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Haier Smart Home Co., Ltd. 2025 Annual Report Summary
Log in to the Sina Finance app to search for 【Disclosure (信披)】 to view more assessment levels
Company Code: 600690 Company Short Name: Haier Smart Home
First Section: Important Notice
The summary of this annual report is drawn from the full annual report. In order to fully understand the Company’s operating results, financial condition, and future development plans, investors shall carefully read the full annual report at the website www.sse.com.cn.
The board of directors of the Company and the directors and senior management guarantee that the contents of this annual report are true, accurate, and complete, and there are no false records, misleading statements, or material omissions, and they shall bear individual and joint legal liability.
All directors of the Company attended the board meeting.
The accounting firm HeXin Certified Public Accountants (Special General Partnership) (special general partnership) issued for the Company an audit report with a standard unqualified opinion.
Profit distribution plan for this reporting period approved by the board of directors, or capital reserve-to-share conversion plan
The profit distribution plan for this reporting period approved by the board of directors is: using the total share capital after deducting the repurchased shares in the repurchase escrow account as of the share registration date when the distribution plan is implemented in the future as the basis, distribute cash dividends to all shareholders of RMB 8.867 per every 10 shares (inclusive of tax). The proposed distribution amount of dividends is RMB 8,248,280,749.27 (inclusive of tax). The total dividends to be distributed, together with the dividends paid in the 2025 interim period, represent 55.0% of the net profit attributable to shareholders of the parent company. If the total share capital of the Company changes between the date this report is disclosed and the share registration date for the implementation of the equity distribution, the Company intends to keep the total distribution amount unchanged and accordingly adjust the per-share distribution ratio.
As of the end of the reporting period, the parent company has relevant circumstances of undistributed losses, and the impact of such circumstances on matters such as the Company’s dividend distribution
□ Applicable √ Not applicable
Second Section: Basic Information About the Company
■
Overview of the Company’s Main Businesses During the Reporting Period
Industry Analysis for 2025
(1) Home appliance industry
Domestic market
In 2025, the “trade-in for old appliances” policy continued to be implemented, but the policy’s pull strength gradually weakened. In the first half of the year, residual policy effectiveness still supported the release of market demand. In the second half of the year, the effect of policy support continued to decline, and the industry overall showed a trend of high at the beginning and low later. Based on aggregated data compiled by Omdia (AVC), in 2025, China’s home appliance retail sales across all categories (excluding 3C) reached RMB 893.1 billion, down 4.3% year over year. Of this, retail sales in the second half of the year were RMB 421.4 billion, down 16% year over year.
In 2025, China’s home appliance industry accelerated reshuffling in a stock-competition environment, and the logic for growth is undergoing a profound transformation.
First, while intensifying efforts in deepening traffic acquisition, growth has accelerated its transition toward building durable “mindshare.” As online traffic costs continue to rise, the marginal benefits of a model that relies solely on buying traffic are diminishing. The industry is moving from merely meeting basic functional needs to upgrading toward creating scenario value. It is shifting from fragmented “product promotion” (“seeding”) to systematic brand building, and by continuously producing content and engaging with users, it establishes brand mindshare over time, resulting in stronger user stickiness and the ability to command brand premiums.
Second, with the accelerating trend of online and offline integration on the channel side, building an efficient omnichannel touchpoint operation model has become the key to winning. Shelf e-commerce continues to optimize product efficiency and user experience, strengthening the foundational capability of “finding products by users.” Instant retail relies on LBS (location-based services) to fulfill within minutes; the “products find people” model is becoming a new engine for channel growth. Physical stores are transforming from a single transaction venue to experience centers, front warehouses, and social nodes. The boundaries among these three scenarios are becoming increasingly blurred, and boundaryless retail is becoming the new normal for the industry. Against this backdrop, using digital tools to achieve shared inventories across the entire domain and direct delivery of goods to users has become a core path to improve channel operating efficiency and respond quickly to user needs, and it is also an important guarantee for building new competitive barriers.
Third, the “silver economy” is giving rise to a new track of age-friendly appliances. Based on Omdia data, by 2025, the market size for age-friendly appliances in China has already surpassed RMB 100 billion. By the end of 2025, China has 323 million people aged 60 and above, accounting for 23% of the total population, and has entered a moderately aging society. With aging accelerating, consumption by older adults is upgrading from survival-oriented elder care to development-oriented and enjoyment-oriented elder care. Demand for age-friendly renovations in household living scenarios such as daily living, bathing, cooking, and safety continues to be released. Age-friendly products with core capabilities such as safety and ease of use, intelligent health, and emotional connection are becoming an important incremental market for the home appliance industry.
Overseas markets
According to data from Euromonitor, in 2025 the global home appliance market is characterized by “stable total volume, differentiated structure”: global core home appliance retail sales reached USD 298.3 billion, up 3.3% year over year; global small home appliance product retail sales reached USD 130.7 billion, up 4.6% year over year. In developed country markets, overall growth is relatively steady, while in emerging markets overall growth is strong. Regions such as Southeast Asia and the Middle East achieved rapid growth by leveraging urbanization, the release of rigid demand, and online channel growth; however, they also face dual pressure from intensifying competition and rising costs. Among them:
U.S. market. Overall industry demand remained weak. Due to insufficient consumer confidence and a sluggish housing market, end sales in the industry faced considerable pressure.
European market? The industry is slowly recovering with a slight increase, with both volume-increasing pressure and price-decreasing pressure coexisting. According to Gfk data, industry unit sales grew 2.1% year over year, while sales value declined by -1.0% year over year. New EU energy-efficiency policies stimulate product iterations and thereby increase market demand, while Europe’s economic growth remains sluggish and residents’ consumption ability is under pressure, suppressing upward movement in prices.
South Asia market? In India, according to Gfk data, growth in the home appliance industry in 2025 remained sluggish, down 0.4% year over year. Market competition has intensified, and major competing products generally experienced declines in both volume and margin, increasing overall operating pressure for the industry. The Pakistan market shows a recovery trend. Driven jointly by economic rebound and improved climate and consumer demand, the home appliance industry grew 10%, while the air-conditioning industry’s growth rate reached 15%, and the product structure continued to optimize and upgrade.
Australia & New Zealand market? There is a pronounced regional differentiation in the Australia & New Zealand home appliance market. In Australia, the market benefited from upgrades in suite-based demand and government subsidy tailwinds, and retail sales achieved steady growth of 3.8%. In the New Zealand market, the adjustment trend continued. Weak real estate and insufficient labor suppressed demand release, and coupled with 3.0% inflation pressure, although consumer confidence slightly recovered toward year-end, the overall market recovery base remained weak, and full-year industry retail sales declined by 1%. (Data source: mainstream channel data from Australia; import data from New Zealand.)
Southeast Asia market? Thailand’s growth mainly relies on categories such as air conditioners and refrigerators and washing machines; demand for air conditioners in Vietnam continues to increase; overall growth in Malaysia; Indonesia’s overall sales revenue shows a growth trend, while unit sales in some categories are slightly down, reflecting that market growth is shifting from volume expansion to value expansion, and that product structure upgrades drive the average selling price upward?
Japan market? The home appliance market (including cold washing categories) overall shows an adjustment trend of both volume and value declining simultaneously. According to Gfk data, total unit sales across the three cold washing categories for the full year decreased by 3.0% year over year, and sales value decreased by 3.8% year over year; overall market demand was weak.
(2) Central air-conditioning industry
According to data from China Industrial Online, in 2025 the sales scale of China’s central air-conditioning industry was RMB 138.68 billion, showing a distinct development pattern of “cooling inside and heating outside.” Among them, domestic market sales were RMB 112.55 billion, down 7.4% year over year; export market sales were RMB 26.14 billion, up 12.7%.
Domestic market pressure was mainly influenced by three factors: deep adjustments in the real estate sector led to a sharp reduction in shipments for turnkey fit-out supporting projects; traditional engineering fields such as industrial manufacturing, healthcare, and hotels continued to experience weak demand; and on top of that, the ongoing price war in the industry further compressed the market space. Although overall growth momentum is insufficient, structural opportunities are emerging: the acceleration of data center construction is steadily increasing demand for cooling systems; under the “dual carbon” targets, energy-efficiency retrofits of older buildings are releasing application space for high-efficiency products such as magnetic levitation centrifugal chillers.
In overseas markets, export growth despite headwinds is mainly attributable to China-based companies proactively arranging emerging overseas markets, upgrading the performance of exported products, and continuously strengthening localized adaptation efforts, as well as being continuously driven by global data center industry upgrades. Export growth has become an important support for the central air-conditioning industry during a period of deep consolidation.
(3) Commercial refrigeration industry
In 2025, the global commercial refrigeration industry entered a structural growth period driven by two engines: technological iteration and regulatory policies.
As the most mature core market for commercial refrigeration globally, the European market is expected to be approximately USD 13 billion in 2025, achieving steady growth of around 3% year over year. This growth is mainly driven by policy dividends. With the strict enforcement of the EU’s “F-gas Regulation,” equipment using traditional high-GWP refrigerants is facing mandatory phase-out, which has generated large-scale demand for environmentally friendly replacements. In 2026, the European market will continue this trend, and environmentally friendly refrigerants, high-efficiency commercial refrigeration cabinets, and intelligent cold storage will become the absolute mainstream of the market.
In 2025, China’s commercial refrigeration equipment market achieved excellent performance with increases in both volume and value. Full-year sales reached 18 million units, up approximately 3%; sales revenue exceeded RMB 36 billion, up approximately 2%. Looking at downstream scenarios, the catering industry remains a core rigid-demand segment, while the continued growth of the prepared food industry and improvements in cold-chain logistics infrastructure provide incremental support for large and mid-sized cold storage warehouses and terminal refrigeration cabinets. Looking ahead to 2026, at the national level, “equipment renewal” policies, the continued recovery of offline consumption, and requirements from chain catering businesses for equipment standardization will further drive demand across various terminals.
India’s market has benefited from policy incentives such as the government’s PMKSY program (Prime Minister’s Comprehensive Scheme for Integrated Development of Agriculture and Allied Sectors). Infrastructure investment in food processing and pharmaceutical cold chains has hit historical highs. With the transformation of modern and intelligent cold-chain systems, India is becoming one of the fastest-growing emerging markets globally, and it is expected that its CAGR will remain in double digits for consecutive years.
The growth momentum in the North American market mainly comes from the evolution of retail formats, especially the dense construction of online supermarket fulfillment centers (Micro-fulfillment Centers), which drives sustained demand for highly automated refrigeration storage systems.
(1) Home appliance industry:
Domestic market
Currently, China’s domestic home appliance market shows characteristics of high ownership rates and a large stock base. According to research and estimates by Omdia (AVC), China’s home appliance market ownership has exceeded 4 billion units, with more than 8 units per household on average. The industry has moved from incremental expansion into a stock “Red Sea” stage. With such a huge stock base, replacement demand has become the main component of demand, and the industry has entered a deep development cycle focused on stock refinement and structural upgrading. Consumer demand is shifting from “incremental popularization” to “quality upgrade.” Green energy saving, whole-home intelligence, health scenarios, and home integration have become the core growth lines.
In 2026, the “national subsidies” policy will continue to strengthen, though with some standard adjustments. According to a joint notice from the Ministry of Commerce and four other departments, the subsidy scope in 2026 will focus on 6 categories of home appliances including refrigerators, washing machines, and air conditioners that meet first-tier energy-efficiency or water-efficiency standards. The subsidy standard will be 15% of the final selling price, with a maximum subsidy of RMB 1,500 per item. The policy guidance further increases directionality toward efficient and intelligent products. According to Omdia forecasts, under pressure from a relatively higher base for the national subsidies, overall industry growth in 2026 is expected to experience some headwinds, but there will still be structural market opportunities. On one hand, policy dividends tilt toward efficient products, accelerating product structure upgrades. On the other hand, demand in scenarios such as renovation of existing homes and upgrades and renewals continues to be released, providing room for growth for companies capable of providing solution-based offerings.
Overseas markets
Overall, the overseas home appliance market in 2026 is expected to show a mild recovery trend, with growth logic diverging between developed and emerging markets. Companies need to continue paying attention to global macroeconomic fluctuations and changes in trade policies, and capture structural growth opportunities through technological innovation, localized operations, and flexible supply-chain strategies.
North American market. In 2025, the U.S. GDP grew by 2.2%, with Q4 growth already slowing to 1.4%. At present, U.S. consumer demand is relatively weak. Combined with continued tariff pressures squeezing consumers’ disposable income and increasing companies’ import costs, demand for home appliances is suppressed. 2026H1 may continue this situation; if the Federal Reserve further cuts interest rates, mortgage interest rates are expected to continue to decline, which will catalyze elasticity in property sales, thereby improving home appliance consumer demand in 2026H2.
European market. Energy-efficiency standards will be further tightened, and high-efficiency energy-saving products will accelerate the replacement of outdated categories. The European home appliance market will continue to focus on sustainable development. Green, environmentally friendly, intelligent, and high-efficiency home appliance products will become the market mainstream, and competition among manufacturers in ESG performance and product innovation will be even more intense.
Emerging markets. In 2026, emerging markets’ home appliance consumption demand is expected to maintain steady growth. The acceleration of urbanization and the expansion of the middle class in regions such as Southeast Asia, South Asia, the Middle East, and Africa will continue to create market opportunities for the home appliance industry.
(2) Central air-conditioning industry
Domestic market. In 2026, demand logic for China’s central air-conditioning industry will shift from incremental expansion to stock upgrading. Although overall market growth momentum may slow, structural opportunities are emerging under the推进 of the “dual carbon” strategy and the drivers of industrial upgrading: ① Demand for energy-saving retrofits is being released. The penetration rate of high-efficiency products such as magnetic levitation centrifugal chillers is steadily increasing in industrial and commercial building fields, and the “15th Five-Year Plan for Industry Upgrade” (“十五五”) and policies for energy-saving retrofits and renewals of older buildings will bring continuing incremental benefits to integrated energy solutions. ② The AI-enabled “smart computing” industry is generating new demand. The rapid development of AI and data centers drives upgrades in cooling system demand. Liquid cooling solutions and high-power-density thermal dissipation technologies are becoming important incremental markets. Export markets. Export markets are expected to continue their growth trend. According to data from China Industrial Online, driven by factors including the opening of a comprehensive global switching window for new refrigerants, full-year exports are expected to maintain mid-to-high single-digit growth.
Rising raw material prices ease the intensity of the price war in the industry, and the focus of competition is shifting toward “all scenarios, all cycles” integrated solution offerings. Users no longer only care about initial investment; they value long-term operating efficiency and asset value appreciation. Leading brands continue to increase concentration through technical accumulation and service networks, and the “the strong get stronger” pattern will be further reinforced.
(3) Commercial refrigeration industry
In 2026, Europe’s commercial refrigeration market is expected to maintain steady growth under the dual drive of strong policy constraints and demand upgrades. The F-Gas control regulations on fluorinated gases and requirements for energy-efficiency design are continuously tightening, pushing the systematic transformation of product portfolios toward low-carbon directions. In terms of competitive landscape, the market still shows a highly fragmented characteristic, and leading enterprises are constructing ESG competitiveness by investing in renewable energy factories and promoting circular design. In the future, as the EU’s green policy continues to be advanced and the cycle for updating older facilities begins, suppliers with natural refrigerant technology reserves and capabilities in integrating intelligent systems are expected to gain a larger market share.
Since the Company was established in 1984, it has been committed to becoming a company of its era. Through continuously launching innovative products that lead the market, it has continuously innovated and iterated to seize industry opportunities. After more than 40 years of development, the Company has become a global leader in the major home appliances industry and a leading provider of global smart home solutions.
Market Position
Leader in the global major home appliances industry: According to data from the authoritative market research institution Euromonitor International, the Company has ranked first globally in retail volume of large domestic appliance brands for 17 consecutive years. The Company owns a global home appliance brand cluster, including Haier, Casarte, Leader, GE Appliances, Candy, Fisher&Paykel, and AQUA. From 2008 to 2025, the Haier brand’s refrigerators and washing machines have ranked first globally for 18 consecutive years and 17 consecutive years, respectively, among major home appliance brands.
Leader in smart home solutions worldwide: According to Euromonitor data, leveraging the advantages of its full-category home appliance products, the Company is one of the first home appliance enterprises in the industry to launch smart home solution offerings. Sanwing Niao (三翼鸟) continues to focus on the mission of “making smart living more beautiful,” and, around three major capability upgrades—namely, the custom platform, delivery platform, and the Zhijia Brain (智家大脑) platform—it has adhered to providing users with customized, professional smart home appliance solutions.
Business Layout
After years of development, the Company has formed a business layout that includes smart solution areas such as food preservation cooking, garment care and laundry, air, and water, as well as other businesses.
Smart home food preservation and cooking solutions:
Through selling products such as refrigerators, cold storage cabinets, and kitchen appliances in global markets, and offering users one-stop smart kitchen scenario solutions as well as ecosystem solutions that combine both soft and hard capabilities for smart cooking and healthy eating, based on smart refrigerators, smart kitchen appliances, and ecosystem resources, the Company fully meets users’ needs for smart convenience, health, and delicious experiences. For example, Casarte’s Zhijing (致境) series refrigerators are equipped with MSA nitrogen-oxygen intelligent control food preservation technology; the refrigerated nutrition retention rate over 7 days exceeds 99%, raising industry preservation standards to a “cell-level.” Meanwhile, by upgrading bottom-front airflow heat dissipation technology and optimizing the insulation system, the cabinet body can perfectly match international standard kitchen cabinets of 600mm in depth and 800mm/900mm in width, achieving a fully flush built-in effect with no 0 gaps on both sides and no protrusion on the front. In the field of kitchen electrical appliances, the Company launched a 325mm ultra-thin fully built-in range hood and an up-inlet fully built-in cooktop, enabling an all-built-in integrated design with kitchen cabinets; it also embeds the “AI Eye” technology so that the range hood can intelligently detect the cookware and ingredient status to prevent overflow, while the oven can automatically identify ingredients and match cooking curves. Its original drawer-type dishwasher solves the task of washing dishes with simple actions—pick up, place, and push—without bending over. With upper and lower-level zones for precision washing, one wash and one store, and separate washing for wineware and cookware, it meets users’ more lifestyle scenarios.
Smart home garment care solutions:
Haier’s washing machines adhere to original technology, addressing users’ real household living scenarios, solving pain points, and creating new experiences and value. The washing machine, clothes dryer, washer-dryer combo, garment care machine, and clothes drying rack products launched by the Company achieve iterative upgrades from single products to full packaged solution offerings and to end-to-end garment care services. During the reporting period, the Company focused on advancing a three-tub partitioned washing and care product family and a new category of heat pump washing and drying integrated machines. It deployed heat pump washer-dryer integrated machines under its three brands to seize incremental growth in a new track. Neutron and Meixin (中子和美洗) washing machines achieve a three-in-one function for washing and drying care; the Jinghua washing machine forms a three-times concentrated essence liquid by rapidly pre-mixing the detergent for rapid dissolution and using high-pressure direct spray, enabling quick infusion of clothes and solving users’ problems of long waiting time for washing and inability to clean thoroughly. In addition, Haier Smart Home pioneered 3D透视 drying technology. By using sensing technology to penetrate through the outer layer of clothing to directly visualize internal conditions, it accurately determines dryness and dampness levels, truly enabling “stop when clothes are dry.”
Air solutions (Air Network):
Home air conditioners: The Company provides end-to-end solutions across the full lifecycle—covering design, installation, service—for products such as home air conditioners and fresh air systems sold in global markets. Among these, products with connectivity functions can form smart air solutions across the entire space and across all scenarios, enabling interlinked operation of air conditioners across multiple rooms, air purification interlinking, smart sensing, air distribution delivery, air quality testing, and intelligent sterilization and deodorization, among others. This fully meets various users’ needs for healthy and comfortable experiences such as air temperature, humidity, cleanliness, and freshness for home and commuting use. During the reporting period, the Company further strengthened its AI smart air capability and launched air conditioners equipped with refrigerant directional distribution and dual-evaporator coupled control technology, increasing the comfortable coverage area of the room by 40%,
and by using smart large models and cloud computing, it can continuously and intelligently sense users’ temperature and humidity, geographical location, seasons, and scenarios in real time; combined with Haier’s air conditioner microbiological library, it can intelligently judge easy-to-breed microorganisms and dust levels on users’ air conditioners and then run corresponding AI adjustment and self-cleaning program solutions.
Smart buildings:
Based on the national “dual carbon” strategic goals, it is committed to becoming a leader in efficient, sustainable, green, and intelligent buildings. It builds business segments such as smart building control, building environment, building energy, and building integration, and provides green smart building solutions that organically integrate technology + experience + space for industry users such as government public facilities, commercial, rail transit, schools, and hospitals. In fields such as magnetic levitation central air conditioners, IoT multi-split units, and air-source heat pumps, Haier holds important positions in China’s market and has achieved remarkable results worldwide.
Smart home water solutions (Water Network): The Company provides users globally with products including electric water heaters, gas water heaters, solar water heaters, air-energy heat pump water heaters, POE water purifiers, POU water purifiers, and water softening treatment equipment. Among these, connected products can form household water solution offerings including hot-purification interlinking and hot-warm interlinking, among others, fully meeting users’ water use needs for purified water, softened water, and hot water. During the reporting period, the Company launched “Crystal Tank” technology water heaters that achieve 0 metal, 0 rust water, and 0 magnesium slag, and also combined with PCC rock mineralization technology to release minerals such as strontium and zinc. For the condensation water problem of first-tier energy-efficiency gas water heaters, it draws on the principle of aerospace centrifugal atomization to achieve 100% atomization and discharge of condensation water, balancing energy savings and aesthetics. In addition, through the 2024 acquisition of South Africa’s well-known water heater brand Kwikot, in 2025 it further expanded its water heater business layout in the African market.
Global market layout
The Company manufactures and sells full-category home appliance products and value-added services to users in more than 200 countries and regions including North America, Europe, South Asia, Southeast Asia, and Australia/New Zealand, Japan, the Middle East, and Africa.
In overseas markets, based on local consumption demand in each market, the Company produces and sells home appliance products under its own brands. The Company has more than 20 years of overseas operating experience. The Company also further expands its overseas business layout by acquiring overseas brands. In 2015, the Company acquired Haier Group’s overseas major appliance business (including the acquired Japan and Southeast Asia major appliance business of Japan’s Sanyo Electric). In 2016, it acquired the home appliance business of General Electric. In 2018, it acquired Fisher&Paykel. In 2019, it acquired Candy. In addition, in 2024, Haier Smart Home added two acquisition brands, CCR and Kwikot. In 2025, the acquisition of CCR helped Haier Smart Home advance its large cold-chain strategy, expanded Haier’s business footprint in the commercial refrigeration sector, and provided strong support for the Company’s development in the European market while further promoting the growth of commercial refrigeration businesses in regions such as Asia-Pacific. It acquired South Africa’s century-old water heater brand Kwikot to consolidate Haier Smart Home’s business layout in the water heater sector and further promote the fast and deep penetration of the white goods business into the South African market.
Other businesses
Based on the Company’s established smart home business, it has also developed small home appliances, cleaning robots, channel distribution, and other businesses. Among them, the small home appliances business mainly consists of small home appliance products designed by the Company, manufactured through third-party OEM/ODM arrangements, and sold under the Company’s brand, in order to enrich the product layout of smart home solution offerings. The channel distribution business mainly provides distribution services for televisions and consumer electronics products of Haier Group or third-party brands by leveraging the Company’s channel network.
Honors received
During the reporting period, the Company was selected again for the Fortune Global 500. GE Appliances received the “Best Place to Work” certification for the fourth consecutive time and was named by Fast Company as one of the “Most Innovative Companies” in the 2025 consumer electronics space, and it was recognized as the “IoT Breakthrough Annual Smart Home Appliance Company” for the ninth consecutive year. The Casarte brand value increased to RMB 92.816 billion, ranking #1 on the high-end brand list for 5 consecutive years.
At the same time, the Company was listed again on Fortune China’s ESG impact list. Its ESG work received recognition from external rating organizations. The MSCI (Morgan Stanley Capital International) rating is AA, which is among the leading level in China’s home appliance industry. In the R&D field, the “Research and Industrialization of Key Intelligent Washing and Drying Technologies for the Laundry Care Field” project independently developed by the Company won the First Prize for Scientific and Technological Progress in Shandong Province. The “Research and Industrialization of Key Fast Washing Technologies for Green Low-Carbon Essence” project won the First Prize for Scientific and Technological Progress from the China Light Industry Federation, as well as several other provincial and ministerial-level science and technology awards, further demonstrating the Company’s leading technological position in the industry.
3.1 Major accounting data and financial indicators for the past 3 years
Unit: RMB Amount Currency Type: RMB
■
3.2 Major accounting data by quarter during the reporting period
Unit: RMB Amount Currency Type: RMB
■
Explanation of differences between the quarterly data and the previously disclosed periodic report data
□ Applicable √ Not applicable
4.1 Total number of ordinary shareholders as of the end of the reporting period and the end of the month preceding the publication of the annual report, total number of preferred shareholders with voting rights restored, and total number of shareholders holding shares with special voting rights, as well as the top 10 shareholders
Unit: shares
■
4.2 Box diagram of ownership and control relationships between the Company and the controlling shareholder
√ Applicable □ Not applicable
■
4.3 Box diagram of ownership and control relationships between the Company and the actual controller
√ Applicable □ Not applicable
■
4.4 Total number of preferred shareholders of the Company as of the end of the reporting period and information on the top 10 shareholders
□ Applicable √ Not applicable
√ Applicable □ Not applicable
5.1 Bond information of all bonds of the Company that are outstanding as of the date of approval for publication of the annual report
Unit: RMB Currency Type: RMB
■
5.2 Interest payment and principal repayment status of bonds during the reporting period
□ Applicable √ Not applicable
5.3 Adjustments to credit rating results made by credit rating agencies for the Company or bonds during the reporting period
□ Applicable √ Not applicable
5.4 Major accounting data and financial indicators of the Company for the past 2 years
√ Applicable □ Not applicable
Unit: RMB Amount Currency Type: RMB
■
Third Section: Important Matters
See the relevant descriptions in this section, such as “I. Business activities undertaken by the Company during the reporting period,” etc.
□ Applicable √ Not applicable
Securities code: 600690 Securities short name: Haier Smart Home Announcement No.: Lin 2026-012
Haier Smart Home Co., Ltd.
Announcement on Carrying Out Foreign Exchange Derivatives Business
The board of directors of this Company and all directors guarantee that the contents of this announcement contain no false records, misleading statements, or material omissions, and assume legal responsibility for the authenticity, accuracy, and completeness of the contents.
On March 26, 2026, Haier Smart Home Co., Ltd. (the “Company”) held the Fourth Meeting of the Twelfth Session of the Board of Directors, which considered and approved the “Proposal on Carrying Out Foreign Exchange Derivatives Business for Haier Smart Home Co., Ltd.”. These business activities do not constitute related-party transactions, and the proposal still needs to be submitted to the shareholders’ meeting for consideration.
Given that the Company’s overseas revenue accounts for a relatively large proportion, fluctuations in exchange rates have a significant impact on the Company’s operating results. In order to reduce the impact of exchange-rate and interest-rate risks on foreign exchange-related assets and liabilities, the Company intends to operate foreign exchange derivatives business with an outstanding balance not exceeding USD 6.5 billion in 2026, in order to hedge and reduce exchange-rate risk and reduce the impact of exchange-rate fluctuations on the Company’s performance. The details are as follows:
I. Overview of Foreign Exchange Derivatives Transactions and Explanation of Necessity
Foreign exchange derivatives are foreign exchange risk-hedging financial products approved by the People’s Bank of China. Their transaction principle is that the Company enters into forward purchase/exchange/settlement and spot/derivative agreements with banks, agreeing on the foreign exchange currency, amount, term, and exchange rate for future purchase/exchange/settlement. Upon maturity, the purchase/exchange/settlement business will be conducted according to the currency, amount, and exchange rate agreed in those agreements, thereby locking in the cost of purchase/exchange/settlement at the time of the transaction.
The purpose of carrying out this foreign exchange derivatives business is to hedge and prevent exchange-rate risk faced by the Company in connection with international trade business and reduce the impact of exchange-rate fluctuations on the Company’s performance. By arranging foreign exchange derivatives transactions in advance, the cost of exchanging currency can be fixed at a certain level, which can effectively avoid unforeseeable risks caused by large exchange-rate fluctuations.
The scale of the foreign exchange derivatives business to be carried out by the Company is consistent with the Company’s actual import and export business volumes, the scale of overseas assets and liabilities, etc., and there is no speculative operation. In the context of the continuous expansion of the Company’s overseas business scale, in order to ensure the Company’s sustained and steady development and to accelerate the integration and synergy effects of the Company with newly added overseas subsidiaries’ business operations and management, the Company believes it is necessary to hedge exchange-rate risk through foreign exchange derivatives business.
II. Overview of Foreign Exchange Hedging Transactions to Be Conducted
For the Company’s import and export business, the Company enters into forward settlement/purchase contracts with banks (or other financial institutions legally permitted to engage in related business) to lock in the forward exchange rate for converting foreign currency to RMB in the future, thereby eliminating the impact of exchange-rate fluctuations.
Based on the Company’s differing needs for near- and far-end cash flows, the Company enters into swap contracts with banks (or other financial institutions legally permitted to engage in related business) to hedge the impact of exchange-rate fluctuations.
The risk currencies the Company faces are becoming increasingly diverse, and exchange-rate fluctuation ranges are becoming larger. For example, Indian rupees, Indonesian rupiah, Thai baht, etc. For some currencies, there are no ordinary forwards available for normal settlement locally, or the hedging costs are too high. In order to increase hedging measures and effectively hedge exchange-rate risk, the Company will attempt to use other products such as NDF, currency futures, and options combinations as supplementary and备用 hedging tools.
With the Company’s internationalized operations, overseas business scale, assets and liabilities are increasing day by day. To effectively hedge the exchange-rate and interest-rate fluctuation risks faced by overseas assets and liabilities, the Company plans to hedge exchange-rate and interest-rate fluctuation risks through currency and/or interest-rate swap business.
Based on the Company’s import/export situation and operating budget, the above items 1-3 are intended to hedge risks such as exchange-rate fluctuations in import/export business. The intended operating outstanding balance for 2026 will not exceed USD 5.0 billion; item 4 is intended to hedge exchange-rate and interest-rate risks for assets and liabilities, with an intended operating outstanding balance for 2026 not exceeding USD 1.5 billion. The Company will adjust the specific transaction amounts for the above items 1-4 within the total outstanding balance of USD 6.5 billion based on actual business needs.
III. Key Terms of Foreign Exchange Hedging Transactions Proposed
Contract term: The foreign exchange derivatives business involved in the Company’s daily operating activities generally falls within one year. For currency/interest-rate swap businesses under relevant assets and liabilities, terms are within 1-5 years.
Counterparties: Banks (or other financial institutions legally permitted to engage in related business). However, within the scope of foreign exchange derivative products business covered by this proposal, the Company and its subsidiaries’ counterparties do not include Haier Group Finance Co., Ltd., or other entities under Haier Group that are legally permitted to engage in related business.
Liquidity arrangements: All foreign exchange derivatives business is backed by normal and reasonable import/export business contexts, and is matched with the timing of receivables and payments, and will not affect the Company’s liquidity.
IV. Management Systems Related to Foreign Exchange Derivatives Business
In accordance with the relevant provisions of the Company’s internal 《Foreign Exchange Risk Management Policy》 and the 《Haier Smart Home Co., Ltd. Foreign Exchange Derivatives Transaction Management System》， the Company strictly implements foreign exchange derivatives product business operations.
V. Risk Analysis of Foreign Exchange Derivatives Transactions
The Company and its controlling subsidiaries conduct foreign exchange derivatives business in accordance with the principle of prudence, and do not engage in foreign exchange transactions for the purpose of speculation. All foreign exchange derivatives business is based on normal production and operation activities, supported by specific operating businesses, and aims to hedge and prevent exchange-rate risk. However, engaging in foreign exchange derivatives business also carries certain risks:
Forward foreign exchange settlement business: The Company will determine whether to enter into forward contracts based on product costs (primarily composed of RMB) and market risk. After signing the contract, it effectively locks in the exchange rate for exchanging currency; through forward foreign exchange settlement business, it will effectively resist market fluctuation risk and ensure the Company’s reasonable and steady profit levels.
Forward foreign exchange purchase business: Based on the import contracts signed with customers and exchange-rate risk, this business locks in the future cost of exchanging currency. Although there is a risk of opportunity loss to some extent, forward foreign exchange purchase business will effectively reduce market fluctuation risk and lock in procurement costs.
Other derivative instruments such as NDF and options are used mainly when it is not possible to sign ordinary forward foreign exchange settlement/purchase business or when costs are too high, serving only as a supplement to the above businesses.
Currency swap business mainly works by adjusting the currencies of assets or liabilities so that the currencies of assets and liabilities are matched, thereby hedging exchange-rate fluctuation risk. Interest-rate swap business converts floating-rate business into fixed-rate business to hedge interest-rate fluctuation risk, or, when interest rates decline, converts fixed-rate into floating-rate to reduce costs. All of these businesses have a genuine business background and involve no speculative behavior.
After the Company locks the forward exchange rate according to its foreign exchange management strategy, if the actual exchange-rate trend deviates significantly from the fluctuation direction locked in by the Company, the costs paid after locking could exceed the costs that would have been paid without locking, thereby causing losses to the Company. When exchange rates change significantly, if the Company’s locked foreign exchange hedging contracts are inconsistent with the direction of large exchange-rate fluctuations, it will form exchange gains/losses losses that affect the Company. If exchange rates do not fluctuate in the future but the deviation between the hedging contracts and actual exchange rates is significant, it will also result in exchange gains/losses losses.
Foreign exchange derivatives business is highly professional with high complexity, and risks may arise due to imperfect internal control systems.
If counterparties in foreign exchange derivatives transactions default, the Company will be unable to obtain hedging profits as agreed to offset the actual exchange gains/losses loss of the Company, resulting in losses to the Company.
If customer accounts receivable become overdue or customers adjust orders, the actual receipt of funds may be inconsistent with the expected receipt. This may prevent the actual cash flows from fully matching the term or amount of the foreign exchange derivatives business already executed, thereby causing losses to the Company.
VI. Risk control measures proposed by the Company
The purpose is to hedge exchange-rate risk, and it is limited to foreign exchange transactions related to the Company’s import/export business and overseas assets/liabilities management. The Company shall not engage in foreign exchange derivatives transactions outside this scope.
Strictly follow the approval procedures under the《Foreign Exchange Risk Management Policy》and《Foreign Exchange Derivatives Transaction Management System》. The operation and management of this foreign exchange derivatives business shall be handled by the general manager / general manager’s office meeting authorized by the Company’s shareholders’ meeting and the board of directors, and the treasury department shall serve as the executing department, while the finance department and other departments shall serve as the daily review departments.
The Company conducts foreign exchange derivatives business with large financial institutions such as banks that have legal qualification. The finance department will promptly track changes in transactions, and strictly control the occurrence of settlement default risk.
The foreign exchange derivatives business must be based on the Company’s prudent forecasts of foreign currency receipts and payments and actual exposures. The settlement dates of foreign exchange derivatives business must match the timing of the Company’s forecast foreign currency receipts, deposits, or foreign currency payments, or match the settlement terms of corresponding foreign currency borrowings from banks.
VII. Fair value analysis
The Company recognizes and measures in accordance with Chapter VII “Determining Fair Value” of《Accounting Standards for Enterprises No. 22—Recognition and Measurement of Financial Instruments》. The fair value is basically determined based on prices provided by or obtained from pricing service institutions such as banks, and the enterprise carries out fair value measurement and confirmation every month.
VIII. Accounting policies and measurement principles
For the foreign exchange fund transactions conducted by the Company, the accounting treatment principles are based on the《Accounting Standards for Enterprises》. In accordance with the relevant requirements and guidance of the Ministry of Finance《Accounting Standards for Enterprises No. 22—Recognition and Measurement of Financial Instruments》,《Accounting Standards for Enterprises No. 24—Hedge Accounting》,《Accounting Standards for Enterprises No. 37—Presentation of Financial Instruments》, and《Accounting Standards for Enterprises No. 39—Fair Value Measurement》, and their guidance, the Company conducts appropriate accounting treatment for the foreign exchange derivatives fund business to reflect the relevant items in the balance sheet and income statement.
IX. Documents for reference
Announcement is hereby given.
Haier Smart Home Co., Ltd. Board of Directors
March 26, 2026
Securities code: 600690 Securities short name: Haier Smart Home Announcement No.: Lin 2026-013
Haier Smart Home Co., Ltd.
Announcement on Carrying Out Commodity Hedge Activities for Bulk Raw Materials in 2026
The board of directors of this Company and all directors guarantee that the contents of this announcement contain no false records, misleading statements, or material omissions, and assume legal responsibility for the authenticity, accuracy, and completeness of the contents.
Important content highlights:
● Haier Smart Home Co., Ltd. (the “Company,” and together with its subsidiaries, the “Company”) and its subsidiaries plan to carry out copper bulk raw-material hedging activities, with a contract value not exceeding RMB 5.63 billion (the quota may be used on a revolving basis within the quota). The funding source is the Company’s own funds, and this does not involve any raised funds. The quota is valid for 12 months from the date the Company’s board of directors approves it.
● The Company’s bulk raw-material hedging activities for copper are based on normal production and operations, and are intended to hedge and prevent raw material price risks used in production and operations. No speculative or arbitrage transactions are conducted solely for the purpose of making profits. The transaction methods are not limited to derivatives such as futures and forwards, swaps, options, etc. Transaction venues include publicly traded exchanges that comply with domestic regulatory requirements and overseas exchanges that have legal qualifications. After this bulk raw-material hedging activities matter is approved by the board of directors, it will be implemented without the need to submit it to the shareholders’ meeting of the Company for approval.
On March 26, 2026, the Company held the Fourth Meeting of the Twelfth Session of the Board of Directors, which considered and approved the “Proposal on Carrying Out Bulk Raw Material Hedging Activities” of Haier Smart Home Co., Ltd., agreeing that the Company and its subsidiaries will carry out copper bulk raw-material hedging activities with a contract value not exceeding RMB 5.63 billion (the quota may be used on a revolving basis within the quota), and authorizing the Company’s president and the leadership group for bulk raw-material hedging activities to implement the hedging activities within the quota, including but not limited to handling relevant businesses and signing relevant agreements. The funding source is the Company’s own funds, and this does not involve any raised funds. The quota is valid for 12 months from the date the Company’s board of directors approves it. The details are as follows:
I. Purpose and necessity of hedging
Copper is one of the major raw materials required for the Company’s production. Due to the complex and variable domestic and international economic environment, the market price of copper fluctuates significantly. To reduce product cost fluctuations caused by raw material price fluctuations, ensure product costs remain relatively stable, and reduce the impact on the Company’s normal operations, the Company and its subsidiaries plan to carry out bulk raw-material hedging activities.
II. Overview of hedging activities
The hedging instruments proposed to be carried out by the Company and its subsidiaries are limited only to copper commodity varieties related to production and operations. The transaction methods are not limited to derivatives such as futures and forwards, swaps, options, etc. No speculative or arbitrage transactions are conducted solely for the purpose of making profits.
The contract value of hedging activities planned by the Company and its subsidiaries will not exceed RMB 5.63 billion. Within the above quota period, the quota may be used on a revolving basis. The funding source is self-owned funds and does not involve raised funds.
The effective period is 12 months from the date the proposal is approved by the board of directors.
The counterparties are mainly major bulk raw-material producers, futures brokerage firms, and other financial institutions such as securities firms and commercial banks that have been approved by regulatory authorities and have qualifications for derivative transactions (non-related-party institutions).
The trading venues include public exchanges that meet domestic regulatory requirements and overseas exchanges with legal qualifications.
The Company will, in accordance with the《Accounting Standards for Enterprises No. 22—Recognition and Measurement of Financial Instruments》《Accounting Standards for Enterprises No. 24—Hedge Accounting》《Accounting Standards for Enterprises No. 37—Presentation of Financial Instruments》and other relevant provisions and their guidance issued by the Ministry of Finance, conduct corresponding accounting treatment and disclosures for the hedging activities.
III. Feasibility analysis of hedging
Since copper is one of the key raw materials required for the Company’s production, and copper has a high correlation with futures commodity varieties and is subject to substantial market volatility, when the price of copper fluctuates significantly during the period from raw material procurement to product sales, it will bring substantial pressure to the Company’s profitability. The Company believes it is feasible and beneficial for production and operations to mitigate price fluctuation risks through bulk raw-material hedging activities. During actual execution, the Company will implement specific hedging transaction plans by combining raw material pricing (spot quotation), product delivery situations, and market conditions.
IV. Risk analysis of hedging
Futures and derivatives markets themselves have certain systemic risks. At the same time, hedging requires making certain forecasts about price trends. If the price prediction results in a directional error, it may cause losses to the Company.
If significant changes occur in laws and regulations and other policies of futures and derivatives markets, it may lead to market volatility or inability to trade, thereby bringing risks.
Because the futures market adopts strict margin systems and a mark-to-market mechanism on a daily basis, it may cause corresponding risks of unrealized losses in funds. The Company will reasonably allocate its own funds for hedging activities, control the scale of funds, and prepare fund calculations alongside the formulation of trading proposals to ensure sufficient funds. During business operations, the Company will reasonably plan and use margin, and reasonably allocate funds to hedge risks.
There may be situations where suppliers violate agreements, cancel or delay shipments, resulting in mismatches with quantities, cycles, etc. of the actual hedging activities, thereby causing losses to the Company.
Futures and derivatives trading is highly professional and complex, and there may be risks caused by imperfect internal control systems or human operational errors. The Company has formulated the 《Management Measures for Bulk Raw Material Hedging Activities》, which clearly sets out specifications for authorization scope, approval procedures, risk management, and more for hedging transactions. This strengthens internal control management and improves professional competence, and implements risk prevention measures to raise the management level of hedging activities.
V. Risk control measures taken by the Company
Match hedging activities with the Company’s production and operations as closely as possible to offset market fluctuation risks to the maximum extent.
Strictly control the funding scale of hedging activities, and plan and use margin reasonably. The Company will reasonably allocate its own funds for hedging activities and will not use raised funds directly or indirectly to carry out hedging, nor will it affect the Company’s normal production and operations.
The Company has formulated the 《Management Measures for Bulk Raw Material Hedging Activities》 with clear provisions regarding organizational structure and responsibilities, business processes, risk management, and archival management. The Company will strictly control each link in accordance with internal control system requirements and implement according to the formulated management measures.
Strengthen training for relevant personnel to improve their professional competence and overall qualities; strengthen research on futures and derivatives markets, grasp market changes, and design detailed execution plans for trading businesses.
The Company’s internal audit department will regularly and irregularly inspect hedging transaction businesses, supervise the execution of risk management systems and risk management procedures by personnel engaged in hedging transactions, and promptly prevent operational risks in the business.
VI. Approval procedures
On March 26, 2026, the Company held the Fourth Meeting of the Twelfth Session of the Board of Directors, which considered and approved the “Proposal on Carrying Out Bulk Raw Material Hedging Activities” of Haier Smart Home Co., Ltd. The Company agreed that it and its subsidiaries plan to carry out hedging activities with a contract value not exceeding RMB 5.63 billion (the quota may be used on a revolving basis within the quota), with funding source being the Company’s own funds and not involving raised funds. The quota is valid for 12 months from the date the board of directors approves the proposal. The proposal has also been approved by the board’s audit committee.
VII. Documents for reference
The resolution of the Fourth Meeting of the Twelfth Session of the Audit Committee of the Board of Directors of Haier Smart Home Co., Ltd.;
The resolution of the Fourth Meeting of the Twelfth Session of the Board of Directors of Haier Smart Home Co., Ltd.
Announcement is hereby given.
Haier Smart Home Co., Ltd. Board of Directors
March 26, 2026
Securities code: 600690 Securities short name: Haier Smart Home Announcement No.: Lin 2026-015
Haier Smart Home Co., Ltd.
Notice of Convening the 2025 Annual General Meeting and the First A Share Class Meeting in 2026
The board of directors of this Company and all directors guarantee that the contents of this announcement contain no false records, misleading statements, or material omissions, and assume legal responsibility for the authenticity, accuracy, and completeness of the contents.
Important content highlights:
● Date of the shareholders’ meeting: June 24, 2026
● Network voting system used for this shareholders’ meeting: the network voting system for shareholders’ meetings of the Shanghai Stock Exchange
● For matters relating to the attendance of D-share and H-share shareholders who are expected to attend the 2025 annual general meeting (and the 2026 first D-share class meeting and 2026 first H-share class meeting convened on the same day), see the relevant information published by this Company on its overseas information disclosure platform (German information disclosure platform
I. Basic information on convening the meeting
(I) Type and session of the shareholders’ meeting
2025 annual general meeting, 2026 first A-share class meeting, 2026 first D-share class meeting, 2026 first H-share class meeting (four meetings convened in sequence)
(II) Convener of the meeting: board of directors
(III) Voting methods: the voting methods for this shareholders’ meeting combine onsite voting and network voting
(IV) Date, time, and location of the onsite meeting
Date and time: June 24, 2026, 14:00
Location: Qianyuan, Haier Kechuang Ecological Park, Laoshan District, Qingdao
(V) Network voting system, start and end dates, and voting time.
Network voting system: Shanghai Stock Exchange network voting system for shareholders’ meetings
Network voting start and end time: from June 24, 2026
to June 24, 2026
Voting time through the Shanghai Stock Exchange network voting system via the trading system voting platform is the trading time window on the day of the shareholders’ meeting, namely 9:15-9:25, 9:30-11:30, 13:00-15:00. Voting time via the Internet voting platform is 9:15-15:00 on the day of the shareholders’ meeting.
(VI) Voting procedures for margin trading, securities lending and borrowing, agreed repurchase, and Shanghai-Hong Kong Stock Connect investors
If margin trading, securities lending and borrowing, agreed repurchase-related accounts and Shanghai-Hong Kong Stock Connect investors are involved, voting should be conducted in accordance with relevant provisions such as the《Shanghai Stock Exchange Self-Regulatory Guidance No. 1—Standardized Operations》and others.
(VII) Involvement of public solicitation of shareholders’ voting rights
None
II. Matters for consideration at the meeting
(I) Proposals for the 2025 annual general meeting and the types of shareholders casting votes
■
This meeting will also hear the Company’s independent directors’ 《Independent Directors’ 2025 Performance Report of Haier Smart Home Co., Ltd.》.
The proposals submitted for consideration at this meeting have been approved by the Fourth Meeting of the Twelfth Session of the Board of Directors. Please see the 《Resolution Announcement of the Fourth Meeting of the Twelfth Session of the Board of Directors of Haier Smart Home Co., Ltd.》 (Lin 2026-007) and related announcements disclosed on the Shanghai Stock Exchange website on the same day as this announcement.
Special resolution proposals: proposals 9-13
Proposals for separate counting of votes for small and medium investors: proposals 5-8, 12-16
Proposals involving avoidance of voting by related shareholders: proposal 7
Related shareholders required to avoid voting: Haier Group Co., Ltd. (hereinafter “Haier Group”), Haier Caoxus Co., Ltd., Qingdao Haier Venture Investment and Consulting Co., Ltd., Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership), Haier International Co., Limited, and HCH (HK) INVESTMENT MANAGEMENT CO., LIMITED
(II) Proposals for the first 2026 A-share class meeting and types of shareholders
■
Note: (1) To avoid unnecessary repeated voting by A-share shareholders, when calculating the voting results of A-share shareholders participating in network voting for the first 2026 A-share class meeting, this Company will directly adopt the voting results of that shareholder in the 2025 annual general meeting for the above proposals. A-share shareholders attending the onsite meeting will vote separately at the 2025 annual general meeting and the first 2026 A-share class meeting. (2) The above proposals also require approval by the first 2026 D-share class meeting and the first 2026 H-share class meeting.
The proposals submitted for consid