Haier Smart Home intends to repurchase shares with an amount of 3 billion to 6 billion yuan; 2025 revenue is expected to surpass 300 billion yuan for the first time.

Haier Smart Home (600690) Launches a “Share Repurchase Relay Race.”

On the evening of March 26, Haier Smart Home announced that it has completed its previous share repurchase plan, having repurchased a total of 47.5757 million shares through centralized bidding, accounting for approximately 0.51% of the total share capital, with a total amount of 1.2 billion yuan.

Meanwhile, Haier Smart Home has swiftly launched a new, larger share repurchase plan. The announcement shows that the company plans to spend between 3 billion and 6 billion yuan to repurchase shares via centralized bidding, with a repurchase price not exceeding 35 yuan per share. The repurchased shares will be used for an employee stock ownership plan, with a repurchase period of 12 months from the date of the board’s approval. In the secondary market, the company’s stock price has recently experienced volatility and a downward trend, closing at 23.11 yuan per share.

Haier Smart Home stated that the funds for this repurchase will come from the company’s own funds and/or self-raised funds, including special loans for stock repurchase. Recently, the company received a “Funding Commitment Letter” from the Qingdao branch of Industrial and Commercial Bank of China, which committed to providing a loan of up to 5 billion yuan specifically for the company’s stock repurchase, with a loan term of three years.

From an asset perspective, the implementation of this repurchase plan will not significantly impact the company’s daily operations, finances, R&D profitability, or debt repayment ability. As of the end of 2025, Haier Smart Home’s total assets are 295.795 billion yuan, with monetary funds of 47.622 billion yuan, net assets of 118.698 billion yuan, and an asset-liability ratio of 57.41%. Based on the maximum repurchase amount of 6 billion yuan, the repurchase funds account for approximately 2.03% of the company’s total assets and about 5.05% of the net assets attributable to shareholders of the listed company.

On the night of the share repurchase plan announcement, Haier Smart Home also released its annual report for 2025, showing a new performance milestone. Revenue reached 302.347 billion yuan, surpassing 300 billion yuan for the first time, a 5.71% year-on-year increase; net profit was 19.553 billion yuan, up 4.39%; operating cash flow was 26.003 billion yuan, 1.33 times the net profit.

The company stated that the performance growth is driven by both domestic and overseas markets. Domestically, revenue increased through a product co-creation model for popular products, enhanced precise user operations across all channels, and digital inventory reforms. Overseas, rapid growth was achieved in emerging markets such as South Asia, Southeast Asia, and the Middle East and Africa, along with the deepening integration of acquisitions CCR and Kwikot, which contributed to revenue growth.

Regionally, Haier Smart Home’s domestic revenue was 146.036 billion yuan, up 3.05%; overseas revenue was 154.545 billion yuan, up 8.15%.

Product-wise, the refrigeration industry achieved revenue of 84.762 billion yuan, up 1.4%, with overseas emerging markets experiencing rapid growth. Domestic offline retail share reached 47.7%, an increase of 3.6 percentage points year-on-year. The kitchen appliances sector achieved revenue of 41.538 billion yuan, up 0.9%. The laundry and cleaning industry reached 65.565 billion yuan, up 3.5%. The smart HVAC industry generated 72.356 billion yuan, up 10%, with global smart air solutions revenue at 54.392 billion yuan, up 9.6%, and whole-house water solutions revenue at 17.964 billion yuan, up 11.1%.

Beyond organic growth, Haier Smart Home has also accelerated external expansion through acquisitions to integrate the industry chain. In 2024, the company added the commercial refrigeration brand CCR and the South African water heater brand Kwikot. Both brands are expected to develop rapidly before 2025. CCR achieved double-digit revenue growth, with a growth rate of over 16% in the Asia-Pacific region, far exceeding industry averages. Kwikot’s profit increased by 10% compared to pre-acquisition levels, with a pre-tax profit margin reaching 12%.

Regarding the operational plan for 2026, Haier Smart Home aims to consolidate its advantages in refrigeration, laundry, and kitchen appliances, and accelerate breakthroughs in large HVAC systems. The Chinese market will fully promote a To C transformation, leveraging AI to improve efficiency across the entire process; overseas markets will focus on rebuilding localization capabilities and systematically deepening global market penetration.