Haier Smart Home Co., Ltd. (A-share: 600690.SH; H-share: 06690.HK; D-share: 690D.DE) reported its first-quarter 2026 financial results on April 27, with net profit attributable to shareholders reaching RMB 4.65 billion, up sequentially from the fourth quarter of 2025. Revenue for the quarter ended March 31, 2026, stood at RMB 73.69 billion, with basic earnings per share of RMB 0.50.
The results highlight a contrast between the company's domestic performance and its North American operations. In China, operating profit grew year-on-year, driven by a shift toward premium categories that lifted gross margins, even as the overall home appliance market contracted by 6.2% by retail value, according to All View Cloud (AVC). The company's residential air conditioning revenue grew against a sharp industry decline, and it now ranks No. 1 in the RMB 11,000+ price band, up from its prior top position in the RMB 15,000+ segment, per GfK. In water solutions, top-rated energy-efficient gas water heaters accounted for a materially higher share of the company's portfolio than the industry average.
Internationally, overseas revenue declined 3.2% year-on-year, primarily due to pressures in North America. However, excluding North America, the company's combined operating profit advanced more than 10% year-on-year, with Europe, South Asia, and Southeast Asia delivering steady growth. The North America segment, which includes GE Appliances, faced meaningful headwinds from the evolving trade policy landscape and severe winter weather. Chairman and CEO Li Huagang noted that the company is executing a clear playbook in North America, focusing on reshaping the local supply chain, advancing sourcing actions, moving the product mix upmarket, and driving cost productivity. "We have transitioned from the initial response phase into the next chapter, focused on operational efficiency and capability rebuilding," Li said.
In Europe, revenue continued to grow, with HVAC sales up more than 20% year-on-year, as the benefits of 2025's restructuring flowed through. The premium Horizon refrigerator line accelerated its rollout. Emerging markets showed strong performance: South Asia grew revenue by 17% year-on-year with improved profitability, while Southeast Asia grew by 12%.
The company also advanced its new growth businesses, including a unified platform for residential air conditioning, smart building, and water solutions announced at the end of 2025. In Q1 2026, the platform delivered its first integrated solution, debuting at a domestic HVAC industry expo in Shijiazhuang. Smart Building Solutions completed more than 100 commercial AI deployments across data centers and building energy management. Recent acquisitions CCR (Carrier Commercial Refrigeration) and Kwikot each delivered double-digit revenue growth.
Haier Smart Home is stepping up shareholder returns. The company designated 74.54 million A-shares repurchased during 2023–2026 for cancellation, which is accretive to EPS upon completion. In March 2026, it launched a new A-share buyback of RMB 3-6 billion over 12 months, with RMB 600 million deployed to date. The company also proposed a voluntary D-share buy-back-for-cancellation offer of up to approximately 81 million shares, subject to shareholder approval.
