海尔智家：海尔智家股份有限公司2021年年度报告（英文版）.docx

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1、Haier Smart Home Co., Ltd. 2021 Annual Report Company Code：600690.SH, 690D.DE Short Name：Haier Smart Home Haier Smart Home Co., Ltd. 2021 Annual Report Haier Smart Home Co., Ltd. 2021 Annual Report Important Notice I. The Board of Directors, the Board of Supervisors, directors, supervisors and senio

2、r management of Haier Smart Home Co., Ltd. (the Company) hereby assure that the content set out in the annual 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 o

3、ut therein. II. All Directors of the Company have attended the board meetings. III. Hexin Certified Public Accountants Limited LLP has issued a standard and unqualified audit report for the Company. IV. Liang Haishan (legal representative of the Company), Gong Wei (chief financial officer of the Com

4、pany) and Ying Ke (the person in charge of accounting department) hereby certify that the financial report set out in the annual report is true, accurate and complete. V. Proposal of profit distribution or proposal of capitalizing capital reserves for the reporting period resoluted and adopted by th

5、e Board Proposal of profit distribution for the reporting period are examined and reviewed by the Board: to declare a cash dividend of RMB4.60 per 10 shares (tax inclusive) to all shareholders based on the total number of shares held on record date and after deducting the repurchased shares from the

6、 repurchase account in respect of the future distribution proposal, with proposed distribution amounting to RMB4,320,413,011.54 (tax inclusive). The proportion of cash distribution is 33.1% of the net profit attributable to shareholder of parent company of the Company for the year. If there is any c

7、hange in the total share capital of the Company during the period from the date of this report to the record date of the equity distribution, the total distribution amount will be remained unchanged with corresponding adjustment to the proportion of distribution per share. VI. Disclaimer in respect

8、of forward-looking statements Applicable Not Applicable Forward-looking statements such as future plans, development strategies as set out in this report do not constitute the Companys substantial commitment to investors. Investors are advised to pay attention to investment risks. VII. Is there any

9、fund occupation by controlling shareholders and their related parties for nonoperational purposes? No VIII. Is there any provision of external guarantee in violation of the prescribed decision-making procedures? No IX. Are there more than half of the Directors who are unable to guarantee the truthfu

10、lness, accuracy and completeness of the annual report disclosed by the Company? No X. Important Risk Warnings For the possible risks which the Company may encounter, please refer to the relevant information set out in the section of MANAGEMENT DISCUSSION AND ANALYSIS in this report. XI. Others Appli

11、cable Not Applicable Chairman: Liang Haishan Haier Smart Home Co., Ltd 30 March 2022 Haier Smart Home Co., Ltd. 2021 Annual Report Contents LETTER TO SHAREHOLDERS4 SECTION I DEFINITIONS11 SECTION II GENERAL INFORMATION OF THE COMPANY AND KEYFINANCIAL INDICATORS 13 SECTION III MANAGEMENT DISCUSSION A

12、ND ANALYSIS20 SECTION IV CORPORATE GOVERNANCE61 SECTION V ENVIRONMENTAL AND SOCIAL RESPONSIBILITIES111 SECTION VI SIGNIFICANT EVENTS120 SECTION VII CHANGES IN ORDINARY SHARES AND INFORMATIONABOUT SHAREHOLDERS 146 SECTION VIII RELEVANT INFORMATION OF PREFERRED SHARES157 SECTION IX RELEVANT INFORMATIO

13、N OFCORPORATE BONDS158 SECTION X FINANCIAL REPORT166 DOCUMENTS AVAILABLE FOR INSPECTION (I) Financial statements with signatures and seals of the legal representative, chief accountant and person in charge of accounting department.(II) Original audit report with seals of accounting firm, signatures

14、and seals of registered accountants.(III) Originals of all documents and announcements of the Company which have been publicly disclosed on the newspaper designated by China Securities Regulatory Commission during the reporting period.2/335Haier Smart Home Co., Ltd. 2021 Annual Report Letter to Shar

15、eholders 2021 was no doubt another year full of challenges. The COVID-19 pandemic has changed life and work patterns. While consumption has yet to fully recover, the global supply chain was confronted by various factors such as the chip shortage and insufficient logistics capacity. 2021 was also the

16、 first fiscal year following the integration of Haier Electronics into Haier Smart Home. With unyielding dedication of 100,000 Haier Smart Home innovators around the world, we have delivered more than 110 million unit of home appliances to consumers worldwide and reported best business result ever,

17、including alltime-high sales revenue and net profit. By upholding entrepreneurial spirit since day one, we have firmly implemented strategies of global brand creation, scenario-based innovation, and efficiency enhancement by digitalization. 2021 represents the year when Haier Smart Home made signifi

18、cant progress in fulfilling its mission to provided customized better living experience for families around the world. Key Accomplishments: Record-breaking revenue and profit: In 2021, the Company delivered revenue of RMB 227.556 billion, representing 15.8% growth of organic revenue (excluding impac

19、t from disposed businesses). Also in 2021, the Company achieved net profit of RMB 13.217 billion, representing an increase of 16.7% as compared to 2020. Net profit attributable to the owner of the parent company was RMB 13.067 billion, representing growth of 47.1% from 2020. Realizing synergy due to

20、 integration with Haier Electronics: The Companys operational efficiency has been enhanced. In 2021, selling expense ratio was 16.1% and administrative expense ratio was 4.6%, representing optimization of 1.1 and 0.5 percentage points from 2020 on a comparable basis respectively. High quality growth

21、: In 2021, the Companys cash flow from operating activities was RMB 23.130 billion, representing increase of RMB 5.52 billion from 2020. Net cash flow from operation activities to net profit was 1.75. Efforts to grow overseas business yielding results: Overseas business achieved record-high revenue

22、and profitability: overseas revenue reached RMB 113.725 billion, a growth of 13% from 2020; operating profit amounted to RMB 5.926 billion, an increase of 48.1% from 2020. High-end brands achieved rapid growth: (1) In China, Casartes sales revenue crossed RMB 10 billion mark and reached RMB 12.9 bil

23、lion, representing a year-on-year increase of more than 40%. (2) In United States, our high-end brands Monogram, Caf and GE Profile achieved over 40% growth rate. Alignment of management and shareholder interests: We for the first time established a global management and employee equity incentive sc

24、heme based on the Haier Smart Home listed company incentive platform, which comprised incentive tools such as restricted stock units and options. These performance-based schemes further align interests of our management and shareholders. Sustainable long-term development: The Fortune Magazine publis

25、hed the Fortune Global 500 in 2021. Haier Smart Home was featured once again, moving up 30 places from 2020. In 2022, Fortune Magazine named Haier Smart Home as one of the 2022 Worlds Most Admired Companies. The Company was the only company outside the United States listed in the Home Equipment and

26、Furnishings category. Harmonious employee relations: Haier Smart Home has strived to protect the health and safety of our employees in areas affected by COVID-19, while maintaining our pledge to deliver quality service to customers. In China, being Haier Smart Homes home market, not a single employe

27、es living or health suffered due to the pandemic. In the United States, the largest overseas market of our company, GE Appliances was among the top 20 in the 2021 list of Healthiest 100 Workplaces in America and came second as The Employers with the Healthiest Work Environment of Kentucky in 2021. R

28、emarkable results in technological progress: Haier Smart Home Air Conditioning, together with other R&D institutes, won the “National Award for Science and Technology Progress Second Grade” prize in November 2021 for the development of the “Theory of Building Thermal Environment and related Key Tech

29、nologies for Green Construction”. As Chinas most acclaimed technology award, the National Award for Science and Technology Progress recognizes major technological breakthroughs and creative contributions by Chinese people and organizations in various fields. According to the 2021 Global Smart Home I

30、nvention Patent Top100 released by IPRdaily, Haier Smart Home occupied the first place with 4,535 published patent applications in 2021. In the same year, GEA was named the Smart Home Appliance Company of the Year by IoT Breakthrough for the fourth consecutive year in the United States. Growth Oppor

31、tunities and strategic initiatives Achievements of 2021 is behind us. In 2022, we may face challenges such as declining demand in Chinas real estate market, elevated international shipping costs and high commodity prices. However, the Company will remain proactive and fully committed to achieving ra

32、pid growth in 2022, with growth coming from capturing leadership positions in categories with high growth potential, as well as from innovating service models and creating new revenue stream surrounding Haier Smart Homes loyal user base. The Company currently operates three main categories of produc

33、ts 1) major home appliances including refrigerators, washing machines, kitchen appliances; 2) heating, ventilation, and air conditioning (HVAC) category including air conditioners, water heaters and water purifiers; and 3) small home appliances. Consumer preference and technological trends relating

34、to these three categories are different. At this stage, Haier Smart Homes market positions and competitive edge also vary in these three areas. However, we will assemble all necessary resources, including talents and funds, to tackle our weakness and support high-quality sustainable development in t

35、he next three years. Since the outbreak of the pandemic in 2020, consumers expectations for home living experience have become higher and higher. Their demand for better health, food freshness preservation, nutrition and IoT have ceaselessly propelled the innovation of kitchen appliances. In 2021, t

36、he unit price of refrigerator and kitchen appliances has recorded material surge, exhibiting an increasingly obvious trend in product upgrade. Haier Smart Homes comprehensive brand portfolio and proactive innovation based on consumer insights have allowed us to deliver more competitive refrigerators

37、 and kitchen appliances, thereby to achieving growth rate double that of the worldwide industry. Global R&D platform of Haiers refrigerator has provided support to the rapid growth of refrigerators in the European and Australian markets, while the solid competitive edge of GEA and FPA kitchen applia

38、nces have continuously strengthened the competitiveness of kitchen appliances in the China market. All of these demonstrate Haier Smart Homes competitive edge in global product R&D and operation system. In terms of clothing caring, the Companys product range and technologies portfolio are a long way

39、 ahead of our competitors. High-end products such as the Twin two-in-one washing and drying machine have been highly recognized by the market, which enabled us to cement a leading position in the market segment. Great user reputation and strong R&D capabilities of Haiers washing machine have enabled

40、 us to make breakthrough in the dryer market in China in 2021, recording a revenue increase of 203% and topping the industry in terms of market share. In the United States, the sales volume of large volume front-loads washing machine which was created with our integrated global R&D resources has rea

41、ched 550,000 units in 2021, representing growth exceeding 30% as compared to 2020. Having established a leading market position in the categories of kitchen taste and clothing caring, Haier Smart Homes plan for the next three years is to further expand our leading edge, increase our market share and

42、 profit margins in various markets around the globe. For the HVAC and water appliances businesses, such categories require professional interior finish and have a longer product cycle. The core competitive elements lie in whole supply chain cost competitiveness and technical consistency, as well as

43、support by professional channel. In 2021, the Company achieved a market share of over 40% for electric water heaters, and the revenue of gas water heaters recorded a year-on-year increase of 51%. We have also gained further market share in the highly fragmented gas water heater market. Consistent in

44、vestments in combustion technology, sterilization materials and energy efficiency technology have enabled us to have the largest market share in water heater business in China. In the United States, GEAs water heater plant in South Carolina is also going to deliver high-quality gas water heater prod

45、ucts to American consumers. The Company came in third place in Chinas domestic air conditioning market, with market share increased by more than 2 percentage points in 2021. In the commercial air conditioning market, with our magnetic bearing compressor technology solution which has the technologica

46、l advantages of high energy efficiency, low operating costs and minimal noise, we have achieved 50% market share in this sub-segment. In 2022, the Company will ramp up investments in the core components of the air conditioning industry and develop distributor channels in collaboration with other int

47、ernal businesses such as the water heater business, so as to realize large-scale and high-quality development of our air conditioning business. After preparation of half year, we announced in late 2021 the investment plan for launching a small home appliance business division to further invest in em

48、erging categories of home appliances, such as cleaning appliances, small kitchen appliances, and personal care gadgets. The small home appliance industry is having three favorable growth drivers technological upgrade, smart interconnection, and innovative experience. It is also becoming an industry with a global integrated supply chain, with majority of production based in China. Meanwhile, small home appliances are becoming smarter. For example, in the field of vacuuming robots, sensors, scenarios, and interactions produce wealth of data, whic