Chang Jiang Shang Bao·2025-12-28 23:20Core Viewpoint - Haier Smart Home is adjusting its overseas market layout to enhance risk resistance by transferring 49% of its stake in Haier India to India's Bharti Group and US-based Warburg Pincus, marking a strategic upgrade after 20 years in the Indian market [1][3]. Group 1: Global Strategy Upgrade - The stake transfer allows Haier Smart Home to maintain a 49% ownership while integrating local management incentives, ensuring control over core operations [3][4]. - The transaction is seen as a strategic upgrade after over 20 years in India, providing a model for Chinese companies to manage overseas market risks [3][4]. - Haier has invested nearly $300 million in the Indian market, and the current transaction's valuation exceeds historical investment, allowing for cost recovery and significant returns [3]. Group 2: Market Potential and Challenges - The Indian home appliance market is projected to reach $77.74 billion in 2024 and grow to $135.33 billion by 2034, with a compound annual growth rate of 5.70% [3]. - However, stringent foreign investment approvals and compliance requirements pose challenges, making the stake adjustment a strategic balance of opportunities and risks [3]. Group 3: Performance and Digital Transformation - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, a 10% year-on-year increase, with a net profit of 17.37 billion yuan, marking a historical high for the same period [5]. - The company is focusing on digital transformation, which has improved operational efficiency, with direct-to-store user orders reaching 74% and SKU efficiency increasing by 15.6% [5][6]. Group 4: Global Operations and Manufacturing - Haier Smart Home has established a resilient global operation system, with overseas revenue growing by 10.5% in the first three quarters of 2025 [6]. - The company has built 35 industrial parks and 163 manufacturing centers globally, creating a network that covers over 200 countries and regions [7].