Haier Smart Home (600690) Q3 2025 earnings summary

Executive summary

• Revenue for 3Q2025 reached RMB 77.56 bn, up 9.51% year-over-year; net profit was RMB 5.34 bn, up 12.69% year-over-year.

• For the first nine months of 2025, revenue was RMB 234.05 bn (+9.98% YoY), net profit attributable to shareholders was RMB 17.37 bn (+14.68% YoY), and adjusted net profit was RMB 16.89 bn (+15.03% YoY).

• Growth was driven by innovation, digital transformation, and strong performance in both domestic and overseas markets.

Financial highlights

• Basic EPS for 3Q2025 was RMB 0.59 (+15.69% YoY); for 9M2025, RMB 1.89 (+15.24% YoY).

• Gross profit margin for 9M2025 was 27.2%, up 0.1 percentage points YoY.

• Net cash flow from operating activities for 9M2025 was RMB 17.49 bn, up RMB 3.06 bn YoY.

• Gearing ratio at end-3Q2025 was 56.5%, down 2.6 percentage points from end-2024.

Outlook and guidance

• Domestic market expected to remain competitive; focus on innovation, digitalization, and premiumization to drive growth.

• Overseas strategy centers on localization, premium product mix, and supply chain resilience.