BRIEF: Haier Smart Home profit climbs 13% in third quarter

Appliance maker Haier Smart Home Co. Ltd. (6690.HK; 600690.SH; 690D.DE) announcedon Thursday its revenue rose 9.5% year-on-year during the third quarter to 77.56 billion yuan ($10.89 billion), while its net profit rose 12.7% to 5.34 billion yuan.

The company attributed the growth to steady performance for core segments such as refrigerators, washing machines and its water network business, while emerging categories like air conditioners and kitchen appliances outperformed the broader market. The company’s household air conditioning revenue increased by more than 30% during the period, compared with 10.8% growth for the overall China market.

Haier said its overall growth came from multiple drivers, including: proprietary technology that enhanced its portfolio of popular products; the expansion of high-end and youth-oriented brands; and ongoing progress in digital inventory management and data-driven marketing, which improved operational efficiency and user conversion.

For the nine months through September, the company reported its revenue reached 234 billion yuan, up 9.98% year-on-year, while its net profit rose 14.68% to 17.37 billion yuan. The company’s Casarte and Leader brands recorded revenue growth of 18% and 25% during the period, respectively.

Haier’s stock opened higher on Friday in Hong Kong and closed at HK$25.18 by the midday break, up 2.36%. The stock is down about 8% year-to-date.

By Lee Shih Ta

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