中国基金报·2025-08-30 10:09Core Viewpoint - The performance of the three major home appliance giants in A-shares shows significant differentiation, with Midea leading, Haier in the middle, and Gree lagging behind [2][5]. Group 1: Midea Group Performance - Midea Group reported a revenue of 251.12 billion yuan for the first half of 2025, a year-on-year increase of 15.58%, and a net profit of 26.01 billion yuan, up 25.04% [3][8]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 3.798 billion yuan [3][8]. - Midea's smart home business revenue grew by 13.31% to 167.20 billion yuan, accounting for 66.58% of total revenue [23]. Group 2: Haier Smart Home Performance - Haier Smart Home achieved a revenue of 156.49 billion yuan in the first half of 2025, reflecting a year-on-year growth of 10.22% [10][19]. - The net profit attributable to shareholders was 12.03 billion yuan, an increase of 15.59% [13]. Group 3: Gree Electric Performance - Gree Electric's revenue decreased by 2.46% to 97.32 billion yuan, while its net profit increased by 1.95% to 14.41 billion yuan [6][18]. - Gree announced it would not distribute cash dividends, marking a shift from its previous status as a "dividend giant" [8][18]. Group 4: Market Trends and Competition - The domestic air conditioning market saw a retail sales increase of 12.4% to 126.3 billion yuan in the first half of 2025, driven by policy incentives and high temperatures [20]. - The competition in the domestic home appliance market is expected to intensify in the second half of 2025, with a slight projected increase in retail scale [20]. Group 5: Overseas Market Growth - Midea, Haier, and Gree all reported significant growth in overseas markets, with Midea's overseas revenue reaching 107.19 billion yuan, accounting for 42.69% of its total revenue, a year-on-year increase of 17.70% [22][24]. - Haier's overseas revenue was 79.08 billion yuan, making up 50.53% of its total revenue, while Gree's overseas revenue was 16.34 billion yuan, accounting for 16.78% [22][24]. Group 6: B-end Business Development - Midea and Gree are both transitioning towards B-end business, with Midea's commercial and industrial solutions revenue growing by 20.79% to 64.54 billion yuan, representing 25.70% of its total revenue [32][34]. - Gree's other business revenue reached 9.83 billion yuan, accounting for 10.10% of its total revenue [28].