Credit Brief — Haier Smart Home Co., Ltd. (海尔智家)
600690.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 李华刚
- Registered address: 青岛市崂山区海尔工业园内（现名“青岛市崂山区科创生态园内”）
- Office address: 青岛市崂山区海尔科创生态园内
- Controlling shareholder: 海尔卡奥斯股份有限公司
- Actual controller: 海尔集团公司
- Employees: 134,995
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 54,162.2 | 54,486.5 | 55,583.8 | 47,621.7 | 50,859.1 |
| Trading financial assets | 519.9 | 954.0 | 1,236.0 | 2,034.3 | 7,749.7 |
| Accounts receivable | 15,886.7 | 22,682.9 | 26,473.0 | 27,065.8 | 32,955.1 |
| Other receivables | 2,401.1 | 2,949.2 | 3,489.2 | 3,096.5 | 3,933.1 |
| Inventories | 41,587.8 | 39,524.0 | 43,044.4 | 46,848.8 | 45,317.4 |
| Long-term equity investments | 24,527.8 | 20,196.2 | 20,932.4 | 21,756.9 | 21,857.3 |
| Fixed assets | 27,158.3 | 33,425.7 | 37,518.6 | 40,353.0 | 38,998.2 |
| Construction in progress | 4,094.7 | 5,951.9 | 5,680.1 | 4,885.3 | 6,384.9 |
| Intangible assets | 10,505.9 | 12,454.3 | 14,034.7 | 14,224.8 | 13,462.1 |
| Total assets | 236,017.8 | 253,379.9 | 290,113.8 | 295,795.1 | 311,911.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 9,672.2 | 10,895.1 | 13,784.4 | 17,420.8 | 21,678.0 |
| Notes payable | 25,098.6 | 22,215.7 | 21,149.1 | 23,870.7 | 28,496.9 |
| Accounts payable | 41,885.3 | 49,918.0 | 54,588.0 | 53,544.7 | 55,751.1 |
| Contract liabilities | 9,353.2 | 7,731.9 | 10,852.1 | 8,534.5 | 6,651.2 |
| Other payables | 17,585.2 | 19,181.6 | 21,744.2 | 19,493.6 | 28,307.2 |
| Current portion of non-current liabilities | 6,294.8 | 4,046.6 | 16,528.8 | 8,678.9 | 5,205.1 |
| Long-term borrowings | 13,590.9 | 17,936.3 | 9,665.1 | 11,165.9 | 12,096.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 3,500.0 | 3,500.0 |
| Total liabilities | 141,267.5 | 147,468.1 | 171,724.9 | 169,818.1 | 182,536.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 9,446.6 | 9,438.1 | 9,382.9 | 9,377.6 | 9,377.6 |
| Capital reserve | 23,882.0 | 21,514.5 | 20,115.4 | 20,366.7 | 23,362.9 |
| Retained earnings | 57,983.7 | 68,535.7 | 79,288.1 | 87,486.6 | 89,561.5 |
| Equity attributable to owners of the parent | 0.0 | 0.0 | 111,778.9 | 118,698.4 | 119,678.4 |
| Minority interests | 1,290.9 | 6,264.4 | 7,022.8 | 7,278.6 | 9,697.1 |
| Total equity | 94,750.3 | 105,911.7 | 118,389.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 243,578.9 | 261,427.8 | 285,981.2 | 302,346.8 | 152,115.1 |
| Cost of sales | 167,263.3 | 198,838.5 | 206,487.1 | 221,738.8 | 110,695.1 |
| Selling expenses | 38,600.3 | 32,726.7 | 33,585.9 | 33,877.8 | 16,438.7 |
| Administrative expenses | 10,846.3 | 11,489.6 | 12,110.2 | 13,762.5 | 6,024.6 |
| Finance costs | -241.8 | 514.2 | 972.6 | -51.0 | 1,103.4 |
| Investment income | 1,832.7 | 1,698.7 | 1,912.6 | 1,529.9 | 881.2 |
| Operating profit | 17,845.2 | 19,880.2 | 22,911.7 | 23,725.5 | 13,029.0 |
| Profit before tax | 17,791.1 | 19,712.3 | 22,732.8 | 23,478.7 | 13,071.2 |
| Net profit | 14,733.3 | 16,732.1 | 19,575.6 | 20,163.1 | 10,876.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.10x | 1.11x | 1.01x | 1.07x | 1.13x |
| Quick ratio | 0.75x | 0.78x | 0.73x | 0.74x | 0.84x |
| Debt-to-asset ratio | 59.9% | 58.2% | 59.2% | 57.4% | 58.5% |
| Total debt / EBITDA | 1.44x | 1.42x | 1.48x | 1.51x | 2.42x |
| EBITDA interest coverage | 84.63x | 45.10x | 27.80x | 531.12x | 15.93x |
| Gross margin | 31.3% | 23.9% | 27.8% | 26.7% | 27.2% |
| Net margin | 6.0% | 6.4% | 6.8% | 6.7% | 7.1% |
| Return on equity (ROE) | 15.5% | 15.8% | 16.5% | — | — |
| Revenue growth | — | 7.3% | 9.4% | 5.7% | -49.7% |
| Net profit growth | — | 13.6% | 17.0% | 3.0% | -46.1% |
| Receivable days | 24 | 32 | 34 | 33 | 79 |
| Cash received / revenue | 106.0% | 105.3% | 107.3% | 107.4% | 105.6% |
| Operating CF / net profit | 1.37x | 1.51x | 1.36x | 1.29x | 0.00x |
| Free cash flow | 11,330.8 | 8,177.3 | 6,468.7 | 8,927.6 | -10,277.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.07 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.74 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.57 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 25 flags (high×7, mid×18); first 3 shown:
- 2023 · Same item across different source documents: 22,682.9 vs 20,268.1 CNY mn (deviation 10.65%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,414.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 1,391.5 vs 1,238.3 CNY mn (deviation 11.01%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 153.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 2,949.2 vs 2,649.6 CNY mn (deviation 10.16%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 299.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 22,682.9 vs 20,268.1 CNY mn (deviation 10.65%, severity mid)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,525.7 vs 324.2 CNY mn (deviation 78.75%, severity mid)
Sources: 2024年年度报告.pdf p.121 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.108 「货币资金」. CF-statement figure above the balance-sheet movement by 1,201.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -1,702.1 vs 1,097.4 CNY mn (deviation 164.47%, severity mid)
Sources: 2024年年度报告.pdf p.121 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.117 「货币资金」. CF-statement figure below the balance-sheet movement by 2,799.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -8,726.9 vs -7,962.2 CNY mn (deviation 8.76%, severity mid)
Sources: 2025年年度报告.pdf p.122 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.118 「货币资金」. CF-statement figure below the balance-sheet movement by 764.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 3,604.8 vs 3,237.4 CNY mn (deviation 10.19%, severity mid)
Sources: 2026年半年度报告.pdf p.70 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.66 「货币资金」. CF-statement figure above the balance-sheet movement by 367.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 47,621.7 | 2025年年度报告.pdf | 118 | 货币资金 | 47621657441.3 (元) |
| Total assets | 2025 | 295,795.1 | 2025年年度报告.pdf | 118 | 资产总计 | 295795068591.57 (元) |
| Accounts receivable | 2025 | 27,065.8 | 2025年年度报告.pdf | 118 | 应收账款 | 27065839108.45 (元) |
| Fixed assets | 2025 | 40,353.0 | 2025年年度报告.pdf | 118 | 固定资产 | 40353013813.33 (元) |
| Short-term borrowings | 2025 | 17,420.8 | 2025年年度报告.pdf | 118 | 短期借款 | 17420784420.86 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.