Financial Performance - In 2021, Haier Smart Home achieved a revenue of RMB 227.53 billion, representing a year-on-year growth of 15.8% after excluding the impact of disposed businesses[11]. - The net profit for 2021 was RMB 13.217 billion, an increase of 16.7% compared to 2020, while the profit attributable to shareholders rose by 47.1% to RMB 13.067 billion[11]. - In 2021, the company achieved revenue of RMB 227.53 billion, an increase of 8.5% compared to 2020 and 14.9% compared to 2019[65]. - The company's net profit for 2021 was RMB 13.217 billion, up 16.7% from 2020 and 7.2% from 2019; profit attributable to shareholders was RMB 13.067 billion, an increase of 47.1% from 2020 and 59.2% from 2019[65]. - The adjusted operating profit for 2021 was RMB 13,551 million, up 37.0% from RMB 9,893 million in 2020, driven by profit growth in both domestic and overseas smart home businesses[180]. - The overall gross margin for 2021 was 30.5%, an increase of 1.5 percentage points from 29.0% in 2020, primarily due to a higher proportion of high-end products[183]. - The net cash inflow from operating activities for 2021 was RMB 23,130 million, a 31.4% increase from the previous year, driven by rapid profit growth and improved operational efficiency[197]. Market Position and Growth - The company operates in over 160 countries and regions, maintaining its position as a global leader in the home appliance industry for 13 consecutive years[4]. - Haier's cooling and washing appliances ranked first in global retail volume for 14 and 13 consecutive years respectively[4]. - The company achieved a 203% revenue increase in the dryer business in China, securing the top market share[16]. - The company holds over 40% market share in the electric water heater segment in China, with gas water heater revenue increasing by 51% year-over-year[16]. - The company ranked third in the Chinese household air conditioning market in 2021, with a market share increase of over 2 percentage points[17]. - The company achieved a 25.1% overall market share in the Chinese home appliance market, an increase of 2.3 percentage points[88]. - The high-end brand Casarte saw revenue growth of over 40% year-on-year, reaching 12.9 billion yuan, with market shares of 73.9% and 36.2% in the washing machine and refrigerator segments, respectively[90]. Product Innovation and Development - The company is committed to global branding, scenario-based innovation, and digital efficiency improvements[10]. - Haier Smart Home is a pioneer in smart home solutions, leveraging its comprehensive range of home appliance products[4]. - The company has introduced innovative products such as the "zero-distance embedded refrigerator" and the "one machine with three functions" Casa Di washing and care machine[22]. - The company launched the Casarte Homey 505 and 506 series, securing the top market share in the online segment for products priced above 10,000 yuan[69]. - The company launched new high-capacity refrigerators and washing machines in India, increasing the high-end product revenue share to 34%[104]. - The company’s new product launches, such as the UV sterilization washing machine, contributed to a 33% increase in kitchen appliance revenue in the Australian market[102]. Operational Efficiency and Digital Transformation - The integration of Haier Appliances has begun to show synergy effects, optimizing operational efficiency[11]. - The company aims to enhance operational efficiency through digital transformation, focusing on end-to-end digital inventory sharing in the supply chain as a key project for 2022[23]. - The company reported a significant focus on digital transformation and smart manufacturing strategies, leveraging expertise in industrial 4.0[51]. - The company's digital transformation initiatives improved operational efficiency, with 50% of factories capable of quickly responding to orders using advanced algorithms[95]. Global Expansion and Market Strategy - The company plans to invest in the small appliance division, focusing on emerging categories such as cleaning appliances and personal care products[17]. - The company will leverage globalization benefits, integrating market growth opportunities across various regions, including strong development in the U.S. real estate and infrastructure sectors[19]. - Haier Smart Home Co., Ltd. has invested over $2 billion in the local supply chain and created 3,000 jobs in the U.S. over the past five years[21]. - The company aims to enhance its global market share through high-end product launches and optimizing its global supply chain[159]. Challenges and Risks - The company faces risks from macroeconomic slowdowns affecting market demand, which could negatively impact user purchasing power and industry growth[160]. - Price wars due to intensified industry competition and product homogeneity pose a risk, necessitating increased investment in R&D to maintain brand influence[161]. - Fluctuations in raw material prices, particularly metals and plastics, could pressure the company's production operations[161]. - The company is exposed to foreign exchange risks due to its global operations, which could impact its financial condition and increase costs[163]. Management and Governance - The management team is aligned with the founder's vision to provide consumers with an extraordinary home life experience[24]. - The supervisory board includes professionals with extensive backgrounds in finance and law, ensuring robust governance and compliance[57]. - The management team includes Mr. Gong Wei, who has been the CFO since January 2010, recognized as one of China's top CFOs in 2012[58]. Sustainability and Social Responsibility - The company is committed to sustainable economic development and fulfilling greater social responsibilities as expected by stakeholders[21]. - The company's "people-oriented" philosophy emphasizes maximizing employee value while creating user value, fostering a culture of innovation and entrepreneurship[128].
海尔智家(06690) - 2021 - 年度财报