【#一句话概括上半年格力电器表现#】#格力高管称对竞争压力有准备# 经济观察报：如果用一句话概 括格力电器2025年上半年的表现，您认为是什么？ 朱磊：如果用一句话，就是"用定力换质量，用质量换长期"。在行业总量承压、竞争趋于白热化的环境 里，我们的营业总收入976.19亿元，同比下降了一些，但归母净利润达到144.12亿元，同比上升了 1.95%，归母净利率、每股收益都获得了同比提升。 我认为，格力对于可能面对的压力是有准备的，我们不仅保障了高质量发展的动作没有变形，也有力地 保障了投资者利益。#格力朱磊称对可能面对的压力有准备# 在周期里看穿噪音，用定力做减法；在结构里找增量，用质量做加法。这就是格力的做法。（经济观察 报） ...

Group 1 - The core viewpoint of the article emphasizes that Gree Electric has never engaged in price wars over its 35-year history, focusing instead on long-term value creation [1] - Gree Electric reported a revenue of 97.325 billion yuan for the first half of 2025, reflecting a year-on-year decline of 2.46% [1] - The market director of Gree Electric, Zhu Lei, highlighted the importance of maintaining composure in the face of macroeconomic consumption slowdown and intensified price competition, stating that composure means not being passive, excessive, or over-leveraged [1]

Core Viewpoint - The 4th China (Macao) High-quality Consumption Exhibition and Hengqin Global Bay Areas Forum highlights the advancements in the Guangdong-Hong Kong-Macao Greater Bay Area and promotes discussions among global bay-area economies [1][2]. Group 1: Industry Insights - The event showcases the latest progress in building the Greater Bay Area, indicating a shift towards higher quality consumer demand as stated by Dong Mingzhu, Chairman of Gree Electric Appliances [1]. - The Greater Bay Area has significantly enhanced integration among Hong Kong, Macao, and Guangdong, facilitating talent, technology exchange, and innovation, which presents broader opportunities for businesses [2].

Core Viewpoint - Gree Electric Appliances emphasizes a long-term value strategy over participating in price wars, maintaining optimism for future growth despite a slight decline in revenue [1][2][7]. Financial Performance - In the first half of 2025, Gree reported a revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, reflecting a year-on-year increase of 1.95% [1][2]. - The net profit margin and earnings per share have improved compared to the previous year [2]. Business Strategy - Gree's approach is characterized by three key principles: structure, efficiency, and discipline [4][5][6]. - The company focuses on high-quality home appliances and efficient supply chain management to enhance profitability [4][5]. - Gree maintains a commitment to quality over price, believing that long-term trust can only be built through value [6][7]. Market Positioning - Gree's overseas revenue reached 163.35 billion yuan, marking a year-on-year increase of 10.19%, with a significant portion of exports coming from its own brand [10]. - The company aims to transition from selling capacity to selling brand value, enhancing its market position globally [10]. Growth Areas - Gree's second growth curve includes industrial products and green energy, with revenues of 95.91 billion yuan and 3.14 billion yuan respectively, showing year-on-year growth of 17.13% and 20.90% [11]. - The company is also focusing on automation and digitalization to create a sustainable business model [11]. Channel Development - The "Dong Mingzhu Healthy Home" initiative is aimed at upgrading channels from single product sales to comprehensive solutions, with a focus on customer experience and long-term relationships [12]. - The initiative has seen a balanced sales ratio between air conditioners and other home appliances, indicating successful integration of product offerings [12]. Shareholder Returns - Gree's steady profit growth and improved net profit margin reflect strong operational quality and brand premium, with earnings per share rising to 2.60 yuan [13]. - The company is committed to continuous investment in R&D, branding, and digital channel development to enhance shareholder returns [13]. Future Outlook - Gree plans to focus on structure, brand, channel, and international expansion while maintaining a cautious yet optimistic outlook for the second half of the year [14]. - The company believes that the quality of growth is more important than growth itself, aligning with its long-term strategic vision [14].

Core Viewpoint - Gree Electric insists on not participating in price wars impulsively, focusing on long-term value creation and maintaining optimism for future development despite uncertainties in the market [2][5][9]. Financial Performance - In the first half of 2025, Gree achieved operating revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, reflecting a year-on-year increase of 1.95% [2][5]. - The net profit margin and earnings per share both improved compared to the previous year [5]. Strategic Focus - Gree's strategy is centered around three key concepts: structure, efficiency, and discipline [7]. - **Structure**: Emphasis on healthy home appliances and high-quality supply, promoting categories like air conditioning, refrigeration, washing, and purification [7]. - **Efficiency**: Enhanced operational precision and tighter supply chain collaboration, positively impacting profit formation [8]. - **Discipline**: Maintaining value standards in price wars, prioritizing profit and quality over short-term sales [9]. Market Positioning - Gree aims to maintain its position as a long-term value player rather than a short-term price competitor, focusing on quality and brand trust [9][10]. - The company has made significant progress in overseas markets, with overseas revenue reaching 163.35 billion yuan, a year-on-year increase of 10.19%, and self-owned brands accounting for 70% of total exports [12]. Growth Initiatives - Gree's second growth curve includes industrial products and green energy, with revenue from these segments growing by 17.13% and 20.90% respectively in the first half of the year [14]. - The "Dong Mingzhu Healthy Home" initiative is a channel upgrade project aimed at selling solutions rather than single products, with a focus on integrating online and offline sales [15]. Future Outlook - Gree plans to continue focusing on value-driven operations, strengthening brand recognition, and expanding overseas market presence while cautiously optimistic about future growth [17].

朱磊详细解释道："我们做了三件事：第一，守住产品与服务的上限：坚持健康科技与可靠品质，做"用 过能感知差异"的产品；第二，守住品牌的长期心智：从看见格力到记住格力，用内容与场景去讲真科 技、真健康；第三，守住经营质量：以利润率与用户口碑为核心KPI，确保现金与口碑的可持续。（经 济观察报） 【#格力高管称35年从不参与价格战#】9月4日，格力电器市场总监@朱磊Gree 就格力电器2025年半年 报相关问题接受采访，回应了格力电器上半年业绩表现、"董明珠健康家"的推进情况，以及面对下半年 信心何在。#格力高管称对竞争压力有准备##格力高管称保持坚定的乐观与信心# 谈到行业宏观消费趋缓、价格内卷加剧，朱磊强调格力要有"定力"："定力不是不作为，而是不被动、 不过度、不透支。35年来，格力从来不做价格战的冲动参与者，一直在做价值战的长期主义者。" ...

Core Viewpoint - Gree Electric Appliances is facing significant pressure in the market, with a decline in revenue and increasing competition from brands like Midea and Xiaomi, indicating a potential shift in market dynamics [2][9][12]. Revenue and Profitability - In the first half of 2025, Gree reported revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, a year-on-year increase of 1.95% [2][9]. - Compared to Midea and Haier, Gree is the only company among the three to experience negative revenue growth [2][9]. Market Position and Competition - Gree's market share in the air conditioning sector has declined to 23.25%, down approximately 4.07% year-on-year, while Xiaomi's market share has increased to 10.94%, up 3.43% [2][13]. - The competitive landscape is shifting, with Midea and Haier showing stronger performance, particularly in the mid to high-end segments, while Gree's product offerings remain more traditional [4][5][10]. Consumer Preferences - Consumers are increasingly favoring more affordable products, with a notable shift towards low-end air conditioning units priced below 2100 yuan, which now account for over 50% of sales [6][4]. - The economic environment has led to more conservative purchasing habits among consumers, impacting Gree's sales performance [10][4]. Product Diversification and Strategy - Gree's product diversification beyond air conditioning has not yet gained significant traction, with a heavy reliance on air conditioning for approximately 79% of its revenue [10][11]. - Gree's strategy emphasizes maintaining product quality and avoiding price wars, as articulated by its market director, who expressed confidence in the brand's long-term prospects despite current challenges [15][8]. Emerging Competitors - Xiaomi is rapidly gaining market share in the home appliance sector, with significant growth in its IoT and consumer product revenue, indicating a shift in consumer preferences towards smart and affordable appliances [12][13]. - Xiaomi's sales performance in air conditioning and other home appliances has shown remarkable growth, with air conditioning unit shipments exceeding 540 million, reflecting a 60% year-on-year increase [13][14].

Group 1: Consumer Market Overview - The overall vitality of the consumer market is improving, with a 5% year-on-year increase in retail sales of consumer goods in the first half of the year, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that consumer spending is a key driver of economic growth [1][2] - The core CPI has shown a continuous upward trend, indicating a recovery in domestic demand [1][2] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [4][11] - Companies like Pop Mart have seen substantial revenue growth from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of the year, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% increase year-on-year [7][5] - Other companies in the emotional consumption space, such as MINISO, are also adapting their strategies to capture this market, with their sub-brand TOP TOY achieving 740 million yuan in revenue, a 73% increase [8] Group 3: Traditional Consumption Decline - Traditional consumption categories, particularly in the liquor and high-end tea sectors, are experiencing declines, with many companies reporting negative growth in revenue and profit [10][12] - The white liquor industry saw a 5% decrease in revenue and a 7.5% drop in net profit in the second quarter of 2025, with only a few companies maintaining positive growth [10] - The high-end tea market is also struggling, with companies like Tianfu Tea reporting a 17.1% decline in revenue [10] Group 4: Impact of Economic Conditions on Consumer Behavior - Economic uncertainties have led to a cautious consumer sentiment, with many individuals opting for cost-effective options and prioritizing emotional value in their purchases [12][13] - The trend of "old consumption" is fading, as younger consumers focus on personal satisfaction rather than social status, leading to a shift in spending patterns [9][11] - The overall consumer sentiment is reflected in the decline of high-end dining and entertainment, with many consumers opting for more affordable alternatives [17][18] Group 5: Investment and Housing Market Dynamics - The real estate market is facing challenges, with a 11.2% decline in real estate development investment in the first half of 2025, and a 3.5% drop in new housing sales [25][26] - Consumer confidence in real estate has diminished, leading to a decrease in housing purchases and a shift towards investments in stocks and gold [27][29] - The stock market has seen increased activity, with A-shares and Hong Kong stocks experiencing good liquidity, indicating a shift in investment preferences among consumers [27][29]

Core Viewpoint - Gree Electric Appliances emphasizes a long-term value strategy over participating in price wars, maintaining optimism for future growth despite a slight decline in revenue [1][2][7]. Financial Performance - In the first half of 2025, Gree reported revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, reflecting a year-on-year increase of 1.95% [1][2]. - The net profit margin and earnings per share have improved compared to the previous year [2]. Strategic Approach - Gree's strategy is encapsulated in three key terms: structure, efficiency, and discipline [4]. - **Structure**: Focus on healthy home appliances and high-quality supply, promoting categories like air conditioning, refrigeration, washing, and purification [4]. - **Efficiency**: Enhanced operational precision and tighter supply chain collaboration have positively supported profit formation [5]. - **Discipline**: Maintaining a value baseline in price wars, prioritizing profit and quality over short-term sales [6]. Market Positioning - Gree has consistently avoided impulsive participation in price wars, positioning itself as a long-term value player in the market [7]. - The company has undertaken three main initiatives: 1. Upholding product and service quality standards [8]. 2. Strengthening brand recognition and consumer memory [8]. 3. Ensuring operational quality with a focus on profit margins and customer satisfaction [8]. International Growth - Gree's overseas revenue reached 163.35 billion yuan in the first half of the year, marking a 10.19% increase year-on-year, with 70% of exports attributed to its own brand [10]. - The company aims to transition from selling capacity to selling brand value, enhancing its bargaining power and customer loyalty [10]. Second Growth Curve - Gree's second growth curve includes industrial products and green energy, with revenue of 95.91 billion yuan in this segment, reflecting a 17.13% year-on-year increase [11]. - The smart equipment segment also showed strong growth, with a revenue increase of 20.90% [11]. Channel Strategy - The "Dong Mingzhu Healthy Home" initiative focuses on upgrading channels from single product sales to solution-based offerings, with a principle of "same model, same price, same service" [12]. - The integration of online and offline channels is set to enhance long-term customer relationships [12]. Financial Quality and Shareholder Returns - The steady growth in profit and net profit margin indicates a solid foundation of operational quality and brand premium [13]. - Earnings per share increased to 2.60 yuan, reflecting the company's commitment to shareholder returns and long-term value [13]. Future Outlook - Gree plans to focus on structure, brand, channels, and international expansion while maintaining a cautious yet optimistic outlook for the future [14]. - The company believes that the quality of growth is more important than growth itself, aligning with its long-term vision [14].

Core Viewpoint - Gree Electric's performance in the first half of 2025 reflects a commitment to quality over price competition, with a focus on long-term value creation despite a slight decline in revenue [2][4][7]. Financial Performance - In the first half of 2025, Gree achieved an operating income of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, an increase of 1.95% [1][2]. - The net profit margin and earnings per share both saw year-on-year improvements, indicating a focus on maintaining high-quality growth [2]. Strategic Approach - Gree's strategy is characterized by three key principles: structure, efficiency, and discipline. The company emphasizes healthy home appliances and high-quality supply, which has led to improved overall profit margins [4][5][6]. - The company maintains a disciplined approach by avoiding price wars and prioritizing product quality and service, believing that long-term trust can only be built through value [6][7]. Market Position and Growth - Gree's overseas revenue was a highlight, reaching 163.35 billion yuan, a year-on-year increase of 10.19%, with self-owned brands accounting for 70% of total exports [10]. - The second growth curve for Gree includes industrial products and green energy, with revenue of 95.91 billion yuan in this segment, reflecting a year-on-year growth of 17.13% [11]. Channel Development - The "Dong Mingzhu Healthy Home" initiative is a channel upgrade project aimed at transitioning from selling single products to providing comprehensive solutions, with a focus on customer experience and long-term relationships [12]. - The integration of online and offline channels is set to enhance user engagement and retention, moving beyond mere transaction volume [12]. Future Outlook - Gree plans to continue focusing on value-driven operations, strengthening brand presence, and expanding overseas market share while cautiously optimistic about future growth [14].