Core Insights - Haier Smart Home reported a revenue of 156.49 billion yuan for the first half of 2025, representing a year-on-year growth of 10.22% [1] - The net profit attributable to shareholders reached 12.03 billion yuan, with a year-on-year increase of 15.59% [1] Domestic Market Performance - Revenue from the domestic market grew by 8.8% [1] - The Casarte brand saw revenue growth exceeding 20% [1] - The Leader brand experienced revenue growth of over 15% [1] International Market Performance - Revenue from overseas markets increased by 11.7% [1] - In the U.S. and Europe, the white goods and HVAC sectors outperformed the industry [1] - Emerging markets showed significant growth: South Asia up 32%, Southeast Asia up 18%, and the Middle East and Africa up 66% [1] Business Segment Performance - Revenue from air energy solutions grew by 12.8% [1] - Household laundry solutions increased by 7.6% [1] - Whole-home water solutions saw a growth of 20.8% [1] - Revenue from household food preservation and cooking solutions, including refrigerators/freezers and kitchen appliances, grew by 4.2% and 2.0% respectively [1]

Investment Rating - The investment rating for Haier Smart Home is maintained at "Buy" [4] Core Views - The company achieved a revenue of 285.98 billion yuan in 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.9% [15][17] - The dividend payout ratio increased to 48.01%, with a cash dividend amounting to 8.997 billion yuan [15] - The company is focusing on high-end product strategies and expanding its market share both domestically and internationally, with significant growth in emerging markets [34][40] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 285.98 billion yuan and a net profit of 18.74 billion yuan, with a quarterly revenue of 83.01 billion yuan in Q4, reflecting a 9.9% year-on-year increase [15][19] - The gross profit margin for 2024 was 27.8%, while the net profit margin was 6.8% [55][57] Domestic Market - Domestic revenue reached 141.68 billion yuan in 2024, growing by 13.7% and accounting for 49.8% of total revenue [22][28] - The company continues to enhance its market share in various product categories, with significant growth in high-end brands [27][29] International Market - The overseas revenue for 2024 was 142.9 billion yuan, marking a 5.3% increase and representing 50.2% of total revenue [34][35] - The company is expanding its presence in emerging markets, with notable growth in South Asia and the Middle East [40][41] Product Segmentation - Revenue from air conditioning, refrigeration, and water appliances showed positive growth, with air conditioning revenue increasing by 7.4% [52][57] - The company is focusing on high-end product offerings and has seen a rise in market share across various segments [41][50] Strategic Initiatives - The company is implementing digital transformation and cost-reduction strategies to enhance operational efficiency [55] - Ongoing mergers and acquisitions are aimed at strengthening the company's position in the HVAC industry and expanding its product portfolio [15][34]

Core Viewpoint - Haier Smart Home has shown steady growth under the old-for-new home appliance policy, with Q4 2024 revenue increasing by 16.67% year-on-year to 73.243 billion yuan, and a strong performance in high-end products like Casarte, which saw over 30% growth in Q4 2024 [1][3]. Financial Performance - For the full year 2024, Haier achieved revenue of 285.981 billion yuan, a 4.29% increase from 2023, and a net profit attributable to shareholders of 18.741 billion yuan, up 12.9% year-on-year [2][3]. - The company plans to distribute a cash dividend of 9.65 yuan per 10 shares, totaling nearly 9 billion yuan, which corresponds to 48.01% of the net profit attributable to shareholders [1][2]. - The gross profit margin for 2024 reached 27.8%, an increase of 0.3 percentage points compared to 2023 [1]. Market Trends - The home appliance industry in China is gradually recovering, with a total retail sales of 907.1 billion yuan in 2024, reflecting a 6.4% year-on-year growth [3]. - The refrigerator and washing machine sectors both saw retail sales increase by 7.6%, driven by product upgrades and the growing market share of drum washing machines [3]. Strategic Initiatives - Haier is deepening its smart home strategy through the "Three Wings Bird" platform, providing customized smart appliance solutions, which aligns with consumer upgrade trends and enhances product value [5]. - The company is actively addressing the trend of younger consumers, with its Leader brand achieving a 26% year-on-year increase in market retail sales in 2024 [5]. Global Expansion - Haier has maintained its position as the world's largest home appliance brand for 16 consecutive years, with significant growth in overseas markets, particularly in India, where revenue surpassed 1 billion USD, growing over 30% [6]. - The company is accelerating its global expansion through acquisitions, such as the purchase of South African water heater brand Kwikot, which supports its overseas business development [6].