第一财经·2025-05-30 11:15Core Viewpoint - The home appliance industry is highly competitive, described as a "red ocean," where new entrants like Xiaomi face strategic disadvantages despite short-term tactical gains [2]. Group 1: Company Strategy - Midea Group aims to extend the lifecycle of its consumer (To C) business while developing its business-to-business (To B) segment as a second growth curve, targeting equal revenue contribution from both segments in the future [2]. - The company does not consider itself to have a competitive moat, indicating a focus on adapting to market conditions rather than relying on inherent advantages [2]. Group 2: Market Performance - Midea's revenue from the U.S. market constitutes 6% of its total revenue for 2024, with plans to produce 95% of its exported products outside of China, which is expected to create new opportunities despite recent declines in exports [3]. - In the domestic market, Midea's air conditioning business saw over 50% year-on-year growth in installation volume from January to May, although other categories like dishwashers experienced a decline [3]. Group 3: Business Segments - Midea is optimistic about the medical sector and has been exploring this field for over a decade, focusing on diagnostic equipment through its acquisition of Wandong Medical [4]. - The company is also investing in robotics, having acquired KUKA Group, and is exploring the development of household robots, although the specific applications and forms remain under research [4]. Group 4: Governance and Financials - Midea emphasizes that its governance does not rely on any single individual, including the current chairman and president, ensuring continuity in leadership [4]. - The company plans to increase its dividend payout for 2024, indicating a commitment to returning value to shareholders [4].