[三季报]海尔智家(600690):海尔智家股份有限公司2023年第三季度报告（英文版）
原标题:海尔智家:海尔智家股份有限公司2023年第三季度报告（英文版） Stock Code: 600690 Short Name: Haier Smart Home Haier Smart Home Co., Ltd. 2023 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: In the first quarter of 2023, the Company completed the acquisition of the equity in Shanghai Haier Smart Technology Co., Limited (上海海爾智能科技有限公司). The transaction was accounted for as a business combination under common control in accordance with relevant accounting standards in the consolidated financial statements and accordingly, the comparative figures for the corresponding period were adjusted and restated. During the reporting period, the Company leveraged its diverse range of brands to capitalize on growth opportunities across various market segments. It gained market share in overseas markets through its high-end brand strategy and the expansion of distribution networks. The Company prioritized end-to-end digitalization to enhance operational efficiency. During the reporting period, the Company’s revenue steadily increased, and profitability continued to improve. Key Performance Indicators I. Revenue and profit In the first three quarters of 2023, the Company achieved revenue of RMB 198.657 billion, net profit attributable to the owners of the parent company of RMB 13.149 billion, and net profit attributable to owners of the parent company after deduction of non-recurring profit or loss of RMB 12.721 billion, representing growth of 7.5%, 12.7% and 13.4% respectively as compared to the corresponding period of 2022. In the third quarter alone, the Company realized revenue of RMB 67.030 billion, net profit attributable to the owners of the parent company of RMB 4.185 billion, and net profit attributable to owners of the parent company after deduction of non-recurring profit or loss of RMB 4.117 billion, representing an increase of 6.1%, 12.9% and 10.4% respectively as compared to the corresponding period of 2022. (I) Smart Home Business in China In the third quarter, the Company continues to grow market share in refrigerators, washing machines and water heater & purifier, while maintaining solid performance in air conditioners, smart buildings, and kitchen appliances. The refrigerator business led the industry in the integration of home appliance with furnishing by launching F+ and 550L series of flat built-in refrigerators, along with the seamless 603 built-in series, all of which helped grow high-end sales revenue. The washing machine business accelerated retail transformation to boost operation efficiency. Casarte's Zhongzi (中子) F2 washer-dryer combo and Gemini T5 (T5双子分区洗) washer were introduced to create innovative laundry experience with flat built-in designs. Water heater and purifier business developed leading product platform with cutting-edge technologies such as electric crystal tanks, hybrid gas heating, and zinc-strontium mineral water purification. It also implemented digital management across the entire product life cycle to increase the output of individual model. The kitchen appliance business launched Nebula (星雲) and Tranquility (致境) set to enhance Casarte's product lineup. It also developed partnerships from cabinet and home improvement industries, and accelerated e-commerce revenue growth by expanding offerings online. The residential air conditioning business underwent transformations in R&D, distribution network, retail capability, supply chain cost management and organizational efficiency to improve users’ and distributors’ recognition and realized solid growth. Leveraging advantages in Heating Ventilation and Air Conditioning(HVAC) industry, the smart building business developed growth opportunities in heat pump and smart building management. In order to develop its one-stop low-carbon energy solutions business, the Company completed the acquisition of Tongfang Energy Technology Development Company in September 2023, whose technical expertise and experience in heat supply solutions could enhance the Company's integrated heating and cooling services, clean energy and waste heat recovery solutions. SAN YI NIAO focused on improving its design and delivery capabilities. By providing online design tools for home appliance product suites and introducing "Delivery on Wings" scenario delivery tool, it improved user experience during transaction, interaction, design, and delivery process, which drove the sales of home appliance product suites with enhanced user value. (II) Overseas home appliances and smart home businesses During the reporting period, the Company strengthened its high-end brand strategy and achieved steady growth through enhancing brand images, launching best-selling products, and pursuing opportunities in new categories. In the North American region, the Company continues to expand its innovation leadership by launching new, high- end products such as a multi-door refrigerator with an internal water dispenser and the next-generation stainless steel dishwasher with Microban? Antimicrobial Technology and Smart Assist features. The Company also introduced TM ClearView Smart Ultra Quiet window air conditioner, RV air conditioner, ducted units, and a variety of commercial air conditioners, expanding the AIR and Water unit to unlock new business opportunities. At the same time, cross- functional teams continue to collaborate and aspire to be best in class on order-to-cash processes and operation efficiencies, which in return could better serve our customers and consumers. The company's innovative vitality earned it a spot in Fortune Magazine's "Best Places to Work in Manufacturing and Production" and Fast Company's "Best Places to Work for Innovators" during the reporting period. In the European market, the Company continued to pursue brand premiumization: Haier brand launched new range of high-end built-in products and raise its price index to 115. The Company also unveiled New Candy series at IFA Berlin in September 2023. This lineup featured high-end products including Fresco smart refrigerator and Rapidò dishwasher, both with class A energy efficiency grade, along with a new range of smart ovens. The Company also made efforts to raise its profile by becoming the official partner of the prestigious Roland-Garros Tournament and the ATP (Association of Tennis Professionals)Tour. II. Gross Profit Margin The gross profit margin in the first three quarters of 2023 reached 30.7%, up 0.2 percentage points compared to the same period in 2022. Of which, the domestic market recorded a year-on-year increase in gross profit margin, driven by lower commodity prices, digitalization in procurement and R&D, a digitalized production and sales coordination system, and an increased proportion of in-house manufacturing. In overseas markets, while ongoing product mix optimization and increased production capacity utilization had positive impacts on gross margins, they were offset by intensified competition in major regional markets. Overseas gross profit margin in the first three quarters declined year-on-year as a result, but as high-cost inventory was being cleared, the gross profit margin for the third quarter has shown a year-on- year increase. III. Operating Expenses Ratio 1. The selling expense ratio in the first three quarters of 2023 was 14.7%, an improvement of 0.2 percentage points compared to the same period in 2022. In the domestic market, the implementation of digitalization improved efficiency in marketing resource allocation, logistics distribution, and warehousing operations, resulting in a year-on-year improvement in the selling expense ratio. On the other hand, overseas markets experienced intensified competition, which demanded increased spending on expanding retail channels, promoting new product launches, and enhancing store appearance, resulting in a higher selling expense ratio year-on-year. 2. The administrative expense ratio in the first three quarters of 2023 was 4.1%, representing an improvement of 0.1 percentage points compared to the same period in 2022. In particular, the domestic market reduced the expense ratio year-on-year through adopting digital tools to streamline business processes and enhance organizational efficiency, whereas the overseas market increased investment in information technology, leading to a rise in its expense ratio year- on-year. 3. The research and development expense ratio in the first three quarters of 2023 was 4.1%, largely unchanged compared Company’s core capabilities in smart home technologies, driving product innovation across various industries, and advancing the digital platforms of the SAN YI NIAO scenario brand. 4. The financial expense ratio in the first three quarters of 2023 was -0.1% (“+” as expenses, “-” as income), representing a deterioration of 0.3 percentage points compared to the same period in 2022. The deterioration was mainly due to the additional interest expenses incurred overseas as a result of interest rate hikes, which offset the Company's higher interest income achieved through improved capital management efficiency. IV. Working Capital 1. Trade and bill receivable turnover days The trade and bill receivable turnover days for the first three quarters of 2023 was 40 days, a decrease of 0.1 days compared to the end of 2022, hence remained largely unchanged. 2. Inventory turnover days The inventory turnover for the first three quarters of 2023 was 84.2 days, a decrease of 4.6 days compared to the end of 2022. The improvement was mainly due to effective inventory management and optimized stock levels. 3. Trade and bill payable turnover days The trade and bill payable turnover days for the first three quarters of 2023 was 142 days, a decrease of 3 days compared to the end of 2022. V. Cash Flow Analysis 1. Net cash inflow from operating activities in the first three quarters of 2023 amounted to RMB 13.203 billion, an increase of RMB 1.952 billion compared to the corresponding period in 2022. The growth was mainly driven by increased operating profit and enhanced operational efficiency in the current period. 2. Net cash outflow from investing activities in the first three quarters of 2023 amounted to RMB 8.820 billion, an increase of RMB 1.558 billion compared to the corresponding period in 2022. This was mainly due to an increase in cash payments for the purchase of long-term fixed deposits, acquisition of fixed assets, intangible assets, and other long- term assets during the current period. 3. Net cash outflow from financing activities in the first three quarters of 2023 amounted to RMB 6.778 billion, an increase of RMB 3.582 billion compared to the corresponding period in 2022. This was mainly due to the decrease in net new borrowings and the increase in cash payments for dividend distribution, profits, or interest payments during the current 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 2023 amounted to RMB 6.077 billion, of which RMB 2.773 billion and RMB 3.304 billion were used in China and overseas respectively, primarily for plants and equipment construction and digital infrastructure. VII. Asset-liability Ratio At the end of the third quarter in 2023, the Company’s asset-liability ratio was 58.7%, down 1.1 percentage points compared to the end of 2022, which was mainly due to the growth in net profits which increased total assets. (II) Non-recurring profit or loss items and amounts
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 (公開發行 證券的公司信息披露解釋性公告第 1 號—非經常性損益) as recurring profit or loss item □Applicable √Not Applicable (III) Changes in major accounting data and financial indicators and reasons □Applicable √Not Applicable VIII. 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
Note: (1) 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 shareholder; (2)As of the end of the reporting period, the Company’s repurchase account held a total of 102,298,195 shares. IX. 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 RMB13.427 billion, accounting for 13.4% of the Company’s latest net assets and 5.5% 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$1.363 billion. (3) Entrusted wealth management: As at the end of the Reporting Period, the balance of the Company’s entrusted wealth management amounted to RMB1.429 billion, including two parts: ①Temporary-idle funds wealth management by certain subsidiaries of the Company: Under the premise of ensuring sufficient capital for the principal operating activities and daily operations, some subsidiaries of the Company purchased some short- term principal-guaranteed 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. As at the end of the Reporting Period, the balance of the entrusted wealth management amounted to RMB1.414 billion; ②Idle funds in the asset management account of the Employee Stock Ownership Plans: the asset management institution purchased cash management accounts of the Employee Stock Ownership Plans of the Company. The balance of cash assets amounted to RMB15 million. (4) Employee Stock Ownership Plans and Share Option Incentive Scheme: A. Progress of Employee Stock Ownership Plans: ① Completion of shares pool building of the A-share and H-share Employee Stock Ownership Plans (2023): The Company introduced the H-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. for year 2023 (Draft) (“2023 H-share ESOP”), A-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. for year 2023 (Draft) (“2023 A-share ESOP”) upon the approval by the 2022 Annual General Meeting convened on 26 June 2023. During the Reporting Period, the Company completed opening of accounts, and shares pool building and other related work of the A-share and H-share ESOPs for year 2023. 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 2023 A-share Core Employee Stock Ownership Plan and Announcement of Haier Smart Home Co., Ltd. on the Completion of Share Purchase under the 2023 H-share Core Employee Stock Ownership Plan disclosed on 19 July 2023 and 26 July 2023 respectively. ② Vesting of the 2021/2022 A-share/H-share ESOPs: 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 ESOP”), the 2021 Plan under the H-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. (2021-2025) (Draft) (“2021 H-share ESOP”), 2022 A-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. (Draft) And Its Summary(“2022 A-share ESOP”) and 2022 H-share Core Employee Stock Ownership Plan of Haier Smart Home Co., Ltd. (Draft) And Its Summary ( ‘‘2022 H-share ESOP’’), during the Reporting Period, the Company has completed relevant vesting of interests in the abovementioned Employee Stock Ownership Plans: 1) 1,417 participants under the 2021 A-share ESOP vested 8,572,937 shares (and the dividends received in respect of corresponding shares) in accordance with the 2022 annual results and the results of their individual appraisals. The Company has processed the transfer of the relevant shares at the China Securities Depository and Clearing Corporation Limited Shanghai Branch on 28 July 2023 in accordance with the abovementioned resolution; and 27 participants under the 2021 H-share ESOP vested 834,283 shares in accordance with the 2022 annual results and the results of their individual appraisals. The Industrial Securities Asset Management Co., Ltd., the asset management authority, will dispose of H shares held by the Industrial Securities Asset Management Xinzhong Haier Smart Home No. 6 Employee Stock Ownership Single Asset Management Plan in due course based on the aforesaid resolution, and allocate cash to the participants after taking into account the dividends received in respect of H-share Stock Ownership Plan. 2) 2,122 participants under the 2022 A-share ESOP vested 6,281,446 shares (and the dividends received in appraisals. The Company has processed the transfer of the relevant shares at the China Securities Depository and Clearing Corporation Limited Shanghai Branch on 28 July 2023 in accordance with the resolution; and 31 participants under the 2022 H-share ESOP vested 635,116 shares in accordance with the 2022 annual results and the results of their individual appraisals. The Industrial Securities Asset Management Co., Ltd., the asset management authority, will dispose of H shares held by the Industrial Securities Asset Management Xinzhong Haier Smart Home No. 8 Employee Stock Ownership Single Asset Management Plan in due course based on the aforesaid resolution, and allocate cash to the participants after taking into account the dividends received in respect of 2022 H-share ESOP. Please refer to the announcement on Vesting of Interests in Core Employee Stock Ownership Plans of Haier Smart Home Co., Ltd. disclosed by the Company on 1 August 2023 for details. B. Progress of Share Option Incentive Scheme: During the Reporting Period, since there was no suitable exercise window period during the exercise period, the Company cancelled the 9,047,052 share options granted but not yet exercised for the First Exercise Period of the 2021 A Share Option Incentive Scheme. For details, please refer to the announcement on Cancellation of Certain Share Options Granted under The First Grant of the 2021 A Share Option Incentive Scheme of Haier Smart Home Co., Ltd. disclosed by the Company on 31 August 2023. (5) A-share repurchases: On 27 April 2023, the Company convened the 5th meeting of the 11th 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 allowed the Company to use its own funds to repurchase a portion of A shares of the Company by way of centralised bidding. The repurchase price is no more than RMB32 per share and the proposed total repurchase amount is no more than RMB3.0 billion and no less than RMB1.5 billion. The period of this repurchase is within 12 months from the date the Board considered and approved the resolution of repurchase of shares. As at the end of the Reporting Period, the Company had repurchased a total of 40,409,552 shares cumulatively. The highest price purchased was RMB 24.50 per share and the lowest price was RMB 21.20 per share, and the amount paid was RMB 921,834,098.71. For details, please refer to the relevant announcements on monthly progress. X. Quarterly Financial Statements (I) Type of Audit Opinion □Applicable √Not Applicable (II) Financial Statements CONSOLIDATED BALANCE SHEET 30 September 2023 Prepared by: Haier Smart Home Co., Ltd. Unit and Currency: RMB Type of Audit: Unaudited
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