文 丨 《BUG》栏目 周文猛 在她掌权期间，海信家电先后发布了三个季度的财务数据。《BUG》栏目统计发现，仅看2022年-2025 年前三季度数据，今年的营收增速和扣非净利润增速均创新低，且大幅低于往年同期。 从去年11月21日当选董事长至今，80后"女帅"高玉玲掌舵海信家电已满一年。 此外，知情人士向《BUG》栏目透露，海信家电冰洗业务核心领导人尹志新，目前已升任海信集团中 国区总裁，同时他在海信家电冰洗业务板块仍有挂职，也在参与业务管理。这意味着，被誉为高玉 玲"左膀右臂"的三位核心人物，目前均已身兼要职。针对尹志新的职位变化，海信方面暂未作出回应。 从管理业务营收表现来看，在较出色的业绩增长下，尹志新喜获升迁也在情理之中。不过，对于尹志新 职务调整一事，截至发稿海信方面并未回应《BUG》栏目问询，也未进行更多公开解释。 执掌一年，同期增速最低 "左膀右臂"升迁 去年11月21日，海信家电宣布时任公司董事长代慧忠因达到退职年龄不再担任董事长职务，董事会全票 通过选举高玉玲担任公司新董事长。伴随这一公告的发布，海信家电正式步入"高玉玲时代"。 而在高玉玲当选董事长后，一系列的海信家电高层人员变动也随之发生 ...

Core Viewpoint - The opening of Gree's first "Dong Mingzhu Health Home" store in Inner Mongolia highlights the company's commitment to quality amidst a competitive home appliance industry that is increasingly relying on price competition rather than technological advancements [2] Industry Insights - The home appliance industry is experiencing intense competition, referred to as "involution," where companies are not pursuing technological breakthroughs and are instead cutting corners to reduce costs [2] - Some air conditioning products in the market reportedly fail within a month of use, leading to high repair costs, which is attributed to the practice of cutting corners [2] Company Position - Gree's chairman, Dong Mingzhu, emphasizes the importance of maintaining quality and believes that consumers will eventually recognize the sincerity and strength of companies that prioritize quality over price [2] - Dong has previously criticized the low-price strategy adopted by some brands, suggesting that it reflects a lack of technological support and is essentially a deceptive practice against consumers [2] - At a recent shareholders' meeting, Dong specifically called out the low pricing of certain air conditioning products, questioning their quality and asserting that companies should focus on technology and quality before discussing pricing [2]

Core Viewpoint - Gree Electric's chairman, Dong Mingzhu, emphasizes the importance of innovation despite criticism regarding the design and pricing of the Rose Air Conditioner, asserting that different aesthetic preferences exist among consumers [1][4][5] Group 1: Product Innovation and Design - The Rose Air Conditioner, designed by Dong Mingzhu, has faced criticism for its aesthetic appeal, being likened to 1990s designs, and is priced at 32,999 yuan [2][4] - Dong Mingzhu defends the product by stating it aims to integrate with home life and transform air conditioning into a piece of art, indicating plans for a second generation of the product that will resemble a rose [4][5] Group 2: Market Position and Competition - Dong Mingzhu highlights the intense competition in the home appliance industry, criticizing competitors for compromising quality in favor of lower prices, which can lead to higher long-term costs for consumers [5] - The company aims to maintain high-quality standards, asserting that cheaper products often result in higher maintenance costs and increased energy consumption [5] Group 3: Corporate Changes - Recent corporate changes include the resignation of Dong Mingzhu as a director of Gree Titanium New Energy Co., with Fang Xiangjian taking over as the legal representative and chairman [5][6] - The company was established in December 2009 and focuses on research and development in the new energy sector, including lithium-ion batteries and electric vehicle components [6]

Core Viewpoint - The home appliance industry is experiencing intense competition, leading to a decline in the pursuit of technological breakthroughs, with companies resorting to cost-cutting measures and misleading pricing strategies [1] Industry Summary - The home appliance sector is characterized by fierce competition, where companies are no longer focused on innovation and quality, but rather on reducing costs and offering lower prices to attract consumers [1] - Companies are compromising on product quality, which can result in higher long-term costs for consumers due to increased maintenance and energy consumption associated with inferior products [1]

Group 1 - The core viewpoint of the article highlights the intense competition in the home appliance industry, with companies prioritizing cost-cutting over technological advancements [1] - Gree Electric Appliances' Chairman, Dong Mingzhu, emphasizes the importance of maintaining product quality amidst industry "involution" [1] - The article mentions that consumers may face higher repair costs when opting for cheaper products, as low-quality air conditioners can consume twice the electricity compared to quality products [1]

Group 1 - Gree Electric's new store "Dong Mingzhu Healthy Home" opened in Baotou, Inner Mongolia, on August 5, indicating the company's expansion strategy in the home appliance sector [1] - Gree Electric's Chairman, Dong Mingzhu, highlighted the intense competition in the home appliance industry, stating that companies are no longer solely focused on technology [1] - Under the brand strategy "Good Appliances Made by Gree," the company has expanded from air conditioning to include washing machines and refrigerators, launching nine innovative products that address various health-related needs [1] Group 2 - Dong Mingzhu emphasized that the concept of health should translate into tangible life experiences for consumers, rather than just a slogan [1] - Gree Electric plans to establish a nationwide presence for its "Dong Mingzhu Healthy Home" brand by 2025 [1] - In response to the fierce competition in the air conditioning market, Gree's marketing director, Zhu Lei, noted that price wars are not new to the industry, referencing past attempts by companies to produce budget models [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the home appliance industry, particularly focusing on the impact of national subsidy policies and sales performance during the 618 shopping festival in 2025 [1][13]. Key Points and Arguments 1. **National Subsidy Policy Outlook**: - The home appliance subsidy may end early in 2025, with funds expected to be exhausted by Q4, especially in active eastern markets, while regions like Gansu and Qinghai may be less affected [1][3]. - The continuity of the subsidy in 2026 is uncertain and will depend on the 2025 market performance; if growth is flat or minimal, the likelihood of extension decreases [1][4]. - Historical data suggests that even if the subsidy is canceled, the market size could remain around 850 billion yuan, with a potential decline of 7-8% [1][6]. 2. **Sales Performance**: - Online sales during the 2025 618 event grew by 16.6% year-on-year, while offline sales increased by 17.8%. However, the average price increase online was significantly lower than in 2024, indicating a shift in demand dynamics [1][13][14]. - Specific categories showed varied performance: cleaning appliances saw a 26% increase, while refrigerators experienced a 4.1% decline in sales [1][16]. 3. **Market Dynamics**: - The home appliance industry is expected to face constraints on "involution" (excessive competition), with potential policy guidance anticipated in the latter half of 2025 [1][7]. - Local governments have flexibility in reallocating subsidy funds, which may favor regions with higher efficiency in fund usage [1][8]. 4. **Product Category Insights**: - Cleaning appliances and air conditioners are highlighted as key areas for investment due to their strong performance and growth potential [2][20]. - The kitchen appliance market is undergoing a renewal phase in first and second-tier cities, while third and fourth-tier markets remain weaker [21]. 5. **Price Trends**: - Average prices for various appliance categories showed mixed trends during the 2025 618 event, with cleaning appliances and air conditioners experiencing price declines, while washing machines saw a slight increase [24][25]. Additional Important Content - The potential for the government to issue special bonds to extend subsidies is low, as decisions are typically made with a longer-term perspective [1][8]. - The impact of the subsidy policy on major brands like Haier and Midea is significant, as they have effectively leveraged the subsidy framework to enhance market penetration [22][23]. - The exit of the subsidy policy may benefit head brands in the kitchen appliance sector, allowing them to regain competitiveness in lower-tier markets [23]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the home appliance industry's current state and future outlook.