Haier Smart Home Reports Strong H1 Financial Results and International Expansion

Haier Smart Home Co., Ltd., a prominent figure in smart home solutions, has reported robust financial results for the first half of 2024. The company achieved total revenue of RMB 135.62 billion, marking a 3.03% year-on-year growth. Net profit attributable to the parent company reached RMB 10.42 billion, showing a 16.26% increase with a net profit margin of 7.68%, up by 0.87 percentage points.

Despite challenges in the white goods market, Haier increased domestic revenue by leveraging synergies across its brands: Haier, Casarte, and Leader. Notably, Casarte's market share increased in premium segments: 39.5% for high-end refrigerators, 82.3% for front-load washing machines, and 32% for air conditioners.

Innovation has driven Haier’s growth, with new products like the Yunxi series washer and dryer boosting market share. The Leader brand saw retail sales in China surge by 31%, targeting young consumers with innovative products.

Internationally, Haier expanded its footprint, achieving overseas revenue of RMB 70.82 billion, a 3.7% year-on-year increase. Various markets responded differently, with significant gains in regions like South Asia, Southeast Asia, and Middle East & Africa.

Future plans include expanding production capabilities in Egypt and Thailand and acquiring Electrolux South Africa’s water heater business. These moves aim to solidify Haier’s presence and enhance operational efficiency through digital transformation.