Jin Rong Jie·2026-03-26 15:14Core 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]