[中报]美的集团(000333):2022年半年度报告（英文版）
原标题:美的集团:2022年半年度报告（英文版） Section I Important Statements, Contents and Definitions The Board of Directors, the Supervisory Committee, directors, supervisors and senior management of Midea Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is free of any misrepresentations, misleading statements or material omissions, and shall together be wholly liable for the truthfulness, accuracy and completeness of its contents. Mr. Fang Hongbo, Chairman of the Board and CEO of the Company, Ms. Zhong Zheng, CFO and Director of Finance of the Company, and Ms. Chen Lihong, head of the accounting department of the Company, have represented and warranted that the financial statements in this report are true, accurate and complete. All directors of the Company attended the Board meeting to review this report. The future plans and other forward-looking statements mentioned in this report shall not be considered as promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. The Company plans not to distribute cash dividends or bonus shares or convert capital reserves into share capital. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Contents SECTION I IMPORTANT STATEMENTS, CONTENTS AND DEFINITIONS ............................. 2 SECTION II COMPANY PROFILE AND KEY FINANCIAL RESULTS ........................................ 6 SECTION III MANAGEMENT DISCUSSION AND ANALYSIS ................................................... 9 SECTION IV CORPORATE GOVERNANCE .......................................................................... 94 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY ....................................... 106 SECTION VI SIGNIFICANT EVENTS ................................................................................... 131 SECTION VII CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS ..... 142 SECTION VIII PREFERENCE SHARES ............................................................................... 148 SECTION IX BONDS ............................................................................................................ 149 SECTION X FINANCIAL REPORT ........................................................................................ 152 Documents Available for Reference 1. The original of The Semi-Annual Report 2022 of Midea Group Co., Ltd. signed by the legal representative; 2. The financial statements signed and stamped by the legal representative, the CFO & Director of Finance and the head of the accounting department; 3. The originals of all company documents and announcements that are disclosed to the public via newspaper designated for information disclosure during the Reporting Period; and 4. The electronic version of The Semi-Annual Report 2022 that is released on http://www.cninfo.com.cn. Definitions
Section II Company Profile and Key Financial Results 1. Corporate Information
3.1 Ways to Contact the Company Changes to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period: □Applicable ?N/A No such changes in the Reporting Period. The said information can be found in the 2021 Annual Report. 3.2 Information Disclosure and Place Where the Semi-Annual Report Is Kept Changes to the media for information disclosure and the place where materials carrying disclosed information such as this Report were kept in the Reporting Period: □Applicable ?N/A The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing this Report and the place where materials carrying disclosed information such as this Report were kept did not change in the Reporting Period. The said information can be found in the 2021 Annual Report. 3.3 Other Information Changes to other information in the Reporting Period: □Applicable ?N/A 4. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data □Yes ?No
5.1 Differences in the net profit and net assets disclosed in the financial reports prepared under China Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) □Applicable ?N/A No such differences for the Reporting Period. 5.2 Differences in the net profit and net assets disclosed in the financial reports prepared under CAS and foreign accounting standards □Applicable ?N/A No such differences for the Reporting Period. 6. Non-recurring Gains and Losses ?Applicable □N/A Unit: RMB'000
Explain the reasons if the Company classifies an item as a recurring gain/loss item, which is enumerated as a non-recurring gain/loss in the Section III Management Discussion and Analysis 1. Business Scope in the Reporting Period 1.1 Summary of business scope Midea is a global technology group comprising five major business divisions: the Smart Home Business Group, the Industrial Technology Business Group, the Building Technologies Division, the Robotics & Automation Division, and the Digital Innovation Business. Midea offers diversified products and services. Specifically, the Smart Home Business Group, as the main operating entity of smart appliances, smart home and related peripheral industries and ecological chains, undertakes the construction of intelligent scenarios for end users, user operations and data value discovery, and is committed to providing the best experience of whole-house smart home appliances and service. The Industrial Technology Business Group, with technology as the core driver, commands key technologies in intelligent transportation, industrial automation, green energy and consumer appliances. It operates many brands including GMCC, Welling, HICONICS, SUNYE, SERVOTRONIX, DORNA, MR, MSCT, TOSHIBA, etc., with its products covering high-precision core components such as compressors, motors, chips, auto parts, electronic expansion valves, variable frequency drive, servo and motion control systems, speed reducers and cooling modules. It provides green, efficient and intelligent products and technology solutions for industrial customers across the world. The Building Technologies Division is responsible for providing products and services in relation to buildings, as well as the relevant operations. With the digital building service platform as the core, it facilitates logistics, information, feeling and energy flows of buildings to provide complete building solutions that are intelligent, digital and low-carbon. The Robotics & Automation Division primarily focuses on providing solutions of industrial robotics, automatic logistics systems, and transmission systems for future factory-related fields, as well as solutions for health care, entertainment, new consumption, etc. The Digital Innovation Business primarily includes new business arising from the business model transformation of Midea Group such as intelligent supply chains and Industrial Internet, which can provide software services, unmanned retail solutions, and production services, among others, for the digital transformation of enterprises. The Digital Innovation Business also comprises Beijing Wandong Medical Technology Co., Ltd. (WDM) that is engaged in medical imaging devices and related services. With “Bring Great Innovations to Life” as its corporate vision, “Integrate with the World, to Inspire Your Future” as its mission, “Embrace what’s next - Aspiration、Customer First、Innovation、Collaboration、 Dedication” as its values, “High-quality Development and High-performance Operations” as its management and operation standard, Midea integrates global resources and promotes technological innovation to create a better life for over 400 million users, major customers and strategic partners in different areas worldwide every year with satisfying products and services. In face of higher requirements for products and services in the digital Internet era, Midea continues to promote its strategic focus of “Technology Leadership, Direct to Users, Digitization & Intelligence Driven, and Global Impact”, so as to rebuild Midea in the new era. Midea, a global operating company, has now established a global platform with around 200 subsidiaries, 35 R&D centers, 35 major manufacturing bases, and more than 160,000 employees. Its business covers more than 200 countries and regions. Overseas, Midea has 20 R&D centers and 18 major manufacturing bases in more than ten countries, with around 30,000 employees. 22 currencies are used by Midea in settlement. In addition, Midea is the majority shareholder of KUKA, a Germany-based world-leading provider of robotics and automation solutions, with a stake of approximately 95%. 1.2 Position in home appliance industry Midea ranks No. 245 on the Fortune Global 500 list unveiled in August 2022, moving up 43 places from the year before and marking its seventh year on the list. In July 2022, the Fortune China 500 list was released and Midea ranks No. 35, moving up four places compared with the previous year. Meanwhile, Midea ranks No. 217 on the 20th Forbes Global 2000 list released in May 2022. In August 2022, Forbes China and the China Electronics Chamber of Commerce jointly released the list of “China Digital 100”, and Midea was in sixth place for its comprehensive strength in the area of digital economy. In August 2022, Midea Group topped the list of “Top 200 Enterprises of China’s Light Industry in 2021” at CLIE Summit 2022 organized by the China National Light Industry Council. In September 2021, Midea won the China Quality Award at the fourth such event with its “5 All 5 Digitalization" intelligent quality management model. Up to early 2022, four factories of Midea have been included in the “Global Lighthouse Network” initiated by the World Economic Forum, covering air conditioners, microwave ovens, refrigerators and laundry appliances, which represents Midea’s leading intelligent manufacturing and digital capabilities across the global manufacturing sector. Meanwhile, Midea takes the lead among domestic home appliance makers by ranking No. 36 on the 2022 Brand Finance Tech 100 list released by Brand Finance, a British brand assessment institution. Also, Midea ranks No. 33 on the 2021 BrandZ? Top 100 Most Valuable Chinese Brands list, with its brand value up 58%. Midea has been given excellent credit ratings by the three major international credit rating agencies, Standard & Poor’s, Fitch Ratings and Moody’s. The ratings are in a leading position among home appliance manufacturers worldwide as well as among Chinese non-state-owned enterprises. Particularly, Standard & Poor’s has raised the credit rating on Midea to “A”, making it the highest-rated private manufacturer in China. In the first half of 2022, Midea has successfully retained the "Number One Engine" of ToC business on the domestic market. According to data provider AVC, Midea ranks first with respect to both the online and offline domestic market share for seven home appliance categories, namely, residential air conditioners, microwave ovens, countertop ovens, electric fans, electric radiators, induction cookers, and electric kettles. The table below shows the offline market shares and rankings of the Company’s primary home appliance products (by retail sales) in H1 2022:
products (by retail sales) in H1 2022:
A. Home Appliance Industry In the first half of 2022, the domestic economy bumped along under multiple pressures. The domestic GDP growth slowed, the recurrent COVID-19 pandemic dampened economic development, and low income perceptions and confidence indicators among residents led to a setback in consumption intention and a decline in total retail of consumer goods. In addition, prices of raw materials related to home appliances remained high. According to the 2022 Semi-Annual Report of China’s Household Electrical Appliance Industry jointly published by the China Household Electric Appliance Research Institute (CHEARI) and the National Household Electrical Appliance Industry Information Center, China saw a decline in both the exports and domestic sales of home appliances. To be specific, the export sales of home appliances was RMB283.3 billion in H1 2022, down 8.2% year-on-year; and the domestic sales of home appliances was RMB360.9 billion in H1 2022, down 11.2% year-on-year. Currently, the world is still in a grave and complex situation due to the pandemic, with multiple challenges for economic development. Nevertheless, in the medium and long run, upgrading of the industrial structure, relatively stable increase of household income, diversified consumption, the national policy support for the green and smart industries, as well as continuous upgrading of the standards for home appliances will create new opportunities for growth. In July 2022, the Ministry of Commerce and 12 other authorities issued the Notice on Several Measures to Promote Consumption of Green and Smart Household Appliances, proposing nine policy measures to promote consumption of green and smart home appliances, which mainly cover four aspects: First, to carry out nationwide household appliance trade-in; second, to promote the use of green and smart home appliances in rural areas; third, to strengthen the whole chain of service and guarantee; and fourth, to consolidate infrastructure support. With the introduction of detailed rules on trade-in and "household appliances going to the countryside", it is expected that household appliance consumption will heat up in the second half of the year. According to the data from the National Household Appliances Industry Information Center, the domestic retail sales of air conditioners was RMB78.2 billion in H1 2022, down 16.2% year on year. In terms of the product structure, the market share of high-end products kept rising, with the market share (by unit sales) of products with a unit price of over RMB7,000 exceeding 10% in H1 2022. In terms of product functions, the concept of air conditions kept expanding from the functions of cooling and heating to fresh air, self- cleaning, dehumidification, odor removal, air purification, etc. As the comfort of product experience has been focused on, the fresh air function products have developed rapidly, with their offline market share (by retail sales) surpassing 7% in H1 2022. According to the data from the National Household Electrical Appliance Industry Information Center, the domestic retail sales of laundry appliances was RMB30 billion in H1 2022, down 9.4% year-on-year, with the retail sales of clothes dryers reaching RMB3.2 billion, up 15.5% year-on-year. In the upgrade of the laundry appliance market, in terms of the product types, the market share of front-loading products keeps growing stably, with the offline market share (by unit sales) climbing to over 64% (over 35% for washer- dryers). Washing capacity continued to be upgraded, with large-capacity products increasingly replacing small-capacity ones. The offline unit sales of 10kg-12kg washers occupied a 70% market share, with a year-on-year increase of over 12%. Meanwhile, mid- and high-end products saw a much bigger share in the offline market by unit sales. To give an example, products with a unit price of over RMB7,000 took up a market share of nearly 10%. According to the data from the National Household Electrical Appliance Industry Information Center, the domestic retail sales of refrigerators were RMB42.7 billion in H1 2022, down 7.3% year-on-year. The market share (by retail sales) of the top five brands in the domestic refrigerator market has further increased to 72.5%. Due to the impacts of rising raw material prices and structural upgrading, structural upgrading was evident with refrigerators of different prices, with the market share (by unit sales) of products priced over RMB12,000 reaching 7.6% and the offline market share (by unit sales) of refrigerators with an over-400L capacity exceeding 60%. Consumer's intensified willingness to pursue quality life has prompted the refrigerator market to pivot towards high-end multi-dimensional design, which is mainly manifested as "good looking", "capacious", "fresh", and "intelligent". In other words, better appearance design and material, larger capacity and structure, improved storage and preservation technology, and more smart applications. According to the data from the National Household Electrical Appliance Industry Information Center, the domestic retail sales of kitchen appliances was RMB93 billion in H1 2022, down 8.3% year-on-year, with online sales accounting for 50% of the total retail sales. As dishwashers became more popular on the domestic market, the retail sales reached RMB5 billion during H1 2022, up 8.9% year-on-year. And product upgrading continued. Integration of functions of washing, sterilization, drying and storage is a growing trend, with nearly 70% of dishwashers carrying the sterilization function and integrated dishwashers becoming more and more popular. With respect to models and specifications, the market share (by unit sales) of built-in products has approximated 85%, with the offline market share (by unit sales) of dishwashers with 15 place settings capacity soaring from 2.5% in H1 2021 to 17% in H1 2022. Integrated stove sales reached RMB11.8 billion in the domestic market, an increase of 16.9% year-on- year. Due to the surge in demand for high-end kitchen appliances, in particular steamers and ovens as a result of the pandemic, integrated stove products have evolved and upgraded rapidly, with the market share (by unit sales) of integrated stoves priced over RMB13,000 reaching 20.8% in H1 2022. The steamer-ovens have developed dramatically, with the market share (by unit sales) of products priced over RMB8,000 approximating 20%. Smart products with multiple functions are the trend. For instance, intelligent voice control function will be built in to deliver a more convenient handling experience, and integration of different cooking methods such as sautéing, stir-frying, stewing, baking and steaming enables the multi-cooking scenario possible. According to the data from the National Household Electrical Appliance Industry Information Center, the domestic sales of small domestic appliances was RMB58.9 billion in H1 2022, down 10.8% year-on-year, of which the online sales took up a higher 76.7% of the total retail sales. With respect to the market performance of all categories, traditional products such as rice cookers, blenders and electric fans saw a decline in domestic sales while the sales of health-friendly vacuum cleaners were relatively strong due to the pandemic. In H1 2022, the domestic sales of vacuum cleaners were RMB12.7 billion, a slight year- on-year growth of 1.1%. By categories, the robot cleaner industry registered a slowdown in growth. According to AVC, the retail sales of robot cleaners were RMB5.73 billion, up 9% year-on-year. Innovative product functions boosted growth, with the market share of products carrying self-cleaning and automatic dust collecting functions continuing to expand. Meanwhile, the product mix has been substantially improved, with the market share of products priced between RMB3,000 and RMB4,000 reaching 42.7%. Meanwhile, functions and experience of floor scrubbers have been improved as a result of the advancement of technology, represented by the application of new technologies such as roller brush and mop self-drying, sterilization through electrolysed water, push-and-pull. According to AVC, floor scrubbers recorded retail sales of RMB4.2 billion in H1 2022, up 84% year on year. In the meantime, competition is increasingly fierce. As of June 2022, more than 100 floor scrubber brands compete in the online market. According to the data from the National Household Electrical Appliance Industry Information Center, the online retail sales of home appliances in China surpassed the offline retail sales with RMB199.48 billion in H1 2022, down 1.3% year-on-year, accounting for a higher market share of 55.3%; while the offline retail sales amounted to RMB161.39 billion, down 21% year-on-year, accounting for a lower 44.7% of the total retail sales. From the perspective of the development trend of the domestic household appliance industry: First, the phenomena of brand concentration and new brand rise coexist, where the concentration of large household appliance brands increase, and brands in the field of kitchen appliances and small household appliances still have opportunities and develop rapidly. Second, the product upgrade is still continuing, mainly focusing on the four development trends of high-end, innovation, integration, and product suites. Third, a variety of channels and scenes jointly promote the progress of the industry. On the one hand, in addition to the traditional offline and online channels and platforms, emerging channels such as Pinduoduo, Douyin, and Kuaishou are rapidly rising. During the "618" period in 2022, the total transaction amount of livestreaming marketing reached RMB144.5 billion, accounting for around 20% of the online transaction amount. On the other hand, new applications and scenes tapped based on insight into new user needs are increasing, expanding from diet, personal care, cleaning, and sleep to health care, pets, fitness, mother and infant products, security, and more scenes. B. Robotics and Industrial Automation Industry World Robotics 2021 Industrial Robotics released by the International Federation of Robotics (hereinafter referred to as "IFR") showed that there will be five trends in robot industry in 2022, which refer to that robots will be applied to more new industries, it will be more easy to operate robots, the skills of robots automation technology. Global robot installations rebounded strongly in 2021, with IFR projecting a 13% increase of global robot installations, amounting to 435,000 units. In particular, Americas achieved an increase of 18% year on year, Europe achieved an increase of 7.4% year on year, and Asia achieved an increase of 15% year on year. IFR also predicted that the growth rate of the global industrial robotics industry will slow down relatively from 2022 to 2024, and the annual new installations will exceed 510,000 units in 2024. According to the data released by the National Bureau of Statistics, the domestic production volume of industrial robotics stood at 202 thousand units in H1 2022, down 11% year on year. In the first half of 2022, the continuation and recurrence of the epidemic had an impact on China's economy, as Shanghai and other regions entered a long shutdown one after another. The uncertainty of the international environment increased, and factors such as the continued trade friction between China and the United States and the outbreak of the Russia-Ukraine conflict exacerbated the instability of the global supply chain. The robotics industry chain was also greatly affected, as the chip shortage, raw material price rise, and logistics disruption and cost increase all had a significant negative impact on the supply side. Some industrial robotics manufacturers encountered capacity shortage and shipping delay, so order delivery was affected. The epidemic also affected the investment plans of downstream manufacturing enterprises, with some of them suspending or postponing their investment activities. According to the statistical analysis of MIR, in the first half of 2022, only six-axis robots above 20 kg and collaborative robots grew against the trend, whereas all other models showed a decline. Specifically, shipments of six-axis robots above 20 kg grew significantly due to the market demand for new energy vehicles and power batteries; shipments of six-axis robots below 20 kg saw a year-on-year decline due to the contraction of market demand in general industries such as metal processing as a result of the macroeconomic downturn, commodity price increase, and export obstacles; shipments of SCARA robots declined year-on-year as the 3C electronics industry was affected by the epidemic and slowdown in product innovation and the consumer demand was low; in addition, non-manufacturing sectors such as new retail, health, catering, and education were also affected by the epidemic, which led to a decrease in demand for robot applications, while the robot application markets such as electric power, inspection, and medical care performed relatively well. According to the analysis of GG-Robot Industry Institute, with the epidemic under control and economic stimulation policies introduced successively, the industrial robotics industry is expected to achieve a high after a low start. Based on the analysis of the leading economic indicators, the momentum mainly comes from four aspects: First, industrial production has stopped falling and trended upward significantly. The industrial value added above the designated size increased by 3.4% year-on-year in the first half of the year, and accelerated and rebound to an year-on-year increase of 3.9% in June. Second, the proportion of manufacturing industry in GDP has increased. In the first half of the year, the manufacturing value added above the designated size increased by 2.8% year-on-year, and manufacturing value added accounted for 28.8% of GDP. Third, the driving force of export continues to strengthen. The delivery value for export of industrial enterprises grew by 10.8% in the first half of the year and increased by 11.1% and 15.1% in May and June, respectively. Fourth, manufacturing investment maintains a high increase. Manufacturing investment increased by 10.4% year-on-year in the first half of the year. As the recovery of the manufacturing industry, especially the acceleration of capacity expansion in new energy industries such as lithium battery and photovoltaic markets, drove the growth in demand for industrial robotics, downstream industries will also gradually recover. Meanwhile, in order to reduce the reliance on manpower, the demand for automated production lines in various fields of manufacturing will continue to increase, and the output of robotics is expected to usher in growth. Moreover, MIR predicts that the industrial robotics market will continue to grow throughout 2022, with a year-on-year growth rate of around 10%. According to the latest statistics of IFR, in terms of industrial robotic density (the average number of industrial robotics per 10,000 workers), South Korea ranks No.1 in the world with 932 robotics, while the robotic density of China has increased from 49 robotics in 2015 to 246, nearly twice the global average of 126. China ranks No. 9 in this respect, with great potential and prospects. Supported by diverse factors such as flexible demands of the manufacturing sector, declining demographic dividend, emerging markets and the development of innovative technologies, industrial robotics will be applied to more and more areas. C. Smart Building Industry In the smart building industry, Midea focuses on products, services and related businesses with respect to buildings. It aims to provide users with comprehensive, intelligent and sustainable building solutions The smart building ecosystem mainly includes HVAC, elevator, intelligent building (building automation) and integrated energy management. From the perspective of the industry competition pattern, domestic HVAC, elevator and building control have the same pattern and two major characteristics. The first is the high proportion of foreign and joint venture brands; the second is the low market concentration. According to the data from HVAC, Industry Online and Changjiang Securities Research Institute, the proportion of foreign brands of commercial air conditioner in 2021 was about 48%, and the long tail effect was obvious as only four manufacturers have a share of more than 10%. For elevator, the data from the Business Yearbook of Elevator Industry in China and Changjiang Securities Research Institute indicates that the proportion of foreign and joint venture brands in the elevator market is as high as 70%, while the revenue scale and market share of the top domestic brands are still low. In 2021, the four major brands of Kone, Mitsubishi, Hitachi and OTIS's revenues exceeded RMB20 billion in China. The building control market is also dominated by Honeywell, Siemens, Johnson Controls, Schneider and other foreign brands. From the perspective of the market size and development prospects, according to the data from Industry Online, HVAC and Changjiang Securities Research Institute, the sales revenue (excluding tax) of domestic commercial air conditioner in 2021 was RMB123.2 billion, up 25% year on year, of which domestic sales accounted for about 90%; the compound annual growth rate of the industry in the past five years was 9%. Affected by the real estate industry and the COVID-19 pandemic, sales revenue (net of tax) of commercial air conditioners was RMB62.7 billion during H1 2022, up 4% year on year. The application field of commercial air conditioner is mainly divided into residential, commercial, industrial and public building. By business type, the sales of ToB business accounted for more than 70%, and the revenue scale was nearly RMB100 billion. In industrial development, the periodicity of the non-residential part of commercial air conditioner was smaller than that of residential part, which was more related to infrastructure investment. For example, government public construction, transportation, data center, culture, education and entertainment, medicine and other downstream segmentation still maintained a good growth trend, and a long-term high growth rate. According to the data of National Bureau of Statistics and Changjiang Securities Research Institute, in 2021 the production of domestic elevators, escalators and lifts was 1.55 million sets, up 17% year on year, which was mainly for domestic sales; the compound annual growth rate was 10% in the past five years, maintaining a steady expansion. Affected by the real estate industry and the COVID-19 pandemic, the domestic output of elevators, escalators and lifts was 647 thousand the output value of a single elevator was about RMB200,000, considering the average factory price of a single elevator equipment and the maintenance business; the annual market size of domestic elevator equipment was RMB250-300 billion, and the scale of the elevator industry was even larger. The data from EqualOcean Intelligence and Changjiang Securities Research Institute shows that the current market size of intelligent building, which was about RMB7.1 billion in 2021, is relatively small. The equipment- based businesses such as commercial air conditioner and elevator are "organs" in building construction, whereas building control is the "nervous system" which controls various equipments for the high-efficiency and low-carbon operation of buildings, and determines the overall quality of building solutions. Overall, the domestic revenue of the smart building industry alone is nearly RMB400 billion, and the compound annual growth rate of the industry is between 5% and 10% (revenue caliber). New opportunities are ushered into the smart building industry, which are "carbon emission peak and carbon neutrality", "digital and intelligent transformation" and "domestic replacement". With the establishment of the dual-carbon strategy, the intelligent and low-carbon process of building construction is expected to accelerate. As the Building Energy Conservation Research Center of Tsinghua University and the Changjiang Securities Research Institute showed in relevant data, the energy consumption and carbon emissions of buildings account for a high proportion in the whole society. The carbon emissions of building operation accounted for about 22% of the total domestic carbon emissions in 2019, and the proportion will further increase for the growing newly started buildings and the decreasing inventory buildings. Therefore, as one of the major sources of carbon emissions in the whole society, the low- carbon or even zero-carbon process in the construction field will undoubtedly be propelled. In 2021, a series of "carbon emissions peaking and carbon neutrality" policies were successively issued, such as the Opinions on Implementing the New Development Concept to Achieve Peak Carbon Emissions and Carbon Neutrality in a Complete, Accurate and Comprehensive Manner, the Opinions on Advancing the Green Development of Urban and Rural Development, the Action Plan for Peak Carbon Emissions by 2030, and the 14th Five-Year Plan for Comprehensive Work on Energy Conservation and Emission Reduction. In 2022, China’s local governments issued their action plans for peaking carbon emissions while the ministries and committees of the central government rolled out documents for the same purpose, such as the Opinion on Fiscal Support for Peaking Carbon Emissions and Achieving Carbon Neutrality issued by the Ministry of Finance. All these policies mention buildings and constructions, with a view to improving the building energy consumption management system, enhancing the building energy consumption monitoring capacity, building energy saving management capacity, and building energy efficiency level, and promoting the large-scale development of ultra-low energy consumption, near-zero energy consumption, and low-carbon buildings. With stronger policy incentives and constraints, the building energy-saving upgrading, intelligent operation, and cooperative energy management are bound （未完）  |