美的集团董事长方洪波再谈“小米竞争”话题

Core Viewpoint - The chairman of Midea Group, Fang Hongbo, emphasized that the home appliance industry is highly competitive and likened the competition with Xiaomi to a "war of attrition," where regardless of the victor, it results in significant resource consumption [1][3]. Group 1: Competition with Xiaomi - Fang Hongbo stated that while he tactically respects Xiaomi, he does not fear its entry strategically, as the home appliance industry has low barriers to entry but is intensely competitive [2][3]. - Midea has conducted extensive research on Xiaomi, totaling over 100,000 words, indicating a proactive approach to understanding its competitor [2]. - The home appliance sector is characterized by fixed strategies, and efficiency improvements are limited, making it a challenging environment for new entrants [3]. Group 2: Business Growth and Strategy - Midea aims to slow down the lifecycle of its home appliance business while simultaneously growing its ToB (business-to-business) segment, hoping for a relay-like growth between the two [1][6]. - The company reported a 50% year-on-year increase in air conditioning installation in May, reflecting strong market performance [3]. - Midea's overseas market potential is significant, with the global home appliance market estimated at nearly 4 trillion RMB, while Midea's overseas revenue is currently under 200 billion RMB [4]. Group 3: Impact of Tariff Fluctuations - Despite recent fluctuations in tariffs, Midea's orders from the U.S. are expected to grow, with a 6% contribution to overall revenue from U.S. exports [5]. - The company has established a robust regional supply chain with 23 factories overseas, allowing it to adapt to changing policies and maintain competitiveness [5]. Group 4: Future Business Directions - Midea's ToB business is projected to exceed 100 billion RMB in revenue for the first time in 2024, indicating a strong growth trajectory [6]. - The company is also exploring opportunities in the medical equipment sector, reflecting a strategic diversification of its business portfolio [6]. - Fang Hongbo indicated that Midea plans to increase its dividend payouts in the future, signaling confidence in its financial health [6].