广州——中国七家主要家电制造商中，有四家在2026年上半年利润下滑。在国内房地产持续低迷导致需求下降之际，这些企业还面临着提升海外盈利能力 challenges。
GUANGZHOU -- Four of China's seven major appliance makers logged lower profits for the first half of 2026, as they face the challenge of improving overseas profitability while domestic demand falls due to the country's ongoing property slump.
格力电器净利润同比下降8%，这是该公司六年来首次出现1月至6月利润下滑。海信集团旗下海信家电利润下跌20%。
Net profit at Gree Electric Appliances dipped 8% on the year, the company's first January-June decline in six years. Profit sank 20% for Hisense Group subsidiary Hisense Home Appliances.
据《日经》汇总的头部家电制造商上半年业绩，海尔集团旗下家电业务公司海尔智家和浙江三 Hua智控利润也分别下降14%和3%。
Haier Group appliance arm Haier Smart Home and Zhejiang Sanhua Intelligent Controls also showed decreases of 14% and 3%, respectively, as Nikkei tallied first-half earnings from the top appliance manufacturers.
行业龙头美的集团利润增长2%，海信集团旗下电视业务公司海信视像利润增长13%。由于一家投资公司估值上升，四川长虹电器净利润增至原来的三倍。
Profits rose 2% at top player Midea Group and 13% at Hisense Group's television subsidiary Hisense Visual Technology. Sichuan Changhong Electric's net profit tripled as a company in which it invests rose in valuation.
研究机构北京奥维云网科技表示，中国零售电子市场于2025年7月至9月首次出现季度同比下滑，并在2026年4月至6月继续保持负增长。政府为家电以旧换新提供补贴，但对消费的刺激作用有所减弱。海信家电生产的冰箱。
China's retail electronics market began a year-over-year quarterly decline in July-September 2025, and growth has stayed negative through April-June 2026, research firm Beijing All View Cloud Data Technology reports. The government offers a subsidy for appliance upgrades, but its stimulus on consumption has weakened. Refrigerators made by Hisense Home Appliances are displayed.
美的净利润达到264亿元（39.3亿美元）。其海外收入增长6%，占总收入的比重上升1个百分点至44%。
Midea's net profit reached 26.4 billion yuan ($3.93 billion). Revenue generated outside China rose 6%, and the overseas share of total revenue climbed 1 percentage point to 44%.
美的在全球拥有45家工厂，通过出口和本地生产向海外市场供货。海外销售毛利率为26%，高于国内销售的24%，这也推动利润增长。
Midea has 45 plants globally, and it supplies overseas markets through exports and local production. A higher gross profit margin for overseas sales at 26% than for domestic sales at 24% contributed to the profit increase.
另一个推动因素是，公司从原始设备制造商（OEM）转向原始品牌制造商（OBM）。报告期内，美的海外自有品牌家电收入占比升至50%以上。随着销售增长，自主设计和开发产品有助于提高利润率。
Another contributor is the company's shift from business as an original equipment manufacturer (OEM) to an original brand manufacturer (OBM). During the period, Midea's proportion of revenue for overseas OBM appliances rose to more than 50%. Designing and developing products in-house helps boost margins as sales grow.
美菱在2025年收购的欧洲厨房电器品牌Teka的营收增长了约20%；在日本，来自东芝品牌的营收增长了约10%。美菱的自有品牌（OBM）产品也实现了营收增长——由于当地极端高温天气的影响，专为欧洲市场开发的便携式空调的销量翻了一番。
Revenue increased by roughly 20% from Teka, a European kitchen appliances brand Midea acquired in 2025. In Japan, revenue from the Toshiba brand grew about 10%. Midea also had increases for OBM products as well, with unit sales of portable air conditioners developed for Europe doubling due to extreme heat in the region.
美菱还销售用于电梯和数据中心的商用制冷设备，这些产品的利润率较高，从而提升了整个集团的盈利能力。
Midea also sells commercial cooling equipment such as for elevators and data centers, which comes with bigger profit margins that bolster the group's overall profitability.
海尔智能家居公司的首席执行官李华刚（左）正在介绍该公司专为欧洲市场设计的新款节能洗衣机。
Haier Smart Home CEO Li Huagang, at left, introduces the company's new energy-efficient washing machine designed for Europe.
然而，中国的许多其他家电制造商尚未在海外市场建立起稳固的营收基础。格力的国内销售额占总营收的约80%，这使得该公司容易受到国内市场变化的影响；该公司正在努力发展海外业务，但中东地区的冲突对其业务造成了负面影响（中东是其主要市场之一）。
But many of China's other appliance makers have yet to fully establish overseas-focused revenue bases. Domestic sales account for around 80% of Gree's total, leaving it vulnerable to changes in its home market. The company is working to develop its overseas business, but has been impacted by the conflict in the Middle East, one of its main markets.
海信家电的情况与美菱类似：在收购了日本、美国和欧洲的家电品牌后，其海外销售额占比达到了46%；不过其海外毛利率仅为11%，比在中国市场的毛利率低17个百分点。
Hisense Home Appliances resembles Midea in having a high share of overseas sales at 46% after buying appliance brands in Japan, the U.S. and Europe. But its overseas gross profit margin is 11%, 17 percentage points lower than in China.
“除了海信销售的大量低利润率OEM产品外，其高附加值海外品牌的营收贡献仍然很小，”消费电子分析师梁振鹏表示。那些希望拓展海外市场的企业往往仍依赖低价产品来获取收入。
"In addition to Hisense having a high proportion of low-gross-profit OEM models, the contribution to revenue from its higher value added overseas brands is still small," said Liang Zhenpeng, a consumer electronics analyst. Companies looking to grow overseas still tend to rely on low-priced products.
除了国内市场需求疲软外，家电制造商还面临着其他挑战，例如铜、冷却剂等原材料价格的高昂，以及美国和其他一些国家征收的额外关税。
On top of a sluggish domestic market, appliance makers also face other headwinds like high costs for materials such as copper and coolant, as well as additional tariffs in the U.S. and some other countries.
李华刚在一场活动上介绍了海尔智家的X系列11洗衣机。他表示，这款产品凭借大幅降低的能耗受到关注，并借助人工智能 partially 达到欧洲能效标准。
Li Huagang, chairman and CEO of Haier Smart Home, introduced the company's X Series 11 washing machine at an event last week. He said the product has gained attention for its substantially reduced energy consumption, meeting European efficiency standards partly through the use of artificial intelligence.
“结构设计在德国完成，外观由意大利团队设计，制造技术来自日本，电机来自新西兰，人工智能算法则由我们中国的团队负责。”李华刚说，这体现了分布在世界各地的研发团队所带来的高效协作。
"Structural design was done in Germany, the look was designed in Italy, the manufacturing technologies come from Japan and the motor from New Zealand, while the AI algorithm was handled by our team in China," Li said, highlighting the efficiency of development teams spread around the globe.