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1、Haier Smart Home Co., Ltd. 2021 Annual Report Company Code：600690.SH, 690D.DE Short Name：Haier Smart Home Haier Smart Home Co., Ltd. 2021 Annual Report 1/365Haier Smart Home Co., Ltd. 2021 Annual Report Important Notice I. The Board of Directors, the Board of Supervisors, directors, supervisors and
2、senior management of Haier Smart Home Co., Ltd. (the Company) hereby assure that the content set out in the annual report is true, accurate and complete, and free from any false record, misleading representation or material omission, and are individually and collectively responsible for the content
3、set out therein. II. All Directors of the Company have attended the board meetings. III. Hexin Certified Public Accountants Limited LLP has issued a standard and unqualified audit report for the Company. IV. Liang Haishan (legal representative of the Company), Gong Wei (chief financial officer of th
4、e Company) and Ying Ke (the person in charge of accounting department) hereby certify that the financial report set out in the annual report is true, accurate and complete. V. Proposal of profit distribution or proposal of capitalizing capital reserves for the reporting period resoluted and adopted
5、by the Board Proposal of profit distribution for the reporting period are examined and reviewed by the Board: to declare a cash dividend of RMB4.60 per 10 shares (tax inclusive) to all shareholders based on the total number of shares held on record date and after deducting the repurchased shares fro
6、m the repurchase account in respect of the future distribution proposal, with proposed distribution amounting to RMB4,320,413,011.54 (tax inclusive). The proportion of cash distribution is 33.1% of the net profit attributable to shareholder of parent company of the Company for the year. If there is
7、any change in the total share capital of the Company during the period from the date of this report to the record date of the equity distribution, the total distribution amount will be remained unchanged with corresponding adjustment to the proportion of distribution per share. VI. Disclaimer in res
8、pect of forward-looking statements Applicable Not Applicable Forward-looking statements such as future plans, development strategies as set out in this report do not constitute the Companys substantial commitment to investors. Investors are advised to pay attention to investment risks. VII. Is there
9、 any fund occupation by controlling shareholders and their related parties for non-operational purposes? No VIII. Is there any provision of external guarantee in violation of the prescribed decision-making procedures? No IX. Are there more than half of the Directors who are unable to guarantee the t
10、ruthfulness, accuracy and completeness of the annual report disclosed by the Company? No X. Important Risk Warnings For the possible risks which the Company may encounter, please refer to the relevant information set out in the section of MANAGEMENT DISCUSSION AND ANALYSIS in this report. XI. Others
11、 Applicable Not Applicable Chairman: Liang Haishan Haier Smart Home Co., Ltd 30 March 2022 2/365Haier Smart Home Co., Ltd. 2021 Annual Report 4 SECTION I 11 SECTION II 13 20 61 111 120 146 157 158 166 SECTION III SECTION IV SECTION V SECTION VI SECTION VII SECTION VIII SECTION IX SECTION X Contents
12、LETTER TO SHAREHOLDERS DEFINITIONS GENERAL INFORMATION OF THE COMPANY AND KEY FINANCIAL INDICATORS MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE ENVIRONMENTAL AND SOCIAL RESPONSIBILITIES SIGNIFICANT EVENTS CHANGES IN ORDINARY SHARES AND INFORMATION ABOUT SHAREHOLDERS RELEVANT INFORMATION O
13、F PREFERRED SHARES RELEVANT INFORMATION OFCORPORATE BONDS FINANCIAL REPORT DOCUMENTS AVAILABLE FOR INSPECTION (I) Financial statements with signatures and seals of the legal representative, chiefaccountant and person in charge of accounting department.(II) Original audit report with seals of account
14、ing firm, signatures and seals of registeredaccountants.(III) Originals of all documents and announcements of the Company which have beenpublicly disclosed on the newspaper designated by China Securities RegulatoryCommission during the reporting period.3/365Haier Smart Home Co., Ltd. 2021 Annual Rep
15、ort Letter to Shareholders 2021 was no doubt another year full of challenges. The COVID-19 pandemic has changed life and work patterns. While consumption has yet to fully recover, the global supply chain was confronted by various factors such as the chip shortage and insufficient logistics capacity.
16、 2021 was also the first fiscal year following the integration of Haier Electronics into Haier Smart Home. With unyielding dedication of 100,000 Haier Smart Home innovators around the world, we have delivered more than 110 million unit of home appliances to consumers worldwide and reported best busi
17、ness result ever, including all-time-high sales revenue and net profit. By upholding entrepreneurial spirit since day one, we have firmly implemented strategies of global brand creation, scenario-based innovation, and efficiency enhancement by digitalization. 2021 represents the year when Haier Smar
18、t Home made significant progress in fulfilling its mission to provided customized better living experience for families around the world. Key Accomplishments: Record-breaking revenue and profit: In 2021, the Company delivered revenue of RMB 227.556 billion, representing 15.8% growth of organic reven
19、ue (excluding impact from disposed businesses). Also in 2021, the Company achieved net profit of RMB 13.217 billion, representing an increase of 16.7% as compared to 2020. Net profit attributable to the owner of the parent company was RMB 13.067 billion, representing growth of 47.1% from 2020. Reali
20、zing synergy due to integration with Haier Electronics: The Companys operational efficiency has been enhanced. In 2021, selling expense ratio was 16.1% and administrative expense ratio was 4.6%, representing optimization of 1.1 and 0.5 percentage points from 2020 on a comparable basis respectively.
21、High quality growth: In 2021, the Companys cash flow from operating activities was RMB 23.130 billion, representing increase of RMB 5.52 billion from 2020. Net cash flow from operation activities to net profit was 1.75. Efforts to grow overseas business yielding results: Overseas business achieved r
22、ecord-high revenue and profitability: overseas revenue reached RMB 113.725 billion, a growth of 13% from 2020; operating profit amounted to RMB 5.926 billion, an increase of 48.1% from 2020. High-end brands achieved rapid growth: (1) In China, Casartes sales revenue crossed RMB 10 billion mark and r
23、eached RMB 12.9 billion, representing a year-on-year increase of more than 40%. (2) In United States, our high-end brands Monogram, Caf and GE Profile achieved over 40% growth rate. 4/365Haier Smart Home Co., Ltd. 2021 Annual Report Alignment of management and shareholder interests: We for the first
24、 time established a global management and employee equity incentive scheme based on the Haier Smart Home listed company incentive platform, which comprised incentive tools such as restricted stock units and options. These performance-based schemes further align interests of our management and shareh
25、olders. Sustainable long-term development: The Fortune Magazine published the Fortune Global 500 in 2021. Haier Smart Home was featured once again, moving up 30 places from 2020. In 2022, Fortune Magazine named Haier Smart Home as one of the 2022 Worlds Most Admired Companies. The Company was the on
26、ly company outside the United States listed in the Home Equipment and Furnishings category. Harmonious employee relations: Haier Smart Home has strived to protect the health and safety of our employees in areas affected by COVID-19, while maintaining our pledge to deliver quality service to customer
27、s. In China, being Haier Smart Homes home market, not a single employees living or health suffered due to the pandemic. In the United States, the largest overseas market of our company, GE Appliances was among the top 20 in the 2021 list of Healthiest 100 Workplaces in America and came second as The
28、 Employers with the Healthiest Work Environment of Kentucky in 2021. Remarkable results in technological progress: Haier Smart Home Air Conditioning, together with other R&D institutes, won the “National Award for Science and Technology Progress Second Grade” prize in November 2021 for the developme
29、nt of the “Theory of Building Thermal Environment and related Key Technologies for Green Construction”. As Chinas most acclaimed technology award, the National Award for Science and Technology Progress recognizes major technological breakthroughs and creative contributions by Chinese people and orga
30、nizations in various fields. According to the 2021 Global Smart Home Invention Patent Top100 released by IPRdaily, Haier Smart Home occupied the first place with 4,535 published patent applications in 2021. In the same year, GEA was named the Smart Home Appliance Company of the Year by IoT Breakthro
31、ugh for the fourth consecutive year in the United States. Growth Opportunities and strategic initiatives Achievements of 2021 is behind us. In 2022, we may face challenges such as declining demand in Chinas real estate market, elevated international shipping costs and high commodity prices. However,
32、 the Company will remain proactive and fully committed to achieving rapid growth in 2022, with growth coming from capturing leadership positions in categories with high growth potential, as well as from 5/365Haier Smart Home Co., Ltd. 2021 Annual Report innovating service models and creating new rev
33、enue stream surrounding Haier Smart Homes loyal user base. The Company currently operates three main categories of products 1) major home appliances including refrigerators, washing machines, kitchen appliances; 2) heating, ventilation, and air conditioning (HVAC) category including air conditioners
34、, water heaters and water purifiers; and 3) small home appliances. Consumer preference and technological trends relating to these three categories are different. At this stage, Haier Smart Homes market positions and competitive edge also vary in these three areas. However, we will assemble all neces
35、sary resources, including talents and funds, to tackle our weakness and support high-quality sustainable development in the next three years. Since the outbreak of the pandemic in 2020, consumers expectations for home living experience have become higher and higher. Their demand for better health, f
36、ood freshness preservation, nutrition and IoT have ceaselessly propelled the innovation of kitchen appliances. In 2021, the unit price of refrigerator and kitchen appliances has recorded material surge, exhibiting an increasingly obvious trend in product upgrade. Haier Smart Homes comprehensive bran
37、d portfolio and proactive innovation based on consumer insights have allowed us to deliver more competitive refrigerators and kitchen appliances, thereby to achieving growth rate double that of the worldwide industry. Global R&D platform of Haiers refrigerator has provided support to the rapid growt
38、h of refrigerators in the European and Australian markets, while the solid competitive edge of GEA and FPA kitchen appliances have continuously strengthened the competitiveness of kitchen appliances in the China market. All of these demonstrate Haier Smart Homes competitive edge in global product R&
39、D and operation system. In terms of clothing caring, the Companys product range and technologies portfolio are a long way ahead of our competitors. High-end products such as the Twin two-in-one washing and drying machine have been highly recognized by the market, which enabled us to cement a leading
40、 position in the market segment. Great user reputation and strong R&D capabilities of Haiers washing machine have enabled us to make breakthrough in the dryer market in China in 2021, recording a revenue increase of 203% and topping the industry in terms of market share. In the United States, the sa
41、les volume of large volume front-loads washing machine which was created with our integrated global R&D resources has reached 550,000 units in 2021, representing growth exceeding 30% as compared to 2020. Having established a leading market position in the categories of kitchen taste and clothing car
42、ing, Haier Smart Homes plan for the next three years is to further expand our leading edge, increase our market share and profit margins in various markets around the globe. 6/365Haier Smart Home Co., Ltd. 2021 Annual Report For the HVAC and water appliances businesses, such categories require profe
43、ssional interior finish and have a longer product cycle. The core competitive elements lie in whole supply chain cost competitiveness and technical consistency, as well as support by professional channel. In 2021, the Company achieved a market share of over 40% for electric water heaters, and the re
44、venue of gas water heaters recorded a year-on-year increase of 51%. We have also gained further market share in the highly fragmented gas water heater market. Consistent investments in combustion technology, sterilization materials and energy efficiency technology have enabled us to have the largest
45、 market share in water heater business in China. In the United States, GEAs water heater plant in South Carolina is also going to deliver high-quality gas water heater products to American consumers. The Company came in third place in Chinas domestic air conditioning market, with market share increa
46、sed by more than 2 percentage points in 2021. In the commercial air conditioning market, with our magnetic bearing compressor technology solution which has the technological advantages of high energy efficiency, low operating costs and minimal noise, we have achieved 50% market share in this sub-seg
47、ment. In 2022, the Company will ramp up investments in the core components of the air conditioning industry and develop distributor channels in collaboration with other internal businesses such as the water heater business, so as to realize large-scale and high-quality development of our air conditi
48、oning business. After preparation of half year, we announced in late 2021 the investment plan for launching a small home appliance business division to further invest in emerging categories of home appliances, such as cleaning appliances, small kitchen appliances, and personal care gadgets. The smal
49、l home appliance industry is having three favorable growth drivers technological upgrade, smart interconnection, and innovative experience. It is also becoming an industry with a global integrated supply chain, with majority of production based in China. Meanwhile, small home appliances are becoming
50、 smarter. For example, in the field of vacuuming robots, sensors, scenarios, and interactions produce wealth of data, which enable replacement of manual labor by automatic cleaning. The merge of innovative experience with technological breakthrough has redefined a new market for automatic vacuuming