Xin Lang Ke Ji·2025-09-02 02:00Core Viewpoint - The performance of major home appliance companies in the first half of 2025 shows varied results, with Midea Group leading in both revenue and profit growth, while Gree Electric experienced a decline in revenue and slower profit growth [1][2][3]. Revenue and Profit 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% [1][8]. - Haier Smart Home achieved revenue of 156.49 billion yuan, growing by 10.22%, with a net profit of 12.03 billion yuan, reflecting a 15.59% increase [1][10]. - Gree Electric's revenue was 97.32 billion yuan, down 2.46%, with a net profit of 14.43 billion yuan, showing a modest growth of 1.95% [1][13]. 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 in the first half of 2025 [5][6]. - The air conditioning sector saw retail sales of 12.63 billion yuan, up 12.4%, while washing machines and refrigerators also experienced growth [5][6]. Company-Specific Insights - Midea Group's revenue and profit growth rates have not slowed despite its large scale, maintaining a positive trend for four consecutive years [10][12]. - Haier Smart Home has shown stable growth without any year-on-year declines since 2021, with a net profit growth consistently above 12% [12][10]. - Gree Electric has faced a noticeable decline in revenue growth, with its core air conditioning business contributing over 70% of its revenue, which has been under pressure [19][21]. Competitive Landscape - The competitive dynamics in the air conditioning market have shifted, with Midea and Haier gaining market share while Gree has seen a decline [20][22]. - Midea has made operational adjustments to enhance efficiency, while Gree is diversifying its product offerings to reduce reliance on air conditioning [22][23]. - The industry is witnessing increased competition from emerging players, leading to price wars and a focus on brand reputation and distribution channels [24].