Accelerate internal efficiency and external expansion! Haier Smart Home will focus on four major directions by 2026.

On the evening of March 26, 2026, Haier Smart Home (600690.SH) delivered a remarkably resilient set of results—achieving record highs in both innovation and performance: In full-year 2025, revenue first surpassed the 302.347 billion yuan threshold on a new plateau, up 5.71% year over year; attributable net profit reached 19.553 billion yuan, and non-recurring items attributable net profit was 18.604 billion yuan, increasing 4.39% and 4.49% year over year, respectively—both setting new historical records.

Even more noteworthy, net cash flow from operating activities was 26.003 billion yuan, or 1.33 times net profit. In today’s “cash is king” environment, strong cash flow reinforces its risk-resilience foundation and highlights the solid quality of its steady development.

Amid the dual pressures of contracting domestic demand and intensifying overseas trade barriers, Haier Smart Home takes ecosystem breakthroughs, deep global penetration, and AI digital transformation as key levers. It accelerates efficiency internally and speeds up global deployment externally, achieving steady growth against the headwinds and laying a solid foundation for high-quality development in 2026.

I. Traverse the cycle for steady growth: domestic ecosystem leadership, global end-to-end speed

In 2025, challenges in the home appliance industry intensified. In China, domestic demand fell 25% year over year in the fourth quarter; overseas tariffs and non-trade barriers continued to exert pressure. Haier Smart Home breaks through traditional boundaries with a cross-border ecosystem layout and global localized operations, enabling it to break out of the downturn.

In the domestic market, Haier Smart Home breaks industry boundaries and builds full-scenario ecosystems such as the “big kitchen” and “whole-home HVAC.” Its core categories continue to lead. Haier refrigerators have a 47.7% share, firmly ranking #1 in the industry; washing machines reach 47.4% and water heaters 32.5%, both also holding the top spot in their segments; household air conditioners’ global volume grows 14.8%, with a scale increase that leads the industry; commercial air conditioners likewise achieve double-digit growth against the trend by leveraging their advantages as the top player in multi-category share.

At the same time, the company seizes opportunities in AI and the silver economy. At the AWE expo, it released three categories of household-care robots, advancing the integration of smart appliances and robots and rolling out “unmanned household chores” and “smart elder care” scenarios.

Multi-brand coordination drives momentum and forms differentiated moats. The Casarte brand continues to lead the premium market; in 2025, revenue grew by double digits, holding an absolute dominant position in premium refrigerator and washing machine markets priced above 10,000 yuan. For the Leader brand targeting younger consumers, driven by “lazy-man tri-tube washing machines” and other phenomenon-level bestsellers co-created with users, full-year revenue first surpassed 10 billion yuan, up 30% year over year, becoming a strong growth engine. Haier’s brand achieves #1 in both online and offline shares. The L4-level intelligent-agent suite Seeker redefines the standard for whole-home intelligence.

Overseas markets show even stronger growth resilience. The financial report shows that in 2025, Haier Smart Home’s overseas business revenue reached 154.545 billion yuan, up 8.15% year over year—its growth rate significantly outpacing the industry. In the U.S., premium brand revenue grew 7%, remaining at industry TOP1 for four consecutive years; in Europe, revenue grew 19.9%, and its share in white goods ranks first among Chinese companies; in the Australia-New Zealand market, both Haier and Fisher & Paykel capture #1 in the local major white goods market; in Japan, revenue grew 10.3%. In emerging markets such as Southeast Asia, South Asia, and the Middle East and Africa, revenue increased 13.4%, 23.2%, and 55.8% year over year, respectively—becoming new engines for overseas growth.

II. Digital transformation boosts efficiency: strategic investment builds moats; exchange short-term costs for long-term value

This globally flourishing performance is inseparable from Haier Smart Home’s heavy investment at the underlying supply-chain level. In 2025, Haier Smart Home累计 invested nearly 8.9 billion yuan in global supply-chain development and R&D, covering projects including the large-drum unit program at U.S. GE Appliances, refrigerator project construction in Egypt, and initiatives such as Thailand air conditioners and commercial air conditioner projects in Jiaozhou.

In 2025, Haier Smart Home fully rolled out AI and digital transformation. It launched major projects including the “TC customer platform for unified warehouses across the whole domain” and the “user full lifecycle experience management platform.” It connects the entire chain of transactions, delivery, and services, achieving logistics efficiency improvements, experience upgrades, and cost optimization, with the overall expense ratio improving by 0.23 percentage points year over year.

From a short-term perspective, Haier’s strategic layout and investments in building factories overseas and increasing AI R&D objectively create phased pressure on the company’s near-term performance growth. However, from a long-term主义 view in business, by improving its global supply-chain network, Haier Smart Home has substantially hedged future risks related to trade and logistics. By increasing AI technology R&D and building a technological moat and differentiated competitive barriers, it exchanges short-term expense growth for long-term competitiveness across cycles—this accounting Haier Smart Home has clearly worked out with far-reaching foresight.

III. Targeting 2026: anchoring four major directions, building a new engine for high-quality development

Built on the solid base in 2025, Haier Smart Home has already clarified four key efforts for 2026. It will strengthen both internal capabilities and external deployment, aiming to further expand its leading position across the global business landscape.

First, comprehensively advance TC transformation and improve efficiency across the entire AI workflow. The TC platform for unified warehouses across the whole domain removes middle layers, enabling products to reach users directly and simplifying transaction paths—helping customers run with lighter assets. The user full lifecycle management platform covers the entire process from interaction to purchase, installation, maintenance, and replacement. By enabling transparent service, it delivers lifelong user operations and fully enhances efficiency and experience.

Second, reconstruct the second growth curve with whole-home HVAC integration. The company integrates household air conditioning, smart buildings, and water network businesses to build a large HVAC industry. It upgrades from selling a single product to providing whole-home climate solutions. Internally, it integrates R&D, supply-chain, and channel resources to optimize cost structure; externally, it provides air and water integrated services to enhance value per customer. Leveraging core technologies such as magnetic suspension and CO₂ refrigeration, it seizes market opportunities in areas like green buildings and data centers. Its goal is to raise the revenue share of large HVAC from 1/4 to 1/3 and even higher.

Third, reshape overseas brand-building capabilities to accelerate global growth. It streamlines Europe’s management structure to improve operational efficiency and release profit space in the Australian market. Relying on the China-based product platform to open “hit” products and tap into mid-to-high-end markets in Southeast Asia and South Asia, it also closely targets potential markets such as India—using its own brands to capture premium market share—so that emerging markets become the core engines of overseas growth.

Fourth, develop new tracks in household robots and smart care for healthy living. It continuously deepens the integration of AI technology and home appliances, improves its matrix of household-chores robots and smart care products, seizes opportunities from the silver economy and the smart home dividend, opens up entirely new growth space, and builds a new pillar for future businesses.

From making products to building ecosystems; from going global to pioneering worldwide leadership—every step Haier Smart Home takes is grounded and far-reaching. The call for 2026 has already sounded. Internally, it improves efficiency and builds strength; externally, it expands and lays new ground. An even more agile, more global, and more technology-grounded Haier Smart Home is moving toward higher peaks in the industry. (Produced by “Liancai Zhoukan—Caishi Hui”)