As listed home appliance companies successively released their first-half performance results, it's time for appliance giants to compete on their business metrics once again.

Recently, three white goods giants - Midea Group, Haier Smart Home, and Gree Electric Appliances,Inc.Of Zhuhai - disclosed their semi-annual reports. In the first half of 2025, the three companies recorded revenues of 251.124 billion yuan, 156.494 billion yuan, and 97.32 billion yuan respectively, representing year-over-year growth of 15.58%, 10.22%, and -2.46%. During the same period, their net profits attributable to shareholders were 26.013 billion yuan, 12.033 billion yuan, and 14.432 billion yuan respectively, showing year-over-year growth of 25.04%, 15.59%, and 1.95%.

In terms of revenue and net profit performance, the three companies exhibit distinct characteristics:

Midea Group: Leading significantly in both scale and growth rate. From a revenue perspective, it has essentially achieved the capability to "fight two with one."

Haier Smart Home: Revenue and net profit growth remained relatively steady, reaching new highs year-over-year.

Gree Electric Appliances,Inc.Of Zhuhai: While maintaining relatively high profit levels, it experienced revenue decline in the first half, with profit growth significantly slowing.

**Midea Approaching "One Against Two" Status**

According to AVC's omni-channel data, in the first half of 2025, China's home appliance market (excluding 3C products) achieved retail sales of 453.7 billion yuan, up 9.2% year-over-year. During this period, domestic household air conditioning industry retail volume reached 38.45 million units, up 15.6% year-over-year, with retail value reaching 126.3 billion yuan, up 12.4% year-over-year. The domestic washing machine market achieved retail sales of 47.6 billion yuan, up 11.5% year-over-year. The domestic refrigerator market recorded retail sales of 67.28 billion yuan, up 3.5% year-over-year. The kitchen and bathroom major appliances market achieved overall retail sales of 78.9 billion yuan, up 3.9% year-over-year.

Under the combined influence of government subsidies, consumption upgrades, and price competition, multiple categories in China's home appliance industry reversed last year's sluggish and declining trends in the first half of 2025, achieving solid growth.

However, when it comes to specific home appliance companies like Midea, Haier Smart Home, and Gree Electric Appliances,Inc.Of Zhuhai, each showed different performance.

In the first half of 2025, Midea Group's revenue reached 251.124 billion yuan, up 15.58% year-over-year, with net profit attributable to shareholders of 26.013 billion yuan, up 25.04% year-over-year. In terms of revenue scale, Midea Group trails the combined first-half revenues of Haier Smart Home and Gree Electric Appliances,Inc.Of Zhuhai (253.733 billion yuan) by only 2.604 billion yuan. Similarly, its total profit approaches the sum of both companies.

In other words, Midea has essentially achieved the capability to "fight two with one," standing out among the white goods trio.

Meanwhile, Midea Group's revenue and net profit growth rates haven't slowed due to the company's expansion but have actually achieved higher revenue and net profit growth rates than both Haier Smart Home and Gree Electric Appliances,Inc.Of Zhuhai. Taking a longer-term view, since the first half of 2022, Midea Group has maintained year-over-year growth in both revenue and net profit for four consecutive years, showing positive growth momentum.

In comparison, in the first half of 2025, Haier Smart Home achieved revenue of 156.494 billion yuan, up 10.22% year-over-year, with net profit attributable to shareholders of 12.033 billion yuan - the lowest among the three companies - but showing steady growth of 15.59% year-over-year. While its revenue and net profit scale and growth rates don't match Midea's, considering that Haier Smart Home only represents the home appliance business segment of Haier Group and doesn't include other diversified businesses like industrial internet and biomedicine, Haier Smart Home's first-half performance is still noteworthy.

Since 2021, although Haier Smart Home's annual revenue and net profit growth rates have fluctuated slightly, it hasn't experienced year-over-year declines, and net profit growth has consistently exceeded 12%, showing steady growth.

Compared to Midea and Haier Smart Home, Gree Electric Appliances,Inc.Of Zhuhai showed more pronounced decline and growth deceleration trends.

Specifically, in the first half, Gree Electric Appliances,Inc.Of Zhuhai's revenue reached 97.325 billion yuan, down 2.46% year-over-year, with net profit attributable to shareholders of 14.432 billion yuan, up 1.95% year-over-year. Both scale and growth performance were weaker than the other two companies.

Since 2021, Gree Electric Appliances,Inc.Of Zhuhai's semi-annual revenue growth has gradually slowed year by year, officially turning negative this year. During the same period, the company's net profit growth has similarly declined continuously and is now approaching negative territory.

**Gree's "Consumer Appliances" Segment Shows Notable Decline**

At the business level, in the first half of this year, with government subsidies boosting volume and intensified price competition, the air conditioning business - where the three giants have the highest overlap - experienced significant market changes.

Haier Smart Home's air and energy solutions achieved revenue of 32.978 billion yuan, up 12.8% year-over-year.

In comparison, while Midea Group didn't directly disclose air conditioning business revenue and year-over-year growth, based on the performance of its "Smart Home Business" segment where air conditioning belongs, it also achieved good growth momentum. Midea's "Smart Home Business" revenue reached 167.2 billion yuan, up 13.31% year-over-year. As HVAC business contributed nearly half of Midea's group revenue in the same period last year as a core business in this segment, its growth rate should also maintain relatively high levels.

Like Midea Group, Gree Electric Appliances,Inc.Of Zhuhai didn't disclose specific air conditioning business revenue for the first half. However, the "Consumer Appliances" segment where Gree's air conditioning business belongs achieved revenue of 76.279 billion yuan during the period, down 5.09% year-over-year. Based on this segment's performance, Gree Electric Appliances,Inc.Of Zhuhai's air conditioning business revenue growth in the first half was hardly optimistic.

Notably, air conditioning business has always been Gree Electric Appliances,Inc.Of Zhuhai's core business segment, contributing over 70% of company revenue. In the same period last year, Gree Electric Appliances,Inc.Of Zhuhai's air conditioning business contributed 78.14% of the company's revenue share. However, this year, Gree Electric Appliances,Inc.Of Zhuhai unusually didn't list air conditioning segment revenue figures.

Third-party monitoring data echoes the financial data. According to AVC monitoring data, from January to July 2025, Midea and Haier's offline market share in air conditioning rose by 0.42% and 0.99% respectively, while Gree Electric Appliances,Inc.Of Zhuhai experienced a 2.21% year-over-year decline. In the online market, Gree Electric Appliances,Inc.Of Zhuhai also showed a slight decline of 0.02%.

Additionally, in the first half of this year, with intensified price competition among most air conditioning manufacturers, industry average prices dropped significantly. AVC data shows that in the second quarter, household air conditioning online sales of low-end models under 2,100 yuan accounted for over 50% for the first time, putting pressure on mid-to-high-end demand. Meanwhile, domestic central air conditioning sales scale declined 5.5% year-over-year in the first half. The domestic market was affected by weak project markets and real estate market adjustments, with persistent weak demand causing domestic sales to drop 10.1% year-over-year.

For Gree Electric Appliances,Inc.Of Zhuhai, which has a higher proportion in mid-to-high-end and central air conditioning markets, the pressure on its air conditioning business was perhaps inevitable given the challenging environment of mid-to-high-end market pressure and declining central air conditioning sales.

**Industry "Intensification" Leads to Frequent Strategic Adjustments**

Since this year, with Xiaomi's air conditioning sales surging dramatically and the company declaring its goal to "enter the industry's top three within the year," the domestic air conditioning and entire home appliance industry's "intensification" has become an undisputed fact.

After proposing the "promote growth through simplification" business strategy at the beginning of the year, Midea Group adjusted its regional operation architecture twice in the first half, merging operation centers and optimizing personnel, boldly clearing redundant businesses and actively transforming toward innovation.

In February this year, with the launch of "Dong Mingzhu Health Home," Gree Electric Appliances,Inc.Of Zhuhai established Dong Mingzhu Health Homes nationwide, centered on "family" scenarios, connecting the company's product lines beyond air conditioning, including refrigerators, washing machines, kitchen appliances, and other multi-category products, aiming to shed the "air conditioning" label and make the company's diversification more comprehensive and dynamic.

In comparison, while Haier Smart Home saw fewer organizational restructuring announcements in the first half, Haier Smart Home and Haier Group were active in investment and acquisitions, successively investing in Autohome, Sintec Electric, and Hungarian HVAC channel distributor KLIMA KFT, continuously expanding their business territory through capital operations.

Beyond the three home appliance giants, major and emerging home appliance companies like Hisense Home Appliances and Dreame Technology also conducted architectural adjustments and extensive new business expansion during the year.

More players are vying for the "pie." In the current environment where home appliance industry growth is slowing, category innovation is declining, and product homogenization is intensifying, competing on price, reputation, and channels has become the common choice for home appliance companies. Perhaps for Gree Electric Appliances,Inc.Of Zhuhai, which faces declining revenue and net profit growth, timely adjustment of pricing strategies in response to market changes could also be a way to regain market position.