Core Viewpoint - The Chinese home appliance industry is transitioning from a phase of rapid scale expansion to a focus on high-quality transformation, emphasizing value upgrades over price wars [3][15]. Industry Overview - The competition logic in the home appliance sector is shifting from scale expansion to value enhancement, with companies needing to find new growth drivers in this new cycle [3][5]. - Traditional categories like televisions and refrigerators are facing short-term adjustments, while emerging categories such as dryers and dishwashers are gaining market share, indicating a shift in industry dynamics [3][4]. Company Performance - Midea reported revenue of 251.12 billion yuan for the first half of 2025, a year-on-year increase of 15.58%, with net profit rising by 25.04% to 26.01 billion yuan, driven by diversified business synergies [4]. - Haier's revenue reached 156.49 billion yuan, up 10.2%, with net profit increasing by 15.6% to 12.03 billion yuan, supported by its high-end market strategy [4]. - Gree's revenue was 97.33 billion yuan, a slight decline of 2.46%, but net profit increased by 1.95% to 14.41 billion yuan, with growth in overseas and industrial products [4][7]. Competitive Landscape - The competition is evolving from merely capturing existing market share to focusing on detailed, scenario-based, and personalized innovations to extract incremental growth from existing markets [5][14]. - The overseas market is becoming a critical battleground for growth, with companies needing to adapt their strategies to local market characteristics [5][10]. Emerging Trends - Gree's reliance on air conditioning remains high, with this segment accounting for 78.38% of its revenue, highlighting the risks of dependence on a single product category [7]. - Midea's diversified business model has shown resilience, with its new energy and industrial technology segments generating significant revenue growth [8][9]. - Haier has successfully positioned itself in the high-end market, with its Casarte brand leading in market share for premium appliances [9]. Global Expansion - Midea's overseas revenue reached 107.2 billion yuan, a 17.7% increase, with a focus on global distribution and local production to reduce costs [12]. - Haier's overseas revenue was 79.08 billion yuan, up 11.66%, with over 50% of its total revenue coming from international markets, showcasing its global strategy [13]. - Gree's overseas revenue was 16.34 billion yuan, a 10.19% increase, but its market share remains significantly lower compared to Midea and Haier [13]. Future Outlook - The smart home market in China is expected to grow steadily, with a projected shipment of 281 million units in 2025, indicating a shift towards refined operations and product upgrades [14]. - The industry is moving towards a "value war," where companies must focus on demand insights and technological advancements rather than just cost control [15].

● 刘英杰 谭丁豪 在政策红利持续释放的背景下，家电行业分化明显。以旧换新政策扩围不仅激活存量消费、带动行业整 体收入改善，更推动行业向智能化、绿色化转型。同时，白色家电、科技家电等领域利润增速亮眼，而 厨房电器等领域受房地产市场拖累，营收出现下滑。 日前，开源证券研究所副所长、家电和可选消费首席分析师吕明在接受中国证券报记者专访时表示，家 电行业正处转型期，需通过AI技术落地、供应链优化及战略平衡破局。长期看，行业增长动力转向科 技赛道，新兴科技家电潜力较大，建议关注成长型科技家电赛道与高分红家电龙头的投资机遇。 行业竞争格局生变 "在以旧换新政策扩围至12类产品的推动下，行业整体收入较去年大有改善，但不同细分赛道表现差异 显著。"吕明表示。 从政策效果来看，吕明认为，政策的深远影响正在显现。截至2025年7月，超6600万名消费者参与以旧 换新政策，直接拉动消费超2700亿元，限额以上家电零售额同比增长30.7%。政策不仅激活了存量市 场，更推动行业向智能化、绿色化升级，如节能空调、嵌入式冰箱等高端产品销量显著增长。 "行业竞争格局正经历深刻变革。"吕明表示，抖音等平台从价格导向转向价值导向，通过流量激励 ...