11月21日，智通财经的一则报道引发家电行业高度关注，其中提及： "美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向 合作商传达，涉及小米、格力等其他品牌的空调售后及安装维修；" "一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到 了威胁，10月份下发了该通知，对家电信后体系尚不成熟的小米而言，此举是打在了七寸上…" 不禁要问，美的为何突然"变脸？"，格力和小米如何"接招？" 01，家电巨头博弈，火药味渐浓！ 今天上午，媒体《智通财经》独家报道了"美的要求售后停止小米格力业务"的消息，相关话题很快空降 微博热搜，数小时后的午间时分，媒体《第一财经》、《每日经济新闻》等又相继进行跟踪报道，强调 美的集团进行了否认："无强制售后服务他性合作的行为。" 也就是说，界面记者获取的信源按照报道的口吻来看同样也是可靠的，所以，仅凭现有的线索，我们认 为还难以推翻界面的独家报道，毕竟家电大品牌的渠道网络遍布全国，相对的政策细则可能也有区别， 你采访了A区域的负责人/员工得到的回应跟B区域大概率也是有出入的，即颗粒度不可能对齐。 So，还是回归文 ...

Core Insights - Midea Group reported a revenue of 252.33 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 15.68% [1] - The profit attributable to shareholders was 26.01 billion yuan, up 25.04% year-on-year, with an interim dividend proposed at 5 yuan per 10 shares [1] - The domestic home appliance market showed signs of recovery due to the "trade-in" subsidy policy, although competition around "user traffic" and "product pricing" intensified [1] Group Performance - Despite challenges in overseas markets due to trade protectionism, currency fluctuations, and geopolitical conflicts, Midea Group's overall scale continued to grow, with improvements in profitability and cash flow [1] - The company emphasized a strategy of "simplification to promote growth and self-disruption to face challenges," focusing on core businesses and products, particularly in overseas markets [1] R&D and Innovation - Midea is committed to its vision of "Technology for Perfection, Life for Beauty," increasing R&D investment to support the implementation of the "Three Generations" strategy [2] - The company aims to provide differentiated smart home solutions by integrating "smart appliances + smart home" based on user needs and consumption trends, supporting high-end brand breakthroughs [2] - Midea is enhancing its overseas R&D centers and manufacturing bases through localized innovation and brand development, aiming to improve brand influence [2] Research Organization and Technology Strategy - The company is optimizing its R&D model and improving the operational mechanism of its research organization, focusing on key areas such as technologies, people, projects, and processes (TP3 elements) [2] - Midea is driving the exploration of cutting-edge technologies, breakthroughs in core technologies, and the rational layout of project portfolios to align technology strategy with long-term product planning [2]

Core Viewpoint - Haier Smart Home's stock price closed at 25.46 yuan, reflecting a slight decline of 0.20% from the previous trading day, with significant trading activity recorded [1] Group 1: Company Overview - Haier Smart Home's main business includes the research, production, and sales of home appliances such as refrigerators, air conditioners, and washing machines [1] - The company is actively expanding into the smart home ecosystem, offering comprehensive smart solutions for entire homes [1] - In recent years, Haier has been focusing on emerging fields such as smart manufacturing and industrial internet [1] Group 2: Recent Developments - The company has engaged in discussions for collaboration with Fuyao University of Technology on smart manufacturing, industrial robotics, and smart home initiatives [1] - On August 14, Haier repurchased 100,000 A-shares for 2.558 million yuan as part of its equity incentive plan [1] - Haier is promoting green and low-carbon development in buildings through smart building solutions, achieving energy efficiency improvements in the BYD Industrial Park project [1] Group 3: Financial Performance - On the day of reporting, Haier Smart Home experienced a net inflow of main funds amounting to 94.47 million yuan, with a cumulative net inflow of 1.26 billion yuan over the past five days [2]

Core Viewpoint - The home furnishing and decoration materials industry is experiencing a transformation as its deep connection with the real estate market loosens, leading to increased consumer demand driven by policy support and changing consumption patterns [1][2]. Group 1: Market Dynamics - The furniture manufacturing industry is projected to generate revenues of 677.15 billion yuan in 2024, with a year-on-year growth of 0.4%, while total profits are expected to decrease by 0.1% to 37.24 billion yuan [2]. - The real estate market is entering a phase of renovation and upgrading, particularly in first- and second-tier cities, with an expected 57% of home renovations in 2027 coming from existing homes [3]. - The demand for home improvement is being driven by policies promoting consumption and the growing trend of upgrading living conditions [2][3]. Group 2: Consumer Trends - Young consumers, particularly those under 35, represent 60% of the home furnishing market, with 95% using both online and offline channels to gather product information [4]. - There is a significant shift towards one-stop home decoration services, with 70.4% of consumers in first- and new first-tier cities preferring this option over traditional methods [4]. - Consumers are increasingly focused on the practicality of home products, with heightened awareness of environmental health and smart technology [4]. Group 3: Industry Innovations - The home furnishing market is expected to reach a scale of 4.8 trillion yuan by 2025, with furniture accounting for 38% (1.82 trillion yuan) of this market [6]. - The retail sales of smart home devices are projected to exceed 1.2 trillion yuan, with growth rates in specific segments like voice-controlled devices and environmental monitoring systems exceeding 40% [7]. - The proportion of eco-friendly materials in the industry is anticipated to rise from 12% in 2018 to 39% by 2025, indicating a significant shift towards sustainable practices [7]. Group 4: Company Spotlight - Rabbit Baby, a leading company in the industry, has established a robust quality control system and has achieved significant advancements in environmental standards, reaching ENF+ level [5]. - The company reported nearly 10 billion yuan in revenue for 2024 and has over 6,000 specialized stores nationwide, making it one of the most widely covered enterprises in the industry [7]. - Rabbit Baby is actively expanding its sales channels beyond traditional retail, collaborating with over 20,000 custom furniture companies to enhance consumer service [7]. Group 5: Future Outlook - The home furnishing sector is expected to recover from historical low valuations, with a projected retail scale of 4.89 trillion yuan by 2026, driven by consumption recovery and favorable real estate policies [8].

Core Viewpoint - Midea Group leads the global home appliance market with a revenue of 409.1 billion yuan and a year-on-year growth rate of 9.47%, but faces challenges from geopolitical risks, intense competition in the smart home sector, and internal management inefficiencies [1] Global Expansion - Midea's overseas revenue accounts for 41.92%, but global expansion is fraught with challenges, including competition in Southeast Asia from LG and Samsung, localization challenges in North America, and profit erosion due to exchange rate fluctuations [2] - A sudden change in tariff policies in a specific international market led to a 2.3 percentage point decline in profit margins, while exchange rate changes resulted in a profit loss of approximately 380 million yuan for Midea's overseas business [2] Intensifying Competition - The smart home sector, which contributes 66.2% of Midea's smart home revenue, is highly competitive, with rivals including Huawei, Xiaomi, Haier, and Gree [3] - Midea aims to build a differentiated advantage through a comprehensive smart home solution, but rapid technological changes and evolving user demands pose significant risks [3] - In the B2B market, Midea faces direct competition from international giants like ABB and Fanuc, highlighting gaps in technology reserves, service capabilities, and brand influence [3] Internal Management - Midea's extensive business operations reveal issues such as organizational inefficiencies, resource diversion from non-core businesses, and innovation limitations [4] - The company's main business costs increased by 8.38% year-on-year, which, although lower than the 9.44% increase in main business revenue, still raises concerns [4] - Internal data indicates that decision-making efficiency is severely impacted by lengthy approval processes, with some departments having as many as 12 approval steps [4] Strategic Solutions - To navigate these challenges, Midea is implementing three key strategies: localized deepening of its global strategy, differentiated upgrades in competition, and streamlining internal management [5] - The localization strategy involves integrating R&D, manufacturing, supply chain, sales, logistics, and after-sales service to embed the Midea brand into local markets [5] - The competitive strategy focuses on enhancing scenario-based solutions and creating technological barriers in the smart home sector and B2B business [5] - The internal management strategy aims to break down information silos through a digital transformation initiative and to concentrate resources on core business areas by divesting non-core operations [5] Future Outlook - Midea Group is positioned to navigate the turbulent waters of the global home appliance market by leveraging its strategies of localized deepening, differentiated upgrades, and streamlined focus [6] - The company must remain vigilant, continuously innovate, and prioritize user-centric approaches, technology-driven solutions, and efficiency to thrive in a competitive landscape [6]

Core Viewpoint - The "2025 Jiangsu Green Low-Carbon Building International Expo" aims to showcase innovations and technologies in green and low-carbon urban construction, emphasizing the integration of technology in promoting sustainable development in the housing and urban construction sectors [1][2]. Group 1: Event Overview - The expo will take place from April 1 to April 3, 2025, at the Nanjing International Expo Center, focusing on the theme "Technology Lights Up Green Urban and Rural Areas" [1]. - It is organized by the Jiangsu Provincial Department of Housing and Urban-Rural Development, with participation from various enterprises and institutions [1]. Group 2: Industry Achievements - Jiangsu's real estate and construction industries contributed 6.2% and 7.3% to the provincial GDP in 2024, respectively [2]. - The province has established four pilot areas for carbon peak and carbon neutrality in urban construction, aiming to achieve carbon peak in this sector by 2028, two years ahead of the national target [2]. Group 3: Expo Highlights - The expo will feature 119 domestic and international exhibitors, with over 55% representing new energy, new materials, digitalization, and advanced manufacturing sectors [3]. - Notable participants include six Fortune Global 500 companies and leading firms like Huawei, which will showcase smart home solutions based on its HarmonyOS ecosystem [3]. Group 4: Special Exhibition Areas - Eight themed exhibition areas will be set up, including sections for improved housing, carbon peak pilot areas, smart construction, urban renewal, and green finance [4]. - The improved housing area will provide real-life demonstrations of housing quality and new technologies, while the carbon peak area will showcase the progress of pilot projects [4]. Group 5: Concurrent Activities - A series of activities will be held to promote collaboration among government, industry, academia, and finance, including product promotions and academic exchanges [5][6]. - The previous expo facilitated financing intentions exceeding 3 billion yuan, with around 60% of participating companies engaging in discussions with government and industry associations [6].