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On the evening of March 26, Haier Smart Home (600690.SH) released its 2025 annual report, showing that its revenue last year exceeded 300 billion yuan for the first time, reaching 302.347 billion yuan, a year-on-year increase of 5.715%; net profit attributable to the parent company reached 19.553 billion yuan, a year-on-year increase of 4.39%; net cash flow from operating activities was 26.003 billion yuan; it plans to distribute a dividend of 8.867 yuan (including tax) for every 10 shares, with a total dividend amount of 8.248 billion yuan. This reflects the trend of the strong getting stronger in the home appliance industry amid increasing uncertainties such as trade tariffs and rising costs.
Data from All View Cloud (AVC) shows that in 2025, the retail sales of all categories of home appliances (excluding 3C) in China will be 893.1 billion yuan, a year-on-year decrease of 4.3%, with retail sales in the second half of the year at 421.4 billion yuan, a year-on-year decrease of 16%, accelerating the reshuffling of the industry in a stock competition. At the same time, the &#34;silver economy&#34; is giving rise to a new track for elderly-friendly home appliances. According to Euromonitor data, the global home appliance market will remain stable in total volume but with structural differentiation in 2025, with developed markets stable and emerging markets growing strongly.
From a product perspective, last year, Haier Smart Home's revenue growth in air conditioning and water appliances was relatively fast, both around 10%; the growth of refrigerators, washing machines, and kitchen appliances was relatively stable. From a regional perspective, last year, Haier Smart Home's domestic revenue was 146 billion yuan, a year-on-year increase of 3.05%; overseas revenue was 154.5 billion yuan, a year-on-year increase of 8.15%, with overseas growth faster than domestic.
Haier Smart Home is building three growth curves for its business: the first curve is the white goods business such as refrigerators and washing machines, the second curve is the HVAC business, and the third curve is the elderly care industry, while seizing opportunities in globalization and intelligence.
A reporter from Yicai learned at AWE this month that Haier Smart Home has newly put into production air conditioning and water heater factories in Thailand and Russia in 2025, with its globalization strategy focusing on regional deep cultivation, multi-point layout, and self-control. At the same time, Haier Smart Home is promoting the integration of home appliances and robots, showcasing companion robots, cleaning robots, and household robots at AWE. Haier Smart Home's elderly-friendly products were also exhibited, including elderly-friendly smart beds and oxygen machines.
The challenge lies in rising costs, as the gross profit margins of Haier Smart Home's main products slightly declined last year. A research report from Guotai Junan believes that the rising prices of bulk raw materials bring cost pressure, and whether this can be passed on or absorbed will affect the profitability of the home appliance industry.
Compared to leading home appliance companies like Haier Smart Home, the performance of listed companies in the kitchen small appliance sector faced pressure last year. On the evening of March 26, Joyoung Co., Ltd. (002242.SZ) released its annual report showing that its revenue last year was 8.2 billion yuan, a year-on-year decrease of 7.23%;
The net profit attributable to shareholders was 118 million yuan, a year-on-year decrease of 3.85%. It is worth noting that Haier Smart Home is also actively expanding its small appliance business, including AI rice cookers and AI coffee machines. Joyoung Co., Ltd. stated that in the intensifying competition of the home appliance industry's existing market, it is striving to optimize its product structure, with R&amp;D projects including high-end zero-coating rice cookers and remote visual soybean milk machines, as well as expanding into floor washing machines and water appliances.
(This article is from Yicai)

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Haier Smart Home's 2025 annual report shows that last year's revenue exceeded 300 billion yuan for the first time, reaching 302.347 billion yuan, a year-on-year increase of 5.715%; net profit attributable to the parent company was 19.553 billion yuan, a year-on-year increase of 4.39%. The company plans to distribute a dividend of 8.867 yuan for every 10 shares, with a total dividend amount of 8.248 billion yuan. Despite challenges in the home appliance industry such as trade tariffs and rising costs, Haier Smart Home achieved growth in both domestic and international markets, with overseas revenue growth outpacing that of the domestic market. The company is focusing on aging-friendly appliances and smart home products while facing pressure from rising costs

腾讯新闻 - 财经

GF CSI All Share Household Appliances ETF

HAIER SMARTHOME

Guotai CSI All Share Household Appliances ETF

Haier Smart Home

MaxWealth CSI Household Appliances ETF

E Fund CSI Household & Appliances Top ETF

Bosera CNI Top Household Appliances ETF

Fullgoal CSI All Share Appliance ETF

Haier Smart Home's revenue exceeded 300 billion yuan for the first time last year, as the home appliance industry accelerates reshuffling amid stock competition