Di Yi Cai Jing·2025-10-31 02:20Core Insights - The performance of leading home appliance companies Haier Smart Home and Gree Electric Appliances showed significant divergence in the first three quarters of the year, with Haier experiencing growth while Gree faced a decline [2][5] Haier Smart Home - Haier achieved a net profit of 17.373 billion yuan, a year-on-year increase of 14.68%, with total revenue reaching 234.054 billion yuan, up 9.98% [3][5] - In Q3, Haier's revenue was 77.56 billion yuan, reflecting a 9.51% increase, and net profit was 5.34 billion yuan, up 12.69% [3] - The company saw a 10.8% revenue growth in the Chinese market in Q3, with significant increases in air conditioning and kitchen appliances, particularly a more than 30% rise in home air conditioning revenue [4] - Haier's digital transformation has improved operational efficiency, with 86% of county specialty stores online and 74% of orders delivered directly to users [4] - Internationally, Haier's overseas revenue grew by 8.25% in Q3 and 10.5% year-to-date, with strong performance in North America and Europe [4] Gree Electric Appliances - Gree reported a net profit of 21.461 billion yuan, a decrease of 2.27%, with total revenue of 137.18 billion yuan, down 6.5% [5] - In Q3, Gree's revenue fell to 39.855 billion yuan, a 15.09% decline, and net profit decreased by 9.92% to 7.049 billion yuan [5] - Despite the decline, Gree's net profit margin improved by 0.69 percentage points to 15.59% [5] - The company is focusing on new retail channel transformations and reducing channel layers to enhance profitability [5] - Gree is also expanding its global market presence, with a new phase of brand self-operation in Southeast Asia and initiatives in smart equipment [5]