收入高花费就要大？海尔智家投入绝对值下降

Ofweek光电信息网2025-12-26

文 | 螳螂观察作者 | 余一今年家电行业其实并不好过，可以说是“内外夹击”。国内竞争持续加剧，海外更是充斥着各种不确定性。可即便面对这么多挑战，海尔智家还是超出了市场预期。最新2025三季报显示，海尔智家营收2341亿元，同比增长10%；归母净利润137.7亿元，同比增长14.7%。营收、利润均实现两位数增长的同时，一直被外界念叨的费用问题也在优化。更重要的是，这已经不是偶然现象，而是海尔智家这...

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The absolute value of Haier Smart Home investment drops","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06690":1.5},"content_text":"文 | 螳螂观察作者 | 余一今年家电行业其实并不好过，可以说是“内外夹击”。国内竞争持续加剧，海外更是充斥着各种不确定性。可即便面对这么多挑战，海尔智家还是超出了市场预期。最新2025三季报显示，海尔智家营收2341亿元，同比增长10%；归母净利润137.7亿元，同比增长14.7%。营收、利润均实现两位数增长的同时，一直被外界念叨的费用问题也在优化。更重要的是，这已经不是偶然现象，而是海尔智家这几年持续在发生的事。我们梳理了海尔智家过去5年的三季报，发现从2021前三季度到2025前三季度，海尔智家费率从19.8%持续优化至14.4%。数据来源：财报数据整理而且不只是费率下降，费用的绝对值也在下降。拿销售费用来说，2021年前三季度是261.1亿，2025年前三季度是248.5亿，降了近13亿。同期，海尔智家的营收却增加了645亿元，利润增加了74亿元。数据来源：财报数据整理很明显，海尔智家增收、增利的同时，投入的绝对值下降了。业绩增长、费用下降，海尔智家怎么做到的？为何海尔智家的收入、利润多了，花费却少了？说白了，就是三件事做得漂亮。首先，业绩能持续稳定增长，根本原因是市场盘子越做越大。先看一组数据，GfK中怡康报告显示2021-2025（1-9月），海尔智家在家电市场份额分别为25.1%、27.2%、28%、28%、28.9%，地盘是越占越大。数据来源：GfK中怡康报告具体到产品上，冰箱、洗衣机一直领先，冰箱、洗衣机份额2025前三季度分别涨了3.1pct、1.4pct。家用空调更是在今年第三季度猛增了超过30%，并且仅用了9个月时间全渠道累计净收入已经超过2024全年。这背后，全流程的数字化变革绝对是头号功臣。比如通过数字研发，让海尔智家爆款产品一个接一个，海尔麦浪冰箱上市3个月就大卖了100万台，净省电空调单型号售出超130万套等。财报显示，2025前三季度海尔智家SKU效率提升了15.6%，可以说是稳稳地提升了型号效率和爆款竞争力。同时数字营销也一样，让他们找用户、做转化又准又快。这种数字化能力也正被复制到全球市场。海尔智家在海外推进的本土化“四网合一”，把“物流、服务、营销、信息”四大网络打通，更贴近当地市场，效率上去了，费用自然就下去了。其次，以前“播种”现在“收获”。前些年海尔智家一直在海外坚持做自主品牌、打造高端品牌卡萨帝以及全球落地智慧家庭战略，这背后涉及建厂、研发、市场开拓等，每一个环节都是花钱如流水，需要做大量的前期投入。如今全球化、高端化已进入收获期，收入增长加速，而费用增长放缓，费率下降也就顺理成章了。最后则是将钱花在该花的地方。费率下降不代表不花钱，该投入的地方海尔智家一点没手软，比如研发方面他们就很舍得。财报显示，2025前三季度海尔智家研发费用为92.22亿，较2021年的62.04亿5年增长了30多亿，研发费用率也达到3.94%高于主要竞争对手。数据来源：财报数据整理所以说到底，海尔智家讲了一个很实在的道理，只要走对了路子，完全可以在抢市场份额的同时，把成本控得明明白白，把钱花得漂漂亮亮。*本文图片均来源于网络","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2594215262","isCrawlerRequest":true}