Company Performance - Haier Smart Home has maintained its position as the global leader in major appliances for 12 consecutive years, according to Euromonitor data[4]. - The retail volume of Haier's refrigeration and washing equipment has ranked first among global major appliance brands for 13 and 12 years respectively[4]. - Revenue for the six months ended June 30, 2021, was RMB 111,613 million, representing a 16.6% increase from RMB 95,723 million in the same period of 2020[11]. - Gross profit for the same period was RMB 32,934 million, up 25.5% from RMB 26,227 million year-on-year[11]. - Profit before tax increased to RMB 8,461 million, a 98.5% rise compared to RMB 4,273 million in the previous year[11]. - Net profit for the period was RMB 6,938 million, which is a 92.5% increase from RMB 3,612 million in 2020[11]. - Basic earnings per share rose to RMB 0.74, compared to RMB 0.42 in the same period last year, reflecting a 76.2% increase[12]. - The company reported a total comprehensive income of RMB 6,642 million for the period, significantly higher than RMB 3,351 million in the previous year, representing a 98.3% increase[12]. - The company reported a pre-tax profit of RMB 8,461 million for the six months ended June 30, 2021, compared to RMB 4,273 million in the same period of 2020, representing a year-over-year increase of 98.5%[22]. - The company reported a net profit attributable to shareholders of RMB 6,852 million, representing a 146.4% growth compared to RMB 2,781 million in the first half of 2020[136]. Financial Metrics - Non-current assets totaled RMB 90,103 million as of June 30, 2021, slightly up from RMB 89,196 million at the end of 2020[14]. - Inventory increased to RMB 33,508 million from RMB 29,447 million at the end of 2020, indicating a 13.9% rise[14]. - Trade receivables and notes receivable reached RMB 32,108 million, up from RMB 30,066 million, marking a 6.8% increase[14]. - Current liabilities totaled RMB 113,476 million, compared to RMB 109,474 million at the end of 2020, reflecting a 3.7% increase[14]. - The company's equity increased to RMB 75,200 million as of June 30, 2021, compared to RMB 68,111 million at the end of 2020, marking an increase of about 10.3%[15]. - The total issued equity reached RMB 6,580 million, with a notable increase in reserves to RMB 64,453 million from RMB 57,788 million, reflecting an increase of approximately 11.5%[15]. - The company reported a significant increase in retained earnings, which rose to RMB 32,469 million, indicating a strong performance in profit retention[17]. - The company’s interest-bearing borrowings decreased to RMB 9,627 million from RMB 11,858 million, a reduction of approximately 18.8%[15]. - The total liabilities were reported at RMB 131,047 million, indicating a manageable debt level relative to assets[39]. - The total assets of the company amounted to RMB 206,247 million, showcasing a solid financial position[39]. Market Presence and Strategy - The company operates in over 160 countries and regions, including North America, Europe, and Southeast Asia[4]. - Haier is a pioneer in smart home solutions, leveraging its comprehensive range of home appliance products and the Haier Smart Home Experience Cloud platform[4]. - The company aims to provide integrated smart home solutions that cater to various life scenarios, enhancing user experience[4]. - Future outlook includes expanding market presence and exploring potential mergers and acquisitions to drive growth[4]. - The company continues to invest in new product development and technology to enhance its market position[4]. - The company is focusing on enhancing its smart home solutions through the development of small home appliances and channel distribution services[97]. - The company is actively expanding its product offerings and market presence, leveraging its established distribution channels to support third-party brands[97]. - The company has successfully expanded its overseas business through acquisitions, including GE Appliances in 2016 and Fisher & Paykel in 2018, enhancing its global footprint[96]. Sustainability and Governance - The company emphasizes the importance of sustainability and governance in its operational strategies[4]. - The company has implemented revised International Financial Reporting Standards, which did not significantly impact its financial position or performance[28]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards and reflect historical cost accounting[27]. - The report was approved by the board of directors on August 30, 2021, indicating a commitment to transparency and regulatory compliance[26]. - The company has established a risk management framework and internal audit discussions with no disagreements noted[182]. - The company complied with the corporate governance code as per the listing rules from January 1 to June 30, 2021[179]. Research and Development - The company continues to innovate and launch new products, maintaining its leadership in the smart home solutions market[94]. - Research and development costs increased to RMB 3,739 million in 2021 from RMB 2,940 million in 2020, marking a rise of 27.2%[54]. - The company established the first international standard for refrigerator preservation, IEC63169, and filed 449 new patent applications in the first half of 2021[107]. Sales and Revenue Growth - Total revenue for the first half of 2021 reached RMB 157,548 million, with a significant contribution from the smart home solutions segment[34]. - The revenue from external customers in the smart home solutions segment was RMB 111,613 million, indicating a strong market demand[34]. - The smart home solutions segment generated RMB 56,669 million in revenue, highlighting its importance to overall performance[34]. - Revenue from the China market was RMB 53,585 million, up from RMB 48,725 million year-over-year, indicating a growth of about 3.7%[44]. - North America contributed RMB 35,324 million in revenue, a significant increase from RMB 29,494 million, reflecting a growth of approximately 19.3%[44]. - The company achieved revenue of 111.613 billion yuan in the first half of 2021, a year-on-year increase of 16.6% and an increase of 11.6% compared to the same period in 2019[105]. - The company’s revenue from the Casarte brand increased by 74.4% in the first half of the year, with 2,589 new touchpoints established in key commercial areas[122]. Challenges and Risks - The company anticipates potential impacts on sales due to macroeconomic slowdowns and changes in consumer demand[134]. - The company is actively managing risks related to currency fluctuations and has implemented hedging tools to minimize financial impacts[135]. - The company plans to invest more in R&D to mitigate risks associated with intensified industry competition and rising raw material costs[135]. Shareholder Information - The company approved an ordinary share dividend of RMB 3.421 billion for the six months ended June 30, 2021, compared to RMB 2.467 billion for the same period in 2020, representing a 38.7% increase[58]. - The company repurchased shares amounting to RMB 2,594 million during the reporting period, with no repurchases recorded in the previous year[23]. - The company repurchased a total of 32,352,800 H-shares at a total cost of HKD 1,000 million during the six months ended June 30, 2021[174]. - The company repurchased 63,076,566 A-shares at a total cost of RMB 1,767 million during the same period[175].
海尔智家(06690) - 2021 - 中期财报