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Haier Smart Home: Net Profit Up 38% in 3Q 2020 amid Pivot to Customized Services
COVID-19 and China
Image credit: Sebastian Scholz (Nuki)/Unsplash

On October 29, Haier Smart Home released its 2020 third-quarter report. In the first three quarters, the company achieved CNY 154 billion revenue, a year-on-year increase of 2.78%; net profit attributable to its parent was CNY 6 billion, a year-on-year decrease of 17.23%. In the third quarter, Haier Smart Home’s revenue and net profit increased by 16.9% and 37.8%, respectively. Revenue generated from China and overseas increased by 16.3% and 17.5%, respectively.

In the domestic market, the market share of online and offline sales of refrigerators was 35.1% and 38.9%, an increase of 1.3 and 2.3 percentage points; the share of online and offline sales of washing machines was 39.4% and 39.9%, an increase of 4.6 and 3.8 percentage points; the online and offline retail sales of air conditioners were 11.2% and 14.5%, an increase of 2.5 and 2.3 percentage points.

In terms of IoT, the firm achieved ecological revenue of CNY 7.2 billion in the first three quarters, an increase of 114%, of which the third-quarter revenue was CNY 3.4 billion, an increase of 138%; the sales volume of scenario solutions was 687,000 sets, an increase of 24.5%. In September 2020, Haier Smart Home App's daily active users increased by 225% year-on-year.

Editor: Luke Sheehan

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