3 6 Ke·2025-11-21 10:58Core Viewpoint - Midea has implemented a policy prohibiting its after-sales service providers from simultaneously collaborating with Xiaomi or Gree, primarily targeting Xiaomi due to its significant sales growth in air conditioning this year, which has posed a competitive threat to Midea [1][5] Group 1: Industry Competition - The competition among major home appliance brands is intensifying, with Midea's policy change quickly becoming a trending topic on social media [1] - Midea has denied any forced collaboration restrictions, indicating a potential discrepancy in reports from various media outlets [1][4] - The relationship dynamics between Xiaomi and Gree are complex, with historical factors influencing public perception of their rivalry [5] Group 2: Market Position and Performance - In July, the top five air conditioning brands in China were Midea, Gree, Haier, Xiaomi, and Aux, with Midea experiencing a 1% decline and Xiaomi emerging as a notable competitor [6] - During the recent Double Eleven shopping festival, the sales rankings for air conditioning brands were Gree, Midea, Xiaomi, Hualing, and Haier, indicating Xiaomi's strong market presence [7] - Price competition is escalating, with average prices for air conditioning units dropping significantly, reflecting the aggressive strategies of leading brands [8] Group 3: Financial Insights - Xiaomi's air conditioning segment has a net profit margin of approximately 2%, while Midea's and Haier's margins are significantly higher, indicating a challenging financial landscape for Xiaomi [8] - Despite a 5.6% year-on-year revenue growth in Xiaomi's IoT and lifestyle products segment, there was a noticeable decline compared to the previous quarter, highlighting the competitive pressures in the home appliance sector [8] Group 4: International Expansion - Midea's overseas revenue reached 107.2 billion yuan in the first half of 2025, marking a 17.7% year-on-year increase, establishing it as a significant growth driver [9] - Haier's overseas revenue accounted for over 50% of its total revenue, showcasing its strong international presence [9] - Gree's overseas revenue reached 16.78% of its total, indicating room for growth in international markets [9] Group 5: Technological Advancements - The leading home appliance brands are heavily investing in technology and innovation, with Haier holding the highest number of smart home invention patents globally [10] - Xiaomi is pursuing a comprehensive ecosystem strategy, integrating its products with smart home technology, which may provide a competitive edge [10][11] - The smart home market in China is projected to reach 1.36 trillion yuan by 2030, indicating significant growth potential for all major players [11]