EQS-News: Haier Smart Home Co.,Ltd. / Key word(s): 9 Month figures/Interim Report
Haier Smart Home publishes Q3 report: steady improvement of operational performance with revenue increase of 8.9% in 9M 2022. Net Profit grew by 17.3%
Haier Smart Home recorded revenue of RMB 184.75 billion during the first nine months of 2022, representing an increase of 8.9% over the corresponding period in 2021. Net profit attributable to the owners of the parent company amounted to RMB 11.67 billion, an increase of 17.3% compared to the same period last year. In Q3 2022, revenue increased by 8.6% and net profit attributable to the owners of the parent company achieved an increase of 20.3%.
Despite the challenging situation of the home appliance industry, still affected by, among other things, high freight costs and bulk raw material price, Haier Smart Home achieved steady growth in its revenue and profit. The Company took advantage of its high-end brand and overseas “three-in-one” (sales, design and service) design, accelerated its digital transformation, improved user experience and operational efficiency.
In the first nine months of 2022, Haier Smart Home not only has continued to grow its market share in traditional industries such as refrigerators and washing machines, but it has also expanded into new industries with a YoY revenue increase of 89% in clothing dryer, of over 20% in dishwasher and over 120% in cleaning robots.
In the first nine months of 2022, Haier Smart Home continued to accelerate its digital transformation, focusing on improving user experience and operational efficiency, resulting in a continual optimization of the Company’s selling and administrative expense ratio by 0.8 pp.
Currently, the digital transformation of Haier Smart Home is embedded in many aspects of the Company's development. Through the digital user platform, the Company focused on the entire consumer lifecycle in terms of product purchase, use and service, rebuilt its business processes and comprehensively improved user feedback and repurchase rate, adding 32.25 million new users. This represents an increase of 64% over the same period of last year.
In the first nine months of 2022, Haier Smart Home has relied on its digital R&D platform to reduce the time of the global new product design cycle by 30% with continuous optimization of design costs.
“It is an inevitable process that a company can only better serve and connect more directly with users by undergoing digital transformation,” stated LI Huagang, Chairman and CEO of Haier Smart Home.
In the first nine months of 2022, Casarte has managed to further increase its market shares in high-end products. According to CMM’s data (CMM: China Market Monitor), Casarte ranked No.1 in premium markets of several categories with 38.6% market share of retail sales of refrigerators over RMB10,000, 79.4% market share of retail sales of washing machines over RMB 10,000 and 31.2% market share of retail sales of air conditioners over RMB 15,000.
In August 2022, Haier Smart Home further accelerated Casarte’s global expansion by building the first complete-scenario smart home experience center at Central World in Bangkok, Thailand.
In terms of overseas business, the Company accelerated the establishment of localized supply chains in overseas markets amid challenges such as high inflation, high prices and component shortage, and achieved an effective response by taking full advantage of global synergies. Meanwhile, Haier Smart Home also actively embraced industry trends and seized growth opportunities in high-efficiency products, heat pumps and built-in categories, as well as in the high-end market.
The Company reported a YoY revenue increase in overseas business of 8.7% in the first nine months of 2022, while the operating profit margin increased steadily compared to the same period in 2021.
Considering the gradual recovery of the market demand, the stabilization of the real estate market and the decline of bulk raw material prices, the Management of Haier Smart Home sees a recovery of the home appliance industry in the next months. Therefore, further growth of Haier Smart Home is expected during the recovery period, while the accelerated development of new industries will give new impetus to the Company's future expansion. Furthermore, high-end products will become the key for home appliance companies to compete in the future, and the ongoing digital transformation will be the constant growth driver for the high-quality development of Haier Smart Home.
31.10.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
Haier Smart Home Co.,Ltd.
Haier Industrial Park, Laoshan District
+49 6172 9454 143
+49 6172 9454 42143
CNE1000031C1, CNE000000CG9, CNE1000048K8
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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