Haier Full-Year Report 2022

In 2022, the Company realized sales revenue of RMB243.485 billion, representing an increase of 7.2% from 2021. Revenue growth was driven by: (1) the strengths of high-end brands which enhanced user value, along with the promotion of Three-Winged Bird brand that boosted sales of scenario-based product sets and increased transaction value; (2) overseas market expansions leveraging globalised supply chain and R&D platforms as well as in-depth market network to launch leading products and improve price index; (3) the development of new product categories including tumble dryers, dishwashers, heat pumps and home cleaning robots.

In 2022, net profit attributable to the owners of the Company amounted to RMB14.711 billion, representing a growth of 12.5% from 2021.

(1) Gross profit margin remained flat to 2021 at 30.6%, domestic gross margin expansion was driven by product mix upgrade, development of globalised platforms, digitalization in procurement and R&D, as well as lower commodities prices in the second half of the year; the overseas market recorded minor gross margin contraction as the benefits of better product mix and price increases was offset by cost pressure related to rising commodities prices.

(2) The Group’s ratio of selling and distribution expenses in 2022 to its revenue was 15.9%, representing a reduction of 0.2 percentage points as compared to 2021. The optimization of selling expense ratio was driven by implementation of digital initiatives to enhance operational efficiency in marketing, logistics and warehouses.

(3) The Group’s ratio of administrative expense in 2022 to its revenue was 8.9%, which remained flat to 2021 at 8.9%. On the one hand, the Group accelerated the transformation of digital operation, optimizing business processes and enhancing organizational efficiency by adopting the digital platform throughout the whole process, which contributed to the optimization of the administrative expense ratio by 0.2 percentage points; on the other hand, the Group increased its investment in the research and development of IoT technologies, big data applications and energy-efficient technologies, which enhanced its competitiveness in artificial intelligence and led to an increase in the administrative expense ratio by 0.2 percentage points. Net cash flow from operating activities in 2022 was RMB20.153 billion, operations remained solid with net cash flow to net profit ratio reached 1.37, attributable to improved working capital management in China.

 

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