Haier Smart Home (600690) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB302.33 billion in 2025, up 5.7% year-over-year, with net profit attributable to shareholders rising 4.39% to RMB19.55 billion.

• Strong performance in both domestic and international markets, with emerging markets revenue up over 24% and double-digit growth in Europe.

• Maintained leadership in core categories in China and expanded market share in key overseas regions.

• Continued transformation to a direct-to-consumer model and digital supply chain, improving inventory turnover and operational efficiency.

Financial highlights

• Revenue: RMB302,329 million (up 5.7% YoY); net profit attributable to owners: RMB19,553 million (up 4.39% YoY).

• Adjusted operating profit: RMB20,504 million (up 0.5% YoY).

• Gross profit margin: 26.1% (down 1.1 percentage points YoY).

• Earnings per share: Basic RMB2.12 (up 5.0% YoY), Diluted RMB2.10 (up 4.0% YoY).

• Net cash from operating activities: RMB26,003 million; cash and equivalents at year-end: RMB46,268 million.

• Final dividend proposed: RMB8.867 per 10 shares; total payout ratio raised to 55%.

Outlook and guidance

• 2026 priorities include deepening the smart home ecosystem, expanding the direct-to-consumer platform, and accelerating premiumization, globalization, and digitalization.

• HVAC business expected to become a larger revenue contributor; CCR business to drive further growth post-integration.

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

• Anticipates moderate recovery in overseas markets and continued structural opportunities in China, especially in high-efficiency and smart products.