Haier Smart Home releases 2025 full-year performance, with global operating revenue surpassing 300 billion yuan for the first time

Haier Smart Home Releases Full-Year Results for 2025

Global revenue surpasses 300 billion yuan for the first time; net profit attributable to shareholders reaches a record high

· Performance Overview: Global revenue surpasses 300 billion yuan for the first time, reaching 302.347 billion yuan, a year-on-year increase of 5.71%; net profit attributable to shareholders is 19.553 billion yuan, a year-on-year increase of 4.39%, setting a record high.

· Cash Flow and Shareholder Returns: The net cash flow from operating activities for 2025 reached 26.003 billion yuan, 1.33 times the net profit attributable to shareholders, indicating solid cash quality. The cash dividend ratio for 2025 increased to 55%, up 7 percentage points from 2024.

· Globalization: The overseas market has significantly enhanced its competitive position, and localized layouts have demonstrated operational resilience in a complex trade environment, with emerging markets achieving both volume and profit growth.

Qingdao, China, March 26, 2026 — Haier Smart Home Co., Ltd. (Shanghai Stock Exchange: 600690; Hong Kong Stock Exchange: 6690; Frankfurt Stock Exchange: 690D, hereinafter referred to as “the Company” or “Haier Smart Home”) today released its performance report for the year 2025.

Key Financial Indicators

Management Commentary

The operational results of 2025 reaffirm our conviction about one thing: the global operational system we have built is becoming the Company’s most enduring competitive advantage. Based on a strong R&D, procurement, and supply chain platform at headquarters, we achieve true localized product definition, manufacturing implementation, and user operations in every global market — this system not only allows us to maintain operational resilience in a complex and ever-changing external environment, but also enables us to continuously create truly appealing experiences for users in every global market. More importantly, it is evolving — with the deep integration of AI and digitalization, we have reason to believe that the value this system can release in the future will far exceed what we see today.

—— Li Huagang, Chairman and President, Haier Smart Home Co., Ltd.

Operational Results for 2025

Defining products by user needs, multi-brand synergy achieves dual-line growth in high-end and scale

The Company’s multi-brand synergy has driven differentiated positioning to cover different consumer levels — Casarte continues to lead the high-end market, while Leader rapidly breaks into the younger consumer group, with core industries like refrigerators, air conditioners, and washing machines maintaining leading global market shares.

Casarte reported double-digit revenue growth year-on-year during the reporting period. The high-end washing machine market share reached 75%, and the market share for refrigerators priced over 10,000 yuan reached 44%. The Leader brand drives product innovation through user insights, with sales of the lazy three-tub washing machine exceeding 300,000 units after launch, leading brand revenue to surpass 10 billion yuan for the first time, a year-on-year increase of 30%. The refrigerator industry’s global retail volume has ranked first for 18 consecutive years, with domestic offline market share reaching 47.7%, a year-on-year increase of 3.6 percentage points; the air conditioning industry’s global sales increased by 14.8% year-on-year, leading the industry, with domestic revenue achieving a 16.3% growth. Among them, the “Net Energy Saving” series exceeded 1.6 million units in annual sales, with the full-chain AI energy-saving technology capable of reducing daily energy consumption of air conditioners to two kilowatt-hours, achieving an energy-saving effect of 46%. In the washing and care sector, Haier washing machines’ global market share increased to 14.4%, ranking first globally. The standardization of washing machine products is high, with products developed by the Chinese R&D platform being directly promoted in global markets — the three-tub washing machine has driven market share in Europe to rise to second in the industry, with rapid growth in Southeast Asia, directly validating this global replication capability.

Digital operations fully upgraded, enhancing user experience and empowering dealers together

The Company has fully promoted a digital operation model that reaches users directly in the Chinese market, collaboratively improving from three dimensions: user experience, dealer empowerment, and supply chain efficiency.

In terms of user experience, whether consumers are online or offline, they can enjoy a unified inventory across the network and a shopping experience with real-time product tracking; the proportion of direct-to-user orders has increased to 57%, with 24-hour coverage reaching 1,944 counties and districts, and the delivery and installation integration rate increased to 97%, significantly enhancing fulfillment timeliness and service quality. In terms of dealer empowerment, the digital platform helps offline dealers reduce inventory pressure and operate in an asset-light manner; for example, in the air conditioning sector, dealer sales terminal revenue increased by over 130% year-on-year, with customer inventory turnover efficiency improving by more than 50%, significantly enhancing dealer stickiness. In the supply chain backend, inventory turnover efficiency has been optimized year-on-year, and the digital reconstruction of the logistics distribution network has significantly optimized overall logistics costs. These improvements have jointly driven a year-on-year optimization of the overall expense ratio in the domestic market.

Global capabilities empower local deep cultivation, “local R&D, local manufacturing, local marketing” builds operational resilience

The capability system that the Company established years ago in major global markets, based on the R&D, procurement, and supply chain platform at headquarters, has achieved localized product responses, manufacturing implementation, and marketing deep cultivation in each market. This structure of “global empowerment + local implementation” can withstand tariff and geopolitical pressures while forming regionally relevant competitive barriers in every market.

In the North American market, GE Appliances (GEA) achieved a year-on-year revenue growth of 7% for high-end brands despite pressures from evolving tariffs and policy environments, and maintained the top market share in major retail channels. GEA was recognized as the annual best supplier by the major U.S. building materials retailer Lowe’s, directly validating the depth of localized operations and the health of the channel system. The Company has built a robust North American supply system based on GEA’s own local production capacity and the manufacturing capabilities of its partner Mabe, effectively responding to tariff pressures.

In the European market, the integration and transformation efforts undertaken by the Company over the past two years have made substantial breakthroughs this year: revenue achieved double-digit growth, and operating cash flow reached a historical high — indicating that the European business has completed a structural shift from the pain of integration to a stage of stable operation.

In emerging markets, the overall regional revenue (including Southeast Asia, South Asia, and the Middle East and Africa) grew by over 24% year-on-year, and overall profitability has also improved. Local production capacity, such as the Chonburi factory in Thailand, has been successively put into operation, effectively reducing the impact of tariff fluctuations and supply chain costs.

Outlook for 2026

In 2026, the Company will focus on advancing two major directions while consolidating the core appliance foundation.

First, to achieve synergy in the HVAC business. Home air conditioning, smart buildings, and the water industry have established their respective technological and market positions, and the focus for 2026 will be to integrate R&D, supply chain, and channel capabilities among the three, forming a complete low-carbon energy solution covering both home and commercial scenarios. As demand in markets such as data centers and green buildings continues to expand, the Company’s early deployment in core technologies such as magnetic levitation and CO₂ refrigeration will gradually translate into commercial scale.

Second, to drive upgrades in AI-enabled smart hardware and smart home ecosystems, the Company will launch L4-level smart appliances equipped with AI Eye 2.0 around the “unmanned household” scenario, leveraging Haier’s accumulation in household scenario data, appliance collaboration, and lean manufacturing to establish differentiated competitive barriers. The Company will also deepen AI applications to empower marketing, logistics, R&D, and other aspects, reconstructing existing functional organizations and further upgrading the “one person, one unit” management practice.

Editor: Yue Wenyuan

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