Sou Hu Cai Jing·2025-09-02 01:36Core Viewpoint - The performance of major home appliance companies in the first half of 2025 shows significant differences, with Midea Group leading in both revenue and profit growth, while Gree Electric experienced a decline in revenue and slower profit growth [2][3][11]. Group 1: Company Performance - Midea Group reported 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% [6][9]. - Haier Smart Home achieved revenue of 156.49 billion yuan, a growth of 10.22%, and a net profit of 12.03 billion yuan, increasing by 15.59% [9][11]. - Gree Electric's revenue was 97.32 billion yuan, down 2.46%, with a net profit of 14.43 billion yuan, a modest increase of 1.95% [11][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 retail sales of 38.45 million units, up 15.6%, with a retail scale of 126.3 billion yuan, increasing by 12.4% [6]. - The washing machine market had a retail value of 47.6 billion yuan, growing by 11.5%, while the refrigerator market reached 67.28 billion yuan, up 3.5% [6]. Group 3: Competitive Landscape - Midea Group is positioned to "compete with two" due to its significant revenue and profit margins compared to Haier and Gree [8][9]. - Gree Electric has shown a noticeable decline in revenue growth since 2021, with a negative growth trend emerging this year [13][16]. - The competitive landscape is changing, with new entrants like Xiaomi increasing their market share, prompting established players to adjust their strategies [18][19].