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07-24
这点变动看不出什么，还是要看长期
贝莱德减持海尔智家持股比例
火影迫
07-17
国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常
冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”
去老虎APP查看更多动态
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(G)","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025072417412194b7fd89&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2553201844","content_text":"2025年7月21日，贝莱德在海尔智家的持股比例由8.02%下降至7.98%。此次减持通过香港交易所披露，显示贝莱德对海尔智家的持股比例小幅调整。目前尚不清楚减持的具体原因。","news_type":1,"symbols_score_info":{"BLK":1}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":457469946982640,"gmtCreate":1752737386523,"gmtModify":1752742396959,"author":{"id":"4200626429708180","authorId":"4200626429708180","name":"火影迫","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4200626429708180","authorIdStr":"4200626429708180"},"themes":[],"htmlText":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","listText":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","text":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457469946982640","repostId":"2552863103","repostType":2,"repost":{"id":"2552863103","kind":"news","pubTimestamp":1752730501,"share":"https://www.laohu8.com/m/news/2552863103?lang=&edition=full","pubTime":"2025-07-17 13:35","market":"hk","language":"zh","title":"冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”","url":"https://stock-news.laohu8.com/highlight/detail?id=2552863103","media":"蓝鲸财经","summary":"曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。","content":"<html><body><blockquote><p>文｜九州商业观察</p></blockquote><p>在竞争激烈的家电市场中，<a href=\"https://laohu8.com/S/600690\">海尔智家</a>一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。</p><p>从业绩数据来看，2024年<a href=\"https://laohu8.com/S/06690\">海尔智家</a>虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速放缓迹象明显，曾经的高速增长态势已难再现。而在利润方面，虽然净利润有所增长，但其净利率表现却不尽人意。2024年海尔智家净利率仅为6.55%，与<a href=\"https://laohu8.com/S/000333\">美的集团</a>的9.42%和<a href=\"https://laohu8.com/S/000651\">格力电器</a>的16.94%相比，差距显著，在白电三巨头中处于垫底位置。</p><p>高企的销售费用率是海尔智家净利率偏低的重要原因。2024年其销售费用高达335.86亿元，销售费用率达11.7%，远高于<a href=\"https://laohu8.com/S/00300\">美的集团</a>的9.47%和格力电器的5.13%。如此高昂的销售费用，严重侵蚀了公司的利润空间，使得海尔智家在盈利能力上与竞争对手拉开了差距。大量的销售费用投入，却未能转化为与之匹配的利润增长，这无疑反映出公司在成本控制和费用管理方面存在着严重问题。</p><p>再看其核心业务，冰箱和洗衣机作为海尔智家长期的优势品类，如今也面临着严峻挑战。行业进入存量竞争阶段，市场饱和度不断提高，这两大品类的增长动力逐渐减弱。2024年，公司冰洗两类产品收入分别为832.41亿元、630.28亿元，同比增速仅为1.96%、2.87%，增速不仅缓慢，与2023年相比，还分别下滑了3.2个百分点、3.28个百分点。曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。</p><p>在高端化战略布局上，海尔智家同样面临困境。虽然通过自主发展和并购形成了七大品牌集群，但高端品牌卡萨帝的发展并非一帆风顺。在品牌影响力方面，卡萨帝与国际老牌家电品牌博世、<a href=\"https://laohu8.com/S/SIEGY\">西门子</a>等相比，仍有较大差距，在消费者心中的知名度和认可度有待进一步提高。尽管卡萨帝近年来在社交媒体平台加大营销力度，但这也暴露了一些问题。不少用户在小红书等平台反映卡萨帝存在产品质量不佳与售后服务不到位的情况，这对品牌形象造成了负面影响，也削弱了其在高端市场的竞争力。此外，自2021年披露营收数据后，卡萨帝此后便不再公布营收数据，仅以零售额增长等模糊信息概括，这难免让外界对其发展状况产生疑虑，也侧面反映出该品牌尚未形成持续稳定的影响力。</p><p>在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。<a href=\"https://laohu8.com/S/01810\">小米</a>、美的、华凌、奥克斯等品牌纷纷发力，价格战硝烟弥漫。海尔智家在这片红海中，想要持续扩大市场份额并非易事，稍有不慎就可能被竞争对手超越。</p><p>在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。然而近年来，海外市场营收增速明显放缓。2024年海外市场实现收入1438.14亿元，同比增长5.43%，而此前2021 - 2023年，增速分别为13%、10.3%、7.6% ，下滑趋势明显。北美市场作为其海外第一大市场，2024年收入为795.29亿元，同比下滑0.3% ，出现收入下滑的不利局面。欧洲市场作为第二大主战场，营收增速也大幅回落，2024年实现收入320.89亿元，同比增长12.42%，但与2023年的23.9%增速相比，下滑了11.48个百分点。虽然在南亚、东南亚等新兴市场有一定增长，但这些市场规模体量较小，占总营收比重不足两成，难以在短期内为公司带来显著的营收增长，无法扛起营收大梁。</p><p>面对诸多困境，海尔智家启动了新一轮高管换届，试图通过管理团队的调整来突破当前的增长瓶颈。然而，新管理层能否带领公司走出困境，目前还充满不确定性。新的管理团队需要在降低销售费用率、提升核心产品竞争力、巩固高端品牌地位、拓展海外市场等多个方面迅速拿出有效的解决方案，并且在执行过程中还要面临市场变化、竞争对手反击等诸多挑战。</p><p>海尔智家正处于一个关键的十字路口。过去的<a href=\"https://laohu8.com/S/002296\">辉煌</a>已成为历史，当下的困境亟待突破。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。是成功突围，重拾增长动力，还是在困境中逐渐沉沦，让我们拭目以待。</p></body></html>","source":"lanjinger_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-17 13:35 北京时间 <a href=https://www.lanjinger.com/d/1752723185762006105><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文｜九州商业观察在竞争激烈的家电市场中，海尔智家一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。从业绩数据来看，2024年海尔智家虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速...</p>\n\n<a href=\"https://www.lanjinger.com/d/1752723185762006105\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1119993845.HKD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (HKDHDG) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","BK1557":"家电股","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","BK1214":"家用电器","LU0205439572.USD":"富达亚太股息基金","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1607":"新IT概念","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","06690":"海尔智家","LU0877626530.USD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (USD) INC MONTHLY (G)","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC"},"source_url":"https://www.lanjinger.com/d/1752723185762006105","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2552863103","content_text":"文｜九州商业观察在竞争激烈的家电市场中，海尔智家一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。从业绩数据来看，2024年海尔智家虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速放缓迹象明显，曾经的高速增长态势已难再现。而在利润方面，虽然净利润有所增长，但其净利率表现却不尽人意。2024年海尔智家净利率仅为6.55%，与美的集团的9.42%和格力电器的16.94%相比，差距显著，在白电三巨头中处于垫底位置。高企的销售费用率是海尔智家净利率偏低的重要原因。2024年其销售费用高达335.86亿元，销售费用率达11.7%，远高于美的集团的9.47%和格力电器的5.13%。如此高昂的销售费用，严重侵蚀了公司的利润空间，使得海尔智家在盈利能力上与竞争对手拉开了差距。大量的销售费用投入，却未能转化为与之匹配的利润增长，这无疑反映出公司在成本控制和费用管理方面存在着严重问题。再看其核心业务，冰箱和洗衣机作为海尔智家长期的优势品类，如今也面临着严峻挑战。行业进入存量竞争阶段，市场饱和度不断提高，这两大品类的增长动力逐渐减弱。2024年，公司冰洗两类产品收入分别为832.41亿元、630.28亿元，同比增速仅为1.96%、2.87%，增速不仅缓慢，与2023年相比，还分别下滑了3.2个百分点、3.28个百分点。曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。在高端化战略布局上，海尔智家同样面临困境。虽然通过自主发展和并购形成了七大品牌集群，但高端品牌卡萨帝的发展并非一帆风顺。在品牌影响力方面，卡萨帝与国际老牌家电品牌博世、西门子等相比，仍有较大差距，在消费者心中的知名度和认可度有待进一步提高。尽管卡萨帝近年来在社交媒体平台加大营销力度，但这也暴露了一些问题。不少用户在小红书等平台反映卡萨帝存在产品质量不佳与售后服务不到位的情况，这对品牌形象造成了负面影响，也削弱了其在高端市场的竞争力。此外，自2021年披露营收数据后，卡萨帝此后便不再公布营收数据，仅以零售额增长等模糊信息概括，这难免让外界对其发展状况产生疑虑，也侧面反映出该品牌尚未形成持续稳定的影响力。在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。小米、美的、华凌、奥克斯等品牌纷纷发力，价格战硝烟弥漫。海尔智家在这片红海中，想要持续扩大市场份额并非易事，稍有不慎就可能被竞争对手超越。在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。然而近年来，海外市场营收增速明显放缓。2024年海外市场实现收入1438.14亿元，同比增长5.43%，而此前2021 - 2023年，增速分别为13%、10.3%、7.6% ，下滑趋势明显。北美市场作为其海外第一大市场，2024年收入为795.29亿元，同比下滑0.3% ，出现收入下滑的不利局面。欧洲市场作为第二大主战场，营收增速也大幅回落，2024年实现收入320.89亿元，同比增长12.42%，但与2023年的23.9%增速相比，下滑了11.48个百分点。虽然在南亚、东南亚等新兴市场有一定增长，但这些市场规模体量较小，占总营收比重不足两成，难以在短期内为公司带来显著的营收增长，无法扛起营收大梁。面对诸多困境，海尔智家启动了新一轮高管换届，试图通过管理团队的调整来突破当前的增长瓶颈。然而，新管理层能否带领公司走出困境，目前还充满不确定性。新的管理团队需要在降低销售费用率、提升核心产品竞争力、巩固高端品牌地位、拓展海外市场等多个方面迅速拿出有效的解决方案，并且在执行过程中还要面临市场变化、竞争对手反击等诸多挑战。海尔智家正处于一个关键的十字路口。过去的辉煌已成为历史，当下的困境亟待突破。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。是成功突围，重拾增长动力，还是在困境中逐渐沉沦，让我们拭目以待。","news_type":1,"symbols_score_info":{"06690":1}},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":457469946982640,"gmtCreate":1752737386523,"gmtModify":1752742396959,"author":{"id":"4200626429708180","authorId":"4200626429708180","name":"火影迫","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200626429708180","idStr":"4200626429708180"},"themes":[],"htmlText":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","listText":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","text":"国内竞争白热化，国外还要面对高额关税，企业内部有所调整很正常","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457469946982640","repostId":"2552863103","repostType":2,"repost":{"id":"2552863103","kind":"news","pubTimestamp":1752730501,"share":"https://www.laohu8.com/m/news/2552863103?lang=&edition=full","pubTime":"2025-07-17 13:35","market":"hk","language":"zh","title":"冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”","url":"https://stock-news.laohu8.com/highlight/detail?id=2552863103","media":"蓝鲸财经","summary":"曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。","content":"<html><body><blockquote><p>文｜九州商业观察</p></blockquote><p>在竞争激烈的家电市场中，<a href=\"https://laohu8.com/S/600690\">海尔智家</a>一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。</p><p>从业绩数据来看，2024年<a href=\"https://laohu8.com/S/06690\">海尔智家</a>虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速放缓迹象明显，曾经的高速增长态势已难再现。而在利润方面，虽然净利润有所增长，但其净利率表现却不尽人意。2024年海尔智家净利率仅为6.55%，与<a href=\"https://laohu8.com/S/000333\">美的集团</a>的9.42%和<a href=\"https://laohu8.com/S/000651\">格力电器</a>的16.94%相比，差距显著，在白电三巨头中处于垫底位置。</p><p>高企的销售费用率是海尔智家净利率偏低的重要原因。2024年其销售费用高达335.86亿元，销售费用率达11.7%，远高于<a href=\"https://laohu8.com/S/00300\">美的集团</a>的9.47%和格力电器的5.13%。如此高昂的销售费用，严重侵蚀了公司的利润空间，使得海尔智家在盈利能力上与竞争对手拉开了差距。大量的销售费用投入，却未能转化为与之匹配的利润增长，这无疑反映出公司在成本控制和费用管理方面存在着严重问题。</p><p>再看其核心业务，冰箱和洗衣机作为海尔智家长期的优势品类，如今也面临着严峻挑战。行业进入存量竞争阶段，市场饱和度不断提高，这两大品类的增长动力逐渐减弱。2024年，公司冰洗两类产品收入分别为832.41亿元、630.28亿元，同比增速仅为1.96%、2.87%，增速不仅缓慢，与2023年相比，还分别下滑了3.2个百分点、3.28个百分点。曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。</p><p>在高端化战略布局上，海尔智家同样面临困境。虽然通过自主发展和并购形成了七大品牌集群，但高端品牌卡萨帝的发展并非一帆风顺。在品牌影响力方面，卡萨帝与国际老牌家电品牌博世、<a href=\"https://laohu8.com/S/SIEGY\">西门子</a>等相比，仍有较大差距，在消费者心中的知名度和认可度有待进一步提高。尽管卡萨帝近年来在社交媒体平台加大营销力度，但这也暴露了一些问题。不少用户在小红书等平台反映卡萨帝存在产品质量不佳与售后服务不到位的情况，这对品牌形象造成了负面影响，也削弱了其在高端市场的竞争力。此外，自2021年披露营收数据后，卡萨帝此后便不再公布营收数据，仅以零售额增长等模糊信息概括，这难免让外界对其发展状况产生疑虑，也侧面反映出该品牌尚未形成持续稳定的影响力。</p><p>在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。<a href=\"https://laohu8.com/S/01810\">小米</a>、美的、华凌、奥克斯等品牌纷纷发力，价格战硝烟弥漫。海尔智家在这片红海中，想要持续扩大市场份额并非易事，稍有不慎就可能被竞争对手超越。</p><p>在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。然而近年来，海外市场营收增速明显放缓。2024年海外市场实现收入1438.14亿元，同比增长5.43%，而此前2021 - 2023年，增速分别为13%、10.3%、7.6% ，下滑趋势明显。北美市场作为其海外第一大市场，2024年收入为795.29亿元，同比下滑0.3% ，出现收入下滑的不利局面。欧洲市场作为第二大主战场，营收增速也大幅回落，2024年实现收入320.89亿元，同比增长12.42%，但与2023年的23.9%增速相比，下滑了11.48个百分点。虽然在南亚、东南亚等新兴市场有一定增长，但这些市场规模体量较小，占总营收比重不足两成，难以在短期内为公司带来显著的营收增长，无法扛起营收大梁。</p><p>面对诸多困境，海尔智家启动了新一轮高管换届，试图通过管理团队的调整来突破当前的增长瓶颈。然而，新管理层能否带领公司走出困境，目前还充满不确定性。新的管理团队需要在降低销售费用率、提升核心产品竞争力、巩固高端品牌地位、拓展海外市场等多个方面迅速拿出有效的解决方案，并且在执行过程中还要面临市场变化、竞争对手反击等诸多挑战。</p><p>海尔智家正处于一个关键的十字路口。过去的<a href=\"https://laohu8.com/S/002296\">辉煌</a>已成为历史，当下的困境亟待突破。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。是成功突围，重拾增长动力，还是在困境中逐渐沉沦，让我们拭目以待。</p></body></html>","source":"lanjinger_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n冰洗增长乏力、海外市场遇挫，海尔智家的“中年危机”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-17 13:35 北京时间 <a href=https://www.lanjinger.com/d/1752723185762006105><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文｜九州商业观察在竞争激烈的家电市场中，海尔智家一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。从业绩数据来看，2024年海尔智家虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速...</p>\n\n<a href=\"https://www.lanjinger.com/d/1752723185762006105\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1119993845.HKD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (HKDHDG) INC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","BK1557":"家电股","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","BK1214":"家用电器","LU0205439572.USD":"富达亚太股息基金","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1607":"新IT概念","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","06690":"海尔智家","LU0877626530.USD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (USD) INC MONTHLY (G)","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC"},"source_url":"https://www.lanjinger.com/d/1752723185762006105","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2552863103","content_text":"文｜九州商业观察在竞争激烈的家电市场中，海尔智家一直以来都是备受瞩目的行业巨头。然而，当我们深入剖析其近年来的发展态势，一系列问题逐渐浮出水面，让人不禁对其未来前景产生担忧。从业绩数据来看，2024年海尔智家虽实现了营业收入2859.81亿元，同比增长4.29% ，归母净利润187.41亿元，同比增长12.92%，看似营收与利润双增长的亮眼成绩，但背后隐藏的危机不容忽视。与以往年份相比，收入增速放缓迹象明显，曾经的高速增长态势已难再现。而在利润方面，虽然净利润有所增长，但其净利率表现却不尽人意。2024年海尔智家净利率仅为6.55%，与美的集团的9.42%和格力电器的16.94%相比，差距显著，在白电三巨头中处于垫底位置。高企的销售费用率是海尔智家净利率偏低的重要原因。2024年其销售费用高达335.86亿元，销售费用率达11.7%，远高于美的集团的9.47%和格力电器的5.13%。如此高昂的销售费用，严重侵蚀了公司的利润空间，使得海尔智家在盈利能力上与竞争对手拉开了差距。大量的销售费用投入，却未能转化为与之匹配的利润增长，这无疑反映出公司在成本控制和费用管理方面存在着严重问题。再看其核心业务，冰箱和洗衣机作为海尔智家长期的优势品类，如今也面临着严峻挑战。行业进入存量竞争阶段，市场饱和度不断提高，这两大品类的增长动力逐渐减弱。2024年，公司冰洗两类产品收入分别为832.41亿元、630.28亿元，同比增速仅为1.96%、2.87%，增速不仅缓慢，与2023年相比，还分别下滑了3.2个百分点、3.28个百分点。曾经的王牌业务增长乏力，突破空间有限，这对海尔智家的整体发展构成了巨大阻碍。在高端化战略布局上，海尔智家同样面临困境。虽然通过自主发展和并购形成了七大品牌集群，但高端品牌卡萨帝的发展并非一帆风顺。在品牌影响力方面，卡萨帝与国际老牌家电品牌博世、西门子等相比，仍有较大差距，在消费者心中的知名度和认可度有待进一步提高。尽管卡萨帝近年来在社交媒体平台加大营销力度，但这也暴露了一些问题。不少用户在小红书等平台反映卡萨帝存在产品质量不佳与售后服务不到位的情况，这对品牌形象造成了负面影响，也削弱了其在高端市场的竞争力。此外，自2021年披露营收数据后，卡萨帝此后便不再公布营收数据，仅以零售额增长等模糊信息概括，这难免让外界对其发展状况产生疑虑，也侧面反映出该品牌尚未形成持续稳定的影响力。在中低端市场，海尔智家加大对Leader品牌的投入，虽取得了26%的零售额增长，但该领域竞争异常激烈。小米、美的、华凌、奥克斯等品牌纷纷发力，价格战硝烟弥漫。海尔智家在这片红海中，想要持续扩大市场份额并非易事，稍有不慎就可能被竞争对手超越。在海外市场，海尔智家同样面临增长困境。作为国内较早布局海外市场的家电企业，海尔智家通过一系列并购拓展海外业务。然而近年来，海外市场营收增速明显放缓。2024年海外市场实现收入1438.14亿元，同比增长5.43%，而此前2021 - 2023年，增速分别为13%、10.3%、7.6% ，下滑趋势明显。北美市场作为其海外第一大市场，2024年收入为795.29亿元，同比下滑0.3% ，出现收入下滑的不利局面。欧洲市场作为第二大主战场，营收增速也大幅回落，2024年实现收入320.89亿元，同比增长12.42%，但与2023年的23.9%增速相比，下滑了11.48个百分点。虽然在南亚、东南亚等新兴市场有一定增长，但这些市场规模体量较小，占总营收比重不足两成，难以在短期内为公司带来显著的营收增长，无法扛起营收大梁。面对诸多困境，海尔智家启动了新一轮高管换届，试图通过管理团队的调整来突破当前的增长瓶颈。然而，新管理层能否带领公司走出困境，目前还充满不确定性。新的管理团队需要在降低销售费用率、提升核心产品竞争力、巩固高端品牌地位、拓展海外市场等多个方面迅速拿出有效的解决方案，并且在执行过程中还要面临市场变化、竞争对手反击等诸多挑战。海尔智家正处于一个关键的十字路口。过去的辉煌已成为历史，当下的困境亟待突破。在未来的发展中，海尔智家若不能有效解决上述问题，其在行业中的地位将岌岌可危，市场份额可能被竞争对手进一步蚕食。是成功突围，重拾增长动力，还是在困境中逐渐沉沦，让我们拭目以待。","news_type":1,"symbols_score_info":{"06690":1}},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":460184300576808,"gmtCreate":1753359196202,"gmtModify":1753361930781,"author":{"id":"4200626429708180","authorId":"4200626429708180","name":"火影迫","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200626429708180","idStr":"4200626429708180"},"themes":[],"htmlText":"这点变动看不出什么，还是要看长期","listText":"这点变动看不出什么，还是要看长期","text":"这点变动看不出什么，还是要看长期","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/460184300576808","repostId":"2553201844","repostType":2,"repost":{"id":"2553201844","kind":"news","pubTimestamp":1753350003,"share":"https://www.laohu8.com/m/news/2553201844?lang=&edition=full","pubTime":"2025-07-24 17:40","market":"us","language":"zh","title":"贝莱德减持海尔智家持股比例","url":"https://stock-news.laohu8.com/highlight/detail?id=2553201844","media":"DoNews","summary":"2025年7月21日，贝莱德在海尔智家的持股比例由8.02%下降至7.98%。此次减持通过香港交易所披露，显示贝莱德对海尔智家的持股比例小幅调整。目前尚不清楚减持的具体原因。","content":"<html><body><article><p>2025年7月21日，<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>在<a href=\"https://laohu8.com/S/600690\">海尔智家</a>的持股比例由8.02%下降至7.98%。此次减持通过<a href=\"https://laohu8.com/S/00388\">香港交易所</a>披露，显示贝莱德对<a href=\"https://laohu8.com/S/06690\">海尔智家</a>的持股比例小幅调整。目前尚不清楚减持的具体原因。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>贝莱德减持海尔智家持股比例</title>\n<style 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","BK4535":"淡马锡持仓","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0742537680.HKD":"FIDELITY GLOBAL DIVIDEND \"A \" (HKD) INC","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","BK4504":"桥水持仓","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4135":"资产管理与托管银行","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","BK4588":"碎股","IE00BGHQF631.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) 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(G)","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025072417412194b7fd89&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2553201844","content_text":"2025年7月21日，贝莱德在海尔智家的持股比例由8.02%下降至7.98%。此次减持通过香港交易所披露，显示贝莱德对海尔智家的持股比例小幅调整。目前尚不清楚减持的具体原因。","news_type":1,"symbols_score_info":{"BLK":1}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
