Sou Hu Cai Jing·2025-09-03 08:10Core Viewpoint - Haier Smart Home reported strong financial performance in the first half of 2025, with revenue of 156.49 billion yuan, a year-on-year increase of 10.2%, and a net profit of 12.03 billion yuan, up 15.6%, marking a historical high. However, internal competition among its nine brands is causing significant inefficiencies and market share dilution [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 156.49 billion yuan, compared to 141.98 billion yuan in the same period last year, reflecting a growth of 10.22% [2]. - Net profit attributable to shareholders was 12.03 billion yuan, up from 10.41 billion yuan, representing a growth of 15.53% [2]. - Operating cash flow net amount increased by 32.23% to 11.14 billion yuan [2]. - The company's total assets were 301.70 billion yuan, a 3.77% increase from the previous year [2]. Domestic Market Analysis - The overlapping brand positioning among Haier, Casarte, and Leader has led to intense internal competition, with all three brands targeting similar consumer segments in the refrigerator market [3][5]. - Casarte's high-end refrigerators and Haier's mid-range offerings have similar features, making it difficult for consumers to distinguish between them, leading to potential market share loss [3][5]. - In the washing machine segment, similar issues arise with overlapping product features and pricing strategies among the brands, resulting in a fragmented market presence [4][5]. International Market Dynamics - In the overseas market, brands like GE Appliances and Candy are also experiencing internal competition, with overlapping product lines and target demographics, particularly in Europe and North America [6][7]. - The European market saw a 24.07% revenue growth for Haier Smart Home, but much of this growth was attributed to brand cannibalization rather than effective market differentiation [6][7]. Internal Competition and Resource Allocation - The internal competition among the nine brands is leading to resource wastage and pressure on profitability, with R&D expenses increasing by 11.73% but lacking significant technological breakthroughs [9][10]. - The company's gross margin was 26.9%, only slightly improved from the previous year, largely due to price wars among its brands [10]. - The lack of clear brand differentiation is causing marketing inefficiencies, with similar promotional activities leading to consumer confusion [9][10]. Strategic Recommendations - Haier Smart Home should consider consolidating its brands and clarifying their market positions to reduce internal competition and enhance overall market effectiveness [12][13]. - By integrating supply chain resources and optimizing operations across its brands, the company could lower costs and improve responsiveness to market demands [12][13].