CROSBY Research – Haier (6690 HK/NR): 1QFY25 adjusted NP up 15.6% YoY

09 May 2025

Haier announced its 1QFY25 quarterly results, with operating revenue increased by 10.1% YoY to Rmb79.12bn GPM for the quarter was up by 0.1ppt YoY to 25.4%, with the increase driven by further digitalization from manufacturing to sales, and improved cost competitiveness via cost accounting model. S&D ratio was at 9.6% in 1Q25, down 0.1ppt YoY, as a result of digital reform in domestic market which enhanced efficiency, and integrated global resources which enhanced operational productivity in overseas market. Admin cost ratio also down 0.1ppt YoY to 3.1% with higher digitalization, while R&D ratio was flat YoY at 4.2%.  As a result, adjusted 1Q25 NP, excluding one-off items, was up by 15.6% YoY to Rmb5.36bn.