Haier Smart Home (600690) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of RMB 79.12 billion, up 10.06% year-over-year; net profit attributable to shareholders rose 15.09% to RMB 5.49 billion; net profit after non-recurring items increased 15.61% to RMB 5.36 billion.

• Chinese market revenue grew 7.8% year-over-year, driven by digital transformation and premium product innovation; Casarte brand saw over 20% growth.

• Overseas revenue increased 12.6% year-over-year, with strong growth in North America, Europe, South Asia, Southeast Asia, and Middle East/Africa.

Financial highlights

• Gross profit margin reached 25.4%, up 0.1 percentage points year-over-year.

• Basic EPS was RMB 0.59, up 13.46% year-over-year; diluted EPS was RMB 0.59, up 15.69%.

• Net cash flow from operating activities was RMB 2.29 billion, up RMB 0.3 billion year-over-year.

• Total assets at quarter-end were RMB 293.70 billion, up 1.02% from year-end 2024.

• Asset-liability ratio decreased to 57.4%, down 1.8 percentage points from year-end 2024.

Outlook and guidance

• Continued focus on digital transformation, premium product innovation, and global supply chain optimization to drive growth and efficiency.