Group 1: Impact of RMB Internationalization - The promotion of RMB internationalization positively impacts the company's overall development by reducing exchange rate fluctuation risks and enhancing financial stability [2] - It facilitates cooperation with emerging market partners, especially in key areas like the Belt and Road Initiative, providing more business opportunities [2] - The development of the offshore RMB market allows the company to broaden financing channels, issue RMB bonds, or obtain RMB loans, optimizing funding costs [2] Group 2: Company’s Product Offerings - The company develops diverse intelligent automation equipment using technologies such as barcode recognition, AI, and edge computing, including smart warehouse robots and intelligent sorting devices [3] - The products are applicable in various sectors, including logistics, e-commerce, retail, and manufacturing [3] Group 3: Overseas Business Performance - In 2024, overseas revenue accounted for 27.61% of the company's total revenue, indicating a strong focus on expanding international markets [3] Group 4: Financial Performance of Subsidiaries - Zhuhai Jiabo Technology Co., Ltd. has maintained a good profitability status in 2025, contributing positively to the overall company performance [4] - The sales revenue of Jiabo Technology's specialized printers increased by 12.30% year-on-year, with sales volume rising by 17.88% in the first three quarters of 2025 [5]

Core Viewpoint - The competition between Midea and Xiaomi has intensified, shifting from collaboration to direct rivalry, particularly in the home appliance sector, with both companies adopting distinct strategies to capture market share [7][10][11]. Financial Performance - Midea Group reported Q3 revenue of 111.93 billion yuan, a year-on-year increase of 10%, and a net profit of 11.87 billion yuan, up 9% year-on-year [6]. - Xiaomi's market capitalization is significantly higher at 1.17 trillion HKD, with a price-to-earnings (P/E) ratio double that of Midea, indicating a market expectation of higher growth [7][8]. Competitive Landscape - Midea's strategy focuses on maintaining profitability and expanding its B2B business, which has seen revenue growth rates exceeding 20% in recent quarters [8][9]. - Xiaomi emphasizes user control and ecosystem integration, with a P/E ratio of 29, reflecting investor confidence in its growth potential [8][30]. Historical Context - The partnership between Midea and Xiaomi began in 2014, aimed at leveraging Midea's manufacturing capabilities and Xiaomi's internet expertise, but has since evolved into competition, particularly after Xiaomi entered the air conditioning market in 2018 [11][12]. - Midea has divested all its Xiaomi shares, realizing a profit of approximately 5.65 billion yuan from an initial investment of 1.273 billion yuan [12][13]. Market Strategies - Xiaomi employs aggressive pricing strategies and ecosystem integration to attract consumers, while Midea focuses on service quality and rapid installation to leverage its strengths in customer service [9][18]. - Midea's sub-brand, Hualing, targets price-sensitive consumers, while its main brand has also engaged in price reductions to counter Xiaomi's market share gains [19][20]. Future Outlook - The competition is expected to escalate, particularly in the air conditioning market, with both companies preparing for a significant battle in 2025 [14][20]. - Xiaomi aims to expand its presence in other major appliance categories, such as washing machines and refrigerators, while Midea seeks to defend its market position through cost efficiency and product innovation [23][25]. Industry Implications - The rivalry between Midea and Xiaomi is indicative of a broader transformation in the home appliance industry, pushing companies to innovate and improve operational efficiency [32].

绑定线下渠道和工厂，把中国生产的智能设备卖出去。 文丨贺乾明 编辑丨黄俊杰 在意大利经商 20 多年的戴志广完成了一次 "产业升级"。 他 2002 年来到意大利，起初主要是把老家温州和周边工厂生产的服装、小饰品等批发给本地商店。因为 成本足够低，他很快就在行业内站稳脚跟。但随着做这行的人变多，戴志广的利润越来越少。 2018 年，戴志广开始寻找新的业务方向。他发现一个现象，那些带 "智能" 的商品可以高价卖出去。一个 质量过得去的灯泡，在意大利卖 1.5 欧元，如果是 "智能灯泡"，能卖 9 欧元。 他想到之前在一场活动上认识的温州老乡，对方创办了一家叫涂鸦智能的公司，可以帮忙开发智能设备。 他觉得这是一个机会，专门去杭州拜访。 一年后，戴志广在意大利创办名叫 "WIBY" 的智能家居品牌。他们组建了团队，把中国生产的、用了涂鸦 技术的智能设备，在意大利找渠道卖出去。这是戴志广的强项，之前做服装贸易时，他与遍布意大利各地 的华人超市老板都有合作。5 年时间，他把智能灯泡、智能摄像头等商品摆到近 1000 家华人在意大利开的 社区超市货架上，累计销售额达到上千万欧元。 戴志广和他的 WIBY，只是中国生产的智 ...