Haier Smart Home Reports H1 Revenue of RMB 152.1 Billion, Net Profit Down 14.3% YoY
nashnova research
Haier Smart Home's first-half revenue fell just 2.8% to RMB 152.1 billion, yet net profit dropped 14.3% — the gap is almost entirely explained by a roughly RMB 15.9 billion swing in foreign-exchange gains and losses.
Revenue dipped 2.8% — why did net profit fall 14.3%?
H1 revenue came in at RMB 152.109 billion, down 2.8% YoY; adjusted operating profit was RMB 12.752 billion, down 3.4% — a modest decline at the operating level.
Net profit attributable to shareholders, however, fell to RMB 10.316 billion, down 14.3%, with EPS at RMB 1.12.
This means → between operating profit and the bottom line, a large non-operating drag tripled the rate of decline. That drag is foreign-exchange losses.
How much profit did FX losses wipe out?
The company booked RMB 911 million in FX losses this period. After netting RMB 207 million in hedging gains, the net FX loss was RMB 704 million.
In the same period last year, Haier recorded a net FX gain of RMB 882 million — the swing from positive to negative totals roughly RMB 1.586 billion.
In plain terms = last year, currency moves added nearly RMB 900 million to profit; this year they subtracted RMB 700 million. That round-trip alone is a RMB 1.6 billion hit. The company stated that excluding FX effects, the pre-tax profit decline would narrow significantly.
What happened in the China market?
Ongoing property-sector adjustment, weak consumer confidence, and the fading of trade-in subsidy benefits dragged down overall domestic appliance demand.
Haier's China revenue fell in line with the industry, but its market share edged higher.
This means → the pie is shrinking, yet Haier is taking a bigger slice — the problem is industry headwinds, not competitive slippage.
Is the overseas business a drag or a cushion?
The U.S. market faces high inflation, high rates, and sluggish housing sales, all of which suppress appliance demand. U.S. revenue came under pressure.
Europe, South Asia, and Southeast Asia posted growth, offsetting the U.S. downturn.
Overall overseas revenue held roughly flat — no tailwind, but no drag either.
What matters for the second half?
The filing points to one pivotal variable: whether FX gains and losses revert to neutral in H2.
In plain terms = if currency swings calm down, full-year net-profit decline could narrow well below the 14.3% seen in the first half.
This reflects a key reality: Haier's core operations (operating profit down just 3.4%) are not in serious trouble. The full-year profit trajectory hinges largely on an external factor the company cannot control — exchange rates.
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