Haier Smart Home Co., Ltd. (A-share: 600690.SH; H-share: 06690.HK; D-share: 690D.DE) reported its first-quarter 2026 financial results, posting revenue of RMB 73.69 billion and net profit attributable to shareholders of the parent company of RMB 4.65 billion, up sequentially compared to Q4 2025. Basic earnings per share reached RMB 0.50.
The company highlighted contrasting performances across regions. China operating profit grew year-on-year, with margin expansion offsetting short-term revenue pressure in a home appliance market that contracted 6.2% by retail value, according to All View Cloud (AVC). Profit growth reflected a continued mix shift toward premium categories, lifting domestic gross margin. Residential air conditioning revenue grew against a sharp industry decline, and the company extended its high-end leadership, now ranking No. 1 in the RMB 11,000+ price band, up from its prior top position in the RMB 15,000+ segment, per GfK. In water solutions, top-rated energy-efficient gas water heaters accounted for a materially higher share of the company’s portfolio than the industry average, also according to GfK. AI and digital capabilities lifted operating efficiency, with gains in inventory turnover, fulfillment, and resource allocation, and a year-on-year decline in the selling expense ratio.
Internationally, overseas revenue declined 3.2% year-on-year. However, excluding North America, the company’s combined operating profit advanced more than 10% year-on-year. Europe, South Asia, and Southeast Asia all delivered steady growth. In Europe, revenue continued to grow, with HVAC up more than 20% year-on-year, and profitability improved as the benefits of 2025’s restructuring flowed through. Emerging markets saw South Asia grow by 17% year-on-year in revenue, with profitability improving, and Southeast Asia grew by 12%.
North America faced meaningful headwinds from the evolving trade policy landscape and severe winter weather, pressuring GE Appliances. The company is running a clear playbook in the region: reshaping its local supply chain, advancing sourcing actions, moving the product mix upmarket, and driving cost productivity. Chairman and CEO Li Huagang stated, 'We have transitioned from the initial response phase into the next chapter, focused on operational efficiency and capability rebuilding. We expect this work to return our North America business to a more resilient, higher-quality operating model and position it to capture the long-term opportunity ahead.'
In new growth businesses, the company advanced its initiative to bring residential air conditioning, smart building, and water solutions onto a unified platform. In Q1 2026, the platform delivered its first integrated solution, with a public debut at a domestic HVAC industry expo in Shijiazhuang. The company also launched a new residential central air conditioning unit featuring ultra-wide frequency operation from 4Hz. Smart Building Solutions completed more than 100 commercial AI deployments across data centers and building energy management. Recent acquisitions CCR (Carrier Commercial Refrigeration) and Kwikot each delivered double-digit revenue growth in the quarter.
Haier Smart Home is stepping up shareholder returns through a sustained program of buybacks and cancellations. 74.54 million A-shares repurchased during 2023–2026 are designated for cancellation, accretive to EPS upon completion. In March 2026, the company launched a new A-share buyback of RMB 3-6 billion over 12 months, of which RMB 600 million has been deployed to date. The company has also proposed a separate voluntary D-share buy-back-for-cancellation offer of up to approximately 81 million shares, subject to shareholder approval and other pre-conditions. The full press release is available at NewMediaWire.
