Core Viewpoint - The performance of major home appliance companies in China, specifically Midea Group, Haier Smart Home, and Gree Electric Appliances, shows significant differences in revenue and profit growth for the first half of 2025, with Midea leading the pack. Group 1: Company Performance - Midea Group reported revenue of 251.12 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.01 billion yuan, up 25.04% [2][5] - Haier Smart Home achieved revenue of 156.49 billion yuan, growing 10.22% year-on-year, with a net profit of 12.03 billion yuan, an increase of 15.59% [2][8] - Gree Electric Appliances saw revenue decline to 97.32 billion yuan, down 2.46%, while net profit grew slightly to 14.43 billion yuan, up 1.95% [2][15] Group 2: Market Trends - The domestic home appliance market (excluding 3C products) reached a retail value of 453.7 billion yuan, growing 9.2% year-on-year in the first half of 2025 [4] - The air conditioning sector saw retail sales of 38.45 million units, a 15.6% increase, with a retail scale of 126.3 billion yuan, up 12.4% [4] - The washing machine market reported retail sales of 47.6 billion yuan, growing 11.5%, while the refrigerator market reached 67.28 billion yuan, up 3.5% [4] Group 3: Competitive Landscape - Midea has established itself as a dominant player, nearly matching the combined revenue of Haier and Gree, indicating its capability to "compete against two" [6][8] - Gree's air conditioning business, a core revenue driver, has shown signs of decline, with a 5.09% drop in the consumer electronics segment [13][15] - The competitive environment is intensifying, with new entrants like Xiaomi gaining market share, prompting established players to adjust strategies [17][18]