营收净利双降，格力提前“入冬”_老虎社区_美港股上老虎

营收净利双降，格力提前“入冬”

北京商报11-02

10月最后一周，美的、海尔、格力三家家电巨头相继披露了2025年三季度报告。相较其余两家业务整体仍呈增长的表现，格力电器的业绩失速尤为突出——单季度营收、净利润的明显下滑，将这位老牌家电巨头内忧外困的窘境外显于当下，仿佛提前“入冬”。核心数据方面，格力电器2025年前三季度实现营业收入1371.8亿元，同比下降6.5%；归属于上市公司股东的净利润214.61亿元，同比下降2.27%，扣非净利润亦...

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好东西要一直拿着
·11-03
难怪那么痛恨雷军
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陶凤 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21:19","market":"hk","language":"zh","title":"营收净利双降，格力提前“入冬”","url":"https://stock-news.laohu8.com/highlight/detail?id=2580296289","media":"北京商报","summary":"相较其余两家业务整体仍呈增长的表现，格力电器的业绩失速尤为突出——单季度营收、净利润的明显下滑，将这位老牌家电巨头内忧外困的窘境外显于当下，仿佛提前“入冬”。核心数据方面，格力电器2025年前三季度实现营业收入1371.8亿元，同比下降6.5%；归属于上市公司股东的净利润214.61亿元，同比下降2.27%，扣非净利润亦同比下滑2.73%。","content":"<div>\n<p>10月最后一周，美的、海尔、格力三家家电巨头相继披露了2025年三季度报告。相较其余两家业务整体仍呈增长的表现，格力电器的业绩失速尤为突出——单季度营收、净利润的明显下滑，将这位老牌家电巨头内忧外困的窘境外显于当下，仿佛提前“入冬”。核心数据方面，格力电器2025年前三季度实现营业收入1371.8亿元，同比下降6.5%；归属于上市公司股东的净利润214.61亿元，同比下降2.27%，扣非净利润亦...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110221194494e9f8a2&s=b\">Web Link</a>\n\n</div>\n","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 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110221194494e9f8a2&s=b><strong>北京商报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>10月最后一周，美的、海尔、格力三家家电巨头相继披露了2025年三季度报告。相较其余两家业务整体仍呈增长的表现，格力电器的业绩失速尤为突出——单季度营收、净利润的明显下滑，将这位老牌家电巨头内忧外困的窘境外显于当下，仿佛提前“入冬”。核心数据方面，格力电器2025年前三季度实现营业收入1371.8亿元，同比下降6.5%；归属于上市公司股东的净利润214.61亿元，同比下降2.27%，扣非净利润亦...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110221194494e9f8a2&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025110221194494e9f8a2&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2580296289","content_text":"10月最后一周，美的、海尔、格力三家家电巨头相继披露了2025年三季度报告。相较其余两家业务整体仍呈增长的表现，格力电器的业绩失速尤为突出——单季度营收、净利润的明显下滑，将这位老牌家电巨头内忧外困的窘境外显于当下，仿佛提前“入冬”。核心数据方面，格力电器2025年前三季度实现营业收入1371.8亿元，同比下降6.5%；归属于上市公司股东的净利润214.61亿元，同比下降2.27%，扣非净利润亦同比下滑2.73%。如若聚焦三季度单季，则压力更显集中：公司单季营收398.55亿元，同比降幅扩大至15.09%；单季归母净利润70.49亿元，同比下滑9.92%，营收与利润的单季下滑幅度均远超前三季度整体水平。格力在业务结构上对空调依赖度极高，尽管公司并未在三季报披露具体业务营收占比，但其半年报显示，以空调为核心业务的消费电器板块占当期收入比例达78.38%，意味着核心业务的波动将直接决定企业整体业绩走向。遗憾的是，当前空调行业整体仍处调整期。奥维云网数据指出，2025年尾声阶段，空调行业下行压力未获缓解，9月零售量同比下降21.2%，线上线下分别下滑29%、38.1%；11月空调内销排产同比下滑19.8%，出口排产下滑15.7%，且已连续两个月大幅下滑。行业受去库存周期残留、消费市场变化等多重因素压制，需求与生产端双双收缩。科方得智库研究负责人张新原向北京商报记者分析，目前空调行业面临的产品同质化问题较为突出，近些年的技术创新、分野往往难以被消费者直观感知，进一步加剧了行业竞争的白热化与消费者决策的模糊性。据北京商报记者梳理，2021—2024年，格力归母净利润、扣非净利润持续正增长，其中2023年表现尤为亮眼——归母净利润同比大增18.41%，扣非净利润也增长14.92%，增长动能达到阶段高峰；但进入2025年前三季度，两项盈利指标同比增长率双双落入负区间，业绩增长动能在行业调整周期中持续衰减。苏商银行特约研究员高政扬告诉北京商报记者，即便企业有在核心技术上的积累，在行业需求疲软期也难以有效转化成消费端需求，业绩压力由此显露。自身业务及业务带来的盈利困境是内忧。太平洋证券研报指出，格力长期仍有增长动力，如持续深耕空调与暖通板块、布局新能源业务等，当前估值处于低位，具备修复潜力；但短期需警惕行业竞争、原材料波动、海外拓展不及预期等风险。研报中提及的“行业竞争”，则在这个初冬具象化成外困——来自行业后来者的挑战，步步紧逼。小米武汉智能家电工厂的投产，成为对格力空调腹地的又一冲击。不知是巧合还是有意，小米集团首座自建智能家电工厂同样在10月最后一周官宣于武汉光谷正式运营，集团创始人雷军亲临投产仪式并强调，这座数字化工厂每6.5秒即可下线一台高端空调，规划峰值产能可达700万套，远期目标直指“2030年产值100亿元、跻身行业前二”。自建工厂的落地，意味着小米空调从代工模式转向自主制造，供应链效率与品质的提升将进一步强化其产品力，对格力的市场份额亦构成进一步的威胁。双方的纠葛早已贯穿空调赛道多年。从2013年“十亿赌约”拉开序幕，到2018年小米正式入局空调领域，再到2025年的多轮交锋：线上销量数据的隔空博弈（小米称7月线上反超格力，格力则晒出不同口径数据反驳）、“十年免费包修”政策的互相叫板（小米将中央空调纳入包修范围，格力讽其“十年包修是承诺，十年不修才是实力”）、产品工艺的拆机论战，舆论战针尖麦芒的本质是业务的正面冲突。小米集团最新半年报显示，其在大家电领域的扩张态势显著。2025年二季度，小米IoT与生活消费产品收入达387亿元，同比大增44.7%，创历史新高；其中智能大家电收入同比增长66.2%，核心源于空调出货量超540万台，同比增速超60%，同时高端化策略推动产品平均售价（ASP）上升。业务结构上，IoT与生活消费产品在小米整体营收中的占比从2024年二季度的30.1%提升至2025年第二季度的33.4%，成为增长核心板块之一，空调业务快速放量是其中的关键支撑。北京商报记者就相关问题尝试咨询格力电器，截至发稿时未能得到回复。对于格力而言，这个冬天的寒意既来自行业周期的调整，也来自新势力的贴身挑战。若想在内忧外困中破局，不仅要寻求行业库存去化与需求复苏的共振，更需在渠道革新、生态构建上加速转型，才能重拾增长的“春天”。北京商报记者 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