Gree, Haier Profits Change in First Nine Months Despite China’s March Home Appliances Market | Rare Techy
(Yicai Global) October 31 — Gree Electric Appliances and Haier Smart Home, two Chinese smart home manufacturers, posted good profits in the first three quarters despite the market slump.
Gree reported a 17 percent jump in net profit in the first nine months from the same period a year ago to CNY18.3 billion (USD2.5 billion), while revenue rose 6.8 percent to CNY147.5 billion (USD20.3 billion), according to the Zhuhai, southern Guangdong company’s latest financial report released yesterday.
Haier posted a 17.3 percent gain in net profit during the period to CNY11.7 billion (USD1.6 billion) while revenue rose 8.9 percent to CNY184.7 billion (USD25.3 billion). , the Qingdao, eastern Shandong company said the same day.
This is despite China’s home appliance market falling 6.1 percent in the nine months ended September 30 to CNY510.3 billion (USD70.4 billion), according to the research agency. market based in Beijing All View Cloud. Sales of major home appliances such as refrigerators, air conditioners and washing machines have declined while emerging products such as washing machines and dishwashers have increased.
Haier was able to increase its global market share in the first three quarters by improving its overseas market positioning through several new high-end brands, it said. The company’s continuous digitization has improved the user experience and efficiency of management, allowing it to continue to grow despite a difficult external environment.
Gree’s profit growth was boosted by the acquisition of a 30 percent stake in Zhejiang DunAn Artificial Environment, a major supplier of air conditioners, earlier this year. Dun’An’s net profit doubled in the first three quarters of the year to CNY702 million (USD96.6 million).
But other major home appliance manufacturers are seeing growth. Midea Group’s net profit rose 4.3 percent over the same period to CNY24.5 billion (USD3.3 billion) while revenue gained 3.4 percent to CNY271.8 billion (USD37.3 billion ), the company in Foshan, Guangdong province said in October. 28.
Editors: Dou Shicong, Kim Taylor