Haier Smart Home announces that its 2025 full-year performance has surpassed 300 billion yuan for the first time.

Global operating revenue exceeded 300 billion yuan for the first time; net profit attributable to shareholders reached a record high.

● Performance Overview: Global operating revenue exceeded 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 was 19.553 billion yuan, a year-on-year increase of 4.39%, setting a new historical high.

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

● Globalization: The overseas market has significantly improved competitive positioning, and the localization strategy has shown operational resilience in a complex trade environment, with both volume and profits rising in emerging markets.

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 operating results of 2025 have made us more certain 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 have achieved true localization of product definition, manufacturing, and user operation in every market globally—this system has allowed us to maintain operational resilience in a complex and ever-changing external environment and to continuously create experiences that truly resonate with 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 unleash in the future will be far beyond what we see today.

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

2025 Operating Results

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

The company’s multi-brand collaboration focuses on differentiated positioning to cover different consumer tiers—Casarte continues to lead the high-end market, while Leader rapidly breaks into the younger consumer demographic, with continued leading global shares in core industries such as refrigerators, air conditioners, and washing machines.

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 consumer insights, with the sales of the Lazy Three-Tub Washing Machine surpassing 300,000 units after launch, driving brand revenue to exceed 10 billion yuan for the first time, a year-on-year increase of 30%. The refrigerator industry has retained the top global retail volume for 18 consecutive years, with a domestic offline market share of 47.7%, up 3.6 percentage points year-on-year; air conditioner industry sales grew 14.8% year-on-year, leading the industry, with domestic revenue increasing by 16.3%. Among them, the “Energy Saving” series achieved annual sales of over 1.6 million units, with the integrated AI energy-saving technology capable of reducing daily energy consumption of air conditioners to two kilowatt-hours, achieving a 46% energy-saving effect. In the laundry industry, Haier’s washing machine global market share rose to 14.4%, ranking first in the world. The high standardization of washing machine products developed by the Chinese R&D platform can be directly promoted in global markets—the Three-Tub Washing Machine has driven the washing machine market share in Europe to climb to the second in the industry, while simultaneously achieving rapid growth in Southeast Asia, serving as direct validation of this global replication capability.

Digital Operations Fully Upgraded, Enhancing User Experience and Dealer Empowerment

The company is fully promoting a digital operation model that directly reaches users 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 shopping experience with unified inventory across the entire network and real-time product tracking; the proportion of orders directly delivered to users has increased to 57%, covering 1,944 districts with 24-hour delivery, and the integration rate of delivery and installation has risen to 97%, significantly enhancing delivery timeliness and service quality. In dealer empowerment, the digital platform helps offline dealers reduce inventory pressure and operate in a light-asset manner; for example, the sales terminal revenue of its air conditioning sector has grown by over 130% year-on-year, while customer inventory turnover efficiency has improved by over 50%, significantly enhancing dealer loyalty. In the supply chain backend, inventory turnover efficiency has been optimized year-on-year, and the digital reconstruction of the logistics delivery network has significantly optimized overall logistics costs. These improvements together have driven the overall expense ratio in the domestic market to be optimized year-on-year.

Global Capability Empowering Local Deep Cultivation, “Local R&D, Local Manufacturing, Local Marketing” Building Operational Resilience

The company established a capability system in major global markets years ago, based on the headquarters’ R&D, procurement, and supply chain platform, achieving localized product responses, manufacturing implementations, and deep marketing in each market. This structure of “global empowerment + local implementation” can resist tariff and geopolitical pressures while forming grounded competitive barriers in each market.

In the North American market, GE Appliances (GEA) achieved a year-on-year revenue growth of 7% for its high-end brands under the ongoing evolution of tariffs and policy environments, maintaining the top market share in major retail channels. GEA was named the Best Supplier of the Year by the US large home improvement retailer Lowe’s, directly validating the depth of local operations and the health of the channel system. The company relies on GEA’s own local production capacity and its Mabe partner’s manufacturing capabilities to build a robust North American supply system, effectively responding to tariff pressures.

In the European market, the integration transformation promoted by the company over the past two years has made substantial breakthroughs this year: revenue has achieved double-digit growth, and operating cash flow has reached a historical high—marking a structural transition from the integration pain period to a stable operation phase for the European business.

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

The HVAC sector is accelerating to become a new growth pole, with plans for data centers and global carbon reduction tracks

The smart building business ranks among the top two in both domestic and export markets in the central air conditioning industry. More strategically, the company has entered the data center AI computing power high-density heat dissipation market with magnetic levitation technology, winning projects from major Internet clients, and has gained a first-mover technological advantage in the global refrigerant environmental replacement trend through the acquisition of the leading global CO? refrigeration brand PROFROID.

The commercial refrigeration (CCR) sector completed its first full operational year after the acquisition, achieving double-digit revenue growth in US dollar terms, and has maintained growth for five consecutive quarters, primarily driven by organic business expansion. The CO? refrigeration technology held by CCR is currently one of the most environmentally friendly refrigerant solutions globally, directly aligning with the carbon reduction policy directions of various countries.

In the water industry acquisition, the company completed the acquisition and integration of South Africa’s leading water heater brand Kwikot: since the acquisition, Kwikot’s profit has increased by about 10%, with a pre-tax profit margin reaching 12%; the product line has expanded from a single electric water heater to new energy categories like solar water heaters; using South Africa as a base, the channel network radiates to the entire Southern Africa region, establishing a long-term growth platform for the company in the African market.

2026 Outlook

In 2026, the company will focus on two main directions while consolidating its core home appliance foundation.

First, achieving synergy in the HVAC business. Home air conditioning, smart buildings, and the water industry have each established their own technological and market positions; the focus for 2026 will be to integrate the R&D, supply chain, and channel capabilities of the three, forming a complete low-carbon energy solution covering both residential and commercial scenarios. As market demand for data centers and green buildings continues to expand, the company’s early deployment in core technologies such as magnetic levitation and CO? refrigeration will gradually convert into commercial scale.

Second, AI-driven upgrades of 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 accumulated data on household scenarios, collaboration of major appliances, and lean manufacturing to establish differentiated competitive barriers. The company will also deepen AI applications, empowering marketing, logistics, R&D, and other aspects, restructuring existing functional organizations, and further upgrading the “One User, One Unit” management practice.