Haier Smart Home released its full-year 2025 performance, with global revenue surpassing 300 billion yuan for the first time and net profit attributable to shareholders reaching a record high

· Performance Overview:Global revenue exceeded 300 billion yuan for the first time, reaching 302.347 billion yuan, a year-on-year increase of 5.71%; net profit attributable to shareholders was 19.553 billion yuan, up 4.39% year-on-year, setting a new historical high.

· Cash Flow and Shareholder Returns:Net cash flow from operating activities in 2025 reached 26.003 billion yuan, 1.33 times the net profit attributable to shareholders, reflecting strong cash quality. The company's cash dividend payout ratio for 2025 increased to 55%, up 7 percentage points from 2024.

· Globalization:Overseas markets have comprehensively enhanced their competitive positions. Localized operations have demonstrated resilience amid complex trade environments, with emerging markets seeing growth in both volume and profitability.

Qingdao, China,March 26, 2026 - Haier Smart Home Co., Ltd. (Shanghai Stock Exchange: 600690; Hong Kong Stock Exchange: 6690; Frankfurt Stock Exchange: 690D, hereinafter referred to as 'the Company' or 'Haier Smart Home') released its 2025 annual performance report today. $Haier Smart Home (600690.SH)$$HAIER SMARTHOME (06690.HK)$

Key financial indicators

Management Commentary

The operating results for 2025 have reinforced one thing for us: the global operating system we’ve built is becoming the company’s most enduring competitive advantage. Rooted in the strong R&D, procurement, and supply chain platform at headquarters, we are achieving true localized product definition, manufacturing implementation, and user operations in every market around the world. This system has not only allowed us to maintain operational resilience amidst a complex and ever-changing external environment but also enabled us to continuously create truly compelling experiences for users in every global market. More importantly, it continues to evolve—with the deep integration of AI and digitalization, we have reason to believe that the value this system can unleash in the future will go far beyond what we see today.

— Leaf Hua Li, Chairman and President, Haier Smart Home Co., Ltd.

2025 Annual Operating Results

Defining products based on user needs, multi-brand collaboration achieves dual growth in premium and scale

Through the joint efforts of multiple brands with differentiated positioning covering various consumer tiers — Casarte continues to lead the high-end market, Leader rapidly penetrates the younger consumer group, and core industries such as refrigerators, air conditioners, and washing machines maintain leading global market shares.

CasarteRevenue in the reporting period achieved double-digit year-over-year growth. The brand holds a 75% share in the premium washing machine market and a 44% share in the refrigerator market priced above ten thousand yuan.Leader brandDriven by user insights to fuel product innovation, the launch of the Lazy Three-Tub Washing Machine exceeded 300,000 units sold, propelling the brand’s revenue to surpass 10 billion yuan for the first time, representing a 30% year-over-year increase.Refrigerator industryGlobal retail sales have ranked first for 18 consecutive years, with a domestic offline market share of 47.7%, up 3.6 percentage points year-on-year;Air conditioning industryGlobal sales volume increased by 14.8% year-on-year, leading the industry in growth rate, while domestic revenue achieved a 16.3% increase. The 'Energy-Saving' series surpassed 1.6 million units sold throughout the year, equipped with full-chain AI energy-saving technology that reduces daily power consumption to as low as two kilowatt-hours, achieving an energy savings effect of 46%.In terms of laundry and care industry, Haier washing machines' global market share rose to 14.4%, ranking first globally. With a high degree of standardization in washing machine products, those developed on China’s R&D platform can be directly promoted in the global market — the three-drum washing machine has driven the market share to rise to second place in Europe, while also showing rapid growth in Southeast Asia, serving as direct evidence of this global replicability.

Comprehensive upgrade of digital operations improves both user experience and dealer empowerment

The company has fully implemented a user-direct digital operation model across the Chinese market, improving collaboratively across three dimensions: user experience, dealer empowerment, and supply chain efficiency.

In terms of user experience, whether consumers shop online or offline, they can enjoy a unified inventory shopping experience with real-time product availability checks; orders fulfilled via direct delivery increased to 57%, covering 1,944 counties within a 24-hour timeframe, with the integrated delivery and installation rate rising to 97%, significantly enhancing fulfillment efficiency and service quality.In terms of dealer empowerment, digital platforms have helped offline dealers reduce inventory pressure and operate with a light asset model. Taking the air conditioning sector as an example, dealers' sales terminal revenue increased by more than 130% year-over-year, while customer inventory turnover efficiency improved by over 50%, significantly enhancing dealer loyalty.On the back-end of the supply chain, inventory turnover efficiency improved year-over-year, and the digital restructuring of the logistics distribution network has significantly optimized overall logistics costs. These improvements collectively drove the year-over-year optimization of overall domestic market expense ratios.

Global capabilities empower local深耕, forming operational resilience through 'local R&D, local manufacturing, and local marketing'

The capability systems established years ago in major global markets, built on the foundation of headquarters-led R&D, procurement, and supply chain platforms, enable localized product responsiveness, manufacturing implementation, and deep marketing in each market. This structure of 'global empowerment plus local implementation' not only resists tariff and geopolitical pressures but also forms down-to-earth competitive barriers in every market.

In the North American market, GE Appliances (GEA) achieved a 7% year-over-year increase in premium brand revenue despite ongoing tariff and policy environment changes, maintaining the top market share across key retail channels. GEA was named Supplier of the Year by Lowe's, a leading US home improvement retailer, validating its localized operations and healthy channel system. The company has built a robust North American supply system based on GEA's local production capacity and Mabe partner’s manufacturing capabilities, effectively managing tariff pressures.

European marketIn this regard, the integration and transformation efforts the company has pushed forward over the past two years achieved substantial breakthroughs this year: revenue grew by double digits, and operating cash flow reached a new high – marking that European operations have completed a structural transition from the integration pain period to a stable operational stage.

Emerging marketsIn this region (including Southeast Asia, South Asia, Middle East, and Africa), overall revenue increased by more than 24% year-over-year, with profitability also improving. Local production capacities such as the Chonburi factory in Thailand have successively come online, effectively mitigating the impact of tariff fluctuations and supply chain costs.

Large HVAC accelerates to become a new growth pole, positioning in data centers and the global carbon reduction track

Smart building businessThe company ranks among the top two in both domestic and export market shares in China's central air conditioning industry. More strategically valuable is that the company has entered the high-density heat dissipation market for AI computing power in data centers using magnetic levitation technology, securing projects with leading internet clients. Additionally, through the acquisition of PROFROID, a globally leading brand in CO₂ refrigeration, the company has gained an early-mover technological advantage amidst the global trend towards environmentally friendly refrigerant alternatives.

Commercial Refrigeration (CCR)In its first full operational year post-acquisition, CCR achieved double-digit revenue growth measured in US dollars. Since the acquisition, it has maintained growth for five consecutive quarters, primarily driven by organic business expansion. The CO₂ refrigeration technology held by CCR is one of the most environmentally friendly refrigerant solutions globally, directly aligning with carbon reduction policy directions across various countries.

In terms of water industry acquisitionsthe company completed the acquisition and integration of Kwikot, the leading water heater brand in South Africa. Since the acquisition, Kwikot’s profit has increased by approximately 10%, with a pre-tax profit margin reaching 12%. Its product line has expanded from single electric water heaters to include solar water heaters and other renewable energy categories. Using South Africa as a springboard, its distribution network has radiated across Southern Africa, establishing a long-term growth platform for the company in the African market.

2026 Outlook

By 2026, the company will focus on advancing two key directions while consolidating its core home appliance foundation.

First, it will integrate synergies across its large HVAC businesses. Home air conditioning, smart buildings, and the water industry have each established their own technological and market positions. The focus for 2026 is to integrate the R&D, supply chain, and channel capabilities of these three sectors to form a complete low-carbon energy solution covering both residential and commercial scenarios. As demand for data centers and green buildings continues to grow, the company’s early investments in core technologies such as magnetic levitation and CO₂ refrigeration will gradually translate into commercial scale.

Secondly, AI-driven smart hardware and smart home ecosystem upgrades will be carried out. The company will focus on the 'unmanned housework' scenario, launching L4-level smart home appliances equipped with AI Vision 2.0. Relying on Haier's accumulated expertise in home scenario data, large appliance coordination, and lean manufacturing, a differentiated competitive barrier will be established. The company will also deepen AI applications, empowering marketing, logistics, R&D, and other areas, restructuring existing functional organizations, and further upgrading the RenDanHeYi management practice.

6258 Views