companies are the same legal entity. They are not collapsed into a fabricated continuous holding sequence. The December court-named parent is also kept separate from the registry entity Midea International Holding because this filing supplies no registry identifier or equivalence witness. ^{2 3}

analysisAn April 2026 Electrolux announcement proposed three North American ventures with Midea: a 50/50 refrigerator sales business; a Juarez refrigeration manufacturing operation in which Midea would acquire 65%; and an Anderson laundry manufacturing operation with Midea at 45% and Electrolux at 55%. CFIUS approval is not transaction completion. The announcement still required approvals outside the United States and other closing conditions; anticipated third-quarter operations and first-half 2027 laundry production were forward-looking. The retained announcement does not independently establish that every venture had closed or begun production by the archive cutoff. ⁴

analysisThe retained Russian directory records the local Midea distributor’s revenue at about RUB20.705 billion and net profit at RUB303.04 million for 2025. It identifies Hainan Midea Cross-Border E-Commerce as owner. The Chinese directory supplies the Hainan company’s registration identity and names Deng Xingfa as legal representative. The Russian operating company and its Hainan shareholder do not change the Chinese listed group’s jurisdiction. An archived generated summary suggesting a transfer motive is not accepted as primary evidence. These directory figures are attributed records, not an independent audit of the distributor. The retained record lists an unmodified 2024 audit opinion. It also notes a historical registry-inaccuracy entry without establishing its present effect; neither item supplies a general assurance about the company. ^{5 6}