A glimpse into the financial reports of Midea, Haier, TCL, Hisense, and Skyworth in 2025: Rely on these three points to navigate the fluctuation cycle

Ask AI · How does diversification strategy help home appliance giants resist market fluctuations?

2025 is a challenging yet transformative year for the major home appliance industry. As the annual report season concludes, leading companies such as Midea Group, Haier Smart Home, Hisense, TCL Electronics, and Skyworth Group have presented their respective performance reports.

First, let’s look at the performance of white goods giants: In 2025, Midea Group’s total revenue reached 458.5 billion yuan, with net profit attributable to the parent of 43.95 billion yuan, both achieving double-digit growth; Haier Smart Home’s revenue first surpassed 300 billion yuan, reaching 302.35B yuan, with net profit attributable to the parent of 19.55B yuan; Hisense Home Appliances achieved revenue of 3.19B yuan and net profit attributable to the parent of 57.68B yuan.

Next, the performance of black appliance leaders: In 2025, TCL Electronics’ revenue first broke 100 billion Hong Kong dollars, reaching 114.58 billion HKD, with adjusted net profit attributable to the parent soaring 56.5%; Hisense Visual’s revenue was 70.32B yuan, with net profit attributable to the parent increasing against the trend by 9.25%; Skyworth Group’s revenue reached 23.69B yuan, setting a new record high.

Facing multiple pressures such as sluggish domestic demand, raw material price fluctuations, and intensified geopolitical risks, these companies reveal their common secret to crossing cycles: expanding new growth poles through diversification, reshaping brand value via high-endization, leveraging globalization to capture market increments, and achieving a difficult transformation from “scale expansion” to “quality and efficiency.”

Diversification: Dual-Drive of C-end and B-end, Building a Growth Relay

Relying solely on traditional home appliances is no longer sustainable; leading companies are increasingly seeking incremental growth from the B-end. In 2025, Midea Group’s ToB (business-to-business) revenue reached 122.8 billion yuan, a 17.5% increase year-over-year, significantly outpacing C-end growth, with building technology soaring 25.7%, becoming the “ballast stone” for crossing cycles. Haier Smart Home, through acquisitions and integration, has built a “big HVAC” new growth pole in smart buildings, commercial refrigeration, and water industries, with magnetic levitation technology already penetrating high-growth tracks like data center AI cooling.

Ding Technology notes that new energy and photovoltaics are common choices for many companies. Skyworth Group’s new energy business revenue grew 16.5% year-over-year to 300k yuan, accounting for over one-third of total revenue, becoming the fastest-growing segment. TCL Electronics’ photovoltaic business also grew rapidly, with annual revenue reaching 21.06 billion HKD, a 63.6% increase, quickly expanding in the distributed photovoltaic field, becoming an important support for its “smart terminal + new energy” dual-drive strategy. Additionally, Midea’s KUKA robots have taken a key step in factory applications, laying the groundwork for future “from manufacturing to intelligent manufacturing” possibilities.

High-Endization: Technological Upgrades to Counter Price Wars, AI Reshaping Product Value

In the context of intensifying industry price wars, upgrading technology to enhance brand premiums has become a consensus. Ding Technology observes that Haier Smart Home, with its high-end brands such as Casarte and Fissler, dominates the over-10,000-yuan refrigerator and washing machine markets, while optimizing product structures has increased the average price in European markets by about 10% year-over-year, continuously releasing high-end effects. In the black appliance sector, TCL Electronics focuses on SQD-Mini LED technology, driving global shipments of Mini LED TVs to grow 118% year-over-year, maintaining the top spot worldwide; Hisense Visual has launched high-end display technologies like RGB-Mini LED, combined with self-developed picture quality chips, further consolidating its technological moat in the high-end large-screen market.

2025 is also a year of deep AI empowerment. Hisense integrates AI technology into operations, with popular products like the “Lazy Person Wash Three-Tub Washing Machine” selling over 300k units. Midea has announced a comprehensive transformation into a “AI+” global technology group, planning to invest over 60 billion yuan in three years, reshaping smart homes and intelligent manufacturing through “home brains” and “factory brains.” Hisense Visual, together with industry standards like the “AI TV White Paper,” is also attempting to define the next-generation smart TV standards.

Globalization: Brand Going Overseas and Localized Operations to Capture Overseas Profits

When the domestic market hits a ceiling, globalization becomes an inevitable path, shifting from “product going overseas” to “brand going overseas.” Ding Technology notes that Midea’s overseas revenue in 2025 reached 195.9 billion yuan, a 15.9% increase year-over-year, with its own brands ranking first in 32 subcategories on Amazon in North America, Europe, and other core markets. Haier Smart Home enhances brand recognition through sponsorship of top football clubs and achieves over 24% high-speed growth in emerging markets, with overseas revenue accounting for more than 51%.

In response to geopolitical risks, localized manufacturing is key. Ding Technology observes that Haier, through its “global empowerment + local landing” model, has still achieved countercyclical growth in high-end brands despite complex tariffs in North America. TCL Electronics ranks among the top three in retail market share in over 20 countries worldwide and further consolidates global resources through acquisitions like parts of Sony’s business. Skyworth Group accelerates its global high-end layout by acquiring some overseas TV businesses of Panasonic.

In summary, the breakthrough of the home appliance industry in 2025 involves a systemic transformation: “diversified business hedging cycle risks, high-end technology breaking price competition, and global deployment expanding profit margins.” Facing the still uncertain 2026, those companies that master core technology on the B-end, possess high-end brands on the C-end, and have localized operational capabilities globally will undoubtedly hold more initiative.