Guo Ji Jin Rong Bao·2025-09-03 14:14Core Viewpoint - The performance of major white goods manufacturers Midea Group, Haier Smart Home, and Gree Electric Appliances in the first half of 2025 shows a clear divergence, indicating a potential reshuffling in the competitive landscape of the home appliance industry [2][4]. Group 1: Financial Performance - Midea Group leads with a revenue of 2511.24 billion yuan, a year-on-year growth of 15.58%, and a net profit increase of 25.04% to 260.14 billion yuan [4][7]. - Haier Smart Home achieved a revenue of 1564.94 billion yuan, growing by 10.22%, with a net profit of 120.33 billion yuan, reflecting a 15.59% increase [4][7]. - Gree Electric Appliances reported a revenue of 973.25 billion yuan, a decline of 2.46%, with a net profit of 144.12 billion yuan, showing a minimal increase of 1.95% [4][7]. Group 2: Market Dynamics - The home appliance market in China is transitioning into a phase of stock competition, necessitating companies to diversify beyond traditional core businesses to find new growth avenues [10]. - Midea Group is focusing on both consumer (To C) and business (To B) segments, with its smart home business generating 1672 billion yuan, a growth of 13.31% [10][11]. - Haier Smart Home's revenue is primarily driven by traditional appliances, with over 80% of its income coming from refrigerators, washing machines, air conditioners, and kitchen appliances [11]. - Gree Electric Appliances remains heavily reliant on its air conditioning business, which accounted for 78.38% of its revenue, while other segments contribute minimally [11][12]. Group 3: Strategic Insights - Analysts suggest that the future performance of these companies will depend on their strategic positioning and execution, particularly in global expansion and new business growth [8]. - Gree's struggles are attributed to its over-reliance on a single product line and structural issues, which have hindered its ability to adapt to market changes [6][12]. - Midea's B2B business is seen as a significant growth area, with potential in industrial technology and renewable energy sectors [11].