Core Viewpoint - The competition between Xiaomi and Gree has intensified, with a focus on market share in the air conditioning sector, leading to disputes over data credibility and industry dynamics [6][7][17]. Group 1: Competition Dynamics - The "bet" initiated by Lei Jun against Dong Mingzhu has evolved into a significant rivalry, with Xiaomi claiming to have surpassed Gree in online market share for air conditioners [6][9]. - Discrepancies in data from Aowei Cloud Network have raised questions about the credibility of market share claims, with both companies presenting conflicting statistics [10][15]. - The air conditioning market is shifting, with traditional players like Midea, Gree, and Haier maintaining dominance in offline channels, while Xiaomi is rapidly gaining ground in online sales [7][24]. Group 2: Market Performance - Gree's air conditioning business has experienced negative growth, while Xiaomi's air conditioning shipments surged by 60% year-on-year in Q2 [7][30]. - Gree's revenue for 2024 was reported at 190 billion yuan, a decline of 7.3%, contrasting with Midea's revenue growth of 9.5% to 409 billion yuan [20][21]. - Gree's heavy reliance on air conditioning sales poses a risk, as it accounted for 78.54% of total revenue in 2024, compared to Midea's diversified approach [21][22]. Group 3: Pricing and Market Strategy - The air conditioning industry is witnessing a trend towards lower prices, with Xiaomi's competitive pricing strategy appealing to consumers [31][30]. - The market is experiencing a shift towards online sales, with online sales accounting for nearly 60% of total market sales by mid-2025, indicating a need for Gree to adapt [27][29]. - The international market is becoming increasingly important, with leading companies like Midea and Haier already achieving significant overseas sales, while Gree lags behind [32][32].

Core Viewpoint - The competition between Xiaomi and Gree has intensified, with a focus on market share in the air conditioning sector, leading to disputes over data credibility and industry positioning [5][6][17]. Group 1: Market Dynamics - The air conditioning market is experiencing a shift, with traditional players like Midea, Gree, and Haier maintaining dominance in offline channels, while Xiaomi is rapidly gaining ground in online sales [6][19]. - In Q2 of this year, Gree's consumer electronics business, including air conditioning, faced negative growth, while Xiaomi's air conditioning shipments surged by 60% year-on-year [6][30]. - The online market share data for July indicated Xiaomi's share at 16.71%, surpassing Gree's 16.41%, although this claim has been contested [7][14]. Group 2: Financial Performance - Gree's revenue for 2024 was reported at 190 billion yuan, a decline of 7.3%, while Midea and Haier reported revenue growth of 9.5% and 4.3%, respectively [21][22]. - Gree's reliance on air conditioning is evident, with 78.54% of its total revenue coming from the consumer electronics segment, which includes air conditioning [22]. - In contrast, Midea and Haier have diversified their revenue streams, reducing dependence on a single product category [23]. Group 3: Competitive Strategies - Xiaomi's strategy focuses on low pricing and leveraging its IoT ecosystem, with air conditioning contributing only 4-5% of its total revenue, allowing it to maintain a competitive edge [24][30]. - Gree's traditional high-end positioning is under pressure as it faces challenges from Xiaomi's cost-effective offerings [30]. - The air conditioning industry is witnessing a trend towards lower prices, with companies like Xiaomi capitalizing on this to increase market share [29][30]. Group 4: Future Outlook - The air conditioning market is expected to evolve into a global competition, with companies needing to establish overseas advantages to thrive [34]. - Gree's internationalization efforts lag behind competitors, with only 15% of its revenue coming from overseas, while Midea and Haier have significantly higher international sales proportions [34]. - As the market shifts towards online sales, Gree must adapt to capture younger consumers and enhance its online presence to remain competitive [27][34].