Haier Smart Home's revenue last year broke 300 billion yuan for the first time, as the home appliance industry accelerates reshuffling amid stock competition.

Home appliance listed companies are experiencing performance divergence, showing a trend of the strong getting stronger amid increasing uncertainties such as trade tariffs and rising costs.

On the evening of March 26, Haier Smart Home (600690.SH) released its 2025 annual report, showing that last year’s revenue exceeded 300 billion yuan for the first time, reaching 302.347 billion yuan, a year-on-year increase of 5.715%; net profit attributable to shareholders was 19.553 billion yuan, up 4.39%; net cash flow from operating activities was 26.003 billion yuan; and it plans to pay a dividend of 8.867 yuan per 10 shares (tax included), totaling 8.248 billion yuan. This reflects the strong growth of the home appliance industry under the environment of increasing uncertainties such as trade tariffs and rising costs.

According to AVC data, the retail sales of all categories of home appliances (excluding 3C) in China in 2025 totaled 8.931 trillion yuan, down 4.3% year-on-year. In the second half of the year, retail sales were 4.214 trillion yuan, down 16% year-on-year, indicating accelerated reshuffling in the industry’s stock competition. Meanwhile, the “silver economy” has spawned a new track for aging-friendly home appliances. According to Euromonitor data, the global home appliance market in 2025 remains steady with structural differentiation; developed markets are stable, while emerging markets are growing strongly.

In terms of product categories, last year Haier Smart Home’s air conditioners and water appliances saw faster revenue growth, both around 10%. Refrigerators, washing machines, and kitchen appliances grew relatively steadily. Regionally, last year Haier Smart Home’s domestic revenue was 146 billion yuan, up 3.05%; overseas revenue was 154.5 billion yuan, up 8.15%, with overseas growth outpacing domestic.

Haier Smart Home is building three growth curves: the first is white goods such as refrigerators and washing machines; the second is HVAC; the third is the aging-friendly industry, while seizing opportunities in globalization and smart technology.

A reporter from Yicai learned at AWE this month that Haier Smart Home has newly launched Thailand air conditioner and Russia water heater factories in 2025. Its global strategy focuses on regional deep cultivation, multi-point layout, and independent control. Meanwhile, Haier Smart Home is promoting integration of home appliances and robotics, showcasing companion robots, cleaning robots, and household robots at AWE. Its aging-friendly products, including smart beds and oxygen concentrators, were also displayed.

The challenge lies in rising costs, as last year the gross profit margins of Haier Smart Home’s main products slightly declined. Guotai Haitong’s research report suggests that rising raw material prices exert cost pressure, and whether these costs can be passed on or absorbed will impact the profitability of the home appliance industry.

Compared to industry giants like Haier Smart Home, listed companies in small kitchen appliances faced performance pressure last year. On the evening of March 26, Joyoung Co., Ltd. (002242.SZ) released its annual report, showing that last year’s revenue was 8.2 billion yuan, down 7.23% year-on-year; net profit attributable to shareholders was 1.18 billion yuan, down 3.85%. Notably, Haier Smart Home is actively expanding small appliances such as AI rice cookers and AI coffee machines. Joyoung stated that in the increasingly competitive home appliance market, it is optimizing product structure, with R&D projects including high-end non-stick rice cookers and remote sensing visible soy milk makers, and expanding into floor cleaning and water appliances.