Haier Smart Home released its 2026 interim results showing revenue of RMB 152.11 billion, down 2.8% year-on-year. Profit attributable to shareholders fell 14.3% to RMB 10.32 billion, mainly because a RMB 0.70 billion foreign-exchange loss replaced a RMB 0.88 billion gain a year earlier.

Gross margin improved 0.4 percentage points to 26.8%, supported by cost-control measures and supply-chain optimisation that offset commodity inflation. Adjusted operating profit, which excludes FX, interest and other non-operating items, declined 3.4% to RMB 12.75 billion.

Segment performance diverged. • Smart Home Appliances revenue dropped 6.2% to RMB 89.65 billion amid softer Chinese demand and a contracting U.S. market. • Smart HVAC Solutions rose 6.1% to RMB 45.36 billion after the Group integrated residential air-conditioning, commercial HVAC and water-heating operations.

Domestic sales fell 5.2% to RMB 73.33 billion, while overseas revenue was broadly flat at RMB 78.78 billion as growth in Europe, South Asia and Southeast Asia offset weakness in North America.

Operating cash inflow reached RMB 9.75 billion (-RMB 1.39 billion YoY) and funded capex of RMB 4.37 billion. Cash and short-term wealth-management products totalled RMB 57.11 billion at period-end, up 19.6% from December. Gearing edged up to 34.4% on higher dividends payable.

The Group spent RMB 1.61 billion repurchasing 75.79 million A shares and EUR 1.79 million buying back 0.87 million D shares during the half.

No interim dividend was proposed.

Management flagged deeper AI deployment, further cost optimisation and continued build-out of overseas manufacturing as second-half priorities.