Haier Smart Home Co., Ltd. (A-share: 600690.SH; H-share: 06690.HK; D-share: 690D.DE) announced its results for the quarter ended March 31, 2026, reporting revenue of RMB 73.69 billion and net profit attributable to shareholders of the parent company of RMB 4.65 billion, up sequentially compared to Q4 2025. Basic earnings per share stood at RMB 0.50.
The company described the quarter as one of contrasts. While China and core international markets sustained healthy momentum, North America faced meaningful headwinds from the evolving trade policy landscape and severe winter weather. Excluding North America, the company’s combined operating profit advanced more than 10% year-on-year. In China, operating profit grew year-on-year, with margin expansion offsetting short-term revenue pressure in a home appliance market that contracted 6.2% by retail value according to All View Cloud (AVC). Profit growth reflected a continued mix shift toward premium categories, lifting domestic gross margin. Residential air conditioning grew revenue against a sharp industry decline and extended its high-end leadership, now ranking No. 1 in the RMB 11,000+ price band (according to 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.
International operations saw overseas revenue decline 3.2% year-on-year. Outside North America, both revenue and operating profit grew, with Europe, South Asia and Southeast Asia all delivering steady growth. In Europe, revenue continued to grow, with HVAC up more than 20% year-on-year. Profitability improved as the benefits of 2025’s restructuring flowed through, and the premium Horizon refrigerator line accelerated its rollout. In emerging markets, South Asia grew by 17% year-on-year in revenue with improved profitability, while Southeast Asia grew by 12%.
In North America, GE Appliances was pressured in Q1 2026 by severe winter weather and the evolving trade policy landscape. The business has been advancing supply chain and sourcing actions, mix and price initiatives, and cost productivity to rebuild competitiveness for the new trade environment. Chairman and CEO Li Huagang stated, “We are running a clear playbook in North America: reshaping our 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. We expect this work to return our North America business to a more resilient, higher-quality operating model and position it to capture the long-term opportunity ahead.”
The company advanced its initiative to bring residential air conditioning, smart building and water solutions onto a unified platform. In Q1 2026, the platform delivered its first integrated solution, with its public debut at a domestic HVAC industry expo in Shijiazhuang. Smart Building Solutions completed more than 100 commercial AI deployments across data centres and building energy management. Recent acquisitions CCR (Carrier Commercial Refrigeration) and Kwikot each delivered double-digit revenue growth in the quarter.
Haier is stepping up shareholder returns through a sustained programme of buybacks and cancellations. A total of 74.54 million A-shares repurchased during 2023–2026 are designated for cancellation, accretive to EPS upon completion. In March 2026, the company launched a new A-share buyback of RMB 3-6 billion over 12 months, of which RMB 600 million has been deployed to date. The company has also proposed a separate voluntary D-share buy-back-for-cancellation offer of up to approximately 81 million shares, subject to shareholder approval and other pre-conditions.
These results highlight how global trade policy shifts and weather events can impact multinational appliance manufacturers, while also demonstrating the resilience of diversified operations and strategic initiatives. The company's ability to grow profitability in key markets outside North America and its focus on premium products and digital efficiency provide a buffer against near-term headwinds. Investors and industry observers will watch how Haier's North America turnaround plan unfolds in coming quarters.
