Xi Niu Cai Jing·2025-05-09 07:08Core Viewpoint - The white goods industry is entering a "folding era," where major players like Midea Group, Haier Smart Home, and Hisense dominate 95% of industry profits, leaving smaller brands struggling for survival [2][3]. Group 1: Industry Overview - The white goods sector is characterized by a significant concentration of profits among a few large companies, with Midea, Haier, and Hisense leading the market [2]. - Smaller brands face challenges due to cost pressures and technological gaps, leading to a "survival of the fittest" scenario [2][3]. - The competition is intensifying with a focus on smart and scenario-based ecosystems, which raises the entry barriers for smaller players lacking technological depth [2]. Group 2: Financial Performance of Major Players - Midea Group reported a revenue of 407.15 billion yuan and a net profit of 38.54 billion yuan in 2024, marking a 9.44% increase in revenue and a 14.29% increase in net profit compared to 2023 [4][5]. - Haier Smart Home achieved a revenue of 285.98 billion yuan and a net profit of 18.74 billion yuan, with a strong presence in the high-end market [5]. - Hisense's revenue reached 92.75 billion yuan with a net profit of 3.35 billion yuan, but it faces cash flow challenges and increasing debt levels [6]. Group 3: Challenges Faced by Smaller Brands - Whirlpool's revenue declined by 8.85% to 3.65 billion yuan, but its net profit surged by 148.72% due to drastic cuts in marketing expenses [8][16]. - Aucma reported a revenue drop of 15.99% to 7.82 billion yuan, with a net loss of 48.53 million yuan, highlighting its precarious position in the market [18][22]. - Long-term survival for smaller brands is threatened by rising costs and a lack of competitive advantages, as evidenced by their low profit margins and market share erosion [7][8]. Group 4: Market Dynamics and Future Outlook - The white goods industry is witnessing a "Matthew effect," where the rich get richer, and smaller players are increasingly marginalized [2][22]. - The competition is not merely about size but also about technological advancement and operational efficiency, leading to a scenario where "smart manufacturing" outpaces traditional methods [22]. - By 2025, the list of survivors in the white goods industry is expected to shrink further, emphasizing the need for technological depth and strategic focus to avoid obsolescence [22].