[中报]美的集团(000333):2024年半年度报告（英文版）
原标题:美的集团:2024年半年度报告（英文版） August 2024 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 .......................................................................... 81 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITY ......................................... 92 SECTION VI SIGNIFICANT EVENTS ................................................................................... 132 SECTION VII CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS ..... 144 SECTION VIII PREFERENCE SHARES ............................................................................... 150 SECTION IX BONDS ............................................................................................................ 151 SECTION X FINANCIAL REPORT ........................................................................................ 153 Documents Available for Reference 1. The original of The Semi-Annual Report 2024 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 2024 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 2023 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 □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 2023 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. 5.3 Reasons for differences in accounting data under domestic and overseas accounting standards □Applicable ?N/A 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 □Applicable ?N/A Section III Management Discussion and Analysis 1. Industry Overview for the Reporting Period 1.1 Summary of the business scope Midea is a leading global technology group comprising the Smart Home Solutions, Energy Solutions & Industrial Technology, Intelligent Building Technology, Robotics & Automation, and Other Innovation businesses. With a business portfolio that is focused on the coordinated development of the ToC and ToB businesses, Midea offers various smart home products and services to individual consumers, as well as provides diversified commercial and industrial solutions for corporate clients. To be specific, Midea Smart Home Solutions primarily covers 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 end users with the best experience of entire-house smart home appliances and service. Midea Energy Solutions & Industrial Technology, with technology as the core driver, commands key technologies in “green energy” and “key industrial components”. It operates many brands including GMCC, Welling, CLOU Electronics, HICONICS, SERVOTRONIX, MR, MOTINOVA, MSCT, TOSHIBA, SUNYE, etc., with its products covering high-precision core components such as compressors, motors, chips, valves, reducers, auto parts, motion control and automation, high- and low-voltage variable frequency drive, energy storage and cooling modules. It provides green, efficient and intelligent products and technology solutions for pan-industrial customers across the world. Midea Intelligent Building Technology is principally engaged in products and services in relation to buildings, as well as the relevant operations. With iBUILDING, Midea’s digital building service platform, as the core, its business covers HVAC, elevators, energy, building control, etc. Its primary products include VRF units, large chillers, unitary units, machine room air conditioners, escalators, passenger elevators, freight elevators, etc., as well as building automation software and building weak electricity integrated solutions. Supported by “Building Equipment and Facilities + Digital Technology + Industrial Ecosystem”, it facilitates logistics, information, feeling and energy flows of buildings to empower buildings with digital and low-carbon technologies and build sustainable smart space. Midea Robotics & Automation 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 Other Innovation Business mainly includes Annto, which provides customers with end-to-end digital and intelligent supply chain solutions; Midea Cloud, which provides industrial software and digitalisation consulting services for intelligent manufacturing and industrial interconnectivity through its industrial internet platform M·IoT; Midea Lighting, which focuses on the R&D, production, and sales of lighting and intelligent pre-decoration electrical products; and WDM, which is committed to innovation in medical imaging technology, 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 build Midea in the new era. To be specific, it strives to achieve Technology Leadership by building scale advantages in R&D and strengthening the efforts and investment in core and cutting-edge technologies; be Direct to Users through direct contact and interaction with users and reinventing product service and business models; be Digitization & Intelligence Driven through “Comprehensive Digitalization and Comprehensive Intellectualization”, as well as improving efficiency internally and focusing on users externally; and achieve Global Impact by seeking breakthroughs in key regions in terms of market, channel and business model dimensions and serving global users. Midea, a global operating company, has now established a global platform with over 400 subsidiaries, 33 R&D centers, 43 major manufacturing bases, and more than 190,000 employees. Its business covers more than 200 countries and regions. Overseas, Midea has 17 R&D centers and 22 major manufacturing bases in more than ten countries. 1.2 Position in the home appliance industry Midea Group ranks No. 277 on the Fortune Global 500 list unveiled in August 2024, marking its ninth consecutive year on the list. Meanwhile, Midea has also been named to the 2024 Fortune China ESG Impact list for its environmental, social and corporate governance excellence and industry leadership. In 2024, the Forbes magazine released its Global 2000 list and Midea ranks No. 205. In June 2024, Midea Group’s programme of “Air Source Heat Pump Multi-grade Heat Energy Efficient Supply Key Technology and Application” won a second prize of 2023 National Science and Technology Progress Award. This award is not only an authoritative recognition of Midea's technological innovation ability, but also a state-level certification of Midea's contribution to promoting industry innovation and serving the society. Meanwhile, Midea takes the lead among domestic home appliance makers by ranking No. 236 on the Global 500 2024 list released by Brand Finance, a British brand assessment institution. Driven by the “Global Impact” strategy, Midea continued to strengthen its brand presence in overseas markets and is selected as one of the “2024 Kantar BrandZ Top 50 Chinese Global Brand Builders” jointly released by Google and Kantar BrandZ. In June 2024, Midea officially joined UN Women's WEPs (Women’s Empowerment Principles) programme and became one of the programme's corporate members across the world, marking another important step in Midea's promotion of gender equality and women's empowerment. As of June 2024, Midea had 28 state-level green factories, three zero-carbon factories, nine 5G factories, and five “Lighthouse” factories, which demonstrates its leading position in intelligent manufacturing and digital development among manufacturers worldwide. 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, Moody’s has upgraded Midea Group's credit rating from A3 to A2 in 2024. In the first half of 2024, Midea has successfully retained the "Number One Engine" of ToC business on the domestic market. According to data provider AVC, Midea ranks first in the industry with respect to both the online and offline domestic market share for nine home appliance categories, namely, residential air conditioners, clothes dryers, countertop pan-microwave ovens, countertop electric ovens, induction cookers, electric radiators, electric fans, electric kettles, and air fryers. The table below shows the offline market shares and rankings of the Company’s primary home appliance products (by value of retail sales) in the first half of 2024.
A. Home Appliance Industry In the first half of 2024, the overall operation of China's national economy remained stable, with steady period, the export scale of China's home appliance industry achieved rapid growth, while the domestic retail market faced pressure. According to the General Administration of Customs, the cumulative export amount of China's home appliances in the first half of 2024 reached RMB347.9 billion, marking a year-on-year increase of 18.3%. The domestic retail market for white goods saw a decline, with the market size reaching RMB231.9 billion, down by 7.0% year-on-year, according to the data from AVC. From a category perspective within the domestic home appliance market, the air conditioning industry, after experiencing strong market performance in 2022-2023, entered a replenishment phase in the second half of 2023. However, in 2024, overall retail demand has been weak, exacerbated by significant weather-related factors. It is anticipated that there will be a correction in market demand this year; The cooling and refrigeration industry continues to be driven by replacement needs, with demand gradually being released under the policy of promoting the replacement of old appliances with new ones. The market remains generally stable. However, in the context of consumption downgrades, the structural upgrading driven by the supply side of the refrigerator market has encountered bottlenecks, posing new challenges to the industry logic of driving growth through high-end products and premium brands. The wash and care industry saw some recovery in 2023, but overall market competition intensified due to strategy adjustments by leading enterprises. In 2024, after adjusting its pace, the wash and care industry has been witnessing rapid growth in washer-dryer combos and a clear downward trend in overall structure. The major appliances market in the first half of 2024 faced pressure, linked to both the internal and external environment of the industry, as well as the inevitable path of the industry's development cycle. In summary, the home appliance market is undergoing significant changes: (a). Consumption changes: Domestic consumption paths have been evolving from upgrading, to differentiation, and to downgrading. (b). Brand changes: Brand loyalty has diminished, with users' brand perceptions being reshaped. (c). Marketing changes: Traditional marketing methods are losing effectiveness. Current marketing strategies are highly focused on “seeding”, with social media platforms integrating the processes of “seeding and harvesting”. Precisely targeting real needs and implementing efficient and accurate product seeding have become new directions for companies to attract customers. (d). Product changes: White goods have entered a mature phase, while emerging categories are experiencing rapid growth. High-quality, cost-effective products are increasingly being brought to consumers, driven by supply-side initiatives. According to the data from AVC, the domestic retail sales of air conditioners were RMB111.4 billion in the first half of 2024, down 14.5% year on year. This decline can be attributed to last year’s high industry base, as well as external factors such as the continuous decline in the real estate market and frequent rainfall across the country, leading to weak domestic demand for air conditioning. On the pricing side, consumption downgrading coexists with sluggish demand, and the air conditioning industry faces intense price competition. In the first half of 2024, the average price of air conditioners in online and offline retail markets decreased by 4.8% and 2.3%, respectively, year-on-year. However, from a product perspective, the functional structure continues to show an upgrading trend. In the first half of exceeding 86%. The market share of comfort wind air conditioners also increased further, with the sales volume share in online and offline markets rising to over 17% and 21%, respectively. The market share of fresh air function air conditioners in the offline market also steadily increased, with fresh air wall- mounted units accounting for 6.8% and fresh air floor-standing units accounting for 8.5% of the sales. According to the data from AVC, in the first half of 2024, the domestic retail sales of washing machines were RMB42.7 billion, up 1.8% year on year, while those of clothes dryers reached RMB6.7 billion, an increase of 16.9% year on year. The wash and care sector has a large market scale, with diverse demand scenarios and strong rigid demand, where washer-dryer combos have become the primary driving force. The online retail sales of washer-dryer combos exceeded RMB4.3 billion, with a year-on- year growth of over 42%. At the same time, the product structure continued to steadily upgrade, with the sales share of heat pump clothes dryers increasing further in both online and offline markets. According to the data from AVC, the domestic retail sales of refrigerators reached RMB65 billion in the first half of 2024, marking a 0.4% year-on-year increase, with significant product structure optimization. From the product perspective, in terms of door structure, the market share of French multi-door products in the online market has risen, with their online retail sales share reaching 22%. The share of cross-four-door products in the offline market has significantly increased, with their offline retail sales share approaching 43%. Mid-to-high-end products have focused on "large freezing compartment" and "built-in" features as their main competitive advantages. For instance, in the first half of 2024, the retail sales share of built-in refrigerators increased to 28.1% in the online market and 53.9% in the offline market. From the perspective of product functionality, features such as "dual systems," "freshness preservation," and "intelligence" have further emerged and gained attention. Based on the AVC data, in the first half of 2024, the domestic market for major kitchen and bathroom appliances saw retail sales of RMB14.9 billion for range hoods and RMB8.4 billion for gas stoves, with the gas stove market experiencing a slight increase in scale. From the perspective of functional trends, the market share of products with smart features such as range hood-stove linkage, hand wave control, and timer functions has grown significantly. Additionally, features such as "slim design," "self-cleaning," and "intelligence" have also garnered significant market attention. In the first half of 2024, the domestic retail sales for dishwashers reached RMB5.8 billion, a year-on-year increase of 5%. On the pricing side, the average price of dishwashers in the offline market saw a significant increase year-on-year. The product mix trend indicated a market preference for "buying larger products rather than smaller ones," with products continuing to develop toward larger capacities and more specialized functions. Among these, the offline retail sales share of dishwashers with a capacity of 15 sets or more has increased to 62%, with product technology focusing on "cleanliness," "energy-saving," and "intelligence." In the first half of 2024, the domestic retail sales of water heaters reached RMB23.5 billion, a year-on-year decrease of 0.9%, with the replacement and upgrading of gas water heaters continuing, and their retail volume share increasing to 42.1%. Features such as constant temperature, low noise, and increased capacity in water heaters are promoting structural upgrades. In the first half of 2024, the domestic retail sales of water purifiers reached RMB9 billion, a year-on-year decrease of 1%. From the perspective of flux, the market share of 1,200G products further increased, and the share of 1,000G all-in-one purification and heating water purifiers also expanded rapidly. In the first half of 2024, the domestic retail sales of built-in microwave-steamer-ovens reached RMB3.73 billion, a year-on-year increase of 2.2%. From the perspective of product structure, the online market emphasized cost-effectiveness, while the share of mid-range products in the offline market significantly increased. The product technology trend indicated a rapid expansion in the layout of microwave-steamer-ovens. According to the data from AVC, in the first half of 2024, the overall retail sales of small kitchen appliances in the domestic market reached RMB26.1 billion, a year-on-year decline of 5.4%. Despite the overall downward trend in the small kitchen appliance category, the retail sales of soybean milk makers, electric stew pots, and coffee machines showed significant year-on-year increases, reaching 38.6%, 14.6%, and 12.9%, respectively. Additionally, for core essential large items such as rice cookers, as consumer demand increasingly favors higher quality, product features like low sugar, variable frequency and voltage, and non-coating are continuously attracting attention, leading to an increase in the industry’s average price. According to AVC data, in the first half of 2024, the retail sales of cleaning appliances in the domestic market reached RMB16.5 billion, representing a year-on-year growth of 9.8%. By category, robotic vacuum cleaners led the market, with retail sales increasing by 18.8% year-on-year and sales volume by 11.9%, driven significantly by the launch of new products. The price of floor scrubbers continued to decline, resulting in a sales growth rate of only 7.0%. From the perspective of floor sweeper products, there have been several key upgrades: firstly, suction performance has been enhanced, with flagship models now starting at 10,000 Pa; secondly, there have been further improvements to address user pain points, such as the anti-hair tangling function, hot water mop washing, and dual mechanical arms; thirdly, the application of AI large models has enhanced interaction capabilities; and finally, in terms of product design, both solid-state radar and retractable radar emphasize a slim design, with embedded products that integrate seamlessly with home decor gradually being introduced. B. Robotics and Automation Industry World Robotics 2023 Industrial Robotics released by the International Federation of Robotics (“IFR”) showed that robotics technology has been rapidly advancing. For example, collaborative robotics, utilising sensors and visual recognition technology, can respond in real-time to changes in their environment. With improved safety performance, their range of applications is rapidly expanding. Intelligent robot grippers, leveraging sensors and visual recognition technology, can identify materials and apply appropriate force to manipulate workpieces, making them more responsive. Through software technology and open platform communication architectures, the integration and plug-and-play interfaces and enabling natural language or graphical programming, robot programming has become easier. Sensors, vision systems, and 5G technology assist robots in adjusting parameters based on real-time conditions, achieving self-optimisation capabilities. By integrating cloud computing technology, cloud robotics has discovered a broader array of applications, significantly reducing the maintenance costs of using robots. Additionally, robotics technology is also contributing to sustainability in many fields. According to IFR data, the global industrial robot installations reached a record high of 553,052 units in 2022, marking a 5% growth over the high base of 2021. In terms of regions, Americas achieved a year-on-year growth of 8%, Europe achieved a year-on-year growth of 3%, and Asia achieved a year-on-year growth of 5%. Among the newly installed robots, 73% were installed in Asia. Domestic robot installations in China increased by 5% year-on-year, reaching 290,258 units in 2022, accounting for 52% of the global installations. IFR also predicted that the compound annual growth rate from 2023 to 2026 will reach 7%, with the global industrial robot installations expected to reach 718,000 units by 2026. 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 1,012 robotics, while the robotic density of China has increased from 25 to 392 robotics (close to Japan’s 397 robotics) during the decade from 2013 to 2022, ranking No. 5 across the world. Since 2016, China has been the fastest growing and largest industrial robotics market in the world. 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, with great potential and prospects. In the first half of 2024, domestic manufacturing enterprises experienced a decline in production expectations and faced pressure on market demand. The industrial robotics sector remains in the destocking phase. From the perspective of downstream industry demand, investment in new energy-related fields has seen a sharp decline, with the photovoltaic industry cooling down and entering a downward adjustment cycle. The overall demand in the terminal market of the lithium battery industry has weakened, leading to a slowdown in domestic capacity construction. The main theme of 2024 remains "destocking," although certain demand still exists in sectors such as automotive, consumer electronics, and general industries. According to MIR statistics, the sales volume of the industrial robotics market in the first half of the year was approximately 140,000 units, with a slight year-over-year growth of around 5%, indicating that the market as a whole has maintained some resilience. Specifically, collaborative robots have continued to grow rapidly, while sales of other types, such as horizontal multi-joint robots, vertical multi-joint robots, and parallel robots, have grown at a slower rate compared to the overall market growth. MIR forecasts that market demand in the second half of 2024 will continue to face pressure, with high inventories, declining average prices, and a situation where robotics companies see revenue growth without corresponding profit increases. Industry competition and elimination will further intensify, and the year- on-year growth rate of China's industrial robot shipments in 2024 is expected to be around 2% to 3%. C. Intelligent Building Technology Industry In the intelligent building technology 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 based on the digital building platform and by facilitating the logistics, information, feeling and energy flows. The smart building ecosystem mainly includes HVAC, elevator, intelligent building (building automation) and integrated energy management, covering industrial, hospital, infrastructure, industrial park, commercial, hotel, school and other scenarios. 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, ChinaIOL.com and Changjiang Securities Research Institute, the proportion of foreign brands of commercial air conditioner in 2023 was about 43%, and the long tail effect was obvious as only four manufacturers have a share of more than 10%. For elevators, the data from the Business Yearbook of Elevator Industry in China indicate 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 2023, 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 ChinaIOL.com, the sales revenue (excluding tax) of domestic commercial air conditioners in 2023 was RMB142.9 billion, up 11% year on year, of which domestic sales accounted for about 88%; the compound growth rate in the past three years was 13%. 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 surpassed RMB100 billion in 2023. 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 from the National Bureau of Statistics, in 2023, the domestic output of elevators, escalators and lifts was 1.557 million units, maintaining a solid year-on-year growth of approximately 4%, the majority of which were sold domestically. Judging from the operating data of major manufacturers, 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. The 2024 Government Work Report puts retrofitting old buildings with elevators as a key task this year, which is expected to further expand the scale of the elevator industry. The data from EqualOcean Intelligence 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 intelligent building industry amounted to as much as RMB400 billion, and by revenue, the compound annual average growth rate of the industry is probably 5%-10%. Meanwhile, the rollout of the Action Programme to Promote Large-Scale Equipment Renewal and Consumer Goods Replacement by the State Council may bring stronger demand. As indicated in a report released by the Changjiang Securities Research Institute, 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. Buildings account for a relatively high proportion of energy consumption and carbon emissions in China. According to data from the Building Energy Efficiency Research Centre of Tsinghua University, the carbon emissions of building operation accounted for about 22% of the total domestic carbon emissions in 2021, 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 the recent years, 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. China’s local governments have 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, the 14th Five-Year Plan for Building Energy Efficiency and Green Buildings issued by the Ministry of Housing and Urban-Rural Development, and the Advanced, Energy-saving and Accessible Levels of Energy Efficiency for Key Energy Consuming Products and Equipment (2024 Edition) unveiled by the National Development and Reform Commission. All these policies mention buildings, HVAC, etc., 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 （未完）  |