2 1 Shi Ji Jing Ji Bao Dao·2025-09-12 07:10Core Viewpoint - The home appliance industry is experiencing a shift from stable competition among traditional giants like Midea, Haier, and Gree to a more dynamic landscape influenced by digital transformation and the rise of Xiaomi, which is aggressively entering the market with its internet-driven approach [1][2]. Group 1: Company Performance - Midea Group reported a revenue of 252.3 billion yuan, a year-on-year increase of 15.7%, with a net profit of 26.7 billion yuan, up 26% [2][3]. - Xiaomi's IOT and lifestyle products business saw a revenue increase of 50.7% to 71.05 billion yuan, driven by strong sales in major appliances [3][4]. - Gree Electric experienced a revenue decline of 2.46% to 97.33 billion yuan, with a notable drop in its core consumer electronics segment [4][5]. Group 2: Market Dynamics - The home appliance market in China reached a retail total of 453.7 billion yuan in the first half of 2025, reflecting a year-on-year growth of 9.2% [2]. - The air conditioning segment saw a retail value of 126.3 billion yuan, a significant increase of 12.4% [2]. - Xiaomi's market share in online air conditioning sales is increasing, with a notable rise of 3.87% in the first seven months of the year, while Gree's market share remained stagnant [8][9]. Group 3: Strategic Initiatives - Midea is focusing on R&D, with cumulative investments exceeding 43 billion yuan from 2022 to 2024, and a 14.4% increase in R&D spending in the first half of the year [2][3]. - Xiaomi aims to become a top brand in major appliances by 2030, with a specific goal to rank among the top two in the air conditioning market [1][3]. - Gree is facing challenges in diversifying its business, with its multi-business strategy not yielding significant results [5][12]. Group 4: International Expansion - Midea's overseas revenue grew from 116.78 billion yuan in 2019 to 169.03 billion yuan in 2024, with a compound annual growth rate of 7.68% [11][12]. - Gree's overseas revenue increased to 16.33 billion yuan in the first half of the year, but its international business still accounts for less than 20% of total revenue, indicating a need for improvement [12][13].