文 |新识研究所 最近，智通财经有消息称，美的集团要求其全国售后服务商"停止为小米和格力提供维修服务"，有美的 员工表示，此次政策主要针对的是家电售后体系尚不成熟的小米，今年小米空调发展迅猛，给美的带来 了不少压力。 报道中还称小米经销商们表示，空调售后主要是安装，小米目前有送装一体和先送后装两种选择，让售 后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选择，只要不乱收费不会对 空调服务有太大影响。 消息传出后，美的官方火速辟谣，称"并无强制排他性合作行为"。但市场上的各种风言风语，还是侧面 反映了小米空调的发展迅猛，给美的带来了不少压力。 耐人寻味的是，一直以来大张旗鼓与小米和雷军隔空打"嘴仗"的明明是格力和董明珠，怎么这时候反倒 是美的被曝出向小米开战了？ 这场看似"空穴来风"的传言背后的现实状况是，当前国内空调市场正经历一场激烈的"三国杀"博弈，以 及整个家电行业渠道变革下的生态对抗。 而到底是美的这家传统家电巨头面对互联网新贵小米，能证明姜还是老的辣，抑或是小米能够从最近此 起彼伏的负面舆情中通过家电行业的一场脆胜来实现终极自救？ "鲶鱼"小米，搞疯美的？ 要解开一切谜团，还要从 ...

Core Viewpoint - Xiaomi is navigating a dual battle in the automotive and IoT sectors, achieving profitability in its electric vehicle division while facing challenges in regaining consumer trust and adapting its business model from a "traffic-driven" to a "value-driven" approach [4][30]. Automotive Battle: Profitability and Challenges - Xiaomi's revenue for Q3 2025 reached 113.1 billion yuan, a year-on-year increase of 22.3%, with adjusted net profit hitting a record high of 11.3 billion yuan, up 80.9% [8]. - The electric vehicle division achieved its first quarterly profit of 700 million yuan, a significant milestone compared to competitors like Li Auto and NIO, which took longer to reach profitability [9]. - Xiaomi's automotive production and delivery are ramping up, with Q3 2025 deliveries reaching 108,796 vehicles, marking a new high [13]. - The gross margin for the electric vehicle division stands at 25.5%, with an average post-tax price of around 260,000 yuan, comparable to luxury brands [14]. - Despite these achievements, challenges loom, including a potential decline in gross margin due to reduced government subsidies and increased competition in the automotive sector [16]. IoT and Home Appliances: Growth and Competition - Xiaomi's IoT and home appliance business generated 27.6 billion yuan in revenue for Q3 2025, a 5.6% year-on-year increase, with a gross margin of 23.9% [22]. - The company has seen a significant rise in its air conditioning market share, reaching 16.71% in July 2025, surpassing Gree and ranking second behind Midea [21]. - However, the smart home appliance segment experienced a 15.7% year-on-year revenue decline, attributed to subsidy reductions and intensified competition [23]. - Xiaomi is investing in smart manufacturing, with a new factory in Wuhan aimed at enhancing production capabilities and efficiency [26]. Rebuilding Consumer Trust - Xiaomi faces significant challenges in restoring consumer trust following several incidents, including a tragic accident involving its SU7 model and subsequent safety concerns [28]. - The company is under pressure to redefine its brand image and ensure product safety as it transitions from a smartphone-centric business to a broader technology and manufacturing focus [30]. - Xiaomi's strategy involves a shift from being an internet-driven company to a mission-driven technology firm, emphasizing safety and user-centric values [30].

不知道柴油们最近有没有刷到过一种风格独特的视频，就是一整个大脸塞进镜头里，占满整个屏幕。 而细看内容，会发现都是在网上把一些掐头去尾的关于小米和雷军的视频，或者相关内容，然后疯狂的阴阳一番，就能干出几万的点赞，上千条评论。 甚至，还有些离谱的，开头一句军儿，但视频内容和小米或者雷军没有任何关系，也能干到几千点赞，数百条评论。 比如下面这个，视频开头是：军儿，来看个视频，然后后面就是一个十来秒的放羊的视频，结果就有高达四千多的点赞，三百多条评论。 再看看评论区起哄的，要么就是骂小米和雷军的，要么就是阴阳小米和雷军的，还有部分忠实粉丝，在评论区等着他喊"军儿"。 然后视频开头第一句表情狰狞的喊出一句"军儿"，比如下面这样的（打码打得有点抽象，柴油们多包涵）： 还有下面这样的。 小柴随后去看了下这"博主"的主页，其第一条视频是今年8月底发的，也是喊雷军的，三个月总共发了三百多条相关视频，总共涨粉超过12万。 看到这里，小柴真是想立马躺平了，小柴这个号，几个人干了这么多年，才多少粉啊，关键这个"博主"只要是喊"军儿"的视频，几千个点赞都是少的，四 万五点赞实属正常水平。 然而，小柴看到了这个博主视频下方的关联词，也就 ...

Core Viewpoint - The article suggests that the technology, robotics, and AI computing sectors are unlikely to see significant market movements in the future. The author plans to gradually invest in Xiaomi stocks, believing that the company's valuation is close to its target price of HKD 43, especially with the upcoming financial report on November 18 as a potential catalyst for investment [1]. Group 1: Company Performance and Strategy - Xiaomi operates in mature sectors with low profit margins, relying heavily on marketing strategies while compromising product quality to generate profits. This approach may not be sustainable, especially in the automotive sector where product issues are more visible [3][4]. - The company's marketing-driven model is effective for low-value products, but it may backfire for higher-value items, leading to increased consumer scrutiny and potential backlash, which could negatively impact sales across its product lines [8]. Group 2: Consumer Sentiment and Product Quality - There is a growing dissatisfaction among consumers regarding Xiaomi's product quality, with reports of issues such as malfunctioning televisions and high repair costs, leading to a decline in brand reputation [5][7]. - The article highlights a trend where consumers feel trapped by the high costs of repairs and replacements for Xiaomi products, which diminishes their overall satisfaction and loyalty to the brand [10][11]. Group 3: Market Position and Valuation - The current market perception of Xiaomi is that it is overvalued, especially considering the potential decline in consumer trust and the impact of negative feedback on its sales performance [8][14]. - The article raises concerns about Xiaomi's ability to maintain its market position if its marketing strategies fail, suggesting that the company's reliance on these tactics could lead to rapid deterioration in its business model [3][4].

Core Viewpoint - Gree Electric's introduction of the "zero electricity cost" air conditioning system has garnered significant attention, addressing consumer concerns about high electricity bills and potentially revolutionizing the air conditioning market [2][4][13]. Group 1: Product Innovation - Gree's "zero electricity cost" air conditioning system utilizes photovoltaic direct drive technology, allowing it to operate independently of the grid and significantly reduce electricity expenses for households [5][13]. - The system integrates solar power generation, energy storage, and air conditioning technology, achieving a high energy utilization rate of 99% by eliminating the need for traditional inverters [13][15]. - Gree claims that in sunny regions, the system can save approximately 4,000 kWh of electricity annually, equivalent to over half a year's electricity costs for an average household [15]. Group 2: Market Competition - The competitive landscape has intensified between Gree and Xiaomi, with both companies engaging in public disputes over market share and product quality [6][12]. - Xiaomi's rapid growth in air conditioning sales, with over 5.4 million units shipped in the first half of 2025 and a year-on-year growth rate exceeding 60%, has put pressure on Gree [12]. - Gree's market share remains strong at 29.42%, but the close competition in online sales, where Gree's share is 17.66% compared to Xiaomi's 15.92%, indicates a tightening market [12]. Group 3: Technological Advancements - Gree has made significant strides in research and development, with a reported R&D expenditure of 7.14 billion yuan in 2024, reflecting a 1.9% year-on-year increase despite overall revenue decline [17]. - The company has filed nearly 140,000 patents, including over 70,000 invention patents, establishing a strong foundation for its innovative products [18]. - Gree's breakthroughs in magnetic levitation technology for large central air conditioning systems could save approximately 20.48 billion yuan in electricity costs annually if adopted by 30% of public buildings nationwide [17]. Group 4: Environmental Impact - The "zero electricity cost" air conditioning system is expected to contribute to significant carbon reduction, with one system's annual carbon offset equivalent to 400 million trees [15]. - Gree's technology aligns with global sustainability goals, promoting a shift from energy-consuming products to energy-efficient systems, thereby enhancing China's position in the green technology sector [21].

Core Viewpoint - Gree Electric Appliances is experiencing a decline in revenue and net profit, facing significant competition from Xiaomi in the home appliance market [12][14]. Financial Performance - For Q3 2025, Gree's revenue was 39.855 billion yuan, a decrease of 15% year-on-year; net profit was 7.049 billion yuan, down 10% year-on-year; and net profit after deducting non-recurring items was 6.638 billion yuan, down 9% year-on-year [1]. - For the first nine months of 2025, Gree's revenue was 137.18 billion yuan, a decline of 6.5% year-on-year; net profit was 21.461 billion yuan, down 2.27% year-on-year; and net profit after deducting non-recurring items was 20.585 billion yuan, down 2.73% year-on-year [3]. Government Subsidies - Gree recorded government subsidies of 700 million yuan for the first nine months of 2025, with 387 million yuan recognized in Q3 [2]. Shareholding Structure - As of September 30, 2025, major shareholders included Zhuhai Mingjun Investment Partnership (16.11%), Jinghai Internet Technology Development Co., Ltd. (7.83%), and Hong Kong Central Clearing Limited (3.93%) [3][6]. - Gree's stock structure shows that Dong Mingzhu holds 1.8% of shares, while various investment funds hold smaller percentages [10]. Competitive Landscape - Gree is facing increasing competition from Xiaomi, which is rapidly expanding its home appliance business and has recently achieved significant sales milestones in air conditioning [12][16]. - Xiaomi's new smart appliance factory is set to produce 700,000 units annually, indicating a strong push into the high-end appliance market [14][16].

Core Insights - Xiaomi's new smart home appliance factory in Wuhan has officially commenced production, marking the company's third large-scale smart factory following its smartphone and automotive factories [1][3] - The factory, covering 500,000 square meters, has a planned peak annual production capacity of 7 million units and represents a significant investment of 2.5 billion yuan, achieving production in just 336 days [1][3] - The factory is expected to enhance Xiaomi's position in the air conditioning market, which has seen a competitive "water battle" with Gree, highlighting Xiaomi's growing influence in the industry [1][4] Production and Technology - The Wuhan factory has established a complete industrial chain of "design, research and development, production, and verification," positioning it as a core manufacturing hub for Xiaomi's home appliances [3][5] - The factory's production efficiency is notable, with a high-end air conditioner rolling off the line every 6.5 seconds, and it employs 100% AI visual inspection for key components [3][5] - This development signifies Xiaomi's transition from a traditional assembly model to a more integrated manufacturing approach, emphasizing core technology and smart manufacturing [7][8] Market Position and Strategy - Xiaomi's air conditioning products have seen significant growth, with shipments expected to exceed 5.4 million units by Q2 2025, reflecting a growth rate of over 50% for three consecutive quarters [4] - The introduction of a "10-year free repair" service aims to strengthen Xiaomi's market position, although it has sparked competitive responses from Gree [4][5] - The ongoing debate about Xiaomi's identity as a "contract manufacturer" versus a technology company is central to its strategic positioning and market perception [8][17] Leadership and Vision - Xiaomi's leadership, including Lei Jun and Lu Weibing, has publicly addressed the company's commitment to innovation and technology, aiming to reshape perceptions of Xiaomi as merely an assembly factory [9][17] - Lei Jun's personal narrative reflects a desire to prove that Chinese companies can produce world-class technology products, moving beyond the "assembly factory" label [16][18] - The establishment of self-built factories and in-house chip development is part of a broader strategy to enhance Xiaomi's technological capabilities and market valuation [17][18]

Core Insights - The retail monitoring by AVC indicates a general decline in major appliances since September, with a significant drop in retail for cleaning appliances in October, although there is still substantial growth compared to the same period in 2023 [1][2] - The industry has anticipated these trends, as evidenced by production data showing a cautious attitude with air conditioning production down by -11.5%, -8.4%, and -9.9% for October, November, and December respectively compared to the previous year [1][2] - The demand for appliance upgrades is expected to be the main driver, with short-term impacts from subsidy exhaustion; however, the penetration rate of cleaning appliances continues to rise, suggesting growth potential in the retail market through 2026 [1][2] Market Trends - The consumer electronics market is highly competitive, with Xiaomi upgrading its air conditioning warranty to 10 years, which has helped maintain its retail market share despite negative publicity from its automotive ventures [3] - The smart lawn mower market is gaining attention, with multiple companies entering, leading to intense competition; major players in the vacuum market have also launched similar products [3] - DJI is aggressively pricing its action cameras and drones, likely in response to competition from other brands entering the drone market [3] Company Performance - Ugreen Technology has benefited from a surge in demand for power banks following safety incidents, reporting a revenue of 2.51 billion yuan in Q3 2025, a year-on-year increase of 60.4% [4] Export Market Dynamics - The export market is seeing a shift in production capacity, with a recovery in heat pump exports; the U.S. has announced additional tariffs on Chinese imports, prompting companies to accelerate global production strategies [5] - Data indicates a 22.5% year-on-year increase in heat pump exports from January to August 2025, driven by low comparative bases and upcoming heating seasons in Europe [5] Investment Recommendations - The current market is active, with traditional appliance leaders lacking growth potential; technology-related companies are performing better [6] - Recommended stocks include Stone Technology, Ecovacs, and Ugreen Technology for their growth prospects, alongside undervalued companies like Midea Group and Haier Smart Home that have successfully digitized their offline channels [6]

Group 1: Xiaomi's Brand Premiumization Strategy - Xiaomi's brand premiumization is evident, starting from mobile phones in 2020 to the recent launch of its smart home appliances and SU7 cars, indicating a systematic approach to enhancing brand value [1][3] - The newly established smart home appliance factory in Wuhan, with an investment of 2.5 billion yuan, marks a shift from reliance on OEM to self-research and production, which is crucial for Xiaomi's capability building [3][6] - The factory boasts a production speed of one high-end air conditioner every 6.5 seconds and a first-pass yield rate exceeding 99%, showcasing advanced manufacturing capabilities [3][6] Group 2: Growth and Market Position - Xiaomi's smart home appliance revenue surged by 66.2% year-on-year in Q2 2025, with air conditioner shipments exceeding 5.4 million units, reflecting a strong market presence [6][8] - The company aims to achieve a revenue target of 100 billion yuan in its home appliance business within five years, positioning its air conditioning segment among the top two in China [6][13] - Xiaomi's rapid factory construction and production capabilities are transforming it from a market challenger to a leader in the home appliance sector [6][13] Group 3: Strategic Responses to Industry Challenges - Xiaomi's approach to the current price war in the industry emphasizes contributing to the industry rather than engaging in destructive price competition, aligning with its premiumization strategy [7][8] - The company has maintained its technological investments despite the competitive pricing environment, indicating a commitment to quality and innovation [7][8] Group 4: Ecosystem as a Competitive Advantage - Xiaomi's unique "people-car-home" ecosystem is a significant competitive advantage, making it a formidable player in the smart home market [9][10] - The integration of smart appliances with other Xiaomi products enhances their appeal, aligning with the growing trend towards smart interconnected devices [11][13] - The establishment of a comprehensive industrial ecosystem in Wuhan, including a global headquarters and R&D center, supports Xiaomi's ambition to dominate the smart home appliance market [13]

Core Viewpoint - The establishment and operation of Xiaomi's smart home appliance factory in Wuhan marks a significant advancement in the company's smart manufacturing capabilities, with a focus on digitalization and automation in production processes [1][2]. Group 1: Factory Development - The Xiaomi smart home appliance factory in Wuhan covers an area of 500,000 square meters and includes six core air conditioning production lines, an experimental building, and a finished product logistics warehouse [2]. - The factory has achieved full digitalization and automation in production, with a production rate of one air conditioning unit every 6.5 seconds [2]. - The first phase of investment in the factory amounts to 2.5 billion yuan, with a planned peak annual production capacity of 7 million units [2]. Group 2: Production and Revenue Growth - Xiaomi's smart home appliance factory officially commenced production on October 28, 2023, following a rapid construction timeline of just 12 months from signing the contract to full operation [1][2]. - By the second quarter of 2025, revenue from Xiaomi's smart home appliances is projected to reach a historical high, with a year-on-year growth of 66.2% [2]. - Specific product performance includes over 5.4 million units of air conditioners shipped, a year-on-year increase of over 60%, and over 790,000 refrigerators shipped, with a growth rate exceeding 25% [2].