Haier Smart Home Publishes Annual Report for 2024: Driving Sustainable Growth through Innovation and Cost Efficiency

• Total Revenue of RMB 285.98 billion (previous year: RMB 274.20 billion (restated))
• Improvement of smart home appliances with groundbreaking AI innovation
• Proposed payout ratio of 48.01%

Qingdao / Shanghai / Hong Kong / Frankfurt, 27 March 2025 - Haier Smart Home Co., Ltd. ("Haier Smart Home" or "the Company", D-share 690D.DE, A-share 00690.SH, H-share 06690.HK), today announced its financial figures for the year 2024.

In the reporting year, Haier Smart Home was able to maintain a sustainable growth pace with a gross profit margin of 27.8% (up 0.3 ppt YoY). Total revenue reached RMB 285.98 billion, reflecting a YoY growth of 4.29%. Net profit attributable to the parent company stood at RMB 18.74 billion, representing a YoY growth of 12.9%. The net cash flow from operating activities amounted to RMB 26.54 billion. The Company proposed a cash dividend of RMB 9.65 per 10 shares (tax inclusive), with a payout ratio of 48.01%.

Casarte Maintains Leading Position, Multi-Brand Synergy Drives Growth
Haier Smart Home has leveraged factors like consumers' shift towards high-end and smart home appliances, the Chinese trade-in policy, and brand synergies to meet the evolving demand of the market.

Casarte reported an increase in retail sales of 12% in 2024, further strengthening its premium market leadership. By enhancing cross-industry synergies, the Company accelerated the innovation of its product sets and achieved a YoY growth of 64.6% in sales of product suites – sets of products sold together since complementary to each other. Moreover, the brand Leader achieved a 26% increase in retail sales by targeting young consumers with tailored smart living scenarios.

Haier Smart Home was also able to maintain its leadership across multiple industries in the domestic market. The Company led the Chinese refrigerator market with a market share of 40.4% in online retail sales, up 1 ppt over 2023, and 44.1% in offline retail sales. In the washing machine market, Haier continued to lead the offline market share, while its market share in online retail sales accounted for 37.9%, representing a YoY increase of 1.1 ppt.

Rapid Growth in Emerging Markets through Brand Building Strategy and M&A
Amid challenges in the overseas home appliance sector, Haier Smart Home continued to develop its high-end branding strategy and reached total overseas revenue of RMB 143.81 billion, an increase of 5.43% compared to 2023, with emerging markets becoming a key growth driver for the Company. Haier expanded its overseas market presence also through strategic acquisitions, buying Carrier’s commercial refrigeration business and Kwikot, a famous leading water heater manufacturer in South Africa with a 58% market share.

In South Asia, Haier reported revenue of RMB 11.53 billion (up 21.05% over 2023). The Indian market performed particularly well, with revenue growing by 30% and an increasing share of high-end products. Also in Pakistan, the Company expanded its high-end market share and increased the prices of its products, achieving revenue growth in local currency of 20% and a market share of 45%. In the Southeast Asian market, the revenue reported was RMB 6.63 billion, with a YoY growth of 14.75%. Additionally, the Company generated revenue of RMB 2.67 billion in the Middle East and Africa market, representing a year-on-year increase of 38.25%.

Breakthrough Growth of Smart Building Business and AI-Driven Smart Home Solutions
In 2024, the global revenue from the smart building business targeting the B2B market exceeded RMB 10 billion. According to the research market agency China IoL, Haier's smart building market share (domestic and export) increased by 1 ppt to 9.3%, entering the top three in the industry.

The SAN YI NIAO platform continued to develop its smart home strategy by providing integrated solutions for home appliances and furnishings. In 2024, sales of bundled product sets accounted for 57% of total sales, with Casarte contributing 35% and pre-installed products contributing 40%. Moreover, AI (Artificial Intelligence) technology has strengthened the SAN YI NIAO platform by adding smart features to it. By integrating advanced AI models, Haier has enhanced voice interaction, scenario-based automation and visual recognition through AI VISION. These innovations enhance the user experience and increase the intelligence of home appliances and furnishings to meet growing consumer demand.

Improved Cost Management thanks to Digital Transformation and Extreme Cost Project
In 2024, Haier Smart Home continued to drive digital transformation, focusing on cost reduction, efficiency improvement and enhancing user experience. By intensifying full-chain digitalization, the Company strengthened its market competitiveness and leveraged the benefits of digital transformation. As a result, profitability improved, with net profit margin increasing by 0.5 ppt from 6.1% (restated) in 2023 to 6.6% in 2024.

Digital transformation has also improved the Company´s cost management. Through the Extreme Cost Project Haier Smart Home aligned its cost structure with the best global practices and improved organizational collaboration between departments. In 2024, the Company reduced its sales expense ratio to 11.7%, an improvement of 0.2 ppt YoY, while its administrative expense ratio fell to 4.2%, achieving an improvement of 0.1 ppt YoY.

Progress Towards a “World-Class Smart Living Ecological Enterprise”  
The rapid adoption of AI is transforming the global home appliance industry, reshaping competition and driving a new era of smart product development. To stay at the forefront, Haier Smart Home has set the goal of becoming a "world-class smart living ecological enterprise". By leveraging cutting-edge technology, global collaboration, scenario-driven solutions and digital transformation, the company continues to improve its innovation, operations and AI-driven efficiency, ensuring sustainable, high-quality growth.

At the “Haier Smart Home Ecosystem Conference” on 19 March 2025 under the theme of “AI FOR HOME, AI FOR YOU”, Haier unveiled “AI VISION” technology, its latest achievement in the smart home field, which enables smart appliances not only to “understand” voice commands but also to “see”, marking a significant step toward appliances proactively serving users and leading the industry into the phase of “highly autonomous AI”. In addition, a new partnership with Robotera – a humanoid robotics company, incubated by Institute for Interdisciplinary Information Sciences, Tsinghua University and established in August 2023 – will accelerate the development of home service robots and automated household tasks, reinforcing Haier's industry leadership and commitment to smart living innovation.

Haier´s sustainable success reflects strong competitiveness, adaptability to market changes, and leadership in AI-driven innovation delivering its products worldwide.

The financial report as at 31 December 2024 is available online at https://smart-home.haier.com/en/.

IR Contact:
Haier Smart Home Hong Kong
T: +852 2169 0000
Email: ir@haier.hk

Press Contact:
CROSS ALLIANCE communication GmbH
Sara Pinto
Sven Pauly
pi@crossalliance.de
T: +49 (0) 89 1250903 35

About Haier Smart Home Co., Ltd.:
Haier is one of the world’s leading manufacturers of household appliances with a focus on smart home solutions and customized production. Haier Smart Home Co., Ltd. develops, produces and distributes a wide range of household appliances. These include refrigerators, freezers, washing machines, air conditioners, water heaters, kitchen appliances, small household appliances, and an extensive range of intelligent household appliances. The Company distributes its products through leading household brands such as Haier, Casarte, Leader, Candy, GE Appliances, AQUA and Fisher & Paykel. Haier Smart Home Co., Ltd. has launched Smart Home Experiential Cloud in the Chinese market, which connects homes, users, enterprises and ecosystem partners, and facilitates the integration of Haier’s online, offline and micro-store businesses and supports user interaction to further optimize the user experience.