EQS-News: Haier Smart Home with Strong Half-Year Financials: Steady Growth of Net Profit Margin and Further International Expansion
EQS-News: Haier Smart Home Co.,Ltd.
/ Key word(s): Half Year Report/Half Year Results
Haier Smart Home with Strong Half-Year Financials: Steady Growth of Net Profit Margin and Further International Expansion
Qingdao / Shanghai / Hong Kong / Frankfurt, 27 August 2024 – Haier Smart Home Co., Ltd. ("Haier Smart Home" or "the Company"), a global leader in smart home solutions (D-share 690D.DE, A-share 600690.SH, H-share 06690.HK), today announced its financial results for the first half year 2024. Haier Smart Home achieved total revenue of RMB 135.62 billion during the first half year 2024, representing a YoY growth of 3.03%. The net profit attributable to the parent company amounted to RMB 10.42 billion, a YoY growth of 16.26%. In the reporting period, the profit exceeded RMB 10 billion with a net profit margin of 7.68%, representing a YoY increase of 0.87percentage points. Growth in Chinese Market Thanks to Multi-Brand Synergies With "Nebula Series", "Tranquility Series" and other product lines, the premium brand Casarte has been leading the way in integrating smart home appliance products into the household living style. Casarte´s market share in premium markets continued to grow in the first half year 2024. In China, Casarte´s refrigeration market share in retail sales of products priced above RMB 10,000 was 39.5%; the market share of front-load washing machines in retail sales of products priced above RMB 10,000 was 82.3%, while the one of air conditioners priced above RMB 15,000 was 32%. Haier´s Innovation Leads to Sustainable Growth Moreover, Leader brand has captured the needs of young users through product innovation and marketing strategies. Leader has launched popular products such as Vitality Series air conditioners and Cloud Series washing machines. In the first half year 2024, the retail sales of the brand in China increased by 31%. Haier Smart Home continued its ESG progress during the first half year 2024. Since Q3 2023, Haier Smart Home has been rated with the highest MSCI ESG rating in the domestic industry (ESG Rating of A). In line with the company's sustainability values, Haier Smart Home has actively implemented the national "exchange the old for new one" program to help more families replace their home appliances and promote proper e-waste management. Present and Future Overseas Expansion In the USA, Haier Smart Home’s market share grew by 0.7 percentage points. In Europe, Haier gained 0.1 percentage points, meanwhile the market share in Oceania increased by 2.9 percentage points. In South Asia, revenue increased by 9.9%; In Southeast Asia, revenue was up by 12.4%; In Middle East Africa, revenue improved by 26.8%. In May this year, Haier Egypt Ecological Park opened, with a total capacity to produce more than 1.5 million units per year, supporting Haier Smart Home's growth and brand leadership in Egypt, Middle East African markets. In July, Haier Smart Home announced its intention to acquire Electrolux South Africa´s water heater business, which would help Haier Smart Home expand into the South African market for refrigerators, washing machines and other white appliance goods. In August, Haier Smart Home held a groundbreaking ceremony at the Chonburi Air Conditioning Industrial Park in Thailand, with a planned total annual capacity of 6 million units, which when completed will be the largest air conditioner production base for Chinese brands in Thailand and Southeast Asia. With the completion of these facilities, Haier Smart Home will further expand its overseas market potential. Expense rate further optimized by 0.8 percentage points The achieved improvement in profitability was also a result of Haier Smart Home's continuous efforts to digitize its entire value chain. Through its digital transformation, Haier Smart Home improved its competitiveness in aspects such as user experience, research and development, costs and expenses. For example, Haier Smart Home upgraded its digital sales operation integrating Douyin (TikTok in China) into its end-user resource platform. Amidst the dynamic changes in industry demand and the increasingly fierce competitive environment, Haier Smart Home is committed to continuously optimize user experience and improve operational efficiency by relying on its leading advantages in technology, scale and services, actively responding to challenges through change and innovation, and achieving steady performance growth. The H1 report 2024 as at 30 June 2024 is available online at https://smart-home.haier.com/en/.
IR Contact: Press Contact: About Haier Smart Home Co., Ltd.: Haier is one of the world’s leading manufacturers of household appliances with a focus on smart home solutions and customized production. Haier Smart Home Co., Ltd. develops, produces and distributes a wide range of household appliances. These include refrigerators, freezers, washing machines, air conditioners, water heaters, kitchen appliances, small household appliances, and an extensive range of intelligent household appliances. The Company distributes its products through leading household brands such as Haier, Casarte, Leader, Candy, GE Appliances, AQUA and Fisher Paykel. Haier Smart Home Co., Ltd. has launched Smart Home Experiential Cloud in the Chinese market, which connects homes, users, enterprises and ecosystem partners, and facilitates the integration of Haier’s online, offline and micro-store businesses and supports user interaction to further optimize the user experience.
27.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Haier Smart Home Co.,Ltd. |
Haier Industrial Park, Laoshan District | |
266101 Qingdao | |
China | |
Phone: | +49 6172 9454 143 |
Fax: | +49 6172 9454 42143 |
E-mail: | [email protected] |
Internet: | smart-home.haier.com |
ISIN: | CNE1000031C1, CNE000000CG9, CNE1000048K8 |
WKN: | A2JM2W, A2QHT7 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1975947 |
End of News | EQS News Service |
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1975947 27.08.2024 CET/CEST
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