" 明珠未黯，前路彷徨。 " 作者丨 徐陟 编辑丨 刘伟 日前，在某活动上，格力电器董事长董明珠用一番极具个人色彩的发言——不用格力的洗衣机和冰箱，那 就是你犯的错误——再度在互联网上掀起了讨论热潮。有人抨击其说教意味过浓，也有人调侃自己"犯 错"……这几乎是近几年来格力网络舆论环境的一个缩影。 与互联网上的群嘲相比，资本市场对格力的态度则复杂和暧昧得多。爱之者趋之若鹜，恨之者嗤之以鼻。 一方面，天风证券等17家机构近三个月内给予买入评级；另一方面，格力的股价又仍在40元左右徘徊…… 看衰者认为，格力业务单一、增长停滞、品牌老化、人才梯队不足；支持者则坚持，格力专注聚焦、质量 出众、现金流强、技术自主可控。那么，到底哪一面才是更真实的格力？我们又该如何更客观公允地去看 待这家企业的价值和所面临的问题？ 01 专注聚焦还是裹足不前？ 2025年上半年，格力实现营业收入973.25亿元，同比下滑2.46%。虽然净利润达到144.12亿元，同比微 增1.95%，但细分到二季度，却出现了营收、利润双双下滑的局面。 与之形成鲜明对比的是竞争对手的强劲表现。同期，美的集团营收2523亿元，同比增长15.68%，净利润 2 ...

不过，从过往的案例来看，董明珠这一IP也并非无所不能。例如，此前格力推出的开机画面内置董明珠头像的手机，以及由董明珠参与设计的玫瑰空调， 就曾遭到不少消费者的吐槽和质疑。 走进"董明珠健康家"北京门店，传统家电卖场的陈列方式被彻底颠覆。取而代之的是真实厨房、客厅、卧室场景，形成了"空气-水质-膳食"三位一体的核 心理念。 格力希望借此打破人们对"格力只有空调"的刻板印象，用全新的店铺品牌形象，为消费者提供一站式家电解决方案。 即便曾引来不少争议，但格力电器孤注一掷的"董明珠健康家"正在加速狂飙。 近日，格力电器在投资者互动平台上透露，其已在全国部署了970多家"董明珠健康家"，而这距其首家门店落地北京仅过去半年左右的时间。 雷达财经出品 文|丁禹 编|孟帅 值得一提的是，半年报显示，格力电器当下正面临增利不增收的困境。上半年，在三大主营业务中，以空调为代表的消费电器板块，更是成为格力唯一一 个收入出现下滑的板块。 此外，格力电器市场总监朱磊也曾坦言，在国内许多消费者心中，存在"格力只等于空调"的认知，这种认知限制了格力新品类发展的速度。 在此背景下，这些不再以"格力"命名、而是以企业领袖个人IP背书的门店，正 ...

甘建国告诉记者，鸿蒙智选MEIPONT智能空调中采用的豪米波雷达、星闪联盟、海思芯片、Wifi模组等技术和资源，均由华为推荐方案、推荐模组或赋 能。去年国庆，华为已提出要打造空调界的"问界"（汽车），并在招标时，规划把这些技术应用于空调。 美邦（MEIPONT）今年三月中标，成为鸿蒙智选的空调合作伙伴。之前，美邦已是鸿蒙智联的空调合作伙伴。甘建国打比方说，两者都属于鸿蒙生态，之 前是"经济舱"，现在是"头等舱"。鸿蒙智联的产品，由华为提供产品认证机构检测、品控监测、鸿蒙智联技术认证。而鸿蒙智选的产品，则是双方进行产品 共创，覆盖从设计、审厂、品控、功能定义，到销售定价的全流程。 空调业依托智能生态的新势力正在崛起。传统空调龙头企业格力电器（000651.SZ）面对冲击，业绩承压，9月26日股价一度跌至39.3元/股，为今年来新低。 新老力量交织，空调业正经历价格战、技术战和服务战。 新势力崛起 9月26日，在鸿蒙智选2025秋季新品发布会上，健康空气成为鸿蒙生态重点发力场景。MEIPONT空调总经理甘建国向第一财经记者透露，鸿蒙智选 MEIPONT空调首批产品十天前开卖，现已售罄，风神之眼Pro的升级版产品" ...

空调业的生态竞争、服务竞争加剧。基于智能生态的新势力空调高配低价，给老百姓带来更多新技术体验，但空调行业竞争格局改写还言之尚早。 记者留意到，相比传统空调，鸿蒙智联的空调更突出智能化和生态联动的卖点，比如结合毫米波雷达技术，实现风随人动、风避人吹、人近风柔；用智能技 术，实现节能并在手机上呈现；支持星闪联盟，即使没有通讯网络，也可稳定连接；空调与空气质量传感器、空气净化器等联动，提供健康空气解决方案， 还可与智能床联动来助力睡眠。 不仅鸿蒙生态力推空调，小米依托其"人车家"生态也在发力空调业务。奥维（AVC）数据显示，2025年截至9月21日，小米在国内家用空调线上市场的销售 额份额达14.73%，同比提升3.78个百分点，排名第三，仅居美的（24.05%）、格力（23.49%）之后。而小米空调的线下份额，相比线下居首位的格力，仍有 明显差距。 空调业依托智能生态的新势力正在崛起。传统空调龙头企业格力电器（000651.SZ）面对冲击，业绩承压，9月26日股价一度跌至39.3元/股，为今年来新低。 新老力量交织，空调业正经历价格战、技术战和服务战。 新势力崛起 9月26日，在鸿蒙智选2025秋季新品发布会上， ...

Key Points - Jinzi Ham (002515.SZ) is venturing into the semiconductor industry with a planned investment of up to 300 million yuan to acquire up to 20% equity in Zhongsheng Microelectronics, indicating a strategic shift towards high-growth sectors like AI and optical communication [3][5] - The company's stock surged to a daily limit of 7.85 yuan, resulting in a market capitalization increase of nearly 1 billion yuan on September 23 [3] - Jinzi Ham has previously attempted to diversify into healthcare and internet finance, but most of these ventures were unsuccessful [5] Group 1 - Jinzi Ham's investment in Zhongsheng Microelectronics reflects a broader trend of traditional companies diversifying into technology sectors [3][5] - The company aims to leverage the growth potential of the AI industry and optical communication markets [3] - The announcement of this investment comes after a change in the company's controlling shareholder and management team [5] Group 2 - The stock market reaction to Jinzi Ham's announcement demonstrates investor confidence in the company's new direction [3] - The investment strategy aligns with the increasing interest in semiconductor technology amid rising demand for AI applications [3][5] - Jinzi Ham's core business remains in meat products, but this move signifies a potential shift in focus towards technology-driven growth [3][5]

Core Viewpoint - The air conditioning industry is facing challenges due to product homogenization and increased competition, particularly from Xiaomi, which is impacting Gree's market position and growth potential [4][10][20]. Group 1: Market Position and Competition - Gree's market share in online air conditioning sales is 23.44%, ranking second behind Midea's 24.06%, but it has shown a strong performance in August 2025 with a market share of 24.4%, surpassing Midea [5][13]. - Xiaomi has introduced a "10-year free repair" service, prompting Gree to respond by highlighting its own similar service and emphasizing its product quality [5][10]. - The competition between Gree and Xiaomi has escalated, with both companies engaging in public disputes over sales data and product quality, reflecting a broader struggle between traditional manufacturing and internet-driven business models [10][11][20]. Group 2: Financial Performance - Gree's air conditioning segment reported revenue of 762.8 billion yuan in the first half of 2025, a decline of 5.1% year-on-year, indicating pressure on its core business [13][14]. - In contrast, Midea and Haier reported significant revenue growth of 15.7% and 10.2%, respectively, highlighting Gree's underperformance relative to its competitors [13][14]. - Gree's overall revenue for the first half of 2025 was 973.25 billion yuan, down 2.46%, with a net profit of 144.12 billion yuan, up 1.95% [13][14]. Group 3: Product Innovation and Consumer Perception - Gree is focusing on product differentiation to combat market homogenization, with innovative products like the "wind does not blow people" series seeing a 131% increase in sales [15][16]. - The company is also exploring new retail channels, such as the "Dong Mingzhu Healthy Home" stores, which aim to enhance consumer experience and drive sales [16][17]. - Despite facing pressure from low-cost competitors, Gree maintains a strong brand reputation for quality and reliability, which continues to attract consumer trust [19][20].

小米和格力在空调领域的明争暗斗，终于来到了大决战的时刻。 在9 月 19 日的直播中，一贯喜欢借着直播、沟通会等名义放出重磅消息的小米，果然搞了个大新闻。小米集团高级副总裁卢伟冰宣布，小米空调正式推 出"10年免费包修"服务，覆盖自今年 1 月 1 日起完成首次安装的米家空调，数量大概在 750 万台。 消息一出，微博热搜立即安排。鉴于上个月小米才因"行业第二"的归属与格力打起口水战，加之"整机10年免费包修"正是格力引以为傲的卖点，小米此举 显然意有所指。 果然，在其他空调品牌还在闭麦的情况下，格力率先回应了小米空调的保修新政策。在直播结束后，格力市场总监朱磊发文称 "十年免费包修是承诺，十 年不用修才是实力"。 从产品到售后政策全面跟进，小米空调，这下终于能和格力正面硬刚了吗？ 「10年包修」的含金量 虽然小米总爱搞个大新闻，但也经常出现"雷声大雨点小"的情况，这次空调的"10 年包修"政策一出，在网上讨论最多的，或者说对消费者来说最想知道 的，是它究竟有多少含金量。 首先，是 "10 年包修"产品的覆盖范围。有网友提醒，这个空调的新政策，说不准只覆盖了在米家商城上售卖的"米家空调"。 这件事怪不得网友" ...

Core Viewpoint - The ongoing public dispute between Xiaomi and Gree Electric has intensified, particularly surrounding Xiaomi's announcement of a "10-year free repair" service for its air conditioners, which has drawn criticism from Gree's marketing director, highlighting the competitive dynamics in the air conditioning and home appliance industry [1][2][10]. Group 1: Company Announcements and Responses - Xiaomi's president, Lu Weibing, announced the launch of the "10-year free repair" service for Xiaomi air conditioners, emphasizing that this service will not incur costs for users and will cover all product categories [4][6]. - Gree's marketing director, Zhu Lei, mocked Xiaomi's new policy, suggesting that true strength lies in not needing repairs rather than making promises [1][7]. - The public response to Xiaomi's policy has been largely positive, with many users expressing increased goodwill towards the brand, although there are still complaints from users not covered by the new policy [17]. Group 2: Competitive Dynamics - The rivalry between Xiaomi and Gree has escalated, with both companies engaging in multiple rounds of public exchanges over service policies, sales data, and product quality throughout the year [2][12]. - Gree remains the market leader in air conditioning, holding a 23.36% share in the online market and 28.09% in the offline market, while Xiaomi has shown the fastest growth rate, with a 14.78% share online [15][16]. - The competitive landscape is characterized by a price war among various air conditioning manufacturers, with Xiaomi leveraging its smart home ecosystem to drive sales growth [15][16]. Group 3: Product Quality and Safety Issues - Xiaomi has faced significant scrutiny due to recent product recalls, including the recall of 116,887 SU7 electric vehicles and 146,891 charging devices, which has been used by Gree to question Xiaomi's product quality [8][9][10]. - The ongoing quality and safety concerns surrounding Xiaomi's products have become focal points for Gree's criticisms, suggesting that these issues undermine Xiaomi's claims of superior service [10].

Core Viewpoint - The ongoing public dispute between Xiaomi Group and Gree Electric Appliances highlights the intensifying competition in the air conditioning and home appliance industry, with both companies vying for market influence and consumer trust through contrasting service policies and product quality claims [2][9]. Group 1: Xiaomi's New Policy - Xiaomi has officially launched a "10-year free repair" service for its air conditioners, which covers all categories including wall-mounted, floor-standing, and central air conditioning units [3][4]. - Xiaomi's president, Lu Weibing, emphasized that this service aims to reduce long-term costs for users without transferring costs to them [3][11]. Group 2: Gree's Response - Gree's market director, Zhu Lei, criticized Xiaomi's new policy, suggesting that a decade without repairs is a true measure of quality, referencing Xiaomi's recent recalls of 116,887 SU7 electric vehicles and 146,891 charging devices due to safety concerns [2][6][8]. - Gree's leadership has consistently pointed out Xiaomi's product quality issues as a counter to Xiaomi's claims of superior service [8][10]. Group 3: Industry Competition - The air conditioning market is experiencing heightened competition, with both Xiaomi and Gree engaging in multiple public disputes over service policies, sales data, and product quality throughout the year [9][11]. - According to data from Aowei Cloud Network, Gree holds a leading market share of 23.36% in the online air conditioning market, while Xiaomi has a growing share of 14.78%, reflecting a year-on-year increase of 3.77% [11][12]. Group 4: Consumer Sentiment - The introduction of the "10-year free repair" policy has garnered positive feedback from many users on social media platforms, although there are still complaints from existing Xiaomi air conditioner users regarding product quality issues not covered by the new policy [13].

对此，格力市场总监朱磊发文称："十年免费包修是承诺，十年不用修才是实力"。他表示，2021年格力首家提出"十年免费包修"时，产品已经30年市场验 证。十年免费包修的提出，正是基于不断精进的产品质量，和持续下降的售后故障率。"孔子说，先行其言，而后从之。大件召回小轿车，小件召回充电 宝。敢拍胸脯是好事，但何妨先把眼前的11万辆车修好，再来拍胸脯呢？" 9月19日晚间，小米集团总裁卢伟冰发表微博宣布，小米正式推出"米家空调10年免费包修"服务。 2小时前 来自 Xiaomi 17 Pro Max 今天，我们宣布正式推出"米家空调10年免费包修"服务! 空调10年包修有些行业老大哥做的比我们早，但其实小米内部很早就有规划，并明 确了一个目标： 要做，就不能只是"追齐"，更要把行业的服务标准带到新高度！ 第一：大家只需要记住"米家空调10年免费包修"用户无需花一分钱。 第二:柜机、挂机、中央空调全品类统统覆盖,中央空调使用周期长、维修难度 大，用户更需要10年包修。 第三：小米做服务不把成本转嫁给用户，10年包修实打实降低用户长期使用成本。 在这里，我也呼吁行业跟进中央空调10年的包修。这是对产品质量的自信！ 收起 ...