Haier Smart Home Reports Significant Growth in 2023 Financial Year

Haier Smart Home Co., Ltd. disclosed its financial outcomes for the year 2023, showcasing substantial growth both in China and internationally. The company observed a 7.3% increase in revenue, reaching RMB 261.43 billion. Net profit for the parent company’s owners rose by 12.8%, amounting to RMB 16.60 billion. A particularly notable growth was in its net cash flow from operating activities, which surged by 24.7% to RMB 25.26 billion.

In the premium market segments, Haier's Casarte brand continued to expand its market share, demonstrating the value of innovation. It dominated with significant shares in high-end refrigerators, washing machines, and air conditioners. Furthermore, Haier's refrigerator and washing machine market shares in China climbed to 45.2% and 47.5%, respectively, with its high-end air conditioning products also seeing revenue and profit increases.

On a global scale, Haier Smart Home's international revenue grew by 7.6%, totaling RMB 136.41 billion, outpacing industry averages in many countries. This was attributed to its premium branding strategy. In Europe, Haier achieved an unrivaled YoY revenue growth of 23.93%, despite a general industry downturn. The company is also expanding its production capacity internationally, with significant developments in Egypt and Pakistan aimed at catering to local market needs more effectively.

The Board of Directors has proposed increasing the dividend payout ratio to 45% for the financial year 2023, signaling confidence in the company’s stable operations and profitability. Haier also focused on digital transformation to optimize its expense rate, and further expanded the Smart Home Living segment through its SAN YI NIAO brand, which saw a remarkable 84% increase in retail sales.