Hisense Home Appliances Group (000921) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥87.93 billion, down 5.19% year-over-year; net profit attributable to shareholders was ¥3.19 billion, down 4.82% year-over-year.

• Operating cash flow increased 12.94% to ¥5.80 billion; basic EPS was ¥2.33.

• The board proposed a cash dividend of ¥12.65 per 10 shares, with no bonus shares or capital increase.

• The company maintained a resilient performance amid global trade barriers, real estate downturn, and rising raw material costs.

Financial highlights

• Gross margin for manufacturing was 22.00%, up 0.29 percentage points year-over-year.

• Domestic revenue fell 5.38% to ¥45.41 billion; overseas revenue rose 6.44% to ¥37.92 billion.

• Ice & washing segment revenue grew 1.16% to ¥31.20 billion; HVAC revenue declined 3.61% to ¥38.83 billion.

• R&D investment was ¥3.44 billion, 3.91% of revenue.

• Net assets attributable to shareholders increased 13.03% to ¥17.47 billion.

Outlook and guidance

• Focus on user-centric innovation, global expansion, and digital transformation.

• 2026 priorities: strengthen R&D, accelerate global/local market penetration, optimize supply chain, and enhance shareholder value.

• Risks include macroeconomic volatility, raw material cost increases, exchange rate fluctuations, and trade barriers.