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in 2012, midea group encountered a serious business trough. revenue and profits fell sharply, product line structure was chaotic, and profitability gap with competitors widened, which marked the beginning of midea's transformation. fang hongbo, chairman of midea, as a "reformer" within the company, led the company to a profound transformation, and finally transformed the "giant" enterprise from dormant to radical.

in 2015, midea faced challenges again, and its revenue scale further declined, which indicated that the company needed to re-examine its strategic direction. the reform under fang hongbo's leadership made midea choose to focus on the white appliance sector and took bold actions: cutting 7,000 product models, stopping the operation of more than 30 product platforms, and almost shutting down all non-home appliance businesses. this strategic decision not only saved resources, but also released new development space.

however, midea's transformation has not been smooth. as the domestic market slows down, the company needs to seek new growth points and achieve sustainable development through overseas market expansion. midea has continuously increased its investment in overseas markets and has achieved certain success. it has provided new directions and opportunities for the company's overall business structure through overseas market expansion.

nevertheless, the us-style overseas market is not a stable growth channel, and the domestic market is still an important support point. as the real estate industry enters the inventory era, the home appliance industry faces new challenges. midea needs to continue to transform and explore new growth points in the new market environment to ensure the company's continued development and growth.