Haier Smart Home (600690) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 73.687 billion, down 6.86% year-over-year, with net profit attributable to shareholders at RMB 4.652 billion, down 15.22% year-over-year, but sequentially improved from Q4 2025.

• Performance was pressured by extreme weather and higher tariffs in North America, but excluding North America, operating profit grew over 10% year-over-year.

• Strategic focus included AI-driven efficiency, global market expansion, and integration of large HVAC operations.

Financial highlights

• Total profit for Q1 2026 was RMB 5.72 billion, down 16.37% year-over-year.

• Net cash flow from operating activities was RMB 1.61 billion, down 29.46% year-over-year.

• Basic and diluted EPS were RMB 0.50, down from RMB 0.59 year-over-year.

• Gross margin was 25.3%, down 0.1 percentage points year-over-year.

Outlook and guidance

• Management expects continued operational resilience, with ongoing focus on AI, supply chain optimization, and global expansion to drive long-term growth.