Haier Smart Home Reports Strong Revenue Growth of 7.2% in 2022, Bucking Industry Trends

The latest news report about Haier Smart Home Co., Ltd. has been featured on the homepage of the Shanghai Stock Exchange. This equity company in China has been highlighted for their innovative smart home technology. A summary of the news can be found on the homepage.

Haier Smart Home Co., Ltd. - Innovating Your Home with Intelligence

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On March 30th, 2023 at 5:01pm BST, I wrote a blog post.

Haier Smart Home, a company specialized in smart home solutions, has announced its annual results for 2022. In spite of the challenging industry trends, the company managed to achieve a robust revenue growth of 7.2%. This is a great achievement that deserves congratulations, and it shows the solid performance of the company in the market.

On March 30th, 2023 at 6:00 PM Central European Time, the company announcing this content is the only one accountable for its accuracy.

Haier Smart Home released their financial results for the entire year of 2022 and announced a remarkable increase in revenue, which defied the industry's decreasing trend. The figure showed a notable growth of 7.2%.

On March 30th, 2023, Haier Smart Home Co., Ltd. released their annual report for 2022. The Company experienced strong growth both domestically and overseas due to successful brand building strategies and digital transformation, despite a sluggish home appliance industry. The Company's revenue grew by 7.2% compared to the previous year, and net profit attributable to the parent company's owners increased by 12.5% to RMB 14.711 billion. After non-recurring items, net profit attributable to the parent company's owners was RMB 13.963 billion.

The business of the company in foreign countries increased by 10.3% in the year of reporting. In 2022, the global demand of consumers was decreasing and inflation was high making the home appliance market difficult. Haier Smart Home faced these challenges by concentrating on building up its supply chain on a local level in overseas markets and effectively using its global resources. Overall, the company's business in foreign markets increased by 10.3% compared to the previous year. The American market reported a 9.0% increase in revenue (with local currency revenue up by 4.6%) despite a decrease of 6% in the home appliance shipment growth in the industry. The European market saw a revenue growth of 16.7% while the industry's sale volume growth rate was -8.9%.

The domestic market share keeps on growing, with the Casarte brand maintaining its position as Haier's leading smart home business in China. The revenue generated by Haier Smart Home in 2022 amounted to RMB 126.379 billion, indicating a 4.6% increase from the previous year. Among the products of Haier Smart Home, the refrigerators, washing machines, and water heaters' market shares continue to rise steadily. According to China Market Monitor's records of offline sales, the retail sales percentage of Haier brand refrigerators grew by 2.5% to reach 43.9%. The share of retail sales for Haier washing machine products has grown by 1.8% to 46% year-on-year. Additionally, the share of retail sales for Haier water heaters has increased by 1.3% to 29.8% year-on-year.

Casarte, which is Haier's high-end brand, has continued to stay at the top in the market share for luxury products. Its total market share has risen by 1.4 percentage points compared to last year, reaching 12.3%. In particular, Casarte washing machines and refrigerators make up 77.2% and 38.5% respectively of the products over RMB 10,000 in the Chinese market. Additionally, their air conditioners account for 30.6% of the products over RMB 15,000. Furthermore, the revenue for their clothing dryers has increased by more than 80%.

The Three-Winged Bird, which is only available through Haier Smart Home, has been improving its smart home solutions through its 5 core capabilities, namely the Smart Home Brain, scenario solutions, store operations, delivery, and digital tools. By enhancing user value, Three-Winged Bird has opened over 900 stores in 2022, and the retail sales in these stores increased by a staggering 257% compared to the previous year.

In 2022, Haier Smart Home focused on digital transformation to enhance their business further and reduce expenses. By the end of the year, they managed to achieve a significant optimization of their expense ratios. The sales expense ratio decreased by 0.3 percentage points, and the administrative expense ratio was reduced by 0.2 percentage points. This continued optimization was made possible by the company's deep digital transformation in various facets, such as procurement, lean manufacturing, marketing, and R&D. A good example of this is their digital procurement process. Haier Smart Home established an efficient inventory model for streamlining the number of components, with improved usage and supply quality. By the end of the year, the number of material parts in use decreased by 17.5%, with an improvement in the common usage of component parts by 12%.

During the financial year 2022, Haier Smart Home impressed everyone by achieving remarkable growth despite the general slowdown in the industry. This proves that they are highly capable of surviving difficult times and growing at the same time. As they continue to expand their operations in developed countries, they are expected to gain more market share in the near future. As Haier Smart Home advances further into the digital realm, they are likely to boost their profits even more by streamlining their resources and maximizing efficiency. All of this sets the stage for sustainable expansion and future success.

The report for the year 2022 that covers until March 30, 2023 is now accessible on the internet through the website https://smart-home.haier.com/en/.

Contact us for investor relations at Haier Smart Home in Hong Kong. You can reach us via phone at +852 2169 0000 or by emailing [email protected].

If you need to get in touch with the press, you can contact CROSS ALLIANCE communication GmbH through Sara Pinto and Sven Paulypi by email at [email protected] or by phone at +49 (0) 89 1250903 35.

Haier Smart Home Co., Ltd. is a big player in the household appliance manufacturing industry. They specialize in providing smart home solutions and customized production options. They offer a wide variety of products including refrigerators, freezers, washing machines, air conditioners, water heaters, kitchen appliances, and small household appliances. They distribute their products under household brand names such as Haier, Casarte, Leader, Candy, GE Appliances, AQUA, and Fisher & Paykel. Haier Smart Home Co., Ltd. has created the Smart Home Experiential Cloud which links homes, users, enterprises, and ecosystem partners. It helps to connect their online, offline, and micro-store businesses and adds to the overall user experience.

On March 30th, 2023, at the Central European Time/Central European Summer Time, EQS News, a service of EQS Group AG, released a Corporate News. The issuer of this announcement takes full responsibility for its contents.

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Looking at the recent developments of Haier Smart Home Co., Ltd. using a technical analysis approach.