阿尔法工场研究院·2025-09-08 00:02Core Viewpoint - The competition between Xiaomi and Gree has intensified, with a focus on market share in the air conditioning sector, leading to disputes over data credibility and industry dynamics [6][7][17]. Group 1: Competition Dynamics - The "bet" initiated by Lei Jun against Dong Mingzhu has evolved into a significant rivalry, with Xiaomi claiming to have surpassed Gree in online market share for air conditioners [6][9]. - Discrepancies in data from Aowei Cloud Network have raised questions about the credibility of market share claims, with both companies presenting conflicting statistics [10][15]. - The air conditioning market is shifting, with traditional players like Midea, Gree, and Haier maintaining dominance in offline channels, while Xiaomi is rapidly gaining ground in online sales [7][24]. Group 2: Market Performance - Gree's air conditioning business has experienced negative growth, while Xiaomi's air conditioning shipments surged by 60% year-on-year in Q2 [7][30]. - Gree's revenue for 2024 was reported at 190 billion yuan, a decline of 7.3%, contrasting with Midea's revenue growth of 9.5% to 409 billion yuan [20][21]. - Gree's heavy reliance on air conditioning sales poses a risk, as it accounted for 78.54% of total revenue in 2024, compared to Midea's diversified approach [21][22]. Group 3: Pricing and Market Strategy - The air conditioning industry is witnessing a trend towards lower prices, with Xiaomi's competitive pricing strategy appealing to consumers [31][30]. - The market is experiencing a shift towards online sales, with online sales accounting for nearly 60% of total market sales by mid-2025, indicating a need for Gree to adapt [27][29]. - The international market is becoming increasingly important, with leading companies like Midea and Haier already achieving significant overseas sales, while Gree lags behind [32][32].