Midea Group Chairman and President Fang Hongbo talks about Xiaomi again: Whoever wins, it will be a huge battle of attrition.

On the afternoon of the 30th, Midea Group held its 2024 shareholder meeting at its headquarters in Foshan. Journalists attending the meeting learned that Midea Group Chairman and CEO Fang Hongbo talked about Xiaomi again when answering questions from investors. He said that the company strategically is not afraid of Xiaomi entering the home appliance industry, as this is the result of analyzing and judging based on common sense. The threshold for the home appliance industry is not high, but the competition is intense, making it a red ocean industry. Additionally, home appliances are electromechanical products with fixed strategies, and there is not much room for efficiency improvement in the industry. Therefore, no matter how the battle plays out, in the end, it will be a huge consumption of resources.