XIAOMI(HK:01810) 商业洞察·2025-11-10 09:36Core Insights - The article discusses the impact of the "National Subsidy" program on consumer behavior and various industries, particularly focusing on the automotive, home appliance, and 3C (computer, communication, and consumer electronics) sectors [4][5][6]. Group 1: National Subsidy Overview - The National Subsidy program has allocated a total of 300 billion yuan in 2023, with the last batch of 69 billion yuan announced on September 30, marking the end of a two-year consumer stimulus initiative [4][5]. - The program has seen 330 million people apply for subsidies from January to August, driving sales of related products exceeding 2 trillion yuan, accounting for about 7% of total retail sales [5][6]. Group 2: Industry Impact - The automotive sector has been the largest beneficiary, with 4.12 million applications for vehicle trade-in subsidies, translating to approximately 618-824 billion yuan, making it the "black hole" for funding [14]. - Home appliance companies have also benefited, with major players like Midea, Haier, and Gree reporting significant profit increases, while the overall market is experiencing a shift towards smarter and more energy-efficient products [15][16]. Group 3: Company Performance - BYD has emerged as a significant winner in the automotive sector, reporting a revenue of 371.3 billion yuan in the first half of 2025, a 23.3% year-on-year increase, and a net profit of 15.5 billion yuan [8][10]. - Xiaomi has capitalized on the subsidy program, achieving a 47.4% revenue growth to 111.3 billion yuan in the first quarter of 2025, with a net profit increase of 64.5% [10][12]. Group 4: Market Dynamics - The subsidy program has intensified competition, leading to a price war among automotive manufacturers, with stronger companies gaining market share while weaker ones struggle to survive [8][12]. - The 3C product market has seen a shift towards higher-priced models, with sales of smartphones priced above 4,300 yuan increasing by 11% in the first half of 2025 [15][16]. Group 5: Regional Disparities - The implementation of the subsidy program has revealed significant regional disparities, with wealthier areas like Jiangsu effectively utilizing funds and achieving higher consumer engagement compared to less affluent regions [21][23]. - The program's design aims to balance support across regions, but actual execution varies widely based on local economic conditions and administrative capabilities [22][24].