Qian Zhan Wang·2025-05-19 09:22Core Insights - The competition between Midea and Xiaomi in the home appliance industry has garnered significant attention, with Midea's chairman Fang Hongbo acknowledging Xiaomi's ambitious goals in the sector [2] - Xiaomi's rapid growth in the home appliance market is evident from its financial reports, indicating that its appliance business has become a crucial growth driver [2][3] Group 1: Company Strategies and Market Position - Fang Hongbo expressed that while he respects Xiaomi's tactical moves, he is not afraid of their strategic entry into the home appliance market, viewing it as a positive development for the industry [2] - Xiaomi's recent financial data shows record high shipments in major appliance categories for 2024, with air conditioner shipments exceeding 6.8 million units (over 50% YoY growth), refrigerators over 2.7 million units (over 30% YoY growth), and washing machines over 1.9 million units (over 45% YoY growth) [2] - Xiaomi's president Lu Weibing has set a target for Xiaomi's air conditioners to rank among the top in the Chinese market by 2030, emphasizing the completion of a full product line and self-research capabilities [3] Group 2: Market Dynamics and Competitive Landscape - Traditional home appliance giants like Midea, Haier, and Gree have maintained significant market positions, with their white goods business revenues exceeding 100 billion [3][4] - In the refrigerator market, Haier leads with a 34.6% share in the online segment, while Midea holds 12.4% and Rongsheng 8.0%; in the offline market, Haier's share is 39.1%, with Midea at 9.8% [4] - In the air conditioning market, Midea and Gree dominate both online and offline sales, each holding 28.1% of the online market, while Midea leads offline with a 34.6% share [5] Group 3: Innovation and Industry Transformation - Lu Weibing criticized the lack of innovation in the home appliance industry, suggesting that Xiaomi's entry could disrupt the status quo and enhance commercial efficiency [7] - Lei Jun views the smart home appliance sector as a revolutionary upgrade, comparable to the proliferation of automobiles in the U.S. and washlet toilets in Japan, aiming to establish Xiaomi as a leading brand in smart appliances [7] - The competition between traditional giants and new entrants like Xiaomi highlights the need for continuous innovation and adaptation to changing market demands [7]