**1. What are HAIER SMARTHOME's Third Quarter Performance Expectations?**
As of September 2, 2025, according to quarterly performance outlook data: projected operating revenue of 73.747 billion yuan; projected net profit of 5.286 billion yuan; projected adjusted net profit of 5.034 billion yuan, representing an 11.3% year-over-year change. Market attention focuses on whether subsequent financial report disclosures will exceed expectations, with quarterly performance outlook data providing investors with performance assessment tools.
**2. How do Sell-side Analysts View HAIER SMARTHOME?**
Guangfa Securities notes that for the first half of 2025, operating revenue reached 156.49 billion yuan (YoY +15.4%); net profit attributable to parent company was 12.03 billion yuan (YoY +15.5%), with adjusted net profit attributable to parent company at 11.70 billion yuan (YoY +15.2%). Gross margin was 26.9% (YoY -3.7pct), with net margin attributable to parent company at 7.7% (YoY 0.0pct). Sales/administrative/financial/R&D expense ratios were 10.1%/3.8%/-0.2%/3.7% respectively, representing changes of -3.7pct/-0.1pct/-0.3pct/-0.1pct.
For Q2 2025 alone, operating revenue was 77.38 billion yuan (YoY +16.1%); net profit attributable to parent company was 6.55 billion yuan (YoY +15.9%). Gross margin was 28.4% (YoY -3.9pct), with net margin attributable to parent company at 8.5% (YoY 0.0pct). Sales/administrative/financial/R&D expense ratios were 10.6%/4.4%/-0.2%/3.2% respectively, with year-over-year changes of -3.9pct/-0.1pct/+0.1pct/0.0pct.
The company plans to implement an interim dividend distribution of 2.69 yuan per 10 shares, with total dividend amount exceeding 2.5 billion yuan, accounting for 20.8% of the first half net profit attributable to parent company.
**Performance by Product Category:**
Air conditioning and water appliances performed well. In H1 2025, refrigeration business revenue was 42.85 billion yuan, up 4.2% year-over-year; kitchen appliances revenue was 20.67 billion yuan, up 2.0%; laundry and care revenue was 32.01 billion yuan, up 7.6%; home air conditioning revenue was 32.978 billion yuan, up 12.8%; water appliances revenue was 9.793 billion yuan, up 20.8%.
**Performance by Region:**
Overseas sales grew faster than domestic sales. (1) H1 2025 domestic market revenue was 77.42 billion yuan, up 8.8%. Casarte brand revenue grew over 20%; Leader brand revenue grew over 15%. (2) H1 2025 overseas market revenue was 79.08 billion yuan, up 11.7% year-over-year. Breaking it down further, U.S. and European white goods and HVAC businesses continued to outperform the industry. Emerging markets showed rapid growth: South Asia up 32%; Southeast Asia up 18%; Middle East and Africa up 65%.
*Note: All earnings forecast data in this article are sourced from earnings prediction databases.*
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