家用电器行业投资策略周报：格力积极布局品牌多元化，多品类助力中长期增长

Air Conditioning - Gree's main brand maintains a leading position with a 36.15% online market share, up 5.40 percentage points year-on-year, while offline market share decreased by 9.25 percentage points[12] - The online sales of Gree air conditioners reached 859 million yuan, a year-on-year decline of 30.74%, while offline sales were 300 million yuan, down 66.42%[12] - The newly launched Jinghong air conditioner targets the cost-effective engineering machine and online retail market, achieving an online market share of 5.51%[16] Refrigerators - Jinghong refrigerator's online sales reached 994,500 yuan, down 66.66% year-on-year, and offline sales were 768,000 yuan, down 44.94%[22] - Jinghong refrigerator's online market share is 0.05%, a decrease of 0.05 percentage points year-on-year, while offline market share is 0.06%, an increase of 0.01 percentage points[22] Washing Machines - Gree washing machines saw online sales increase by 940.44% year-on-year, reaching 3.7757 million yuan, while offline sales rose by 150.12% to 190,800 yuan[24] - The online market share for Gree washing machines is 0.17%, up 0.15 percentage points year-on-year, and offline market share is 0.02%, an increase of 0.02 percentage points[24] Overseas Expansion - Gree's overseas revenue reached 16.335 billion yuan in the first half of 2025, a year-on-year increase of 10.19%[27] - The company has established a multi-brand strategy with brands like "GREE," "TOSOT," and "KINGHOME," covering over 190 countries and regions[27]