提到海尔智家,很多投资者都比较关心他的利润、费率等问题。尤其是近年来其推动的数字化变革,实现 了持续的费降利增,让外界也充满了期待。 实际上不止是费降利增,海尔智家在营收规模增长的同时,费用绝对值却在下降,出现了"低投入与高产 出"的强捆绑。 数据是最好的说明。从2021年至2024年,海尔智家的营收、利润分别增长了588亿元、57亿元,费用绝对值 下降了30亿元。 那么,海尔智家是如何实现"低投入与高产出"的呢? 把握战略定位,走出差异化破局之路 如果把家电三巨头放在一起看,会发现他们在战略规划上存在差异,这就决定了三家企业资源的分配逻辑 不同。 其中,海尔智家战略上聚焦全球自主品牌、高端创牌、智慧家庭,更看重"用户黏性+生态协同",采用重资 产投入,强调用户体验。 美的集团是"规模效应+B端协同",通过混合渠道模式和多元化业务(家电+B端科技)进行扩张,部分自主品 牌+部分ODM/OEM。 格力电器则"单品聚焦+极致效率",以空调为核心、渠道为王,依赖强势经销商体系实现低成本高周转。 同时,海尔智家主动把分销纳入公司体系内,以3-4个百分点的费率差,获得了超过同行的终端控制权和灵 活性,为核心战略的落地做 ...

（来源：中国经济导报） 转自：中国经济导报 本报评论员 | 季晓莉 刚刚结束的中央经济工作会议确定的明年经济工作重点任务有八项，其中"坚持内需主导，建设强大国 内市场"居首位。会议强调"以苦练内功来应对外部挑战"，在大局中把握明年经济工作的关键着力点， 围绕做强国内大循环，拓展内需增长新空间。 可见，内需主导战略首先是从"人"出发，旨在提升居民的消费能力和消费体验，这是激发内需的根本。 建设强大国内市场并非抽象概念，而是由一系列可操作、可评估、已落地的具体行动组成。它正在深刻 在截至今年11月，中国2025年货物贸易顺差累计已超1万亿美元的大背景下，为什么我们还要把以内需 为主导放在第一位？事实是，"供强需弱"是当前经济运行中的一个突出矛盾。当前经济运行的核心问题 是国内供给能力强，但有效需求不足。巨大的贸易顺差从另一面印证了内部需求未能完全消化强大产 能。 依赖外部市场虽然短期可行，但在全球经济增长放缓、保护主义抬头等外部不确定性增加的背景下会加 剧经济脆弱性。扩大内需是解决这一结构性矛盾的直接抓手——将发展的立足点更多放在国内，以内循 环的稳定性来对冲外循环的不确定性，掌握发展主动权。 不仅如此，当一个国 ...

原标题：A股家电业最稳健 海尔智家继续以用户为中心全面变革 在服务体系变革上，海尔智家通过建立用户全生命周期闭环平台，把用户沉淀在平台上。这样不仅可以 实时响应用户需求，还能实现精准服务。 在管理体系变革上，海尔智家因用户需求而诞生的管理平台，这样的平台管理效率更高。 最重要的是，海尔智家要与用户建立永久的联系，而这也是海尔智家一直在做的智慧家庭。海尔智家通 过搭建平台，在平台上与用户沟通、在平台上服务用户，目前国内三翼鸟已拥有1300多万活跃用户，美 国Smart HQ平台用户超600万，欧洲hOn注册用户数突破1000万。 在充满不确定性的时代，海尔智家用实践证明，真正以用户为中心的企业，总能找到稳健增长的道路。 这份经验，为身处变革中的企业也将带来启发。 在家电市场普遍承压的背景下，海尔智家交出了一份硬核的五年答卷。截至2025三季报，海尔智家已连 续5年实现归母净利润两位数增长，跑赢了A股98%的上市公司，也是家电业唯一达成这一成就的企 业。 对于接下来的发展，海尔智家董事长兼总裁李华刚表示，要继续以用户为中心进行全面变革，包括市场 体系变革、服务体系变革、管理体系变革，最终要与用户建立永久的联系。 ...

Core Insights - Haier Smart Home has achieved double-digit growth in net profit attributable to shareholders for five consecutive years, making it the only company in the home appliance industry to do so, while only 72 companies in the entire A-share market have maintained such growth, representing just 1.32% of listed companies [1][2] Group 1: Market Transformation - The company has implemented a comprehensive transformation of its market system through deepening digital inventory changes, achieving a total inventory control (TOC) model, with 74% of products in county specialty stores delivered directly to users in the first three quarters [1] - This direct delivery model reduces financial and storage pressures for the company, enhances turnover efficiency, and lowers operational costs, leading to a light asset operation [1] Group 2: Service Transformation - Haier Smart Home has established a user lifecycle closed-loop platform, allowing for real-time responses to user needs and enabling precise services [2] Group 3: Management Transformation - The management platform, born from user demands, has improved management efficiency, aiming to establish a permanent connection with users through smart home solutions [2] - The company has over 13 million active users on its domestic San Yi Niao platform, more than 6 million users on the Smart HQ platform in the U.S., and over 10 million registered users on the hOn platform in Europe [2]

Group 1 - Ant Group officially launched its full-modal AI assistant "Lingguang," which can generate interactive applications in 30 seconds based on natural language descriptions, allowing users to create personalized tools with zero barriers [1] - McDonald's 2025 Christmas advertisement was produced entirely with AI assistance, reducing the traditional advertisement production cycle by 70% [1] Group 2 - There is a growing sentiment of helplessness in various industries as AI technology evolves rapidly, challenging the belief that creativity is a uniquely human trait [4] - AI is increasingly involved in tasks such as coding, planning, video editing, and management decision-making, leading to concerns about human roles being optimized to mere components in a system [6] Group 3 - Despite advancements in management tools, employees report feeling more exhausted, indicating a disconnect between technological efficiency and actual work satisfaction [9] - The traditional "Newtonian" management approach, which views organizations as machines, is failing in the current unpredictable environment dominated by AI and the internet [11] Group 4 - Haier's founder, Zhang Ruimin, and management expert Peter Senge are influenced by the book "Leadership and the New Science," which discusses the concept of "strange attractors" in chaotic systems [8][15] - Haier has transformed its organizational structure from a hierarchical model to thousands of small, independent units focused on user experience, allowing for adaptability in a chaotic market [19] Group 5 - The new edition of "Leadership and the New Science" serves as a survival guide in a turbulent world, emphasizing the need for organizations to embrace chaos rather than control [21][22] - The author suggests creating "Islands of Sanity" within organizations to foster genuine human connections and counteract the prevailing bureaucratic culture [26] Group 6 - The book advocates for a shift from a control-oriented mindset to one that embraces uncertainty, highlighting the importance of relationships and human connections in navigating the AI-dominated landscape [34][35]

Core Insights - The smart home industry is transitioning from single-device intelligence to comprehensive home intelligence, with user experience becoming a key measure of brand value [1] - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, a 10% year-on-year increase, and a net profit of 17.37 billion yuan, up 14.7%, marking a historical high [1] - The "Three Wings Bird" platform has over 13 million monthly active users, more than 6,600 ecological resources, and connects over 52 million smart devices [1] Online Strategy - The industry is moving from "device networking" to "scene linkage," with users seeking systems that proactively understand their intentions and provide seamless experiences [2] - The "Three Wings Bird" platform integrates AI into products and scenarios, allowing devices to better understand user needs, such as recommending pizza recipes based on voice commands in the kitchen [2] - A new all-in-one smart home package starting at 3,999 yuan has been launched, lowering the budget barrier for users and simplifying operations through natural voice commands [2] Offline Strategy - User decision-making heavily relies on actual experience, prompting "Three Wings Bird" to enhance offline presence with experiential centers like the recently opened Beijing Boloni Experience Center [3] - The center showcases ten scenarios, providing immersive experiences that convert technological advantages into trustworthy consumer decision-making [3] - A customized platform has been launched to streamline the design process into five self-service steps, allowing users to co-create solutions, with AI generating integrated design plans in three minutes [3] - The platform connects to over 6,600 ecological resources, ensuring that design solutions can be accurately implemented, addressing the industry's "what you see is not what you get" pain point [3]

Core Viewpoint - The article discusses the emergence and significance of service-oriented manufacturing as a new industrial form that integrates manufacturing and services, aiming to enhance productivity and competitiveness in the manufacturing sector [1][4]. Group 1: Definition and Importance of Service-Oriented Manufacturing - Service-oriented manufacturing involves the integration of service elements into manufacturing, transitioning from merely selling products to offering "products + services" [1]. - The approach is becoming a crucial direction for manufacturing development, as evidenced by various companies implementing customized services and solutions [2]. Group 2: Current Applications and Impact - Companies like Shaanxi Blower (Group) Co., Ltd. and Haier Smart Home Co., Ltd. have successfully transitioned to providing engineering design and customized smart home solutions, respectively, with significant revenue contributions from service offerings [2]. - Data from the Ministry of Industry and Information Technology indicates that service business contributions to revenue growth for selected service-oriented manufacturing enterprises reached 60% [2]. Group 3: Challenges in Transition - The transition to service-oriented manufacturing is complex, facing challenges such as weak supply capabilities for key technologies, lack of a robust standard system, and difficulties in statistical monitoring [3]. Group 4: Policy Support and Future Goals - The government has emphasized the importance of policy innovation to support the development of service-oriented manufacturing, with specific goals set for 2028, including the establishment of 20 standards and the creation of 50 leading brands [4]. - The implementation plan outlines seven main tasks and three special actions to address technological, standardization, and application challenges [4]. Group 5: Potential for Growth - Service-oriented manufacturing holds significant potential for stabilizing growth and expanding domestic demand, as it enhances manufacturing competitiveness and meets evolving consumer preferences for experience over mere functionality [5]. - Experts suggest that the shift towards service-oriented manufacturing can provide consumers with a more comprehensive and convenient experience, thereby stimulating consumption [5]. Group 6: Need for Collaborative Efforts - To fully realize the potential of service-oriented manufacturing, a collaborative effort is required, particularly in shifting manufacturing companies' operational mindset from product-centric to customer-centric approaches [6].

Core Viewpoint - The article discusses the concept of service-oriented manufacturing as a new industrial form that integrates manufacturing and services, aiming to enhance productivity and innovation in the manufacturing sector [1]. Group 1: Definition and Importance of Service-Oriented Manufacturing - Service-oriented manufacturing involves the integration of service elements into manufacturing, transitioning from merely selling products to offering "products + services" [2]. - This approach has become a significant direction for the development of the manufacturing industry, as evidenced by various applications such as customized services and lifecycle management [2]. - The contribution of service business to revenue growth among selected service-oriented manufacturing enterprises is reported to be 60% [3]. Group 2: Challenges in Transitioning to Service-Oriented Manufacturing - The transition to service-oriented manufacturing is complex, facing challenges such as weak supply capabilities for key technologies and an incomplete standard system [4]. - The implementation of service-oriented manufacturing requires overcoming difficulties in statistical monitoring and measurement [4]. Group 3: Policy Support and Future Goals - The government has emphasized the importance of policy innovation to support the development of service-oriented manufacturing, with specific goals set for 2028, including the establishment of 20 standards and the creation of 50 leading brands [5]. - The implementation plan outlines seven main tasks and three special actions to enhance the integration of advanced manufacturing and modern services [5]. Group 4: Potential and Consumer Experience - Service-oriented manufacturing has significant potential for stabilizing growth and expanding domestic demand, as it enhances the competitiveness and innovation of the manufacturing sector [6]. - It addresses the shift in consumer demand from mere functionality to prioritizing experience, thereby improving overall consumer satisfaction [7]. - Companies are encouraged to shift their operational mindset from product-centric to customer-centric approaches to fully leverage the potential of service-oriented manufacturing [7].

Core Viewpoint - Haier Smart Home reported strong performance in the first half of 2025, with revenue of 156.49 billion yuan, a year-on-year increase of 10.2%, and a net profit attributable to shareholders of 12.03 billion yuan, up 15.6% [1][4] Financial Performance - Revenue: 156.49 billion yuan, up 10.2% year-on-year [1][4] - Net Profit: 12.03 billion yuan, up 15.6% year-on-year [1][4] - Deducted Non-recurring Profit: 11.70 billion yuan, up 15.2% year-on-year [1][4] - Operating Cash Flow: 11.14 billion yuan, up 32.2% year-on-year [1][4] - Gross Margin: 26.9%, an increase of 0.1 percentage points year-on-year [1][4] Market Performance - Domestic market revenue grew by 8.8%, supported by the "old-for-new" appliance policy and strong performance from the high-end brand Casarte, which saw over 20% revenue growth [3][5] - Overseas market revenue increased by 11.7%, with emerging markets showing significant growth: South Asia up 33%, Southeast Asia up 18%, and Middle East & Africa up 65% [6] Strategic Initiatives - The multi-brand strategy showed significant synergy, with Casarte maintaining a leading position in the high-end market and Leader brand growing over 15% [5] - Digital transformation initiatives, including digital inventory and marketing, led to over 100% growth in POP channel retail and nearly 50% growth in e-commerce revenue [5] Business Segment Performance - Air energy solutions revenue reached 32.98 billion yuan, up 12.8% [7] - Household laundry solutions revenue was 32.01 billion yuan, up 7.6% [7] - Whole-house water solutions saw the fastest growth, with revenue of 9.79 billion yuan, up 20.8% [7] - The largest segment, household food preservation and cooking solutions, generated revenue of 63.53 billion yuan, maintaining stable growth [7] Innovation and Development - The company is focusing on smart home strategies through the "Three Wings Bird" brand, offering integrated scenario solutions [7] - Collaborations with partners like Boloni to develop complete kitchen appliance solutions and the introduction of AI-driven technologies to enhance user experience [7]

Core Insights - The Chinese smart home market is entering a rapid growth phase, with a projected market size exceeding 1 trillion yuan by 2025 and an annual compound growth rate of 20%-25%, capturing nearly 40% of the global market share [1] - Haier Smart Home has established a significant technological advantage, achieving 13 consecutive years of global leadership in smart home invention patents, indicating a strong first-mover advantage in converting technological superiority into market success [1] - The Haier Smart Home app has over 11 million monthly active users, serving as a core entry point for its Three Wings Bird brand, demonstrating a successful transformation of technological leadership into a high-engagement user service platform [1] User Experience Enhancement - The Three Wings Bird initiative focuses on enhancing user experience through seamless smart scenarios, allowing home appliances to communicate and collaborate, thus providing a proactive service that enhances daily life for its 11 million users [2] - The upgraded V2.0 smart air solution has achieved significant milestones, with initial orders for single-line control screens reaching 12,000 units, while ongoing development of PLC and Bluetooth Mesh solutions aims to provide stable connectivity for core products like smart curtains and switches [2] Home Decoration Innovation - The Three Wings Bird initiative has introduced customized solutions that revolutionize the home decoration experience, reducing the hassle of navigating different brands and channels by presenting complete smart living scenarios in newly opened stores [3] - The latest S3 series whole-house solution has been designed and will be showcased in stores, with over 104 customizable wash cabinet modules available for user selection, supported by professional design tools like BIM for personalized customization [3] Business Growth and Market Position - Data from GfK indicates that by the first half of 2025, Haier Smart Home achieved the top market share both online and offline, with its core products like refrigerators, washing machines, and air conditioners leading in growth rates, reflecting a smooth transition of new and old business drivers [3] - The competition in the smart home sector has evolved into a phase where "technology defines scenarios and ecosystems define value," emphasizing the importance of converting technological advancements into user-perceived scenarios and sustainable services for competitive advantage [3]