Bei Jing Shang Bao·2025-09-01 16:31Core Viewpoint - The Chinese home appliance industry is transitioning from rapid growth to a focus on high-quality transformation, as evidenced by the mid-year performance of major players like Gree, Haier, and Midea [1] Group 1: Company Performance - Midea's net profit increased by 25.04% year-on-year, while Haier's net profit grew by 15.6%, and Gree's net profit saw a modest increase of 1.95% [1] - Gree's reliance on air conditioning is evident, with air conditioning revenue at 76.279 billion yuan, accounting for 78.38% of total revenue, despite a 5.09% year-on-year decline [3] - Midea's diversified business model showed resilience, with revenue from new energy and industrial technology reaching 22 billion yuan, up 28.61% year-on-year, and smart building technology revenue at 19.5 billion yuan, up 24.2% [4] - Haier's high-end product strategy is reflected in its market share, with Casarte refrigerators holding 59.2% in the high-end segment, but overall profit growth remained limited with a gross margin of 26.9% [5] Group 2: International Expansion - Midea's overseas revenue reached 107.2 billion yuan, growing by 17.7% year-on-year, making up 42.69% of total revenue, supported by global production bases [6] - Haier's overseas revenue surpassed 52%, with a gross margin exceeding 30%, leveraging local brands and production to penetrate high-end markets [7] - Gree's overseas revenue was 16.335 billion yuan, growing by 10.19% year-on-year, but still accounted for less than 20% of total revenue, indicating a need for improvement in international strategy [7] Group 3: Market Trends - The Chinese smart home market is projected to reach 281 million units shipped, growing by 7.8%, signaling a shift towards precision and quality in the industry [8] - The "old-for-new" policy is accelerating the high-end and quality transformation of traditional appliances, with over 90% of sales now in first-level energy-efficient products [8] - The competition in the overseas market is shifting towards localization, with companies needing to adapt to local demands and reduce costs through local operations [8]