Haier Half-Year Report 2023

 

In the first half of 2023, net profit attributable to the shareholders of the Company was RMB8,964 million, representing an increase of 12.6% compared to the same period in 2022.

(1) The Group’s gross profit margin in the first half of 2023 reached 29.8%, which remained unchanged compared to the same period in 2022. In the domestic market, gross profit margin improved because of lower commodities prices, digitalisation in procurement and R&D, as well as increased proportion of in-house manufacturing. In the overseas market, benefits from improved product mix and production utilisation were offset by intensified competition and accelerated destocking, resulting in lower gross margin compared with the same period last year; such decline has however narrowed since last quarter of this year.

(2) In the first half of 2023, the Group’s selling and distribution expense ratio was 14.3%, down 0.2 percentage points as compared with the same period in 2022, largely contributed by digitally enhanced efficiency in domestic marketing, logistics and warehouse operations; on the other hand, overseas selling expense ratio increased as intensified competition drove up spending in channel expansion, new product promotion and store renovations.

(3) In the first half of 2023, the Group’s administrative expense ratio was 8.5%, down 0.2 percentage points year-on-year, leveraging digitally enhanced operations and improved efficiencies.

(4) The Group’s net cash from operating activities in the first half of 2023 was RMB6,791 million, an increase of RMB826 million year-on-year, which was achieved from increased operating profit and enhanced operational efficiency during the period.

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