Haier Smart Home (600690) H1 2025 earnings summary

Executive summary

• Achieved revenue of RMB156.49 billion in H1 2025, up 10.2% year-over-year, with net profit attributable to shareholders rising 15.6% to RMB12.03 billion and net profit after non-recurring items up 15.2%.

• Domestic revenue grew 8.8%, driven by product innovation and digital transformation; overseas revenue rose 11.7%, with strong growth in South Asia (+33%), Southeast Asia (+18%), and Middle East & Africa (+65%).

• Maintained global leadership in major home appliances, ranking first in Asia, North America, and Australia/New Zealand by retail volume, and third in Western Europe.

• Continued digitalization and AI integration across the value chain, improving operational efficiency, cost competitiveness, and user experience.

Financial highlights

• Operating revenue: RMB156.49 billion, up 10.2% year-over-year.

• Net profit attributable to shareholders: RMB12.03 billion, up 15.6% year-over-year.

• Net cash flow from operating activities: RMB11.14 billion, up 32.2% year-over-year.

• Basic EPS: RMB1.30, up 15.0% year-over-year; weighted average ROE: 10.34%.

• Gross profit margin: 26.9%, up 0.1 percentage points; selling expense ratio: 10.1%, down 0.1 points.

• Cash dividend proposed: RMB2.69 per 10 shares, totaling RMB2.51 billion (20.83% payout ratio).

Outlook and guidance

• Domestic market: Focus on deepening digital inventory and marketing transformation, strengthening multi-brand synergy, and maintaining high-end leadership.

• Overseas: Strategic upgrades, localization, and operational efficiency to drive further growth; continued integration of recent acquisitions.

• Industry expects steady growth in China, gradual recovery in developed markets, and robust demand in emerging markets for smart and green appliances.