Cai Jing Wang·2025-12-14 11:53Core Insights - The home appliance industry is currently in a stock competition phase, where companies typically engage in price wars and marketing battles to gain market share. However, Haier Smart Home has demonstrated a different approach, achieving significant revenue and profit growth while reducing sales expenses [1][4]. Group 1: Financial Performance - Haier Smart Home's revenue increased from 227.1 billion yuan in 2021 to 285.9 billion yuan in 2024, a growth of 58.8 billion yuan [1][3]. - The company's profit rose from 13.067 billion yuan in 2021 to 18.741 billion yuan in 2024, an increase of approximately 5.7 billion yuan [1][3]. - Sales expense ratio decreased from 16.1% in 2021 to 11.7% in 2024, a reduction of 4.4 percentage points [3][4]. - Absolute sales expenses fell from 36.5 billion yuan in 2021 to 33.5 billion yuan in 2024, a decrease of 3 billion yuan [3][4]. Group 2: Cost Reduction Strategies - Haier Smart Home achieved cost reduction through comprehensive digital transformation across all processes, including R&D, manufacturing, supply chain, marketing, logistics, and service [4][5]. - The company improved logistics efficiency by increasing direct delivery from company to user, with 74% of orders from county specialty stores being directly delivered to users by the end of September [4][5]. - Global brand and channel expansion has reached a harvest period, leading to reduced costs in overseas sales as the brand matrix is now well-established [4][5]. Group 3: Product Strategy and Innovation - The company focuses on high-end brands and product suites, which enhance pricing power while lowering costs. For instance, the Casarte brand saw an 18% revenue growth in the first three quarters, leading in the high-end appliance market [5][6]. - The sales proportion of Casarte suite products increased to 36%, up 7% year-on-year, while Haier brand suite products rose to 15%, up 11% year-on-year [5][6]. - R&D investment has consistently increased from 8.364 billion yuan in 2021 to 10.74 billion yuan in 2024, indicating a significant annual growth rate [5][6].