Group 1 - The company reported a revenue of RMB 302.33 billion for the year ending December 31, 2025, representing a year-on-year growth of 5.7% [1] - Shareholders' profit reached RMB 19.55 billion, an increase of 4.39% year-on-year, with basic earnings per share at RMB 2.12 [1] - The company proposed a final dividend of RMB 8.867 per 10 shares [1] Group 2 - The company maintained its leading position in the Chinese market, with market shares of 47.7% in refrigerators, 47.4% in washing machines, and 32.5% in water heaters [1] - The air conditioning business showed significant performance, with online and offline market shares increasing by 0.6 and 1.8 percentage points year-on-year, respectively, and domestic revenue achieving double-digit growth [1] - The company leveraged its integrated logistics and service system to enhance direct engagement with retail points, enabling light-asset operations for distributors and achieving growth against market trends [1] Group 3 - The company initiated a TC model transformation in its specialty store channel in April 2025 and expanded it across all channels in July 2025, optimizing its delivery system and enhancing direct-to-consumer capabilities [2] - By the end of 2025, the average daily delivery volume reached 100,000 units, with the proportion of TC delivery orders increasing to 57% [2] - The company achieved 24-hour delivery coverage in 1,944 districts and counties, an increase of 357 from the beginning of 2025 [2]

Core Insights - Haier Smart Home reported record revenue and profit for 2025, with revenue exceeding 300 billion yuan for the first time, reaching 302.35 billion yuan, a year-on-year increase of 5.71%, and net profit attributable to shareholders of 19.55 billion yuan, up 4.39% [2] - The company is increasing shareholder returns by raising the dividend payout ratio from 48% in 2024 to 55% in 2025, with plans to increase it to 60% over the next three years [2] - Haier is launching a new share buyback plan, intending to spend 3 billion to 6 billion yuan on repurchasing shares [2] Financial Performance - The net cash flow from operating activities reached 26 billion yuan, which is 1.33 times the net profit, indicating strong cash quality [2] - The company achieved a year-on-year revenue growth of 8.3% in overseas markets, outperforming industry growth [8] Market Position and Product Development - Haier maintains a leading market share in various segments, including 47.7% in refrigerators and 32.5% in water heaters, while also achieving a 14.8% increase in global sales of home air conditioners [5] - The company is actively exploring new opportunities in artificial intelligence and the silver economy, launching new products in home robotics and smart care during the 2025 AWE [5] Brand Performance - The Casarte brand has maintained its position as the top high-end market player for ten consecutive years, achieving double-digit growth in 2025 [6] - The Leader brand saw a 30% year-on-year increase in revenue, with sales of a new washing machine model exceeding 300,000 units [6] Global Supply Chain and Market Expansion - Haier's global supply chain strategy has led to significant growth in various regions, with the European market seeing a 19.9% revenue increase and the Southeast Asian market growing by 13.4% [8] - The company has initiated 12 new projects globally, including new manufacturing facilities in the U.S. and Egypt, to support ongoing overseas growth [8] Digital Transformation and Efficiency - The integration of AI and digital transformation has improved operational efficiency, with a 0.23 percentage point optimization in overall expense ratios [11] - The company has enhanced customer experience through a comprehensive platform, resulting in a 57% increase in direct delivery orders and improved service quality [11] Future Outlook - Looking ahead to 2026, Haier plans to deepen its AI and digital transformation efforts, strengthen its HVAC business, and expand into emerging fields such as health care and robotics [11]

Core Insights - Haier Smart Home reported its annual revenue exceeding 300 billion yuan for the first time, reaching 302.35 billion yuan, a year-on-year increase of 5.71% [1] - The net profit attributable to shareholders was 19.55 billion yuan, up 4.39% year-on-year, marking a historical high [1] - The company announced a cash dividend of 8.867 yuan per 10 shares, totaling 8.25 billion yuan, with a dividend payout ratio of 55% of net profit [1] Financial Performance - The net cash flow from operating activities reached 26 billion yuan, 1.33 times the net profit, indicating solid cash quality and operational resilience [1] - Since its listing, Haier Smart Home has distributed approximately 48.6 billion yuan in dividends, with a payout ratio of 36% [3] - The dividend payout ratio has increased over the past three years, reaching 45% in 2023, 48% in 2024, and 55% in 2025, with plans to further increase it to 60% [3] Market Position and Strategy - Haier Smart Home leads the market with a 47.7% share in the large kitchen ecosystem and a 32.5% share in water heaters, maintaining its industry-leading position [3] - The company has seen a 14.8% growth in global air conditioning sales, leading the industry, and has achieved double-digit growth in commercial air conditioning [3] - In the overseas market, Haier Smart Home's revenue grew by 8.3% in 2025, with significant growth in various regions, including a 19.9% increase in Europe and a 55.8% increase in the Middle East and Africa [6] Future Development Directions - The company aims to enhance operational efficiency and user experience through AI and digital transformation, focusing on a global rollout of its customer platform [7] - Haier Smart Home plans to restructure its HVAC strategy, aiming to increase the revenue share of its HVAC segment from one-fourth to one-third or even half of total revenue [7] - The company will continue to invest in household robots and smart health care, exploring new growth potential in smart home scenarios [7]

Core Insights - Haier Smart Home reported a revenue of 302.347 billion yuan for 2025, representing a year-on-year growth of 5.72% [1][4] - The net profit attributable to shareholders was 19.553 billion yuan, up 4.33% year-on-year, while the net profit excluding non-recurring items was 18.604 billion yuan, increasing by 4.49% [1][4] - Basic earnings per share stood at 2.12 yuan [1][4] Financial Performance - The gross profit margin for 2025 was 26.66%, a decrease of 1.14 percentage points year-on-year; the net profit margin was 6.67%, down 0.18 percentage points from the previous year [1][5] - In Q4 2025, the gross profit margin was 24.79%, a decline of 5.08 percentage points year-on-year and 3.09 percentage points quarter-on-quarter; the net profit margin was 3.40%, down 1.87 percentage points year-on-year and 3.51 percentage points quarter-on-quarter [5][6] Expense Analysis - Total operating expenses for 2025 were 57.685 billion yuan, an increase of 276 million yuan compared to the previous year; the expense ratio was 19.08%, down 1.00 percentage points year-on-year [2][6] - Sales expenses grew by 0.87% year-on-year, while management expenses increased by 13.64%; R&D expenses decreased by 6.00%, and financial expenses saw a significant reduction of 105.24% [2][6] Shareholder Information - As of the end of 2025, the total number of shareholders was 156,500, a decrease of 34,100 from the end of Q3, representing a decline of 17.90%; the average market value per shareholder increased by 25.38% from 1.247 million yuan to 1.5636 million yuan [2][6] Company Overview - Haier Smart Home, established on March 31, 1994, and listed on November 19, 1993, is located in Qingdao, Shandong Province [2][6] - The company's main business includes the research, production, and sales of smart home appliances such as refrigerators, washing machines, air conditioners, water heaters, kitchen appliances, and small home appliances [2][6] - The revenue composition includes: refrigerators (27.17%), air conditioners (20.94%), washing machines (20.22%), kitchen appliances (13.10%), equipment and channel services (11.97%), water appliances (6.11%), and others (0.48%) [2][6] Industry Classification - Haier Smart Home is classified under the household appliances sector, specifically in white goods and refrigeration [7] - The company is associated with various concept sectors including e-commerce, value growth, consumer selection, and capital management [7]

Core Viewpoint - The home appliance industry is experiencing a divergence in performance among listed companies, with leading firms becoming stronger amid increasing uncertainties such as trade tariffs and rising costs [1] Company Performance - Haier Smart Home (600690.SH) reported its revenue for 2025 exceeded 300 billion yuan, reaching 302.347 billion yuan, a year-on-year increase of 5.715% [3] - The net profit attributable to shareholders was 19.553 billion yuan, reflecting a year-on-year growth of 4.39% [3] - The net cash flow from operating activities was 26.003 billion yuan, and the company proposed a dividend of 8.867 yuan per 10 shares, totaling 8.248 billion yuan [3] Market Trends - According to AVC, the retail sales of all home appliance categories (excluding 3C) in China for 2025 were 893.1 billion yuan, a year-on-year decline of 4.3%, with the second half of the year seeing a 16% drop [3] - The "silver economy" is creating new opportunities in the aging population segment for home appliances [3] - Euromonitor data indicates a stable global home appliance market with structural differentiation, where developed markets remain stable while emerging markets show strong growth [3] Product Performance - Haier's air conditioning and water appliance segments saw revenue growth of around 10%, while refrigerator, washing machine, and kitchen appliance segments experienced stable growth [3] - Domestic revenue for Haier was 146 billion yuan, up 3.05% year-on-year, while overseas revenue reached 154.5 billion yuan, growing 8.15% [3] Strategic Initiatives - Haier is developing three growth curves: traditional white goods, HVAC (heating, ventilation, and air conditioning), and the aging industry, while seizing opportunities in globalization and smart technology [4] - The company has established new production facilities for air conditioners in Thailand and water heaters in Russia, focusing on regional depth, multi-point layout, and self-control in its globalization strategy [5] - Haier is integrating home appliances with robotics, showcasing various robots at AWE, including companion, cleaning, and household robots, along with aging-friendly products [5] Competitive Landscape - In contrast to leading companies like Haier, smaller kitchen appliance firms faced performance challenges, with Joyoung Co., Ltd. (002242.SZ) reporting a revenue decline of 7.23% to 8.2 billion yuan and a net profit drop of 3.85% to 118 million yuan [5] - Joyoung is working to optimize its product structure amid intensified competition in the home appliance market, focusing on high-end products and expanding into new categories [5]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 海爾智家股份有限公司 | | 股份代號 | 06690 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之期末股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 10 股 8.867 RMB | | 股東批准日期 | 2026年6月24日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 截至2025年12月31日止年度之全年業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | | （經重列） | | | 收入 | 302,329 | 286,005 | 5.7 | | 毛利 | 78,955 | 77,907 | 1.3 | | 經調整經營利潤（定義見下文） | 20,504 | 20,410 | 0.5 | | 年內溢利 | 20,163 | 19,566 | 3.1 | | 應佔： | | | | | 本公司擁有人 | 19,553 | 18,731 | 4.39 | | 非控股權益 | 610 | ...

Revenue Performance - The company achieved a revenue of 302.35 billion yuan in 2025, marking a year-on-year growth of 5.71%, and it is the first time the revenue has surpassed the 300 billion yuan mark [1] - All business segments experienced growth, with the equipment parts and channel comprehensive service business showing the fastest growth at 19.93%, reaching 38.89 billion yuan [1] - The water appliance business generated 17.47 billion yuan, up 10.94%, while the air conditioning business contributed 53.74 billion yuan, reflecting a 9.55% increase, serving as a key driver for revenue growth [1] Profitability Analysis - The net profit attributable to shareholders was 19.55 billion yuan, a year-on-year increase of 4.39%, which is lower than the revenue growth rate [2] - The net profit after deducting non-recurring gains and losses was 18.60 billion yuan, with a growth of 4.49%, indicating stable profit quality with minimal impact from non-recurring items [2] Earnings Per Share - Basic earnings per share were 2.12 yuan, reflecting a year-on-year growth of 4.95%, while the diluted earnings per share were 2.02 yuan, up 4.66% [3] - The growth in earnings per share aligns closely with the net profit growth, indicating effective transmission of profit growth to shareholder returns [3] Expense Analysis - Sales expenses increased slightly by 0.80% to 33.88 billion yuan, significantly lower than the revenue growth rate, with a sales expense ratio of 11.2%, optimized by 0.6 percentage points compared to the previous year [4] - Management expenses rose by 13.41% to 13.76 billion yuan, with a management expense ratio of 4.6%, up 0.3 percentage points, primarily due to one-time costs in overseas market efficiency initiatives [5] - Financial expenses saw a significant decrease of 105.24%, resulting in a financial expense of -0.05 billion yuan, largely due to increased exchange gains from currency appreciation [6] Research and Development - R&D expenses decreased by 6.26% to 10.10 billion yuan, but total R&D investment remained high at 10.72 billion yuan, accounting for 3.54% of revenue [7] - The company continues to invest in AI technology and green low-carbon technologies, laying a solid foundation for future development [7] - The number of R&D personnel stands at 25,913, representing 19.2% of the total workforce, with over 74% holding advanced degrees, supporting technological innovation [8] Cash Flow Analysis - The net cash flow from operating activities was 26.00 billion yuan, showing a slight decline of 1.20%, but still 1.33 times the net profit, indicating high cash quality [10] - The net cash flow from investing activities improved, with outflows narrowing to -17.08 billion yuan from -20.08 billion yuan in the previous year, reflecting optimized investment pacing [11] - The net cash flow from financing activities expanded to -17.67 billion yuan, up from -7.70 billion yuan, primarily due to increased repayments and dividend distributions [12] Executive Compensation - The chairman and CEO received a pre-tax compensation of 3.55 million yuan, while several vice presidents earned between 1 to 3 million yuan, aligning overall compensation with company performance [13]

Core Viewpoint - Haier Smart Home (600690.SH) reported a revenue of 302.347 billion yuan for the year 2025, reflecting a year-on-year growth of 5.71% [1] - The net profit attributable to shareholders reached 19.553 billion yuan, marking a year-on-year increase of 4.39% [1] - The net profit excluding non-recurring items was 18.604 billion yuan, with a year-on-year growth of 4.49% [1] - The company plans to distribute a cash dividend of 8.867 yuan per share to all shareholders [1] Financial Performance - Total revenue for 2025: 302.347 billion yuan, up 5.71% year-on-year [1] - Net profit attributable to shareholders: 19.553 billion yuan, up 4.39% year-on-year [1] - Net profit excluding non-recurring items: 18.604 billion yuan, up 4.49% year-on-year [1] Dividend Announcement - Proposed cash dividend: 8.867 yuan per share for all shareholders [1]

Group 1 - The company Haier Smart Home (600690.SH) announced a share repurchase plan aimed at employee stock ownership [1] - The total amount for the share repurchase will not exceed RMB 6 billion (including) and not be less than RMB 3 billion (including) [1] - The repurchase price will not exceed RMB 35 per share [1] Group 2 - If the company fails to implement the intended use of the repurchased shares within 36 months after completion, the unused portion will be canceled following relevant procedures [1]