Haier Smart Home's revenue last year broke 300 billion yuan for the first time, as the home appliance industry accelerates reshuffling amid stock competition.

Ask AI · Why is Haier Smart Home’s overseas revenue growth leading the pack at home?

On the evening of March 26, Haier Smart Home (600690.SH) released its 2025 annual report, showing that its revenue last year first exceeded 300 billion yuan, reaching 302.347 billion yuan, up 5.715% year over year. Attributable net profit was 19.553 billion yuan, up 4.39%; net cash flow from operating activities was 26.003 billion yuan. It proposed a dividend of 8.867 yuan per 10 shares (inclusive of tax), with a total dividend amount of 8.248 billion yuan. This reflects the trend of “the strong get stronger” in the home appliance industry amid increasing uncertainties such as trade tariffs and rising costs.

Data from Ovi Yunwang (AVC) shows that in 2025, China’s home appliance retail market across all categories (excluding 3C) totaled 893.1 billion yuan, down 4.3% year over year. Retail sales in the second half were 421.4 billion yuan, down 16% year over year; in the context of accelerating shakeouts in a stock market, the industry is speeding up its reshuffling. At the same time, the “silver economy” has spawned a new track for age-friendly appliances. Meanwhile, according to GfK data, in 2025 the global home appliance market remained steady in overall size but saw structural divergence: markets in developed countries were stable, while growth in emerging markets was strong.

By product segment, last year Haier Smart Home’s air-conditioner and home water appliance businesses saw relatively fast revenue growth, both at around 10%. Revenue growth for refrigerators, washing machines, and kitchen appliances was comparatively steady. By region, last year Haier Smart Home’s domestic revenue was 146.0 billion yuan, up 3.05%; overseas revenue was 154.5 billion yuan, up 8.15%, with overseas growth faster than in China.

Haier Smart Home is building three growth curves: the first is white-goods businesses such as refrigerators and washing machines; the second is its HVAC business; and the third is the age-friendly industry. It is also seizing opportunities in globalization and intelligentization.

A reporter from First Finance learned this month at AWE that in 2025, Haier Smart Home started new overseas production lines, including an air-conditioner factory in Thailand and a water heater factory in Russia. Its globalization strategy is “deep regional cultivation, multi-point layout, and independently controllable capabilities.” At the same time, Haier Smart Home is promoting the integration of home appliances and robots, and at AWE it showcased companion robots, cleaning robots, and household robots. Haier Smart Home’s age-friendly products were also exhibited in the same period, including age-friendly intelligent beds, oxygen concentrators, and more.

The challenge is that costs are increasing: last year, the gross margin rates of Haier Smart Home’s main products fell slightly across the board. A research report from Guotai Junan believes that price increases in bulk raw materials bring cost pressure, and whether Haier can pass on or absorb these costs will affect profitability in the home appliance industry.

Compared with leaders in major home appliances such as Haier Smart Home, listed companies in small kitchen appliances faced pressure on performance growth last year. On the evening of March 26, Joyoung Co., Ltd. (002242.SZ) released its annual report, showing that last year its revenue was 8.2 billion yuan, down 7.23% year over year; attributable net profit was 118 million yuan, down 3.85% year over year. Worth noting is that Haier Smart Home is also actively expanding small-appliance businesses such as AI rice-measuring rice cookers and AI coffee machines. Joyoung Co., Ltd. said that amid intensifying competition in the stock-market segment of the home appliance industry, it is working to optimize its product mix. Its R&D projects include high-end non-coating rice cookers and remote-sensing visible soy milk machines, and it is also expanding businesses such as floor mops and home water appliances.

(This article comes from First Finance)