Annual revenue surpasses 300 billion for the first time, Haier Smart Home net profit reaches 19.553 billion yuan.

(Source: 21Style)

By Wu Liyang

On the evening of March 26, Haier Smart Home (600690.SH) released its 2025 financial report.

According to the financial report, during the reporting period, the company achieved operating revenue of 302.347 billion yuan, a year-on-year increase of 5.71%, with annual revenue surpassing 300 billion yuan for the first time; the net profit attributable to shareholders of the parent company was 19.553 billion yuan, a year-on-year increase of 4.39%. In 2025, the company’s net cash flow from operating activities was 26.003 billion yuan, 1.33 times the net profit.

Haier Smart Home stated that the company plans to distribute a cash dividend of 8.867 yuan (including tax) for every 10 shares to all shareholders, totaling 8.248 billion yuan, with the interim and annual dividends accounting for 55% of the net profit attributable to the parent company.

From the perspective of segmented product types, in 2025, Haier Smart Home’s air conditioning and water appliance business revenue grew rapidly, both around 10%; the growth rates of refrigerators, washing machines, and kitchen appliances were relatively stable.

From a regional perspective, in 2025, Haier Smart Home’s revenue in mainland China was 146.036 billion yuan, a year-on-year increase of 3.07%; overseas revenue was 154.545 billion yuan, a year-on-year increase of 8.15%, with overseas revenue accounting for over 50% and growing significantly faster than domestic revenue, becoming the most important revenue growth engine for Haier Smart Home.

In its annual report, it mentioned that in the U.S. market in 2025, the company’s high-end brand revenue increased by 7%, and revenue from air and water channels achieved double-digit growth year-on-year; in the European market, the revenue of white goods products achieved double-digit growth, with an average unit price increase of over 10%, significantly improving profitability; in the South Asian Indian market, revenue grew by 15%, and in the Pakistani market, growth exceeded 30%…

It is worth noting that 2025 is also the first full operating year after Haier Smart Home acquired the former Carrier commercial refrigeration CCR business. According to data released in the financial report, the related business achieved double-digit revenue growth in 2025, with a 16% increase in the Asia-Pacific region. Additionally, the previously acquired South African water heater Kwikot also entered its full operational phase, with profits growing by 10% compared to before the acquisition, and the pre-tax profit margin reaching 12%, with product lines expanded to include solar water heaters, water purifiers, air conditioners, and other categories.

Looking towards 2026, existing competition remains the current market’s mainline. According to AVC research estimates, the stock of home appliances in China has exceeded 4 billion units, with an average of over 8 units per household, indicating that the industry has shifted from incremental expansion to a saturated market phase.

Regarding the development prospects of the home appliance industry in 2026, Haier Smart Home pointed out in its annual report that with such a large stock base, replacement demand has become the main component of demand, and the industry is entering a deep development cycle focused on existing stock refinement and structural upgrades. Consumer demand is shifting from “incremental popularity” to “quality renewal,” with green energy efficiency, whole-home intelligence, healthy scenarios, and integrated home solutions becoming the core growth drivers.

Additionally, the “national subsidy” policy will continue to exert influence in 2026, but standards will be adjusted. According to a joint notification from five ministries including the Ministry of Commerce, the subsidy scope for 2026 focuses on six types of household appliances, such as refrigerators, washing machines, and air conditioners, that meet first-class energy efficiency or water efficiency standards, with a subsidy standard of 15% of the final sale price, with a maximum subsidy of 1,500 yuan per item. The policy guidance further enhances the direction towards high-efficiency and intelligent products. According to AVC’s predictions, under the pressure of a high base for national subsidies, the overall growth of the industry in 2026 is expected to be somewhat constrained, but structural market opportunities still exist: on one hand, policy incentives tilt towards high-efficiency products, accelerating product structure upgrades; on the other hand, demand from existing housing renovations and urban upgrades will continue to be released, providing growth opportunities for companies with solution capabilities.

In terms of the overseas market, Haier Smart Home expects the overseas home appliance market to show a moderate recovery trend in 2026, with divergent growth logic between developed and emerging markets. Companies need to continuously monitor global macroeconomic fluctuations and changes in trade policies, leveraging technological innovation, localized operations, and flexible supply chain strategies to seize structural growth opportunities.

While releasing the financial report and dividend plan, Haier Smart Home also announced a new round of share repurchase plans. It stated that the company plans to use its own funds and/or self-raised funds to repurchase A-share stocks through centralized bidding transactions, with a repurchase amount of not less than 3 billion yuan and not exceeding 6 billion yuan, at a repurchase price not exceeding 35 yuan per share. The repurchased shares will be used for the employee stock ownership plan; if the intended use is not implemented within 36 months after the repurchase is completed, the unused portion will be legally canceled. The repurchase period is 12 months from the date of the board of directors’ approval.

It is reported that as of March 26, 2026, Haier Smart Home has repurchased a total of 47.5757 million shares of the company through centralized bidding transactions, accounting for 0.507% of the company’s total share capital, with the highest repurchase transaction price being 27.54 yuan per share and the lowest price being 23.60 yuan per share, with a total amount paid for the repurchase of 1.2 billion yuan (excluding handling fees, etc.).

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