Haier Smart Home Co., Ltd.

  • WKN: A2JM2W
  • ISIN: CNE1000031C1
  • Land: China

Nachricht vom 31.08.2021 | 08:00

Haier Smart Home publishes Half-Year Results: strong Revenue and Three-Digit Profit Growth with outstanding Premium and Overseas Performance

DGAP-News: Haier Smart Home Co.,Ltd. / Key word(s): Half Year Report/Half Year Results
31.08.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

Haier Smart Home publishes Half-Year Results: strong Revenue and Three-Digit Profit Growth with outstanding Premium and Overseas Performance

Qingdao / Shanghai / Hong Kong / Frankfurt, 31 August 2021 - Haier Smart Home Co., Ltd. ("Haier Smart Home" or "the Company", stock code: 690D.DE, 600690.SH, 6690.HK) published its half-year report 2021 on 30 August 2021. In the first half of the year, the Company recorded sales revenue of RMB111.6 billion, an increase of 16.6% and 11.6% compared with the corresponding period in 2020 and 2019. Excluding the disposal of COSMOPlat, revenue would have increased by 27.2% and 22.7% compared with the corresponding period in 2020 and 2019. Net profit attributable to the owners of the parent company was RMB6.8 billion, an increase of 146.4% and 35.5% compared with the corresponding periods in 2020 and 2019. Cash flow from operating activities was RMB8.4 billion, representing an increase of 1651.6% and 132.6% over the corresponding periods in 2020 and 2019.

Despite inflations in raw material in the first half of the year, Haier Smart Home achieved strong growth compared with both 2020 and 2019, demonstrating the Company has entered the rising period of Rendanheyi transformation.

Continuous cost optimization, expense ratio reduced by 2.3 pct

Revenue in China recorded a year-on-year growth of 29.9% in the first half of the year. Benefiting from the continuous digital transformation including 'Direct Sales', 'Service Personnel' and'Supply Chain, Haier's operation and cost efficiency have been further optimized after three consecutive quarters. The Company's expense ratio, excluding the spinoff of COSMOPlat, was further optimized by 2.3 pct, with selling expense ratio decreased by 1.6 pct and administrative expense ratio decreased by 0.7 pct.

Casarte: from double-digit growth to doubling revenue. Five-year high level of market share in air conditioners

Haier's premium brand Casarte consolidated leadership in the high-end market, supported by scenario transformation. Compared with the high growth rate of 35% in 4Q20, Casarte's revenue almost doubled at 74.4% YoY growth with market share expansion. According to reports from China Market Monitor, the market share of Casarte in refrigerators priced above RMB10,000 reached 37.9%, in front loading washing machines priced above RMB10,000 reached 78%, and its market share in air conditioners priced above RMB10,000 reached 31.2%.

At the same time, Haier Smart Home's premium air conditioner business continued to rank first, achieving the highest market share in 5 years. In the first half, air condition revenue grew 31.7% leveraging on addition of 3,500 new sales outlets, experience upgrade, product premiumization and scenario transformation. In the premium market, Casarte air conditioner is committed to provide'eco-breathing and hassle-free'experience, achieving a year-on-year revenue increase of 124.6%. According to China Market Monitor's 34th weekly report, Haier's air conditioner market share reached 32.8%, ranking first in the industry. Haier's air conditioner market share has grown for five consecutive years from 10.5% in 2016 to record level of 18.3% in 2021.

In addition, Haier Smart Home's kitchen appliance business has achieved rapid growth through deployment in premium market and ecological transformation of scenarios. The Company reported 40.8% YoY growth in its kitchen appliance business, with 164.5% growth of Casarte kitchen appliance supported by C6 Galaxy series launched in the first half this year.

Profitability continues to improve overseas and operating profit increased by 113.4%

Haier Smart Home recorded another quarter of solid growth in revenue and profit despite the raw material inflation, leveraging on its dedication in operating a proprietary brand portfolio and localized operations under Rendanheyi model.

In the first half of 2021, the Company's revenue and operating profit from the overseas market amounted to RMB56.9 billion and RMB3.2 billion respectively, representing an increase of 23.4% and 113.4% as compared to the corresponding period in 2020. Operating profit margin was 5.7%, representing an increase of 2.4 pct as compared to the corresponding period in 2020. Profitability continues to improve, surpassing average OEM business in the industry.

Haier Smart Home also achieved strong revenue growth across regions including 20% growth in America, 35% growth in Europe, 45% growth in South Asia, 24% growth in Southeast Asia and 39% growth in Australia & New Zealand on a YoY basis. In addition, Haier Smart Home has 122 factories globally, 59 of which are located overseas. In the first half this year, North India Industrial Park and Romanian Refrigerator Factory were put into production, enhancing our competitiveness in providing customized solutions to local markets.

Three-Winged Bird scenario brand increases value contribution from users and ecosystem revenue increased by 53%

In the first half of 2021, Haier Smart Home introduced the industry's first one-stop customized smart home Three-Winged Bird platform. The potential of high value customers was unlocked with order up to RMB2.1 million and RMB3.7 million, as well as the average set price rose from RMB220,000 to RMB420,000, and comprehensive appliances sets sold in the first half of the year increased by 39%.

At present, Three-Winged Bird offers services including whole-house renovation, partial improvement and customized home appliances, providing users with one-stop solution for customized smart home covering home improvement, furnishing, appliances and home living. On August 8, Haier Smart Home launched an upgrade of Three-Winged Bird APP to create a digital platform that offers users convenient, professional and personalized customized smart home solutions. Haier Smart Home has been accelerating network expansion offline. By the end of June 2021, 382 new Three-Winged Bird 001 Stores have been established, integrating more than 1,600 sales outlets from home improvement markets.

Three-Winged Bird's one-stop customized smart home service is well received by the market. The Three-Winged Bird 001 Experience Centre in Beijing booked revenue of RMB88.4 million from January to July, with over 50% contribution from non-appliances sales, and scenario sales reached RMB17.8 million, signifying its importance in the Company's implementation of smart home strategies.

Haier Smart Home pioneered the industry's first and only ecological brand in the IoT era, attracting top-tier ecological resources to create a global leading ecological platform. Take Haier's Internet of Food ecosystem as an example, by bringing together more than 1,000 partners across 12 industries including health, food and fresh food, it breaks up boundaries and builds smart cooking scenarios, in order to provide users with one-stop eating, buying, storing, cooking and cleaning solutions. In the first half of 2021, the company achieved a 53% increase in ecosystem revenue.

Today, strategic investments and implementations made in the past are finally bearing fruit and strategies in building premium brand, scenario brand and ecosystem brand are all contributing to the Company's strong growth. With the announcement of the long-term share incentive plan, Haier Smart Home was given 'long-term optimistic' by China Securities, Southwest Securities and Changjiang Securities. Haier Smart Home is forging ahead on a promising path of growth leveraging on strengths in comprehensive high-end sets and scenario solutions.


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 mass 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 as well as smaller 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, 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.

IR Contact:
Yao Sun (Sophie) - Haier Smart Home Germany
T: +49 6172 9454 143
F: +49 6172 9454 42143
M: +49 160 9469 3601
Email: y.sun@haier.de



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The issuer is solely responsible for the content of this announcement.

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