格力提前“入冬”？

Core Viewpoint - Gree Electric Appliances has reported a significant decline in both revenue and net profit for the third quarter, highlighting the company's internal struggles and external challenges in a tough market environment [1][3]. Financial Performance - For the first three quarters of the year, Gree's revenue was 137.18 billion yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders was 21.461 billion yuan, down 2.27% [3]. - In the third quarter alone, Gree's revenue dropped to 39.855 billion yuan, with a year-on-year decline of 15.09%, and net profit fell to 7.049 billion yuan, down 9.92% [3]. - The company's heavy reliance on air conditioning, which accounted for 78.38% of its revenue in the first half of the year, means fluctuations in this core business directly impact overall performance [3]. Industry Context - The air conditioning industry is currently facing a downturn, with domestic production and retail sales both experiencing significant declines [3]. - Data from Aowei Cloud Network indicates that in November, domestic air conditioning production fell by 19.8% year-on-year, and retail sales dropped by 21.2% [3]. Competitive Landscape - The air conditioning market is characterized by intense competition and product homogeneity, making it difficult for companies to differentiate themselves [4]. - Xiaomi's new smart home appliance factory in Wuhan poses a direct threat to Gree, as it shifts from an OEM model to in-house production, enhancing supply chain efficiency and product quality [6][7]. - Xiaomi's recent financial performance shows a significant increase in revenue from IoT and consumer products, with air conditioning sales growing over 60% year-on-year [7]. Strategic Considerations - Gree needs to address both internal challenges and external competition to regain market momentum, focusing on inventory reduction and demand recovery [8]. - The company must innovate in channel strategies and ecosystem development to navigate the current market difficulties and seek growth opportunities [8].