Hua Xia Shi Bao·2025-08-30 12:37Core Insights - The performance of the three major white goods giants, Midea, Haier, and Gree, has shown significant divergence in the first half of the year, influenced by national subsidy policies and intense industry competition [2][3] Group 1: Financial Performance - Midea reported the highest revenue of approximately 251.1 billion yuan, a year-on-year increase of 15.6%, and a net profit exceeding 26 billion yuan, up 25% [3] - Haier's revenue reached about 156.5 billion yuan, with a year-on-year growth of over 10%, while its net profit was 12.03 billion yuan, also up 15.6% [3] - Gree experienced a revenue decline to 97.32 billion yuan, a year-on-year decrease of about 2.5%, although its net profit increased nearly 2% to 14.4 billion yuan, marking the slowest growth among the three [3] - Gree maintained the highest net profit margin at 14.7%, surpassing Midea by 4.35 percentage points and Haier by 7 percentage points [3] Group 2: Dividend Distribution - Gree announced no interim dividend for this year, while Midea declared a cash dividend of 5 yuan per 10 shares, totaling nearly 3.8 billion yuan, and Haier proposed a cash dividend of 2.69 yuan per 10 shares, amounting to 2.5 billion yuan [3] Group 3: Leadership Changes - Midea appointed Wang Jianguo as the executive president, marking a significant step in the succession plan as current chairman Fang Hongbo approaches retirement [4] - Haier's chairman Zhou Yunjie is nearing retirement age, while Gree's chairman Dong Mingzhu has been a focal point for succession discussions [5] Group 4: Market Competition - The competitive landscape in the air conditioning market has intensified, particularly affecting Gree, which faced a decline in its consumer electronics revenue due to aggressive pricing strategies from competitors [6][7] - The market share of low-end air conditioners has increased, with over 50% of online sales falling below 2,100 yuan, putting pressure on mid-to-high-end demand [6] Group 5: B2B Market Development - The B2B market has become a crucial growth engine for the three companies, with Midea leading in B2B revenue, which accounted for 25.7% of its total revenue, reaching 64.54 billion yuan [8] - Haier's B2B revenue from equipment and channel services grew nearly 35% to 18.72 billion yuan, representing 12% of its total revenue [9] - Gree's B2B revenue remains the lowest among the three, with only 11.52% of total revenue coming from industrial products and green energy [10]