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1、Haier Smart Home Co., Ltd. 2022 First Quarter Report 1 Stock Code: 600690 Short Name: Haier Smart Home Haier Smart Home Co., Ltd. 2022 First Quarter Report The Board of Directors (the “Board”) and the Directors of Haier Smart Home Co., Ltd. (the “Company”) hereby assure that this announcement is fre
2、e from any false record, misleading representation or material omission and are legally responsible for the trueness, accuracy and completeness of the content set out herein. Important Notice The board of directors (the “Board”), the board of supervisors, directors, supervisors and senior management
3、 of the Company hereby assure that the content set out in the quarterly 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 set out therein. The legal representative o
4、f the Company, chief financial officer of the Company and person in charge of accounting department hereby certify that the financial statement information set out in the quarterly report is true, accurate and complete. Whether the first quarterly report has been audited or not Yes No I. Key Financi
5、al Information (I) Major accounting data and financial indicators Unit and Currency: RMB Items During the Reporting Period For the corresponding period of last year Year-on-year increase/decrease during the Reporting Period (%) Before adjustment After adjustment After adjustment Operating revenue 60
6、,250,997,851.46 54,773,701,753.64 54,772,592,531.47 10.00 Net profit attributable to shareholders of the listed Company 3,517,044,899.45 3,053,933,589.63 3,055,155,689.55 15.12 Net profit after deduction of non-recurring profit or loss attributable to shareholders of the listed Company 3,190,978,313
7、.06 2,823,027,182.06 2,823,027,182.06 13.03 Net cash flow from operating activities 1,154,796,354.40 2,863,386,935.66 2,868,305,560.21 -59.74 Basic earnings per share (RMB per share) 0.38 0.33 0.33 15.15 Diluted earnings per share (RMB per share) 0.38 0.33 0.33 15.15 Haier Smart Home Co., Ltd. 2022
8、First Quarter Report 2 Weighted average return on net assets (%) 4.28 4.38 4.38 decrease by 0.10 percentage points At the end of the Reporting Period At the end of last year Increase/decrease at the end of the Reporting Period compared to the end of last year (%) Before adjustment After adjustment A
9、fter adjustment Total assets 215,409,453,493.38 217,459,494,212.74 217,459,494,212.74 -0.94 Owner equity attributable to shareholders of the listed Company 84,082,609,436.94 79,810,927,325.55 79,810,927,325.55 5.35 Reasons for retroactive adjustments or restatement In the fourth quarter of 2021, the
10、 Company completed the relevant matters in respect of the acquisition of Qingdao Haier Quality Testing Co., Ltd. (For details of the acquisition matters, please refer to the “Announcement on the Acquisition of Equity Interest in a Subsidiary from Haier Group Corporation by Haier Smart Home Co., Ltd.
11、 and Connected Transaction” disclosed on 30 October 2021 by the Company and relevant announcements) The transaction is a business combination under common control and the Company has subsequently restated the comparative statements for the corresponding period in accordance with relevant accounting
12、standards. During the Reporting Period, in light of the challenges arising from weak market demand, consistently high price of bulk raw materials and resurgence of COVID-19, the Company adhered to the strategic goal of becoming a smart home ecosystem brand in the Internet of Things era, continued to
13、 strengthen its high-end brand advantage through product upgrade and innovation, and implemented whole-process digital transformation to achieve cost reduction and efficiency improvement. We explored weak network business in domestic market while continuing our high-end brand building strategy in th
14、e overseas market, expanded the advantages in our core home appliances and tapped into new business areas to achieve sustainable and steady business development. Performance of Key Indicators I. Revenue and profit In the first quarter of 2022, the Company realized revenue of RMB 60.251 billion and n
15、et profit attributable to the owners of the parent company of RMB3.517 billion, representing an increase of 10.0% and 15.1% as compared to the corresponding period of 2021. 1.Smart Home and other Businesses in China The Company delivered solid results through enhancing operational efficiency and imp
16、roving user experience. On one hand, business operational efficiency and cost competitiveness were enhanced through digitalization, innovative operational model and establishment of whole process and full staff cost system. On the other hand, retail sales were increased through integration of online
17、 and offline stores and establishment of end-to-end digital platform, which optimized the resource input with better performance and reduced the proportion of underperforming regions, thus facilitating customer acquisition and boosting Haier Smart Home Co., Ltd. 2022 First Quarter Report 3 the conve
18、rsion efficiency. Furthermore, we accelerated expansion in home improvement channels by opening 120 new Three-Winged Bird 001 stores to capture increasing consumer demand for comprehensive built-in appliances packages. In the first quarter of 2022, revenue from the smart home and other businesses in
19、 China increased by 16.0% as compared to the corresponding period of 2021 while Casartes sales revenue increased by 32.3% year-on-year from 2021. （1） Household Food Storage and Cooking Solutions (Internet of Food) Refrigerator According to CMM, by retail revenues, our leadership was strengthened wit
20、h shares of online and offline refrigerator market were 38.6% and 42.8% respectively in the first quarter of 2022. During the reporting period, the Company focused on product mix upgrades, digital efficiency enhancement and smart manufacturing. Boguan refrigerators boasting cell-level freshness pres
21、ervation was launched to fully meet more sophisticated demand of preserving food ingredients, thus contributing to the increases of medium- and high-end products. We also developed dual-axis variable hinges and moved the cooling units to the bottom to further enhance the competitiveness of our built
22、-in refrigerators. Through scenario solutions characterized by premium preservation and integrated design of cabinet and kitchen, we pioneered the trend of home appliance and home furnishing integration. In addition, the publication of Built-in Refrigerator Standard established the installation stan
23、dard of built-in units in order to further improve user experiences. Kitchen Appliance According to CMM, by retail revenues, our shares of online and offline kitchen appliances market were 4.5% and 7.3% respectively in the first quarter of 2022, while Casartes market share recorded a year-on-year gr
24、owth of 0.9 percentage points offline. During the reporting period, the Company focused on high-end solution strategy and accelerated expansion in home improvement channels by launching bestsellers such as Casarte Gourmet and Galaxy series, both of which contributed to Casartes kitchen appliance rev
25、enue growth of 70.3% year-on-year with 96.7% revenue increase from dish washers. 859 new sales outlets were developed in home improvement channels and lower tier markets during the period. We also made effort to gain user recognition with Three-Winged Bird kitchen scenarios solutions, formed cross-i
26、ndustry alliances with interior designers, organized interactive events such as “super BBQ”, while offering cleaning and upgrading services to boost user conversion efficiency. （2） Household Laundry Solutions (Internet of Clothing) According to CMM, by retail revenues, the Companys leadership consol
27、idated with market share of 40.3% online and 45.4% offline in the first quarter of 2022; in particular, our Haier Smart Home Co., Ltd. 2022 First Quarter Report 4 shares of online and offline tumble dryer market increased by 2.5 and 2.3 percentage points respectively reaching 27.6% and 35.3%, puttin
28、g us in top one position offline. During the Reporting Period, the Company expedited the development of tumble dryers growth with continuous innovation. Casartes Zhongzihemei series addresses users concern of separated washing and drying with additional space required to stack two machines, and it a
29、chieved market share of 95% in top washer + bottom dryer category. The Company also achieved 114% revenue growth from tumble dryers with increased investment and new product launches including Casarte Xianjianhemei (纖見和美) Dryer. （3） Air Solutions Home air conditioning The Company focused primarily o
30、n smart and health-conscious products, strengthened the retail transformation and made breakthroughs in medium to high end products. According to CMM, by retail revenues, Haiers online and offline market share was 13.7% and 19.6% respectively. Leveraging on growing product portfolio of Casarte and H
31、aier water-cleaning air conditioner, our market share in the high-end home air conditioners (hanging machines priced above RMB4,000 and standing machines priced above RMB10,000) reached 24.3%, up by 4.8 percentage points year-on-year. During the Reporting Period, the Company focused on growing reven
32、ue with differentiated product innovation where Haier features healthy air, Casarte features double tower of soft wind while Leader caters for young and trendy demand. Meanwhile, we enhanced retail transformation, strived to achieve full user coverage, 1,515 new franchise stores were developed to in
33、crease presence in air conditioner, HVAC and water solutions channels. Capitalizing on the brand awareness of the Three-Winged Bird scenario solutions and the three-in-one user platform (including sales, design and service), home central air conditioner revenue grew by over 70% leveraging on Three W
34、inged Bird one stop purchase, design and service solutions. Commercial air conditioning The Company focused on meeting segmented user demand with exclusive customized air solutions for different scenarios such as transportation, commercial real estate, data centres and hotels: 1. The Companys introd
35、uced more environmentally friendly HFO refrigerant in maglev air conditioners to address our users concern of carbon reduction and environment protection. 2. In the European market, we released R32 environmental protection refrigerant air source heat pump products that heat water, kills bacteria and
36、 automatically adjust temperature, without having to heat water and the room at different temperature, thus well-received by local users. （4） Household Water Solutions Water heater Haier Smart Home Co., Ltd. 2022 First Quarter Report 5 According to CMM, in the first quarter of 2022, by retail revenu
37、es, our shares of online and offline water heater market were 32.7% and 29.3% respectively. During the reporting period, our water heater business continued to enhance user experience through technological innovation and product upgrade.1. Following the launch of limescale free, leakage free, rust f
38、ree Casarte Crystal Tank Galaxy series, we developed a new series of double-tank electric water heaters to capture user demand for better bath experience with small size, appealing design and large capacity water heaters. 2. Gas water heaters revenue grew by 30% leveraging on technological innovatio
39、n, the Company innovated gas-electric hybrid technology, which uses both natural gas and electricity for optimal energy usages and constant temperature, bringing users a great bathing experience. 3. We also made efforts to extend our services and solutions into local communities in order to improve
40、user conversion efficiency. Water purifier During the reporting period. our water purifier business grew by almost 30% despite 19.7% industry decline. 1. With continuous innovation to meet user demand, Casarte launched strontium-rich water purifier, which provides strontium-rich water solutions.2. S
41、upply chain capability was enhanced and the Company started manufacturing its own filter, water circuit board and moulding modules, laying down solid foundations for future growth. II. Overseas home appliances and smart home businesses In the first quarter of 2022, the Companys overseas business gre
42、w by 4.2% and operating profit margin increased by 0.1 percentage points as compared with the same period in 2021. Amid escalating input costs and logistic bottleneck in the overseas markets, the Company continued to strengthen its core home appliance business through diversified solutions and produ
43、ct upgrades while actively explored new product categories. Business transformation was accelerated through precise marketing online channels and distribution network integration offline. Leveraging the advantages of the global collaborative platform, we took the initiative to address the challenges
44、 of rising raw material and freight costs through joint negotiations, allocation optimization and strategic procurement to secure product supply. (1) The American Market During the first quarter of 2022, despite of a challenging environment, we gained core appliance share in North America region. Th
45、e revenue from premium brands including Monogram, Caf and GE Profile grew by over 30%. We continued to enhance our premium product leadership by launching 36 build-in column refrigerator, releasing “Over the Air” (OTA) upgrades to our smart oven owners to continue to enhance their post-sale experien
46、ce, and introducing GE Profile brand top-load washing machine to the marketplace. Meanwhile, our Supply Chain and Human Resources teams joined efforts to drive the “total employee Haier Smart Home Co., Ltd. 2022 First Quarter Report 6 value proposition” initiative and made significant progress on ou
47、r hourly employee hiring and retention. Besides offering market-based wage and benefits, our focus on shift flexibility, safe and accommodating working environment, and positive working group culture played key factor in improving our labor force stability and productivity. The output from GEAs fact
48、ories hit record level in the month of March. In addition, we accelerated new business developments in air-conditioning, water heaters, and small appliances to unlock future growth potentials. We have developed new partners in HVAC and construction industry trade shows. RealMAX gas water heater (man
49、ufactured in our newly opened Camden, SC factory) and new central air conditioner units unveiled at AHR Expo (The International Air-Conditioning, Heating, Refrigeration Exposition) received wide recognition; Our one-stop shop service model gained strong interests. (2) The European Market The Company
50、 adhered to its high-end transformation strategy and promoted the localization of operation. GFK recognized the Company to be the fastest growing company in the local market in terms of sales volume and sales revenue as of February 2022. Qingdao headquarters joined hands with European R&D centre to