文 | 新熵 萧维

编辑丨蕨影

xianggangsannianyilaiguimozuidaipolaile！

meidejituan9yue17rizhengshidengluganggu，chixuyinianduodeipozhengshiyuanmanjieshu，shourishichangreqinggaozhang，shoupangujiazhangfuda7.8%，jiziegengshichaoguo300yigangyuan，shi2021nian2yuekuaishoushangshizhihoujiziguimozuigaodexingu，chengweiyouyijia“a+h”gushangshigongsi，gengchengweiquanqiujinnianyilaidierdaguimodexingu。

huigumeidejinnianlaidebianhua，youyigemingxiandezhuanbianqushi，neijiushicongbaidianjutouzouxiangduoyuanhua，erbenciipodebeijing，congbenzhikan，meideyebingbuqueshaozijin，yongyigengzaiyuchuhaiguojihua。

zuoweihaierzhijiazhihoudedierjialiangdishangshidebaidianjutou，zaijingzhengriyijiliedebaidiansaidao，ruhexunzhaozengzhangduoji，shimeidemendebixiuke。

danbuguanzenmeshuo，mozhetongxingguohe，beiyansidegailvzongshiyaoxiaoyidian。

01 空调争霸，但难挡增速变缓

meidehegelizaikongdiaodiyideshi，chaolehenjiule。

zaozai2021nian，shuangfangyijingjiuzheijianshigekongjiaohuo，dangshigelihemeidezaigezidecaibaozhong，douyinyongledisanfangshichangjigoudeshuju，zhengmingzijishixingyediyi。

gelidianqiyuanyin《chanyezaixian》tongjishuju，2021 nianshangbanniangelijiayongkongdiaoneixiaozhanbi33.89%，paimingjiadianxingyediyi；meidejituanliyongjiayongkongdiaochanpindequanqudaofenezhengmingqixianshangyuxianxiadeshichangfenejunweijuxingyediyi，fenbiedadao37.6%he 36.5%。

geshuogeli，danyouyijianshixuyaolvqing：kongdiaodiyi，henzhongyaoma？

daanshikendingde。jiadianchanpinmaolilv，kongdiaochuyudiyidang，bibingxiang、xiyijidengjiadianpinleihuigenggao，yincidekongdiaozhedebaidian，yechenglexingyedegongshi。

shujukeyizhengming，2024nianshangbannian，meidejituanyingshou2172.74，tongbizengzhang10.30%；jinglirun208.04yiyuan，tongbizengzhang14.11%。qizhongnuantongkongdiaozhanjugaoda46.70%deyingshou。zaikangeli，2024nianshangbannian，gelidianqishixianyingyezongshouru1002.87yiyuan，tongbizengzhang0.50%，shixianguishuyumugongsidejinglirun 141.36 yiyuan，tongbizengzhang 11.54%，qizhonggelidianqikongdiaoyingshouzhanbigengshidadao78.14%。

ercongzhengtikan，juaoweiyunwangshuju，2023nianzhongguojiadianlingshoushichang（buhan3c）guimo8498yiyuan，kongdiao2117yiyuan，zhanbi24.91%，jiejinxiyijihebingxiangdezonghe。

gaolirunjiadashichang，biranyindewanjiajiadatouru。zi2022nian12yuezhijin，yiyoutcl、feilipu、zhonghuida、meibo、yuetudengyipiyaobujizhongxiaokongdiaopinpai，luxuxuanbuxinjiditouchan，rucimijidijiadakongdiaotouru，duanshijianneibiranyinqineijuan，youyeneirenshiyugu，jiangxinzeng2000wantaonianchanneng。

zheijiushijieshileweishenmeshuangfangweishenmeyaojianchengzijishikongdiaoyigele，beihouqishishijingzhengjiliedekongdiaoxingyediweidezhengduo。danshi，zaizenmezheng，yegaibianbulekongdiaoshichangweisuodeshishi。

juguojiatongjijushuju，jiezhi2023nianmo，quanguojuminmeibaihukongdiaoyongyouliangdadao145.9tai。qizhong，chengzhenjuminmeibaihukongdiaoyongyouliangwei171.7tai，nongcunjuminmeibaihukongdiaoyongyouliangwei105.7tai。

eraoweiyunwangshujuxianshi，2024nian1~7yue，guoneijiayongkongdiaoshichangquanqudaoxiaoliangwei3911.4wantai，tongbixiajiang10.2%；lingshouewei1321.3yiyuan，tongbixiajiang13.9%。tebieshi6yuehe7yuedewangji，lingshoushujuyemeiyouqise。

xuqiuduanfali，dangongjicekuyijingguodujianshe，ju《dianqi》jizhebuwanquantongji，2024nianquanguojiayongkongdiaodachanzongchannengwei2.75yitai，jieheqianshu1.85yitaidezongxiaoshouguimo，zaineixiaopaichanshangyoulidude2024lengnian，channengliyonglvyejinwei67%。

xianran，guoneikongdiaoshichangqianjingburongleguan，erzhenggejiadianxingyeyemianlinzhekongdiaoshichangweisuodekunjing，ruhetuweiyijingchenglemeidemendedangwuzhiji，daodiyouduoji？zhongguojiadianzuizhongyaodexingyeshenghui—aweshengtaidahui，meidelianxuliangnianquexi，kongdiaoyigequnale，zheishiyigemi。dangran，yecongcemianshuomingmeidejiyusidiao“jiadian”debiaoqian，qiduiwaixuanchengzijidedingweishikejijituan。

02 家电高端路坎坷，美的另寻出

bukefouren，yikongdiaoweizhudejiadianshimeidejibenpan，jinguanmeidezhengtiyingshouchangnianzaihaierhegelizhishang，zaigaoduanhuadedaolushang，meideyilujingji。

2007nianhaierzhijiatuichugaoduanxian“kasadi”，erzheiyigaoduanpinpaidebiaoxian，kanchengyejiebiaogan，genjuhaierzhijia2024nianbannianbaoshuju，kasadibingxiang、guntongxiyijihekongdiaodeshichangfenefenbiedadao39.5%、82.3%he32%，zaigaoduanshichangzhongzhanjulingxiandiwei，erzaiguoqubanian，kasadidoushigaoduantop1。

fanguanmeide，zaigaoduanhuazhilushangkeweilvbailvzhan，zuikaishi，2010nianzuoyou，meidejituanyexianhoutuichu“fandiluo”he“bifoli”lianggezhudagaoduandezipinpai，danxianzaiyiwuzongying。

suihoutuichudegaoduanpinpaihaiyou2018niandejiadianpinpaicolmo，2019niandehulianwangpinpaibugubugu，jiashangshougoudedongzhi、xiaotiane、hualing，zaiguoneishichangdoumeiyouxianqishuihua。jiuerjiuzhi，meidezaiguoneigaoduanpinpaidejingzhengzhongyejiuzhangqibeihaierzhijiayazhile。

zaigaoduanshichanglvlvshoucuo，shiquleyikuaixiangdangdadedangao，neimeideruhezuodaoyingshougaozengzhangde？daanjiushiduoyuanhua。

jutongji，meidexianhoushougoudeqiyejiuyoulingwangdianti、hekangxinneng、wandongyiliaotiantengdonglijikeludianzi，lingyuhengkuadianti、xinnengyuan、yiliao，rucidafanweidejinjunfeijiadianshichang，meidezheshijileshichangbuwuzhengyedeyinxiang。

erqiexuyaozhuyideshi，meidedexinyewumoshijibenweito b，zheiyuto cdejiadianyewuxingchenglejudadeduibi。danyezhengshiyinweibuwuzhengye，meidecainengdiqiyouduiwaixuanbuzijidedingweishikejijituan，erfeijiadianjutou。

zai2022nianzhigudongshuzhong，meidejituanxiedao“womenjiangjianchito cyuto bbingzhongtupo，tongguoto clingyuchanpinlihehexinjishudetisheng，wendinghetishengyinglinengli，weito byewudezhuanxingtigongzhanlvezhicheng。”

tongyang，duibduanyewudetuchu，haitixianzaicaibaoshang，2024nianshangbannianshuju，meidejituanzhinengjiajuludeyingshou1476yiyuan，tongbizengzhang11%；xinnengyuanjigongyejishuludeyingshouwei171yiyuan，tongbizengzhang26%；zhinengjianzhukejiludeyingshou157yiyuan，tongbizengzhang6%；erjiqirenyuzidonghuayewuludeyingshou139yiyuan，tongbixiajiang9%。

xianran，bduanyewuyouxiyouyou，danzhengtiyingshouzhanbiyijingjiejin30%，yanranchengweimeidedelingyiyewuzhizhu。

zheiyiqiezhuanbian，yexuzai2023nian5yuefendeyejishuominghuishangjiuyijinxingyugao，meidejituanzongcaifanghongbodangshishuo，weilaisannianjiadianxingyejianghuiyinglaiqiansuoweiyoudehandong，meidejituanbixuxunzhaodieryinqing。

gaoduanhuabuli，bduanfali，meidesaiwengshimayanzhifeifu。

03 发行价打八折也要出海，格局大

meidebenciganggushangshi，niquanqiufashou4.92yiguhgu，qizhongguojifashouzhanyue95%，xiangganggongkaifashoujinzhanyue5%，lingyouyue15%chaoepeiguquan。

qiyeiposhangshi，duoshuqingkuangshijiejuezijinwenti，danxianzaimeidebingbuqueqian。jiezhi2023niannianmo，gongsichiyoudehuobizijinyueyuewei816.74yiyuan，zhanzongzichandebizhongda16.80%，qizhongmeixianjinjiqidengjiawuwei598yiyuan。

ruguobuqueqian，neibencimeideshangshidemudeshishenme？daanzai95%zheigeshuzizhong，guojifashougupiao95%，mianxiangqishijiushihaiwai，ziranerranmeideshangshiyejiushichuhaideyihuan。

zaozai2017niannianbaozhong，meidejituanjiucengbiaoshi“meidehaiwaixiaoshouzhangongsizongxiaoshoujiangchaoguo50%”。2020niandi，meidejituanguojifuzongcaizhaowenxinzaizhongguodianzijiadianqiyeguojihuagaofengluntanbiaoshi，weilaisannian，gongsidehaiwaishouruzhanbiyaodadao50%yishang。erdaole2024nian，meidedeyewangjibenshixian：bannianbaoxianshi，meidehaiwaixiaoshouzhangongsizongxiaoshou40%yishang，chanpinyichukouzhiquanqiuchaoguo200geguojiajidiqu，zaixuduohaiwaishichangyijianlixianshang、xianxiaxiaoshouwangluo，yongyouyue5000geshouhoufuwuwangdian。shangbannian，meidejituanguowaishouruwei910.8yiyuan，zhanyingshoubizhongwei41.92%，tongbizengzhang13.09%。

haiwaishichangdebiaoxian，ziranshizibenrujudeqiangxinji，meidefashoushouribianshixianzuerengou，tiqianyitianyu9yue11rijieshurengou，rucireliedeshichangfanying，yelaiyuanziqijiagedeshihui，anzhao9yue12ri62.37yuan/gudeagushoupanjiagusuan，meidejituanciciganggufaxingjia52zhi54.80gangyuan，xiangdangyudazhe76%zhi80%。

rangdulirunkongjiandezuofa，gengxiyinle18weijishitouzizhe，baokuozhongyuanhaiyun、boyuziben、ruiyinziguan、biyadi、guodiaojijindeng，jishitouzizhehegongrengoubiligaoda37.25%，kejianmeidedezibenpengyouquanshifenqiangda。

yingshouduonianbabangdemeide，chuhaikansishuidaoqucheng，danqishishiguanlicengneibudegejusuozhi。meidechuangshirenhexiangjian，yong44nianbayijiazhiyou23rendexiangzhenqiyefazhanweizhongguobaisejiadianlongtou，yijingshiyidaichuanqi，danshigengyoupolideshi，mingmingkeyijiangmeidezuoweizijidejiazuqiye，quepianpianyinrulexiandaiqiyezhiyejinglirenzhidu，cong2021niantatuixiusuanqi，tadeduzihejianfengjinyifeizhixingdongshishenfenchuxianzaidongshihui，bucanyujingying，erdao2024nian6yuemeidejituandongshihuihuanjie，hejianfengyouwanquantuirenfeizhixingdongshizhiwuhou，meidezichengfuyedenianxiang，keweichediduanle。

weishenmehejianfengmeiyoujiebanmeide，zheikenengyuanziqichuangyechengjibugoushuofuli，qunianniandi，hejianfengchizi88.8yiyuanshougougujiajiaju29.42%gufen，pingjunmeigushougoujia36.7yuan。danrujin，gujiajiajugujiayidiezhi22.57yuan，kuisun38.5%，fukuichao34yi。erqizai2018nianhuafei18yinaxiayingshiyewudebainaqianchenghou，dangnianjiukuisun34yi，yinglijinianhou2023nianyoukuisun1.86yi，erjinnianshangbannian，yelude2953wankuisun，zuoweiqianyizichancaopanzhe，zheiyangdezhanjixianranbunengfuzhong。

duibixialai，meidedangxiadeyunzuoxianrangengjuwendingxing，qiyewudewenjianzengzhangduiyuzheijiaqianyikejijutoulaishuogengweizhongyao，congzheigejiaodukan，juyoujiazuqiyejiyindemeidekeyijinhuaweixiandaiqiye，bingdadaorucichengji，paokaishichangdepengbofazhan，qishiyeshuweibuyi。

bijing，duiyuyijiagongsilaishuo，zhengqianrongyi，shulijingshenhennan。