Core Insights - The competition between Xiaomi and Gree appears to be concluding, with Gree's recent financial disclosures indicating a significant decline in revenue and net profit [1][2] - In the first three quarters of 2023, Gree's revenue was 137.18 billion yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders was 21.461 billion yuan, down 2.27% [1] - In Q3 2023 alone, Gree's revenue fell to 39.855 billion yuan, marking a 15.09% decline year-on-year, and net profit dropped to 7.049 billion yuan, down 9.92% [1] Company Performance Comparison - Prior to 2024, Gree consistently outperformed Xiaomi in annual net profit metrics [2] - However, in the first half of 2023, Xiaomi surpassed Gree in net profit, achieving 22.829 billion yuan compared to Gree's 14.412 billion yuan, resulting in a difference of 8.417 billion yuan [2] Historical Context - The rivalry intensified in December 2013 when Gree's chairman, Dong Mingzhu, and Xiaomi's founder, Lei Jun, made a notable "10 billion bet" regarding their respective revenues over five years [1] - Dong Mingzhu stated that in the first five years, Lei Jun lost the bet, and there was no further wager for the subsequent five years, indicating a shift in competitive dynamics [1]