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

On the afternoon of May 30th, Midea Group held its annual shareholders' meeting for the year 2024 at its headquarters in Foshan. Reporters attending the meeting learned that Midea Group's Chairman and President, Fang Hongbo, mentioned Xiaomi again when answering questions from investors. He stated that the company is not afraid of Xiaomi entering the household appliances industry, as this analysis and judgment is based on common sense. The household appliances industry has low barriers to entry but high competition, making it a saturated market. Additionally, household appliances are mechanical and electrical products with fixed strategies, and there is not much room for efficiency improvement in the industry. Therefore, no matter how the competition unfolds, whoever emerges victorious will face a tremendous consumption battle.