亿欧智库发布报告称，技术市场的蓬勃发展为中国全屋智能行业稳定发展提供了保障，技术成熟度更高 将驱动全屋智能行业市场繁荣与多元化发展。2025年中国智能家居市场规模已突破1万亿。互联网、家 电、传统硬件设备巨头纷纷布局智能家居赛道，产品供给和技术发展日益充分，智能家居市场得到扩 展。 北京商报讯（记者 翟枫瑞）11月26日，装修建材板块微跌，以16145.05点收盘，跌幅为0.22%。在板块 带动下，多只装修建材股股价下跌。 永安林业以8.99元/股收盘，跌幅为10.01%，领跌装修建材股。华瓷股份以16.73元/股收盘，跌幅为 7.98%，跌幅位列装修建材股第二。*ST亚振以43.23元/股收盘，跌幅为4.99%，跌幅位列装修建材股第 三。除此之外，美克家居以2.65元/股收盘，涨幅为9.96%，领涨装修建材股。垒知集团以6.85元/股收 盘，涨幅为9.95%，涨幅位列装修建材股第二。亚ST纳川以2.64元/股收盘，涨幅为6.02%，涨幅位列装 修建材股第三。 ...

中国全屋智能行业营收变动呈增长态势 从中国全屋智能行业代表性企业的营收情况均值变动情况来看，2020-2024年，中国全屋智能行业代表 性上市企业营收整体呈增长态势，2024年营收显著增长至2118.53亿元，增长率回升至10.6%;2025年上 半年营收为1166.91亿元。整体来看，行业营收规模持续扩大，不过增长率在2021年高增长后有所波 动，反映出行业在发展过程中既具备市场扩张的动力，也面临着增长节奏调整的情况，头部企业如海尔 智家、美的集团等的经营表现共同推动了行业营收的变化，同时也体现出全屋智能行业在技术迭代、市 场竞争等因素影响下的发展态势。 转自：前瞻产业研究院 行业主要上市公司：海尔智家(600690)、美的集团(000333)、格力电器(000651)、小米集团(01810)、石 头科技(688169)。 本文核心内容：中国全屋智能行业营收变动;中国全屋智能行业销售毛利率; 本文章选取全屋智能行业代表性上市企业包括海尔智家(600690)、美的集团(000333)、格力电器 (000651)、小米集团(01810.HK)、阿里巴巴(09988)、石头科技(688169)、海康威视(0024 ...

11月21日，智通财经的一则报道引发家电行业高度关注，其中提及： "美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向 合作商传达，涉及小米、格力等其他品牌的空调售后及安装维修；" "一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到 了威胁，10月份下发了该通知，对家电信后体系尚不成熟的小米而言，此举是打在了七寸上…" 不禁要问，美的为何突然"变脸？"，格力和小米如何"接招？" 01，家电巨头博弈，火药味渐浓！ 今天上午，媒体《智通财经》独家报道了"美的要求售后停止小米格力业务"的消息，相关话题很快空降 微博热搜，数小时后的午间时分，媒体《第一财经》、《每日经济新闻》等又相继进行跟踪报道，强调 美的集团进行了否认："无强制售后服务他性合作的行为。" 也就是说，界面记者获取的信源按照报道的口吻来看同样也是可靠的，所以，仅凭现有的线索，我们认 为还难以推翻界面的独家报道，毕竟家电大品牌的渠道网络遍布全国，相对的政策细则可能也有区别， 你采访了A区域的负责人/员工得到的回应跟B区域大概率也是有出入的，即颗粒度不可能对齐。 So，还是回归文 ...

Core Insights - The smart home sector is witnessing an influx of players, with companies like Honor officially entering the market by adapting to Home Assistant and supporting the Matter protocol, while Xiaomi's AIoT platform has connected over 1 billion IoT devices for the first time, marking a year-on-year growth of over 20% [1][3][8]. Group 1: Company Strategies - Xiaomi has evolved from a mobile phone manufacturer to a comprehensive consumer electronics brand with a complete ecosystem of home appliances and IoT products, including smart speakers, air conditioners, and more, all integrated under the Mi Home app [5][8]. - Huawei's strategy focuses on creating a unified operating system, HarmonyOS, which integrates various devices into a distributed system, aiming to transform homes into "super devices" [9][11]. - Apple maintains a strong user experience with its HomeKit but is limited by its ecosystem, relying on third-party manufacturers for device compatibility, which restricts its market reach compared to competitors [12][15]. - Honor aims to be a coordinator of smart devices rather than a manufacturer of home appliances, focusing on interoperability through industry-standard protocols like Home Assistant and Matter [16][18]. Group 2: Competitive Landscape - Traditional home appliance giants like Midea, Haier, and Gree are shifting their focus to whole-home smart solutions, leveraging their hardware expertise and understanding of user needs to maintain a competitive edge [19][21]. - The competition is evolving from single smart products to system collaboration, allowing mobile manufacturers to re-enter the market, but traditional appliance manufacturers still hold significant advantages in hardware performance and user experience [22][25]. - New entrants in the smart home market, such as Euribot and Green米, are focusing on foundational smart home components, while emerging players like Chasing are rapidly expanding their product offerings across various categories [23][24]. Group 3: Future Outlook - The future of the smart home market is expected to be characterized by coexistence among various players, with mobile manufacturers offering flexible product choices and traditional appliance manufacturers providing reliable performance and integrated solutions [25][27].

Core Insights - Xiaomi Group reported strong growth in Q3 2025, with total revenue reaching 113.1 billion RMB, marking a 22.3% year-on-year increase, and adjusted net profit of 11.3 billion RMB, up 80.9% [1][5][6] Group Performance - The automotive segment delivered over 100,000 units in the quarter, achieving profitability for the first time, with revenue from electric vehicles and AI-related innovations reaching 29 billion RMB, a year-on-year increase of over 199% [1][6][10] - The company opened 402 automotive sales outlets across 119 cities in mainland China, enhancing its sales service network [10] Smartphone Business - Smartphone revenue amounted to 46 billion RMB, with a shipment of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [1][11] - Xiaomi ranked second in domestic smartphone sales, with an 18.9% market share in the 4000-6000 RMB price range, an increase of 5.6 percentage points year-on-year [12][11] - The Xiaomi 17 series achieved record sales, with first-month sales up approximately 30% compared to the previous generation, and the Pro models accounting for over 80% of sales [13][11] AIoT and Internet Services - The AIoT platform connected over 1 billion devices, with revenue from IoT and consumer products reaching 27.6 billion RMB, a year-on-year increase of 5.6% [2][17] - The company’s internet services revenue hit a historical high of 9.47 billion RMB, with global monthly active users reaching 742 million, an 8.2% year-on-year increase [17][2] Research and Development - Xiaomi invested 23.5 billion RMB in R&D in the first three quarters, with a record number of 24,871 R&D personnel [17][18][19] - The company plans to exceed 30 billion RMB in total R&D investment for the year [21] Sustainability and ESG - Xiaomi has seen continuous improvement in its ESG ratings, being included in Forbes China's "2025 ESG 50" list and achieving an upgrade in MSCI ESG rating from BBB to A [22]

Core Insights - Xiaomi Group reported a total revenue of RMB 113.1 billion for Q3 2025, representing a year-on-year growth of 22.3% [1] - The "Smartphone × AIoT" segment generated RMB 84.1 billion, a 1.6% increase year-on-year, while the "Smart Electric Vehicles and AI Innovation" segment reached a record high of RMB 29 billion, growing by 199.2% [1] - Adjusted net profit for the quarter was RMB 11.3 billion, marking an 80.9% year-on-year increase [1] Business Performance - Xiaomi's smartphone shipments reached 43.3 million units in Q3 2025, a 0.5% increase year-on-year, maintaining a position among the top three global smartphone vendors with a market share of 13.6% [2] - The number of active users globally reached 741.7 million, an 8.2% increase year-on-year, and the number of connected IoT devices surpassed 1 billion, reaching 1,035.5 million, a 20.2% increase [2] - The company delivered 108,796 new vehicles in Q3 2025, setting a new record [2] Research and Development - Xiaomi's R&D expenditure for Q3 2025 was RMB 9.1 billion, a 52.1% increase year-on-year, with total R&D spending for the first three quarters reaching RMB 23.5 billion [2] - The number of R&D personnel reached a historical high of 24,871 [2] AI and Technology Innovations - Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model in September 2025, achieving significant advancements in voice interaction and natural language processing [3] - The company introduced the Xiaomi Miloco smart home exploration plan, enabling natural language interaction with smart home systems [3] - The new Xiaomi Surge OS 3 was released, enhancing user experience and privacy features [4] Market Strategy and Sales - Xiaomi's high-end smartphone sales in mainland China accounted for 24.1% of total smartphone sales, a 4.1 percentage point increase year-on-year [4] - The company launched a customization service for Xiaomi cars, offering various personalized options [4] - Xiaomi's retail strategy expanded with over 18,000 stores in mainland China and approximately 300 overseas [5] - During the 2025 Double Eleven shopping festival, Xiaomi achieved over RMB 29 billion in total payment amounts, with its smartphones ranking first in sales [5] - Capital expenditure for the first three quarters reached approximately RMB 13 billion, an 86.7% increase year-on-year [5]

Core Insights - The home appliance industry in China is entering an era of full-home intelligence, with traditional appliance companies and tech firms like Huawei and Xiaomi intensifying competition through AI technology and smart ecosystems [1][2][7] Group 1: Market Dynamics - Traditional appliance companies such as Midea, Gree, Haier, and Hisense are seeking new growth points by developing AI technology, expanding product lines, and exploring international markets [1] - Tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to enhance competition in the appliance market [1][2] - The trend towards smart appliances is evident, with many brands offering independent smart systems, often named with a prefix like "Xiao" [2] Group 2: Consumer Behavior - Consumers are increasingly drawn to smart appliances, with features like AI voice functionality appealing to families with children and elderly members [3] - A shift in consumer preferences is noted, with many opting for domestic brands over foreign ones, indicating a growing expectation for smart features in appliances [3][4] - The interest in full-home smart systems is rising, but many consumers face challenges due to incompatibility between different brands' systems [4] Group 3: Technological Advancements - Midea's full-home smart system integrates various home environments and appliances, evolving from passive responses to proactive services [5][6] - The interaction between vehicles and home systems is emerging, with Midea collaborating with companies like BYD and Tesla to enhance connectivity [5][6] - A report indicates that the smart home market in China is expected to grow at double-digit rates from 2023 to 2025, with smart security, lighting, and audio-visual products being the fastest-growing categories [6][7] Group 4: Competitive Landscape - Major players in the appliance sector include Gree, Midea, Haier, Hisense, and TCL, with the boundaries of the industry becoming increasingly blurred as companies embrace a broader home ecosystem [7][8] - The competition is intensifying, with a notable price war among domestic brands, as they strive to offer smart services that add higher value beyond traditional hardware manufacturing [8]

Core Viewpoint - The competition in the home appliance market is intensifying as traditional companies like Midea, Gree, Haier, and Hisense seek new growth through AI technology, product line expansion, and internationalization, while tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to increase competition [2][3]. Group 1: Market Dynamics - Traditional home appliance companies are exploring new growth points through AI technology and expanding product lines [2][3]. - Tech companies are intensifying competition in the home appliance market by leveraging their smart ecosystem advantages [2][3]. - The shift towards a fully smart home environment is becoming evident, with consumers increasingly interested in integrated smart solutions [12]. Group 2: Consumer Behavior - Consumers are showing a preference for smart appliances, with features like AI voice control being particularly appealing to families with children and elderly members [6]. - There is a noticeable shift in consumer purchasing habits, with many moving from foreign brands to domestic brands due to the increasing expectations for smart features [6][7]. - Consumers are facing challenges with compatibility between different brands' smart systems, which complicates the integration of smart home devices [7]. Group 3: Technological Advancements - Home appliances are evolving from "single product intelligence" to "whole home intelligence," with systems like Midea's "Xiao Mei AI" integrating various smart functions [9][10]. - The interaction between vehicles and home systems is being developed, allowing for seamless integration and control of home environments from vehicles [11]. - The trend towards smart home integration is expected to continue, with significant growth projected in the smart home market over the next few years [12]. Group 4: Industry Trends - Major players in the home appliance sector, including Gree, Midea, Haier, and Hisense, are adapting to the blurred lines between home appliances and broader home ecosystems [14]. - The retail landscape is shifting, with smart home products being prominently displayed alongside traditional appliances to attract consumer interest [14]. - The release of technological potential in the home appliance sector is expected to reshape global competition, allowing Chinese companies to gain a more advantageous position in the market [15].

Core Insights - Xiaomi has launched a smart home exploration plan called Xiaomi Miloco, which is driven by large models to create a fully intelligent living environment [1] - The Miloco plan emphasizes privacy and security by deploying large models on the edge to protect user data [1] - The Xiaomi MiMo-VL-Miloco-7B visual language model serves as the technical core, enabling perception and understanding for smart home interactions [1] Summary by Categories Product Development - Xiaomi Miloco allows users to interact with the smart home system through conversation, utilizing reasoning and computation from large models to fulfill various smart needs [1] - The system is designed to reconstruct the interaction paradigm of home intelligence [1] Privacy and Security - The exploration plan prioritizes user privacy by ensuring that large models are deployed on the edge, preventing data breaches [1] Open Innovation - Miloco has been made available to the public and is hosted on GitHub, allowing developers to modify and expand any layer of the system [1] - The initiative fosters an "open co-creation" environment, encouraging collaboration and innovation within the developer community [1]

Core Insights - The Chinese home appliance industry is entering an era of whole-home intelligence, with traditional appliance manufacturers and tech companies competing fiercely in this new landscape [1][2] Group 1: Market Dynamics - Traditional appliance companies like Midea, Gree, Haier, and Hisense are seeking new growth points through AI technology, product line expansion, and internationalization [1] - Tech companies such as Huawei and Xiaomi are intensifying competition in the appliance market by leveraging their established smart ecosystem advantages [1][2] Group 2: Consumer Behavior - Consumers are increasingly opting for smart appliances, with a notable shift from foreign brands to domestic brands, reflecting a growing expectation for intelligent features [3][4] - The demand for whole-home smart systems is primarily driven by high-end customers, while budget constraints limit broader consumer adoption [3][7] Group 3: Technological Advancements - Major appliance brands have developed independent smart systems, enhancing their products with AI capabilities, particularly in high-end models [2][5] - The evolution from "passive response" to "active service" in smart appliances is exemplified by Midea's AI system, which can proactively adjust settings based on user needs [5][6] Group 4: Industry Trends - The smart home market in China is projected to grow at double-digit rates from 2023 to 2025, with significant interest in smart security, lighting, and audio-visual products [7][8] - The boundaries of the home appliance industry are becoming increasingly blurred, with a trend towards integrating home appliances into a broader home ecosystem [8][9] Group 5: Competitive Landscape - Leading companies in the appliance sector include Gree, Midea, Haier, Hisense, and TCL, but the competition is shifting towards providing intelligent services rather than just hardware [8][9] - The release of technological potential in the appliance sector is expected to reshape the global competitive landscape, positioning Chinese appliance manufacturers more favorably in international markets [9]