Haier’s revenue up 27% with growing demand for refrigerators, ACs

Haier released its first-quarter 2021 results, well above expectations with revenue of RMB54.8 billion, a 27 percent increase compared to the previous year. The company reported a 149 percent year-on-year increase of net operating cash flow at RMB 2.9 billion.

“The revenue, net profit and net profit attributable to owners of the Parent Company in the first quarter of 2021 for the Company increased by 27.0 percent, 130.4 percent and 185.3 percent year-on-year; and increased by 12.9 percent, 14.7 percent and 42 percent, respectively, as compared with the first quarter of 2019. The increase is mainly attributed to smart package sales, Casarte’s high-end brand strategy and the implementation of digital transformation as well as the persistence on the strategy of creating high-end brands and localized operations overseas,” the company said in a release.

China Market Monitor reports have stated the company’s online and offline refrigerator market by retail revenues have seen increase by 2.5 and 1.4 percentage points, with Haier ranking first in the industry in terms of retail revenue. Haier is said to have achieved a breakthrough via launching smart kitchen appliances. Its household air conditioners reported 2.1 percentage point increase in market growth. “During the period, domestic sales revenue from the household air conditioner increased by 128 percent,” said the release.

Apart from growth in kitchen appliances, washing machines, water heaters, purifiers,  Haier is said to have upgraded its business to online and overseas operations. The Q1 overseas revenue is up by 24.6 percent yoy, of which high end products have increased over 40 percent. The company is persistently focusing on smart home solutions as the quarter results have shown growth signals and improved performance.

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