Haier Smart Home (600690) H2 2025 earnings summary

Executive summary

• Achieved record global revenue of RMB302.35 billion in 2025, up 5.71% year-over-year, and net profit attributable to shareholders of RMB19.55 billion, up 4.39% year-over-year.

• Maintained leading market positions in China across core categories and delivered double-digit growth in key international markets, despite macroeconomic and geopolitical headwinds.

• Continued transformation to a direct-to-consumer model, improved supply chain efficiency, and expanded global R&D and manufacturing footprint.

• Enhanced shareholder returns with a 55% dividend payout ratio and announced a three-year plan to further increase payouts.

Financial highlights

• Operating revenue reached RMB302.35 billion, up 5.71% year-over-year; net profit attributable to shareholders was RMB19.55 billion, up 4.39%.

• Net profit after deduction of non-recurring items was RMB18.60 billion, up 4.49% year-over-year.

• Gross profit margin was 26.7%, down 1.1 percentage points year-over-year; selling expense ratio improved to 11.2%.

• Net cash from operating activities was RMB26.00 billion, down 1.2% year-over-year.

• Basic EPS was RMB2.12, up 4.95% year-over-year; weighted average ROE was 16.98%.

Outlook and guidance

• Expects continued global leadership in refrigeration, laundry, and kitchen appliances, with accelerated expansion in HVAC and integrated solutions.

• Plans to deepen smart home ecosystem, complete rollout of DTC and user lifecycle management platforms, and strengthen premiumization, globalization, and digitalization.

• Anticipates moderate recovery in overseas markets in 2026, with structural growth in emerging regions and ongoing macroeconomic and policy risks.

• Announced a three-year shareholder return plan with payout ratios of at least 58% in 2026 and 60% in 2027–2028.