第一财经·2025-09-01 04:18Core Viewpoint - The recent price war in the air conditioning market has led to a decline in Gree Electric's performance, while competitors like Midea and Haier have benefited from the situation. Industry experts suggest that diversification and flexibility are key to maintaining growth in the current competitive landscape [3]. Group 1: Gree Electric's Performance - Gree Electric's stock price fell by 5.88% to 42.6 CNY per share following its half-year report, which indicated "increased revenue but decreased profit" with a 10% decline in net profit for Q2 [5]. - In the first half of 2025, Gree reported revenue of 973.25 billion CNY, a year-on-year decrease of 2.46%, while net profit was 144.12 billion CNY, a year-on-year increase of 1.95% [5]. - The air conditioning segment, which accounts for nearly 80% of Gree's revenue, saw a 5.09% decline in revenue to 762.79 billion CNY in the first half of the year [5]. Group 2: Market Dynamics - The domestic household air conditioning market experienced an 8.3% year-on-year increase in sales volume in the first half of 2025, driven by government incentives and warmer weather [6]. - The central air conditioning market, however, saw a 10.1% decline in sales revenue, indicating a mixed performance across different segments [6]. - The competition intensified with low-end air conditioners priced below 2100 CNY capturing over 50% of online sales, putting pressure on mid-to-high-end products [6]. Group 3: Competitive Landscape - Xiaomi's aggressive pricing strategy, including the promotion of air conditioners priced around 1000 CNY, has sparked significant competition, leading to public disputes between Gree and Xiaomi over market share [7][9]. - Midea's market share increased by 4.9 percentage points to 22.63% in May, while Gree's share decreased by 1.53 percentage points to 17.08% [9]. - Haier also saw a significant increase in market share, with its online air conditioning sales price dropping by 12.56% to 2552 CNY, resulting in a 2.84 percentage point increase in market share [9]. Group 4: Future Strategies - Gree plans to reduce supply prices for mid-range air conditioners by approximately 10% to enhance competitiveness [13]. - The company is also exploring international markets and aims to establish a comprehensive international production base [13]. - Industry analysts emphasize the need for companies to adopt flexible pricing strategies and diversify their product offerings to navigate the evolving competitive landscape [14].