Xin Lang Ke Ji·2025-09-02 01:00Core Insights - The article discusses the performance of major home appliance companies in China, specifically Midea Group, Haier Smart Home, and Gree Electric, as they release their half-year reports for 2025 [2][3][4]. Group 1: Financial Performance - Midea Group reported a revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.01 billion yuan, up 25.04% [2][7]. - Haier Smart Home achieved a revenue of 156.49 billion yuan, with a growth of 10.22%, and a net profit of 12.03 billion yuan, increasing by 15.59% [2][10]. - Gree Electric's revenue was 97.32 billion yuan, showing a decline of 2.46%, while its net profit was 14.43 billion yuan, up by 1.95% [2][13]. Group 2: Market Trends - The domestic home appliance market (excluding 3C products) reached a retail value of 453.7 billion yuan, growing by 9.2% year-on-year [6]. - The air conditioning sector saw a retail volume of 38.45 million units, a growth of 15.6%, with a retail scale of 126.3 billion yuan, up 12.4% [6][21]. - The washing machine market's retail value was 47.6 billion yuan, increasing by 11.5%, while the refrigerator market reached 67.28 billion yuan, growing by 3.5% [6]. Group 3: Competitive Landscape - Midea Group is positioned to "compete against two" with its revenue nearly matching the combined revenue of Haier and Gree [7][8]. - Gree Electric has shown a noticeable decline in growth, with its revenue growth turning negative for the first time since 2021 [12][15]. - The competitive dynamics are shifting, with companies like Xiaomi gaining market share, prompting major players to adjust their strategies [22][23]. Group 4: Business Adjustments - Midea Group has made operational adjustments to enhance efficiency and streamline its business [22]. - Gree Electric is focusing on diversifying its product lines beyond air conditioning to improve its market presence [22]. - Haier Smart Home is actively expanding through investments and acquisitions to broaden its business scope [22].