Haier Smart Home Co., Ltd. (A-share: 600690.SH; H-share: 06690.HK; D-share: 690D.DE) reported its financial results for the first quarter ended March 31, 2026, revealing revenue of RMB 73.69 billion and net profit attributable to shareholders of the parent company of RMB 4.65 billion, a sequential increase compared to Q4 2025. Basic earnings per share stood at RMB 0.50. The company highlighted that operating profit in China grew year-on-year, and excluding North America, combined operating profit advanced more than 10% year-on-year.
The results come amid a challenging macroeconomic environment, particularly in North America, where evolving trade policies and severe winter weather pressured GE Appliances. Chairman and CEO Li Huagang noted, "This was a quarter of contrasts. Both China and our core international markets sustained healthy momentum. North America faced meaningful headwinds from the evolving trade policy landscape and severe winter weather." He emphasized that the company is executing a clear playbook in North America, focusing on reshaping the local supply chain, advancing sourcing actions, moving product mix upmarket, and driving cost productivity. Li expressed confidence that these efforts will return the North America business to a more resilient, higher-quality operating model.
In China, operating profit grew year-on-year despite a 6.2% contraction in the home appliance market by retail value (according to All View Cloud (AVC)). Profit growth was driven by a continued mix shift toward premium categories, lifting domestic gross margin. Residential air conditioning grew revenue against a sharp industry decline, with Haier now ranking No. 1 in the RMB 11,000+ price band, up from its prior top position in the RMB 15,000+ segment (according to 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 (GfK). AI and digital capabilities improved operating efficiency, with gains in inventory turnover, fulfilment, and resource allocation, and a year-on-year decline in the selling expense ratio.
Internationally, overseas revenue declined 3.2% year-on-year. However, outside North America, both revenue and operating profit grew, with Europe, South Asia, and Southeast Asia delivering steady growth. In Europe, revenue continued to grow, with HVAC up more than 20% year-on-year. Profitability improved as the benefits of 2025's restructuring flowed through, and the premium Horizon refrigerator line accelerated its rollout. In emerging markets, South Asia grew revenue by 17% year-on-year with improved profitability, and Southeast Asia grew by 12%.
The company advanced its initiative to unify residential air conditioning, smart building, and water solutions onto a single platform, delivering its first integrated solution in Q1 2026. Smart Building Solutions completed more than 100 commercial AI deployments across data centres and building energy management. Recent acquisitions CCR (Carrier Commercial Refrigeration) and Kwikot each delivered double-digit revenue growth, extending their strong trajectory since joining the company.
Haier also stepped up shareholder returns, designating 74.54 million A-shares repurchased during 2023–2026 for cancellation, which is accretive to EPS upon completion. In March 2026, the company launched a new A-share buyback of RMB 3-6 billion over 12 months, with RMB 600 million deployed to date. A separate voluntary D-share buy-back-for-cancellation offer of up to approximately 81 million shares has been proposed, subject to shareholder approval and other pre-conditions.
The company's globally-enabled, local-for-local model, built across a portfolio of brands and core markets, provides confidence in navigating complex environments. As Li stated, "We will continue to deliver high-quality growth and stronger returns to shareholders through any cycle."
