[三季报]海尔智家(600690):20221101 海尔智家股份有限公司2022年第三季度报告（英文版）
原标题:海尔智家:20221101 海尔智家股份有限公司2022年第三季度报告（英文版） Stock Code: 600690 Short Name: Haier Smart Home Haier Smart Home Co., Ltd. 2022 Third Quarter Report The Board of Directors (the “Board”) and the Directors of Haier Smart Home Co., Ltd. (the “Company”) hereby assure that this announcement is free from any false record, misleading representation or material omission and are legally responsible for the trueness, accuracy and completeness of the content set out herein. Important Notice: The board of directors (the “Board”), the board of supervisors, directors, supervisors, and senior management of the Company hereby assure that the content set out in the quarterly report is true, accurate and complete, and free from any false record, misleading representation or material omission, and are individually and collectively responsible for the content set out therein. The legal representative of the Company, chief financial officer of the Company and person in charge of accounting department hereby certify that the financial information set out in the quarterly report is true, accurate and complete. Whether the third quarterly report has been audited or not □Yes √No I. Key Financial Information (I) Major accounting data and financial indicators Unit and Currency: RMB
Note: “Reporting Period” refers to the three-month period commencing from the beginning of this quarter to the end of this quarter. Reasons for retrospective adjustment or restatement: During the Reporting Period, the Company had a business combination under common control (acquisition of the entire equity interest in Qingdao Haier Special Plastics R&D Co. Ltd.), and therefore certain financial information were adjusted retrospectively in accordance with the Accounting Standards for Business Enterprises. During the Reporting Period, the Company seized the growth opportunity from product innovation and model innovation; leverage high-end brand and three-in-one market layout to grow global market share; accelerated digital transformation to enhance user experience and operational efficiency throughout the entire value chain; in order to achieve steady growth with improving profitability despite external uncertainties and challenges. Key Performance Indicators I. Revenue and profit In the first three quarters of 2022, the Company recorded a revenue of RMB184.749 billion, net profit attributable to the owners of the Company of RMB11.666 billion, net profit after deduction of non-recurring profit and loss items attributable to the owners of the Company of RMB11.221 billion, representing an increase of 8.9%, 17.3% and 23.9% respectively, as compared to the corresponding period in 2021. In the third quarter, the Company recorded a revenue of RMB62.891 billion, net profit attributable to the owners of the Company of RMB3.717 billion, net profit after deduction of non-recurring profit and loss items attributable to the owners of the Company of RMB3.731 billion, representing an increase of 8.6%, 20.3% and 33.9% respectively, as compared to the corresponding period in 2021. （I）Smart Home Businesses in China During the Reporting Period，the Company achieved solid results by enhancing user experience and improving operational efficiency. Firstly, the Company upgraded the high-end brands and scenario solutions to maximize user value: Casarte brand has been enhancing comprehensive product sets and line-up of solution packages. The Company also strengthened presence in shopping malls and home building material channel to increase brand competitiveness, expanded network coverage of Three-Winged Bird scenario brand while establishing user reputation by improving 1+N service capabilities and smart home scenario experience. The Company also accelerated development in new categories with 89% year-on-year growth in tumble dryers, over 20% growth in dishwashers and 120% growth in robotic cleaners. Secondly, the Company promoted efficient traffic-acquisition and conversion to improve users’ loyalty with greater rate of repeated purchase and pressed ahead with integration of distribution network, sales network, logistics network and service network, while focusing on platform-based digital transformation to improve user experience and operational efficiency. Refrigerator and Freezer business According to CMM, the Company strengthened the leadership in refrigerators, with 43.8% retail sales market share offline in the first three quarters of 2022, up by 2.4 percentage points year-on-year, and with 39.1% retail sales market share online. During the Reporting Period，the refrigerator segment continued technology innovations in preservation and home furnishing integration. Seamless built-in technology helped the sales of built-in refrigerators increase by 180% year-on-year in the third quarter. Based on the concept of complete integration with cabinet, the Company launched Casarte 505 series with 6 built-in designs that perfectly fit cabinets and cupboards, creating a new generation of kitchen design standards and contributing to high-end market share growth. According to CMM, Casarte’s market share in refrigerators priced above RMB15,000 increased by 3.3 percentage points to 45% offline. Kitchen Appliance Business According to CMM, by retail revenues, the Company’s market share in kitchen appliance was 8.3% offline in the first three quarters of 2022, up by 1.2 percentage points year-on-year, while Casarte’s market share grew by 69% to 5.2% offline. During the Reporting Period, the Company focused on strengthening the competitiveness of the high-end product set solutions. Casarte brand accelerated expansion in home improvement channels by establishing 274 new Three-Winged Bird smart kitchen stores to capture the growth opportunity from consumption upgrade. Haier brand focused on online channels, lower-tier e-commerce channels and rural channels by entering 1,900 stores in towns and villages, seizing the opportunities from kitchen appliances penetration increase and product replacement. 2. Household Laundry Solutions (Internet of Clothing) According to CMM, the Company continued to lead the industry in the first three quarters of 2022: Haier’s retail sales market share reached 46.3% offline, up by 2.7 percentage points year-on-year while market share reached 40.2% online; and high-end market share (units priced above RMB10,000) reached 76.8%. Market share of tumble dryers amounted to 39.3% offline and 29.6% online, up by 5.8 and 4.1 percentage points year- on-year, respectively. During the period, the Company committed to product innovation focusing on user demand and rapidly expanded into new channels. The Company launched Essence washing machine equipped with a mixing chamber for optimal dispensing and mixing of of detergent and water, this liquid is immediate sprayed to penetrate fabric fibres using high-pressure technology to achieve effective dirt removal, thus saves time, reduce water and electricity consumption, as well as wear& tear. Xinxiannuo (新纤诺) dryer drove the Company’s market share in tumble dryers priced above RMB10,000 to 47.2%. The Company concentrated on expanding into building materials channel, shopping malls, and new e-commerce platforms to capture growth opportunities. 3. Air Solutions According to CMM, in the first three quarters of 2022, the Company’s share increased rapidly: with 19.9% retail sales share offline and 14.5% online, increase by 2.9 and 1.0 percentage points respectively; in particular, the Company’s high-end market share (wall-mounted units priced above RMB4,000 and standing units priced above RMB10,000) recorded a significant increase of 4 percentage points reaching 24.8%. During the period, the Company’s residential air conditioners focused on whole-process transformation to enhance long-term competitiveness. In the domestic market, the Company improve users interaction by adding in-store product demonstrations, and actively expanded the network with the addition of more than 3,800 sales outlets to improve customer acquisition. In the overseas market, leveraging local user recognition, distribution network and tailored new products for the local demand, such as split air conditioners that are quick to disassemble and clean, and saddle inverter window air conditioners, the Company realized sales revenue growth of 38% in the first three quarters. Meanwhile, the Company has improved its research and development capabilities and cost competitiveness. In September, Casarte launched Yunding luxury air conditioner featuring the world's first water-oxygen air washing technology. This technology can remove 7 types of pollutants including PM2.5 using nano molecular water film while releasing negative oxygen ions, providing smart and healthy air solutions. The Company continued cost optimization through measures such as technological innovation and increasing proportion of modules manufactured in-house. Commercial air conditioning segment During the period, the Company provided customized air and energy solutions through continuous technological breakthroughs and product and service upgrades. In September, the Company launched smart laminar wind built-in products, equipped with industry’s first C- bionic deflectors that supply air at 10° angle creating comfortable surrounding without direct blow, it also meets demand for customized air solutions using four-sided air deflectors to separate air supply in different spaces. The Company strengthened heat pump products to seize growth opportunities. During the first three quarters, heat pumps revenue grew by over 30%, with over 300% growth from overseas market. Within the domestic market, the Company launched water heaters designed for small and medium-sized venues, featuring easy installation, low noise level and 12% saving in energy consumption compared with previous models. In European market, the Company capitalized localized facilities to develop new products with enhancement in energy efficiency and connectivity, while expanding distribution network coverage with focus on heating products specialist channels to capture growth opportunity. 4. Household water solutions According to CMM, in the first three quarters of 2022, the Company’s share continued to lead the industry: electric water heater’s retail sales market share amounted to 40% offline and 41.4% online, representing year-on-year growth of 1.7 and 2.7 percentage points, respectively; gas water heater’s retail sales market share reached 22.5% offline and 24.1% online, representing year-on-year growth of 2.6 and 2.3 percentage points, respectively. The Company’s water heater business enhanced user experience through technological innovations and double-tank electric water heaters were launched to cater to user demand for small size, appealing design and large capacity; Haier's air-sourced heat pump water heater accelerated the development of products with high water temperature, disinfection, variable frequency and energy conservation realizing over 300% revenue growth overseas in the first three quarters. The zero cold water, air-sourced water heater LE1 heats up cold water using air, which could save up to 76% electricity, it became number one in market share of units priced above RMB 7,000 soon after launch. At the same time, the Company increased customer acquisition and explored growth potential with expansion into home improvement channels and service offerings in local communities. (II) Overseas Home Appliance and Smart Home Business In the first three quarters of 2022, the Company’s overseas business grew by 8.7% year-on-year. The steady growth was attributable to the adherence to the “RenDanHeYi (人单合一)” Model; the efficient localized R&D, manufacturing and marketing operations; seizing the growth opportunities of energy-efficient products, heat pump and built-in products; brand premiumization to capture high-end market growth opportunities; and the acceleration of localized supply chain development unlocking global synergies while coping with high inflation and components shortage. The American market: During the period, the Company continued to focus on high-end brands and high-end differentiated new products, revenue of the Company’s high-end brands increased by over 40% in local currency. Rapid development of new segments has been driven through continuously expanding the Air & Water professional channel and competitive product mix. GEA was once again awarded Great Place to Work Certification and was successfully listed among the “20 Best Large Workplaces in Manufacturing and Production” by the Fortune Magazine. The European market: During the period, the Company continued high-end transformation while seizing the opportunity of energy-saving product and accelerating the development of localized supply chain to realize high-end revenue growth of over 30% in local currency. During the period, the Company increased the price index by launching new products such as Haier905CD refrigerators, new ultra-thin Ipro7plus washing machines and 939 washing machines to meet demand for energy saving products, meanwhile the Company quicky responded to market demand leveraging facilities from dishwasher, tumble dryer and kitchen appliance factory in Turkey and the gradually ramped-up the refrigerator factories in Romania. The Australian and New Zealand market: During the period, FPA focused on high-end transformation, its ultra- premium products grew by over 40% in local currency; Haier’s high-end products grew over 55% in local currency. The South Asian market: The Company remained number one in Pakistan market, accelerated retail transformation with increasing revenue contribution from mid-to-high-end products. The Southeast Asian market: The Company adhered to its high-end brand strategy and accelerated Casarte’s global expansion. In August, the first full-scenario smart home experience centre in the Southeast Asian market was set up at Central World in Bangkok, Thailand, displaying a full house high-end smart home scenario including smart kitchen, smart living room, smart bedroom, smart closet and smart bathroom. The Japanese market: The Company continued high-end transformation with sales volume market share gains in refrigerators, freezers and washing machines among which the share of retail sales volume of both refrigerators and freezers became number one in the industry. （III）Digital Transformation During the period, the Company continued digital transformation to enhance user experience and operational efficiency. The digital user operation platform facilitates user scenarios and demand profiling, to iterate scenario experience and improve recognition as well as rate of repeated purchase. In the first three quarters, 32.25 million new user members were added, representing year-on-year increase of 64%. The lean manufacturing platform continuously improved efficiency in smart manufacturing, procurement, supply chain and logistics. The Company initiated the transformation to a technology-based digital procurement service platform and increased the proportion of components used on three or more SKUs; utilizing automated production scheduling, precise planning and end-to-end information integration to match vehicles, goods and materials, to achieve 30% improvement in efficiency level of logistics management in the Company’s industrial parks. The digital R&D platform promoted digital simulation design through the establishment of a global industrial design platform. Meanwhile, the acceleration of module iteration, application of new materials and new process has shortened new product design cycle by 30% globally with over 0.9% design cost optimization in the third quarter. II. Gross Profit Margin The gross profit margin in the first three quarters of 2022 reached 30.5%, representing an increase of 0.2 percentage points as compared with the same period in 2021. Increase in gross profit margin was mainly attributable to product mix upgrade with enhanced competitiveness, effective implementation of whole process cost management in the supply chain and streamline of SKUs through R&D and whole process collaboration in sales; improvement of management of tier 2 & 3 suppliers and increase of level of in-house produced components, all of which aimed at improving the Company’s competitiveness of the entire value chain. III. Operating Expenses Ratio 1. The selling expense ratio in the first three quarters of 2022 was 14.9%, representing an improvement of 0.5 percentage points as compared with the same period in 2021. The improvement in selling expense ratio was attributable to digitalization aiming at improving marketing precision and efficiency; integrating manufacturing, distribution & logistics to improve fulfilment efficiency; transforming from indirect delivery of service requirements by suppliers to system’s direct matching of user request and maintenance personnel; accurate prediction of manufacturing and storage of spare parts & components using algorithm to reduce spare parts expense ratio. 2. The administrative expense ratio in the first three quarters of 2022 was 4.2%, representing an improvement of 0.3 percentage points as compared with the same period in 2021. The improvement in administrative expense ratio was attributable to the digital transformation of the Company and our business process redesign, which improved the efficiency of operation and personnel. 3. The research and development expense ratio in the first three quarter of 2022 was 4.0%, representing an increase of 0.4 percentage points as compared with the same period in 2021. The increase in the research and development expense ratio was mainly due to the strengthening of the core technology for the smart home segment and efforts in our core capabilities to promote the advanced technology layout and product innovation of various industries, and the construction of technical capabilities in the Three-Winged Bird scenario brand. 4. The financial expense ratio in the first three quarters of 2022 was -0.3% (“+” as expense, “-” as revenue), representing an improvement of 0.5 percentage points as compared with the same period in 2021. The improvement of the financial expense ratio was attributable to the increase in interest income resulting from the Company’s enhanced capital management efficiency and the increase in exchange gain resulting from optimized foreign exchange management strategies. IV. Working Capital 1. Trade and bill receivable turnover days The trade and bill receivable turnover days of the Company was 43 days in the first three quarters of 2022, representing a decrease of 3.6 days as compared to the end of 2021, which was attributable to the effective control over trade and bill receivables of the Company. 2. Inventory turnover days The inventory turnover days of was 84.3 days in the first three quarters of 2022, representing an increase of 3.5 days as compared to the end of 2021, demonstrating a positive trend as compared to the first two quarters, which was mainly attributable to the increase in inventory costs in overseas markets due to the high cost of bulk raw materials, inflation and surge in freight costs, as well as the shortage of labour in major regions affecting port efficiency, and ports and warehouses affecting the speed of inventory turnover. 3. Trade and bill payable turnover days In the first three quarters of 2022, trade and bill payable turnover days was 141.2 days, representing a decrease of 4.5 days as compared to the end of 2021, which was attributable to the change in payment cycle arising from the switch of procurement method. V. Cash Flow Analysis 1. Net cash flow from operating activities for the first three quarters of 2022 amounted to RMB11.205 billion, representing a decrease of RMB2.226 billion as compared to the corresponding period of 2021; among which, the Company’s net cash flow from operating activities in the third quarter of 2022 amounted to RMB5.241 billion, representing an increase of 5.1% as compared to the corresponding period of 2021, achieving a quarter- on-quarter improvement. This was due to the optimization of inventory turnover in the Company’s domestic market through digital transformation and the sharing of channel inventory to improve order forecast accuracy and trunk line shipment efficiency. 2. Net cash outflow from investing activities for the first three quarters of 2022 amounted to RMB7.262 billion, representing an increase of RMB2.057 billion as compared to the corresponding period of 2021, which was due to the cash outflow from the purchase of wealth management products and increase in industrial investments for the period and cash inflow from the redemption of wealth management products in the same period. 3. Net cash outflows from financing activities for the first three quarters of 2022 amounted to RMB3.148 billion, while net cash outflows in financing activities for the corresponding period of 2021 amounted to RMB13.101 billion, which was due to the cash inflow from the additional issuance of H Shares and new borrowings and the repayment of ultrashort-term facilities for the period. VI. Capital Expenditure The Company assesses its capital expenditure and investments in each segment in China and overseas from time to time. The capital expenditure in the first three quarters of 2022 was RMB5.638 billion, of which RMB2.845 billion and RMB2.793 billion were used in China and overseas, respectively, primarily for plant and equipment construction, property rental, and digital infrastructure. VII. Asset-liability Ratio At the end of the third quarter in 2022, the Company’s asset-liability ratio was 59.5%, representing a decrease of 3.2 percentage points as compared to the end of 2021, which was due to the increase in net profit and the increase in total asset as a results of foreign currency translation. (II) Non-recurring profit or loss items and amounts Unit and Currency: RMB
Description on categorizing the non-recurring profit or loss items listed in the Interpretative Announcement No. 1 of the Information Disclosure of the Companies Public Offering Securities — Non-recurring Profit or Loss (公开发行 证券的公司信息披露解释性公告第 1 号—非经常性损益) as recurring profit or loss item □Applicable √Not Applicable (III) Changes in major accounting data and financial indicators and reasons √Applicable □Not Applicable
II. PARTICULARS OF SHAREHOLDERS (I) Total number of ordinary shareholders and the number of preferential shareholders with restored voting rights and the shareholdings of the top 10 shareholders Unit: share
Note: HKSCC NOMINEES LIMITED is the collective nominee account for the shareholders of H shares of the Company, which is the original data provided by China Hong Kong securities registration agency to the Company after consolidation of figures according to local market practices and technical settings, not representing the ultimate III. Miscellaneous Other significant information regarding the Company’s operations during the Reporting Period should be brought to the attention of investors √ Applicable □Not Applicable (1) External guarantees: As at the end of the Reporting Period, the external guarantees provided by the Company and its subsidiaries were guarantees between the Company and its subsidiaries, the total balance of which amounted to RMB9.936 billion, accounting for 10.84% of the Company’s latest net assets and 4.33% of the latest total assets. (2) Foreign exchange derivative: As at the end of the Reporting Period, the aggregate balance of the Company’s foreign exchange derivative transaction amounted to approximately US$1.484 billion. (3) Entrusted wealth management: By the end of the Reporting Period, the balance of the Company’s entrusted wealth management amounted to RMB3.750 billion, including two parts: ① temporarily-idle fundraising wealth management: at the end of December 2018, the Company’s proceeds for the issuance of convertible corporate bonds were fully landed. To improve the yield of temporarily-idle funds, the Company intended to conduct cash management with the amounts not exceeding RMB0.5 billion after approved by the Board. By the end of the Reporting Period, the balance of the entrusted wealth management amounted to RMB175 million; ②Temporary-idle funds wealth management by the Company and certain subsidiaries of the Company: Under the premise of ensuring sufficient capital for the principal operating activities and daily operations, the Company and some subsidiaries of the Company purchased some low risk wealth management products and structured deposits from major commercial banks to improve the yield of temporarily-idle funds and the return for shareholders within the authority of the general manager’s office meeting and under the condition of ensuring fund safety. By the end of the Reporting Period, the balance of the entrusted wealth management amounted to RMB3.575 billion. (4) Progress of Employee Stock Ownership Plans and Share Option Incentive Scheme: Progress of Employee Stock Ownership Plans: ①Completion of shares pool building of the A-share and H-share Employee Stock Ownership Plans (2022): The Company introduced the H-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. for year 2022 (Draft) (“2022 H-share Employee Stock Ownership Plan”), A-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. for year 2022 (Draft) (“2022 A-share Employee Stock Ownership Plan”) at the 28th meeting of the 10th session of the Board convened on 28 April 2022 upon the approval and authorization by the 2020 Annual General Meeting convened building and other related work of the A-share and H-share Employee Stock Ownership Plan for year 2022. For details, please refer to the Announcement of Haier Smart Home Co., Ltd. on the Completion of the Non-trading Transfer of Shares for the 2022 A-share Core Employee Stock Ownership Plan and Announcement of Haier Smart Home Co., Ltd. on the Completion of Share Purchase under the 2022 H-share Core Employee Stock Ownership Plan disclosed on 22 July 2022 and 26 July 2022 respectively. ② Vesting of the 2021 A-share and H-share Employee Stock Ownership Plans: According to relevant arrangement of the 2021 Plan under the A- share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. (2021-2025) (Draft) (“2021 A- share Employee Stock Ownership Plan”) and the 2021 Plan under the H-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. (2021-2025) (Draft) (“2021 H-share Employee Stock Ownership Plan”), during the Reporting Period, the Company has completed relevant vesting of interests in the 2021 A-share and H-share Employee Stock Ownership Plans: 1,500 participants under the 2021 A-share Employee Stock Ownership Plan vested 7,617,080 shares (and the dividends received in respect of corresponding Shares) in accordance with the 2021 annual results and the results of their individual appraisals; and 32 participants under the 2021 H-share Employee Stock Ownership Plan vested 1,292,349 shares in accordance with the 2021 annual results and the results of their individual appraisals. The asset management authority will dispose of H shares held under the asset management plan in due course and allocate cash to the participants after considering the dividends received in respect of H-share Stock Ownership Plan. For details, please refer to the announcement on Vesting of Interests in A-share and H-share Core Employee Stock Ownership Plans (2021) of Haier Smart Home Co., Ltd. disclosed by the Company on 27 July 2022. Progress of Share Option Incentive Scheme: During the Reporting Period, there was no further progress on the existing share option incentive scheme. (5) Progress of the A-share repurchases: On 30 March 2022, the Company convened the 27th meeting of the 10th session of the Board, which considered and approved the Resolution in Relation to the Repurchase Plan of a Portion of Public A Shares of Haier Smart Home Co., Ltd. It approved the Company to use its own funds to （未完）  |