Business development of Midea's Welling Auto Parts Company

Welling Auto Parts, a subsidiary of Midea, was established in 2018, focusing on the three major areas of "thermal management, electric drive, and chassis execution system" of new energy vehicles. Supported by the shipment volume of hundreds of millions of household air-conditioning electric compressors, Welling has a cost competitive advantage in automotive air-conditioning compressors. However, Anhui Welling Auto Parts had a revenue of 166 million yuan in the first half of 2023 and a net profit loss of about 40 million yuan.