Stock Code: 600690Company: Haier Smart Home
Haier Smart Home Co., Ltd.First Quarter 2021 Report
Contents
I. IMPORTANT NOTICE 3II. COMPANY PROFILE 3III. SIGNIFICANT EVENTS 12IV. APPENDIX 14
I. IMPORTANT NOTICE
1.1 The Board of Directors, the Board of Supervisors, directors, supervisors and senior managementof Haier Smart Home Co., Ltd. (“the Company”) hereby assure that the content set out in thequarterly report is true, accurate and complete, and free from any false record, misleadingrepresentation or material omission, and are individually and collectively responsible for thecontent set out therein.
1.2 All Directors of the Company attended the Board meeting for considering the quarterly report.
1.3 Liang Haishan (legal representative of the Company), Gong Wei (chief financial officer of theCompany) and Ying Ke (the person in charge of accounting department) hereby certify that thefinancial statements set out in the quarterly report are true, accurate and complete.
1.4 The first quarterly report of the Company has not been audited.
II. COMPANY PROFILE
2.1 Key financial data
Unit and Currency: RMB
| At the end of the reporting period | At the end of last year | Increase/decrease at the end of the reporting period compared with the end of last year (%) | |
| Total assets | 205,542,336,997.99 | 203,459,495,879.65 | 1.02 |
| Net assets attributable to shareholders of listed companies | 75,000,476,951.99 | 66,816,422,614.55 | 12.25 |
| At the beginning of the year to the end of the reporting period | At the beginning of last year to the end of the reporting period of last year | Yoy change (%) | |
| Net cash flows from operating activities | 2,863,386,935.66 | -5,787,626,102.33 | 149.47 |
| At the beginning of the year to the end of the reporting period | At the beginning of last year to the end of the reporting period of last year | Yoy change (%) | |
| Operating revenue | 54,773,701,753.64 | 43,141,448,203.28 | 26.96 |
| Net profits attributable to shareholders of listed companies | 3,053,933,589.63 | 1,070,333,404.45 | 185.33 |
| Net profits after deduction of non-recurring profit or loss attributable to shareholders of listed companies | 2,823,027,182.06 | 943,123,999.14 | 199.33 |
| Weighted average return on net assets (%) | 4.38 | 2.22 | Increased by 2.16 percentage points |
| Basic earnings per share (RMB per share) | 0.333 | 0.163 | 104.29 |
| Diluted earnings per share (RMB per share) | 0.326 | 0.163 | 100.00 |
| Items | Amount for the current period |
| Profit or loss from disposal of non-current assets | -11,607,188.24 |
| Government grants included in current profit or loss, except that closely related to the normal operating business, complied with requirements of the national policies, continued to be granted with the amount and quantity determined under certain standards | 184,949,066.19 |
| Profit and loss of changes in fair value arising from holding of trading financial assets, derivative financial assets, trading financial liabilities and derivative financial liabilities, as well as investment gain realized from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities and other debt investments, except for valid straddle business relevant to normal business of the company | 89,043,055.23 |
| Other non-operating income and expenses except the aforementioned items | 14,038,712.23 |
| Impact on Minority interests (after tax) | -3,920,027.41 |
| Effect of income tax | -41,597,210.43 |
| Total | 230,906,407.57 |
profit growth of the first quarter of 2021 comparing the first quarter of 2020 represented higher rates thanthe growth rate comparing with the first quarter of 2019
As the logistics business and the COSMO business of the Company were deconsolidatedrespectively on July 2019 and Sept.2020, if the revenue contribution of COSMO business and logisticsnot being included in the first quarter of 2020 and 2019 respectively, the revenue in the first quarter of2021 increased by 38.2% as compared with the first quarter of 2020 and increased by 24.4% as comparedwith the same period of 2019.
Performance of Key Indicators
I. RevenueThe sales revenue in the first quarter of the Company was RMB54.8 billion, representing anincrease of 27.0% year-on-year, of which, revenue from China increased by 29.5% year-on-year.After excluding the deconsolidation impacts of the COSMO business, the revenue increased by
55.7% year-on-year. Revenue from overseas increased by 24.6% year-on-year.
1. Domestic Market
During the period, the Company insisted on the reform from high-end brands to scenario-basedand ecosystem brands, so that users would pay for premiums not only on products but also onexperience. It sped up the upgrading of sales model with digital tools, and also digitalized theplatforms for sales person, after-sale service personnel and supply chain management to furtherimprove operational efficiency. The market shares of all businesses improved continuously. Thesales revenue from the Casarte brand increased by 80% with the proportion of revenue furtherincreased in all categories.
In which:
(1) Household Food Solution
Refrigerator: According to CMM’s report, by retail revenue, our shares of online and offlinerefrigerator market was 38.5% and 40.8% respectively in the first quarter of 2021, representingincreases of 2.5 and 1.4 percentage points, in which Haier and Casarte ranked first and second inthe industry in terms of retail revenue, further consolidating the leading position in the refrigeratorindustry. Casarte had a market share of 13.2%, increasing by 3.2 percentage points as compared tothe same period last year, and its market share for high-end products priced RMB15,000 or abovereached 43%.
During the period, the refrigerator industry led the ultimate healthy-oriented and freshnesspreservation trend in the industry. It introduced the MSA Pro oxygen control and preservation plan,and help vegetables to achieve a 200% increase in water-preservation rate and an improvement of12% in the vitamin C preservation rate comparing with normal refrigerators. It released the freebuilt-in industrial standards 2.0, and the heat dissipation space between refrigerators and cabinetswas reduced from 2cm to zero through front heat dissipation technology at the bottom, whichsolved the problem of excessive large gap between refrigerators and cabinets in the traditional heatdissipation. The Company introduced the raw gemstone series, using panels with the quality ofnatural gemstone to cater to the users’ appetite to natural and modern aesthetics. The online salesrevenue of the Casarte brand doubled.
Kitchen appliances: According to CMM’s report, by retail revenue, our share in kitchenappliances market share reached 6.8% in the first quarter of 2021, representing an increase of 0.9percentage point. Casarte’s retail revenue market share was up by 1.3 percentage points with anincrease of 108%.
During the period, the Company achieved breakthrough in the high-end market by activelyexpanding the Casarte’s product portfolio and upgrading the end user experience in scenario-basedconsumption. It launched the Ideal Home series, bringing an increase of over 200% in revenue ofCasarte kitchen appliances. Meanwhile, the Company accelerated in the construction of townshipstores and promoted the integration of online and offline channels. It further realized the growth inproperty developer channels through the multi-brand matrix of Casarte, GEA and FPA. It alsoswiftly promoted the household local renovation solutions by showcasing the enriched “Three-Winged Bird” smart kitchen scenarios.
(2) Household Clothing Solutions
Washing machine: According to CMM’s report, by retail revenue, our shares of online andoffline washing machine market reached 42.9% and 41.7% respectively in the first quarter of2021, representing increases of 1.9 and 2.2 percentage points.
During the period, the washing machine business expanded its revenue and profitabilitypotential by promoting hot-selling products such as Casarte Twin Tasker series. The market shareof Casarte in price segment above RMB10,000 reached 78.1% in the first quarter, representing anincrease of 3.2 percentage points year-on-year. The unique and innovative product BLingBLingcolored apparel washer recorded sales of 28,000 units. Users can repurchase its exclusivelyassembled laundry detergent after use. During this period, the sales revenue of laundry detergentand peripheral accessories exceeded RMB10 million. Meanwhile, the Company actively expandednew products such as tumble dryers, shoe washers, clothing cabinets etc. from which the salesrevenue of tumble dryers was up by over 300% year-on-year. According to CMM’s report, theshare of offline retail sales of tumble dryers exceeded 33%, representing an increase of 19.7percentage points year-on-year. Lastly, the washing machine industry actively promotedmarketing activities such as “Dress China” (衣裳中国) and “Refined Living” (花嫁人生) tofurther enhance product awareness. Casarte washing machine cooperated with DRESS CHINA,CCTV's large-scale program on Chinese clothing culture, to demonstrate cleaning and care of theprecious Shu Brocade with "air washing". The users only need to activate the "air wash" functionwith one touch, and the micro-steam molecules would penetrate the fibers of the clothes to cleanthe clothes while restoring the texture and radiance. With the airing of DRESS CHINA, Casarte'ssmart washing and care scenario gained wide market attention and has become the priority choicefor many high-end users.
(3) Household Air solutions
Household air conditioner: in the first quarter of 2021, by retail revenue, the Company’sair conditioner online and offline market share was 15.1% and 17.3%, representing a year-on-year increase of 2.1 percentage points and 2 percentage points. On the back of products such asHaier air-washing, 3D sterilization cabin and the Casarte Galaxy series, the high-end marketshare represented by hanging machines priced above RMB4,000 and cabinet machines pricedabove RMB10,000 reached 22.3%, up by 3.5 percentage points year-on-year.
During the period, domestic sales revenue from the household air conditioner of theCompany increased by 128%. The Company focused on users’ demand for healthy air during thepost-pandemic period, and renovated the smart health-oriented scenarios and services. TheCompany enhanced the brand awareness on “Healthy Air Conditioners Made by Haier” throughindustry leading technologies such as 3D sterilization cabin and air-washing. For example, theair-washing technology achieved the differentiated experience of purification, humidification,oxygenation, sterilization, positioned air supply, voice interaction etc., with the high-speedcentrifugal waterfall curtain system based on the aeroengine theory, which can cleanse the air inan hour to create good air which is clean, fresh, mild and comfortable. During the “Haier HealthyAir Conditioner Festival” (海尔健康空调节) in March, the Casarte Galaxy series, Haier
sterilization cabins, air-washing and other differentiated products were widely pursued by users,accounting for the biggest share in the sterilization air conditioners sector. The Company alsovigorously promoted personalized air solutions for all scenarios. Meanwhile, the air conditionersindustry continued to expand its sales network and made great efforts to develop in the third andfourth tier cities and rural markets, with an increase of 25% in the number of township stores.Through the product mix upgrading, we continued to improve the operating efficiency.
Commercial air conditioner: the Company created personalized air solutions by region,and continued to promote product upgrading. The high-efficiency plant room-based air solutionsadopted in the South were focused on magnetic levitating central air conditioner to connectcentral air conditioners, chillers, water pumps, cooling towers and other products to the E +cloud platform, so as to realize intelligent control and data monitoring, eliminate the operatingdysfunction in a timely manner to minimize the labour and maintenance cost, and achieve thehigh efficiency and energy saving during the whole life cycle. In the northern region, we activelyincreased our presence in the clean heating market, and provided multiple solutions including aircooling module and magnetic levitating heat pump unit, so as to meet the needs of users indifferent regions and scenarios. We released the IoT cloud platform for smart building, Hai BMS,which connects the central air conditioners, elevator, lighting, fire protection and other buildingsubsystems. It covers smart air, clean energy, smart energy saving, smart stores and otherscenarios, and improves the operation parameters for each equipment according to big dataanalysis, so as to facilitate the digitization of whole construction.
(4) Household water solution
Water heater: according to the CMM data, by retail revenue, in the first quarter of 2021 theCompany’s water heater online and offline market share was 29.9% and 26.9%, representing ayear-on-year increase of 3.8 percentage points and 1.5 percentage points.
During the period, the Company launched the Casarte Galaxy series with crystal rods. As thefirst water heater without magnesium rods in the industry, it achieves zero incrustation, zeroprecipitation, zero rusty water and zero corrosion. It initiates the gas-electric hybrid technologywith modulated temperature. The water heater adopts heating by gas and electricity energy,achieving constant temperature of water during the whole process. Meanwhile, we continued togain market share through the brand portfolio of Casarte, Haier and Leader. Among them, theCasarte water heater business achieved an increase of over 120% in the first quarter. In addition,the water heater business vigorously expanded HVAC channels, building materials, ironware andplumbing and other upstream retail and focused on replacement customers in old communitiesand renovated communities through activities. It expanded to the designer and home furnishingmarket to increase presence among new users, further enhancing HVAC and home furnishingusers’ recognition of Haier products.
Water purifier: according to the CMM data, in the first quarter, by retail revenue, theCompany’s water purifier offline market share increased by 62.1%, and its market share rankingrose by one place to the fourth while the online retail share increased by15.1% and continued totake the lead.
During the period, the water purifier industry focused on the increasing demand of users forclean and healthy water, and launched "mineral water purifier" products – the new Casarte CloudTrout product series, which effectively promoted the sales growth of healthy water purifierproducts. At the same time, we improved the user awareness of "healthy water purifier" of Haierby effectively launching "clean your cup" activity and the product marketing during AWE. OnChannel building aspect, we expanded the network coverage of Casarte on one hand, whilesteadily improving the output of single store and enhancing the channel competitivenesscontinuously on the other hand.
2. Overseas market
With a constant focus on users, the Company has made continued efforts in product innovationand distribution network expansion in the overseas market in order to mitigate the pressure onoperations caused by rising cost of raw materials, freight and currency fluctuations. Despite theCOVID-19 resurgence, our sales revenue increased by 24.6% and operating profit grew by 135%,with further 2 percentage points expansion on operating margin at 4.6%.
During the period, the Company continued to lead the industry with popular antibacterial,healthy and smart appliances, and grew the revenue of high-end products by over 40%; whilespeeding up online transformation and comprehensively increased market share by furthercollaborating with strategic partners, expanding sales network and promoting omni channelintegration by actively engaging KOLs and teaming up with streaming platforms to facilitateuser interaction, the Company had a total of 12 million followers on social network by the end ofMarch; in addition, new factories in Egypt, Romania and Turkey commenced operation, whichfurther guaranteed the Company’s supply of products; the Company also accelerated cloud-basedstrategic implementation in the IoT ecosystem.
During the period, the Company achieved 20% revenue growth in the US market with rapidexpansion from high-end brands Café and GE Profile. Leveraging on global procurementplatform, the Company managed to maintain stable production and supply despite the winterstorm disruptions and components constraints, and production volume grew 20% compared withthe same period last year. The multi-door refrigerator and large-capacity front-load washingmachine jointly developed were widely recognized in the US market. In the European market,the Company actively expanded online presence while gaining users’ recognition throughdedicated eco brand campaigns. In Australia and New Zealand, the Company focused on high-end kitchen products and launched Series 7 & Series 9 premium front-load washing machine andheat pump tumble dryers. In the Japanese market, the Company continued to promotecommunity based AQUA Laundry solutions to satisfy users’ demand for optimal experience.Facing the pandemic in South Asia, the Company still managed to significantly outgrew theindustry by making dedicated efforts in expanding presence online, while in Southeast Asianmarket, the Company facilitated exponential growth in its fan base through live-streaming.
II. Gross ProfitThe Company’s gross margin was 28.5% for the first quarter of 2021, representing an increase of 1percentage point as compared with the first quarter of 2020.
1. Domestic market
During the reporting period, gross profit margin of home appliances industry remained underpressure from rising raw material and components costs. The Company mitigated the impacts byimplementing measures including accelerating Casarte pipeline and Super Factory project onSKU reduction to optimize cost structure and enhance efficiency. During the period, salesrevenue of Casarte grew by 80% and its revenue contribution increased by over 1 percentagepoint.
2. Overseas market
In the face of rising commodity price and sea freight cost, the Company made active efforts inoptimizing product mix and improving efficiency. In the US market, high-end brands continuedto expand market share while in Europe the proportion of medium and high-end productsincreased by 2% through the introduction of 979 washing machine and Super Drum wide front-
load washing machine.
III. Operating expenses ratio
1. The selling expense ratio of the Company was 14.3%, representing a decrease of 0.7 percentage
point year on year.
(1) Domestic market. The Company further enhanced operating efficiency by promotingonline/offline integration and digitalizing distribution, service and supply chain management.During the period, the selling expense ratio in China decreased by 1 percentage point.
(2) Overseas market. The Company accelerated information system implementation toimprove operational efficiency and optimize overall expense ratio.
2. The administrative expense ratio was 3.9%, representing a decrease of 0.6 percentage point yearon year, which was attributable to improved operations
3. The research and development expense ratio was 3.8%, representing an increase of 0.1
percentage point year on year. It was mainly due to the step-up efforts in building core smartcapabilities, such as iteration and upgrade of Smart Home APP, Smart Home cloud-based brain &relevant cutting-edge technologies, the incubation of new categories and eco business as well asthe iteration of Three-Winged Bird scenario experience.
4. The financial expense ratio of the Company was 0.3%, representing a decrease of 0.5 percentagepoint year on year. The decrease in interest expenses was mainly due to the conversion ofconvertible bonds and debt repayment.
IV. Working Capital
1. Trade receivables turnover days
The trade receivables turnover days of the Company was 30 days as at the end of the first quarter of2021, representing an increase of 3 days as compared to the corresponding period, which was mainlyattributable to the decrease in the factoring arrangement of GE Appliances and increase in its salesrevenue.
2. Inventory turnover days
The inventory turnover days of the Company was 72 days in the first quarter of 2021,representing a decrease of 11 days as compared to the corresponding period, which was mainlyattributable to post pandemic macro recovery and the acceleration in inventory turnover.
3. Trade payable turnover days
As at the end of the first quarter of 2021, trade payables turnover days were 88 days,representing a decrease of 3 days as compared to the first quarter of 2020, which was mainlyattributable to the settlement of existing trade payables during the period.
V. Cash Flow Analysis
1. Net cash flow from operating activities for the period amounted to RMB2.86 billion, representingan increase of RMB8.65 billion as compared to the corresponding period. It was mainly due to thelow level of cash flow from operating activities for the corresponding period caused by Covid-19outbreak; and it was an increase of RMB1.48 billion as compared with the first quarter of 2019,representing an increase of 107.2%, which was mainly due to the increase of revenue and continued
optimization of operational efficiency;
2. Net cash flow from investing activities for the period amounted to RMB620 million, representinga decrease of 49.3% as compared to the corresponding period, which was mainly due to the increasein the redemption of wealth management products and the occurrence of outflow from equityinvestment for the same period last year;
5. Net cash outflow from financing activities for the period amounted to RMB4.35 billion, while netcash inflows in financing activities for the corresponding period amounted to RMB7.58 billion,representing an increase in outflow of 157.39%, as borrowings increased by RMB8.76 billion toaddress the impacts of the epidemic during the corresponding period of last year, while borrowings inthe reporting period decreased by RMB5.1 billion as operation and profitability both recovered; inaddition, repayment of super-short-term financing and domestic borrowings resulted in an increase ofRMB6.83 billion in outflow as compared to the corresponding period of last year.
VI. Capital Expenditure
The Company assesses its capital expenditure and investments in each business segment in China andoverseas from time to time. The capital expenditure in the first quarter of 2021 was RMB1,700million, of which RMB740 million and RMB960 million were used in China and overseasrespectively in plant and equipment construction, property rental, and digital infrastructure.
VII. Gearing Ratio
As of the end of the first quarter of 2021, the Company’s gearing ratio (defined as total liabilitiesdivided by total assets) was 62.9%, representing a decrease of 3.7% as compared to the end of 2020,which was mainly due to the conversion of RMB5.1 billion convertible bonds and the repayment ofRMB5.5 billion super-short-term financing.
2.2 Table of total number of shareholders, top ten shareholders, top ten common shareholders (or theshareholders without selling restrictions) by the end of the reporting period
Unit: Share
| Total number of shareholders | 175,960 | ||||||
| Shareholdings of top ten shareholders | |||||||
| Name of shareholder (full name) | Number of shares held at the end of the period | Percentage (%) | Number of shares held subject to selling restrictions | Status of shares pledged or frozen | Nature of shareholder | ||
| Status | Number | ||||||
| HKSCC NOMINEES LIMITED | 2,122,936,359 | 22.71 | Unknown | Foreign legal entity | |||
| Haier Electric Appliances International Co., Ltd. (currently named as Haier COSMO Co., Ltd.) | 1,258,684,824 | 13.46 | Nil | Domestic non-state owned legal entity | |||
| Class | Number | ||
| HKSCC NOMINEES LIMITED | 2,122,936,359 | Overseas listed foreign shares | 2,122,936,359 |
| Haier Electric Appliances International Co., Ltd. | 1,258,684,824 | RMB ordinary | 1,258,684,824 |
| Haier Group Corporation | 1,072,610,764 | RMB ordinary | 1,072,610,764 |
| HCH (HK) INVESTMENT MANAGEMENT CO., LIMITED | 538,560,000 | Overseas listed foreign shares | 538,560,000 |
| Hong Kong Securities Clearing Co., Ltd. | 471,210,138 | RMB ordinary | 471,210,138 |
| Haier Group Corporation | 1,072,610,764 | 11.47 | Nil | Domestic non-state owned legal entity | |||
| HCH (HK) INVESTMENT MANAGEMENT CO., LIMITED | 538,560,000 | 5.76 | Nil | Foreign legal entity | |||
| Hong Kong Securities Clearing Co., Ltd | 471,210,138 | 5.04 | Nil | Unknown | |||
| China Securities Finance Corporation Limited | 182,592,654 | 1.95 | Nil | Unknown | |||
| Qingdao Haier Venture & Investment Information Co., Ltd. | 172,252,560 | 1.84 | Nil | Domestic non-state owned legal entity | |||
| ALIBABA INVESTMENT LIMITED | 83,823,993 | 0.90 | Unknown | Unknown | |||
| Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership) | 73,011,000 | 0.78 | Nil | Domestic non-state owned legal entity | |||
| Central Huijin Asset Management Co., Ltd. (中央汇金资产管理有限责任公司) | 69,539,900 | 0.74 | Nil | Unknown | |||
| Shareholdings of top ten shareholders not subject to selling restrictions | |||||||
| Name of shareholder | Number of shares held not subject to selling restrictions | Class and number of shares | |||||
| China Securities Finance Corporation Limited | 182,592,654 | RMB ordinary | 182,592,654 |
| Qingdao Haier Venture & Investment Information Co., Ltd.(青岛海尔创业投资咨询有限公司) | 172,252,560 | RMB ordinary | 172,252,560 |
| ALIBABA INVESTMENT LIMITED | 83,823,993 | Overseas listed foreign shares | 83,823,993 |
| Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership) | 73,011,000 | RMB ordinary | 73,011,000 |
| Central Huijin Asset Management Co., Ltd. (中央汇金资产管理有限责任公司) | 69,539,900 | RMB ordinary | 69,539,900 |
| Related-parties or parties acting in concert among the aforesaid shareholders | (1) Haier Electric Appliances International Co., Ltd. (currently named as Haier COSMO Co., Ltd.) is a holding subsidiary of Haier Group Corporation. Haier Group Corporation holds 51.20% of its equity. Qingdao Haier Venture & Investment Information Co., Ltd. (青岛海尔创业投资咨询有限公司), Qingdao Haichuangzhi Management Consulting Enterprise (Limited Partnership), HCH (HK) INVESTMENT MANAGEMENT CO., LIMITED are parties acting in concert with Haier Group Corporation; (2) The Company is not aware of the existence of any connections of other shareholders. | ||
| Explanation of preferential shareholders with restoration of voting rights and their shareholdings | Not Applicable | ||
3) Development expenditure decreased by 52.95% as compared to the beginning of the period, mainlydue to the transfer to intangible assets after meeting the conditions for use;
4) Financial liabilities held for trading decreased by 96.12% as compared to the beginning of the period,mainly due to the expiration of the locked exchange rate instruments;
5) Derivative financial liabilities decreased by 40.91% as compared to the beginning of the period,mainly due to the increase in interest rate swap agreements and forward foreign exchange contracts;
6) Other current liabilities decreased by 90.68% as compared to the beginning of the period, mainly dueto the Company’s repayment of ultra-short-term financing bonds for financing;
7) Debentures payable decreased by 75.18% as compared to the beginning of the period, mainly due tothe conversion of convertible bonds into shares of the Company;
8) Long-term payables increased by 37.08% as compared to the beginning of the period, mainly due tothe increase in long-term payables on brand usage fees;
9) Other equity instruments decreased by 75.50% as compared to the beginning of the period, mainly dueto the conversion of convertible bonds into shares of the Company;
10)Capital reserve increased by 43.47% as compared to the beginning of the period, mainly due to theconversion of convertible bonds into shares of the Company;
11)Treasury stock increased by 279.03% as compared to the beginning of the period, mainly due to therepurchase of shares during the period;
12)Financial expenses decreased by 47.84% as compared to the same period of last year, mainly due tothe decrease in interest expenses;
13)Investment income increased by 42.39% as compared to the same period of last year, mainly due tothe increase in investment income from long-term equity investment accounted for using equity method;
14)Gains on change of fair value increased by 167.58% as compared to the same period of last year,mainly due to the changes in the fair value of financial products held for trading;
15)Gain from disposal of assets decreased by 308.58% as compared to the same period of last year,mainly due to the losses in the disposal of assets by subsidiaries;
16)Non-operating income decreased by 30.57% as compared to the same period of last year, mainly dueto the demolition compensation recognized in the same period of last year (nil for the current period);
17)Income tax expense increased by 153.34% as compared to the same period of last year, mainly due tothe increase in profit for the period as compared to the same period of last year;
18) Net cash flows in operating activities increased by 149.47% or RMB 8.65 billion as compared to the
same period of last year, which was mainly due to the low level of cash flow from operating activitiesdue to the impacts of epidemic for the corresponding period; and increased by RMB1.48 billion ascompared with the first quarter of 2019, representing an increase of 107.2%, which was mainly due tothe increase of revenue of the Company and continuous optimisation of operational efficiency;
19)Net cash flows from investing activities decreased by 49.32% as compared to the same period of lastyear, which was mainly due to the increase of the redemption amount of wealth management products in theperiod as compared with the last year and the occurrence of outflow from equity investment for the last period;Net cash outflows from financing activities increased by 157.39% as compared to the same period of last year,which was mainly due to ① the borrowings of RMB8.76 billion to address the impacts of the epidemic duringthe corresponding period of last year, while cash received from the borrowings in the period decreased byRMB5.1 billion as compared to the corresponding period of last year as a result of continuous improvement inthe quality of operations and profitability; ② the repayment of super-short-term financing borrowingsresulting in an increase in cash outflow by 6.83 billion compared to the corresponding period of last year.
3.2 Analysis on the progress of significant events and their impact and solution
√Applicable □ Not Applicable
1) External guarantees: By the end of the reporting period, the external guaranteesprovided by the Company and its subsidiaries were guarantees between the Company and itssubsidiaries, the total balance of which amounted to RMB23.920 billion, accounting for 31.9% ofthe Company’s latest net assets and 11.6% of the latest total assets.
2) Foreign exchange derivative： By the end of the reporting period, the aggregate balanceof the Company’s foreign exchange derivative transactions amounted to approximately USD 1.946
billion.
3) Entrusted wealth management: By the end of the reporting period, the balance of theCompany’s entrusted wealth management amounted to RMB1.471 billion, including two parts: ①temporarily-idle fund-raising wealth management: at the end of December 2018, the Company’sproceeds for the issuance of convertible corporate bonds were fully landed. In order to improve theyield of temporarily-idle funds, the Company intended to carry out cash management with theamounts not exceed RMB0.7 billion after approved by the Board of Directors. By the end of thereporting period, the balance of the entrusted wealth management amounted to RMB388 million; ②Temporary-idle funds wealth management by certain subsidiaries of the Company: On thepremise of ensuring sufficient funds for the day-to-day operations of the main business, in order toimprove the yield of temporarily-idle funds and the shareholders’ returns, certain subsidiaries of theCompany have purchased some short-term principal-protected wealth management and structuraldeposits from the large commercial banks in order to increase the efficiency of the use of idle fundswithin the authorities of the general manager's office and on the premise of safeguarding fundssecurity. By the end of the reporting period, the balance of the entrusted wealth managementamounted to RMB1.084 billion.
3.3 The undertakings that have been past due and not been completed during the reporting period
□ Applicable √ Not Applicable
3.4 Warning of and explanation on reasons for the forecast that the accumulated net profit for theperiod from the beginning of the year to the end of the next reporting period may be a loss or thereis a significant change as compared to that of the same period of last year
√ Applicable □ Not Applicable
In December 2020, the Company completed the material assets reorganization involving theprivatization of Haier Electronics through the issuance of H shares (please refer to the Report on theImplementation of Purchase of Material Assets Purchase and Connected Transaction of Haier SmartHome Co., Ltd. as disclosed by the Company on 26 December 2020). After the completion of thematerial assets reorganization, the former non-controlling interests attributable to minorityshareholders of Haier Electronics will be converted into the net profit attributable to owners of theParent Company, which will result in significant changes to net profit attributable to owners of theParent Company and other indicators in the financial statements of the Company as compared withthe same period of last year. The Company will follow the completion of the accumulated net profitfrom the beginning of the year to the end of the next reporting period and perform the informationdisclosure obligations based on the actual conditions according to the regulations.
| Name of the Company | Haier Smart Home Co., Ltd. |
| Legal representative | Liang Haishan |
| Date | 29 April 2021 |
Unit and Currency: RMB Unaudited
| Items | 31 March 2021 | 31 December 2020 |
| Current Assets: | ||
| Monetary capital | 44,342,423,935.48 | 46,461,329,426.91 |
| Provision of settlement fund | ||
| Placements with banks | ||
| Trading financial assets | 1,415,266,061.00 | 2,165,192,497.83 |
| Derivative financial assets | 160,544,940.18 | 77,839,006.63 |
| Bills receivable | 12,002,599,645.36 | 14,136,349,754.34 |
| Accounts receivable | 20,258,153,249.28 | 15,930,024,286.67 |
| Financing receivables | ||
| Prepayments | 706,732,751.16 | 765,427,571.70 |
| Premiums receivable | ||
| Reinsurance Accounts receivable | ||
| Reinsurance contract reserves receivable | ||
| Other receivables | 2,004,963,313.36 | 1,717,152,945.65 |
| Including: interests receivable | ||
| dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 32,331,087,733.78 | 29,446,973,404.75 |
| Contract assets | 242,467,021.87 | 263,412,927.58 |
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 2,587,309,484.67 | 3,283,888,900.58 |
| Total current assets | 116,051,548,136.14 | 114,247,590,722.64 |
| Non-current assets: | ||
| Loans and advances granted | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | 316,467,388.35 | 330,588,978.97 |
| Long-term equity investments | 21,821,259,415.97 | 21,567,658,450.89 |
| Other equity instruments investments | 2,660,974,553.84 | 2,659,125,265.54 |
| Other non-current financial assets | ||
| Investment properties | 28,601,934.63 | 28,387,002.81 |
| Fixed assets | 20,836,853,254.24 | 20,895,504,722.21 |
| Construction in progress | 4,310,464,293.31 | 3,596,902,447.07 |
| Biological assets for production | ||
| Oil and gas assets | ||
| Right-of-use assets | 2,821,042,618.17 | 2,839,858,259.27 |
| Intangible assets | 10,043,939,304.73 | 10,017,867,645.93 |
| Development expenses | 78,931,187.73 | 167,746,724.13 |
| Goodwill | 22,560,157,057.13 | 22,518,460,337.64 |
| Long-term prepaid expenses | 471,055,216.21 | 455,742,504.13 |
| Deferred income tax assets | 2,095,652,802.87 | 2,208,301,258.25 |
| Other non-current assets | 1,445,389,834.67 | 1,925,761,560.17 |
| Total non-current assets | 89,490,788,861.85 | 89,211,905,157.01 |
| Total assets | 205,542,336,997.99 | 203,459,495,879.65 |
| Current liabilities: | ||
| Short-term borrowings | 9,276,194,253.35 | 7,687,908,165.88 |
| Borrowings from central bank | ||
| Placements from banks | ||
| Trading financial liabilities | 1,045,076.45 | 26,952,508.66 |
| Derivative financial liabilities | 141,558,257.27 | 239,582,532.90 |
| Bills payable | 23,320,514,973.22 | 21,236,057,053.67 |
| Accounts payable | 39,358,151,222.93 | 36,302,971,944.48 |
| Receipts in advance | ||
| Contract liabilities | 6,405,773,588.03 | 7,048,637,659.48 |
| Disposal of repurchased financial assets | ||
| Absorbing deposit and deposit in inter-bank market | ||
| Customer deposits for trading in securities | ||
| Amounts due to issuer for securities underwriting | ||
| Staff remuneration payable | 2,915,081,249.47 | 3,760,099,978.82 |
| Taxes payable | 2,478,198,636.99 | 2,399,705,460.12 |
| Other payables | 15,877,880,021.67 | 17,056,156,167.28 |
| Including: interests payable | ||
| dividends payable | ||
| Fees and commissions payable | ||
| Reinsurance accounts payable | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 7,621,274,410.53 | 7,522,724,913.40 |
| Other current liabilities | 569,910,211.65 | 6,112,053,944.63 |
| Total current liabilities | 107,965,581,901.56 | 109,392,850,329.32 |
| Non-current liabilities: | ||
| Deposits for insurance contracts | ||
| Long-term borrowings | 11,656,231,609.67 | 11,821,416,259.81 |
| Debentures payable | 1,666,028,963.72 | 6,713,501,050.27 |
| Including: preference shares | ||
| perpetual bonds | ||
| Lease liabilities | 2,074,031,001.74 | 2,072,702,352.68 |
| Long-term payable | 134,614,083.53 | 98,203,261.27 |
| Long-term staff remuneration payable | 1,294,320,026.32 | 1,245,775,024.35 |
| Estimated liabilities | 1,648,530,429.67 | 1,442,844,036.73 |
| Deferred income | 742,473,640.48 | 633,761,669.48 |
| Deferred income tax liabilities | 1,993,831,571.81 | 1,900,401,265.97 |
| Other non-current liabilities | 28,696,550.76 | 27,033,458.13 |
| Total non-current liabilities | 21,238,757,877.70 | 25,955,638,378.69 |
| Total liabilities | 129,204,339,779.26 | 135,348,488,708.01 |
| Owners’ equity (or shareholder’s equity) | ||
| Paid-in capital (or share capital ) | 9,348,228,194.00 | 9,027,846,441.00 |
| Other equity instruments | 579,143,558.56 | 2,364,195,333.79 |
| Including: preference shares |
| perpetual bonds | ||
| Capital reserve | 21,534,199,256.65 | 15,009,027,407.40 |
| Less: treasury stock | 109,527,419.65 | 28,896,550.65 |
| Other comprehensive income | -890,141,055.78 | -1,046,216,729.06 |
| Special reserve | ||
| Surplus reserve | 3,045,334,539.60 | 3,045,334,539.60 |
| General risk provisions | ||
| Undistributed profits | 41,493,239,878.61 | 38,445,132,172.47 |
| Total equity attributable to owners (or shareholder) of the parent company | 75,000,476,951.99 | 66,816,422,614.55 |
| Minority interests | 1,337,520,266.74 | 1,294,584,557.09 |
| Total owners’ equity (or shareholders’ equity) | 76,337,997,218.73 | 68,111,007,171.64 |
| Total liabilities and owners’ equity (or shareholders’ equity) | 205,542,336,997.99 | 203,459,495,879.65 |
| Items | 31 March 2021 | 31 December 2020 |
| Current Assets: | ||
| Monetary capital | 2,490,124,233.67 | 8,286,549,909.64 |
| Trading financial assets | ||
| Derivative financial assets | ||
| Bills receivable | ||
| Accounts receivable | 5,252,695,799.56 | 5,491,536,070.42 |
| Financing receivables | ||
| Prepayments | 274,929,670.73 | 295,050,991.15 |
| Other receivables | 9,313,191,790.51 | 3,906,373,387.61 |
| Including: interests receivable | ||
| dividends receivable | ||
| Inventories | 3,053,737.22 | 73,974,562.87 |
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 426,501,982.11 | 459,309,301.58 |
| Total current assets | 17,760,497,213.80 | 18,512,794,223.27 |
| Non-current assets: | ||
| Debt investments | ||
| Other debt investments | ||
| Long-term receivables | ||
| Long-term equity investments | 52,305,709,220.38 | 52,290,227,070.21 |
| Other equity instruments investments | 804,334,894.58 | 804,334,894.58 |
| Other non-current financial assets | ||
| Investment properties | ||
| Fixed assets | 188,179,513.75 | 196,529,502.16 |
| Construction in progress | 22,170,700.57 | 8,319,418.36 |
| Biological assets for production | ||
| Oil and gas assets | ||
| Right-of-use assets | 1,861,579.33 | 2,076,376.95 |
| Intangible assets | 60,370,464.47 | 62,103,457.66 |
| Development expenses | ||
| Goodwill | ||
| Long-term prepaid expenses | 3,809,525.48 | 4,208,602.97 |
| Deferred income tax assets | 154,335,216.49 | 154,335,216.49 |
| Other non-current assets | 26,894,836.99 | |
| Total non-current assets | 53,540,771,115.05 | 53,549,029,376.37 |
| Total assets | 71,301,268,328.85 | 72,061,823,599.64 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Trading financial liabilities | ||
| Derivative financial liabilities | ||
| Bills payable | ||
| Accounts payable | 77,189,550.50 | 248,172,640.78 |
| Receipts in advance | ||
| Contract liabilities | 78,948,707.59 | 8,716,599.17 |
| Staff remuneration payable | 7,404,274.61 | 86,872,482.44 |
| Taxes payable | 57,481,918.14 | 55,756,358.98 |
| Other payables | 29,562,595,046.00 | 29,642,219,320.03 |
| Including: interests payable | ||
| dividends payable | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 840,106.80 | 20,840,106.80 |
| Other current liabilities | 4,670,201.16 | 5,538,254,928.01 |
| Total current liabilities | 29,789,129,804.80 | 35,600,832,436.21 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Debentures payable | ||
| Including: preference shares | ||
| perpetual bonds | ||
| Leasing liabilities | 911,674.18 | 877,995.63 |
| Long-term payable | ||
| Long-term staff remuneration payable | ||
| Estimated liabilities | ||
| Deferred income | 18,460,000.00 | 24,250,000.00 |
| Deferred income tax liabilities | 219,544,771.62 | 219,544,771.62 |
| Other non-current liabilities | ||
| Total non-current liabilities | 238,916,445.80 | 244,672,767.25 |
| Total liabilities | 30,028,046,250.60 | 35,845,505,203.46 |
| Owners’ equity(or shareholder’s equity）： | ||
| Paid-in capital (or share capital ) | 9,348,228,194.00 | 9,027,846,441.00 |
| Other equity instruments | ||
| Including: preference shares | ||
| perpetual bonds | ||
| Capital reserve | 25,148,829,661.50 | 20,408,352,380.95 |
| Less: treasury stock | 80,630,869.00 | |
| Other comprehensive income | -3,589,076.00 | -10,030,704.15 |
| Special reserve | ||
| Surplus reserve | 2,440,188,314.15 | 2,440,188,314.15 |
| Undistributed profits | 4,420,195,853.60 | 4,349,961,964.23 |
| Total owners’ equity (or shareholders’ equity) | 41,273,222,078.25 | 36,216,318,396.18 |
| Total liabilities and owners’ equity (or shareholders’ equity) | 71,301,268,328.85 | 72,061,823,599.64 |
| Items | First quarter of 2021 | First quarter of 2020 |
| I. Total operating revenue | 54,773,701,753.64 | 43,141,448,203.28 |
| Including: operating revenue | 54,773,701,753.64 | 43,141,448,203.28 |
| Interest income | ||
| Insurance premiums earned | ||
| Fee and commission income | ||
| II. Total cost of operations | 51,511,136,575.21 | 41,757,563,634.45 |
| Including: operating cost | 39,170,198,172.03 | 31,301,454,089.43 |
| Interest expenses | ||
| Fee and commission expenses | ||
| Insurance withdrawal payment | ||
| Net payment from indemnity | ||
| Net provisions withdrew for insurance liability | ||
| Insurance policy dividend paid | ||
| Reinsurance cost | ||
| Taxes and surcharges | 143,401,962.93 | 110,484,681.22 |
| Selling expenses | 7,831,694,562.30 | 6,482,493,374.32 |
| Administrative expenses | 2,125,286,512.82 | 1,935,676,561.57 |
| R&D expenses | 2,069,539,134.50 | 1,599,598,038.94 |
| Financial expenses | 171,016,230.63 | 327,856,888.97 |
| Including: interest expenses | 168,902,785.14 | 274,142,181.24 |
| Interest income | 131,351,349.94 | 122,320,829.91 |
| Add: other income | 225,675,047.31 | 245,069,840.71 |
| Investment income (losses are represented by “-”) | 448,142,363.59 | 314,736,890.47 |
| Including: investment income of associates and joint ventures | 33,509,263.35 | -49,586,871.27 |
| Derecognition income on financial assets measured at amortized cost | -59,663,317.58 | -83,890,424.46 |
| Exchange gain (losses are represented by “-”) | ||
| Gains on net exposure hedges (losses are represented by “-”) | ||
| Income from change in fair value (losses are represented by “-”) | 33,509,263.35 | -49,586,871.27 |
| Loss on credit impairment (losses are represented by “-”) | -59,663,317.58 | -83,890,424.46 |
| Loss in assets impairment (losses are represented by “-”) | -250,932,437.96 | -273,129,120.39 |
| Gain from disposal of assets (losses are represented by “-”) | -11,607,188.24 | -2,840,847.01 |
| III. Operating profit (losses are represented by “-”) | 3,647,688,908.90 | 1,534,244,036.88 |
| Add: non-operating income | 39,370,130.80 | 56,702,305.54 |
| Less: non-operating expenses | 25,331,418.57 | 23,971,217.88 |
| IV. Total Profit (total losses are represented by “-”) | 3,661,727,621.13 | 1,566,975,124.54 |
| Less: income tax expense | 565,979,433.86 | 223,403,750.66 |
| V. Net Profit (net losses are represented by “-”) | 3,095,748,187.27 | 1,343,571,373.88 |
| (I) Classification by continuous operations | ||
| 1. Net profit from continuous operations (net losses are represented by “-”) | 3,095,748,187.27 | 1,343,571,373.88 |
| 2. Net profit from discontinuous operations (net losses are represented by “-”) | ||
| (II) Classification by ownership of the equity | ||
| 1. Net profit attributable to shareholders of the Parent Company (net losses are represented by “-”) | 3,053,933,589.63 | 1,070,333,404.45 |
| 2. Profit or loss attributable to minority shareholders (net losses are represented by “-”) | 41,814,597.64 | 273,237,969.43 |
| VI. Other comprehensive income, net of tax | 156,278,497.23 | -263,628,908.56 |
| (I) Other comprehensive income attributable to owners of the Parent Company, net of tax | 156,003,524.98 | -292,844,209.58 |
| 1. Other comprehensive income that cannot be reclassified into the profit or loss | 2,958,991.70 | -281,102.14 |
| (1) Changes arising from re-measurement of defined benefit plans | 459,638.27 | -151,488.17 |
| (2) Other comprehensive income that cannot be transferred into profit or loss under equity method | ||
| (3) Changes in fair value of investments in other equity instruments | 2,499,353.43 | -129,613.97 |
| (4) Changes in fair value of credit risks of the enterprise | ||
| 2. Other comprehensive income to be reclassified into the profit or loss | 153,044,533.28 | -292,563,107.44 |
| (1) Other comprehensive income that can be | 30,987,761.94 | 45,643,868.38 |
| transferred into profit or loss under equity method | ||
| (2) Changes in fair value of other debt investments | ||
| (3) Reclassified financial assets that are credited to other comprehensive income | ||
| (4) Credit impairment provision for other debt investments | ||
| (5) Reserve for cash flow hedging | 30,531,599.43 | 44,467,734.19 |
| (6) Exchange differences on translation of financial statements denominated in foreign currencies | 91,525,171.91 | -382,674,710.01 |
| (7) Others | ||
| (II) Other comprehensive income attributable to minority shareholders, net of tax | 274,972.25 | 29,215,301.02 |
| VII. Total comprehensive income | 3,252,026,684.50 | 1,079,942,465.32 |
| (I) Total comprehensive income attributable to the owners of Parent Company | 3,209,937,114.61 | 777,489,194.87 |
| (II) Total comprehensive income attributable to the minority shareholders | 42,089,569.89 | 302,453,270.45 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share (RMB/share) | 0.333 | 0.163 |
| (II) Diluted earnings per share (RMB/share) | 0.326 | 0.163 |
| Items | First quarter of 2021 | First quarter of 2020 |
| I. Operating revenue | 167,742,299.57 | 3,179,874,436.85 |
| Less: Operation cost | 132,242,644.21 | 2,870,465,369.89 |
| Taxes and surcharges | 977,921.20 | 3,053,268.44 |
| Selling expenses | 5,850,894.41 | 131,983,867.38 |
| Administrative expenses | 2,114,526.97 | 67,703,707.17 |
| R&D expenses | 18,340,350.35 | 78,022,939.25 |
| Financial expenses | -15,915,571.58 | -6,131,172.44 |
| Including: interest expenses | 7,271,746.57 | 3,654,000.00 |
| Interest income | 27,133,050.09 | 10,501,990.61 |
| Add: Other incomes | 32,375,407.90 | 20,220,000.00 |
| Investment income (losses are represented by “-”) | 27,853,570.44 | 17,274,491.07 |
| Including: investment income of associates and joint ventures | ||
| Derecognition income on financial assets |
| measured at amortized cost | ||
| Gains on net exposure hedges (losses are represented by “-”) | ||
| Income from change in fair value (losses are represented by “-”) | ||
| Loss on credit impairment (losses are represented by “-”) | ||
| Loss on assets impairment (losses are represented by “-”) | ||
| Gain from disposal of assets (losses are represented by “-”) | ||
| II. Operating profit (losses are represented by “-”) | 84,360,512.35 | 72,270,948.23 |
| Add: non-operating income | 150.00 | 20,939.56 |
| Less: non-operating expenses | ||
| III. Total profit (total losses are represented by “-”) | 84,360,662.35 | 72,291,887.79 |
| Less: income tax expense | 14,126,772.98 | 8,800,709.51 |
| IV. Net profit (net losses are represented by “-”) | 70,233,889.37 | 63,491,178.28 |
| (I) Net profit from continuous operation (net losses are represented by “-”) | 70,233,889.37 | 63,491,178.28 |
| (II) Net profit from discontinuous operation (net losses are represented by “-”) | ||
| V. Other comprehensive income, net of tax | 6,441,628.15 | 11,142,016.23 |
| (I) Other comprehensive income that cannot be reclassified into the profit or loss | ||
| 1.Changes arising from re-measurement of defined benefit plans | ||
| 2.Other comprehensive income that cannot be transferred into profit or loss under equity method | ||
| 3.Changes in fair value of investments in other equity instruments | ||
| 4.Changes in fair value of credit risks of the enterprise | ||
| (II)Other comprehensive income to be reclassified into the profit or loss | 6,441,628.15 | 11,142,016.23 |
| 1.Other comprehensive income that can be transferred into profit or loss under equity method | 6,441,628.15 | 11,142,016.23 |
| 2.Changes in fair value of other debt investments | ||
| 3.Reclassified financial assets that are credited to other comprehensive income | ||
| 4.Credit impairment provision for other debt investments | ||
| 5. Reserve for cash flow hedging | ||
| 6.Exchange differences on translation of financial statements denominated in foreign currencies | ||
| 7.Others | ||
| VI. Total comprehensive income | 76,675,517.52 | 74,633,194.51 |
| VII. Earnings per share: |
| (I) Basic earnings per share (RMB/share) | ||
| (II) Diluted earnings per share (RMB/share) |
| Items | First quarter of 2021 | First quarter of 2020 |
| I. Cash flows from operating activities: | ||
| Cash received from the sale of goods and rendering of services | 58,804,416,710.58 | 42,136,232,275.78 |
| Net increase in customers and interbank deposits | ||
| Net increase in borrowing from the central bank | ||
| Net cash increase in borrowing from other financial institutes | ||
| Cash received from premiums under original insurance contract | ||
| Net cash received from reinsurance business | ||
| Net increase in deposits of policy holders and investment | ||
| Cash received from interest, fee and commissions | ||
| Net increase in cash borrowed | ||
| Net increase in cash received from repurchase operation | ||
| Net cash received from securities trading agency services | ||
| Refunds of taxes received | 638,121,934.84 | 288,016,456.62 |
| Cash received from other operating related activities | 337,114,632.86 | 297,662,670.96 |
| Sub-total of cash inflows from operating activities | 59,779,653,278.28 | 42,721,911,403.36 |
| Cash paid on purchase of goods and services | 41,276,653,574.75 | 34,960,777,017.70 |
| Net increase in loans and advances of customers | ||
| Net increase in deposits in PBOC and interbank | ||
| Cash paid for compensation payments under original insurance contract | ||
| Net increase in placements with banks | ||
| Cash paid for interest, fees and commissions | ||
| Cash paid for insurance policy dividend | ||
| Cash paid to and on behalf of employees | 6,909,059,209.63 | 6,302,336,001.44 |
| Cash paid for all types of taxes | 1,868,485,719.08 | 1,864,751,157.97 |
| Cash paid to other operation related activities | 6,862,067,839.16 | 5,381,673,328.58 |
| Sub-total of cash outflows from operating activities | 56,916,266,342.62 | 48,509,537,505.69 |
| Net cash flows from operating activities | 2,863,386,935.66 | -5,787,626,102.33 |
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investments | 1,847,586,006.66 | 545,470,265.35 |
| Cash received from return on investments | 187,838,963.62 | 163,323,208.40 |
| Net cash received from the disposal of fixed assets, intangible assets and other long term assets | 8,375,816.24 | 539,958.35 |
| Net cash received from disposal of subsidiaries and other operating entities | ||
| Cash received from other investment related activities | 32,180,326.72 | |
| Sub-total of cash inflows from investing activities | 2,043,800,786.52 | 741,513,758.82 |
| Cash paid on purchase of fixed assets, intangible assets and other long term assets | 1,703,907,399.18 | 1,571,762,263.35 |
| Cash paid for investments | 956,438,067.51 | 49,728,582.83 |
| Net increase in secured loans | ||
| Net cash paid on acquisition of subsidiaries and other operating entities | 336,769,755.43 | |
| Cash paid on other investment related activities | 3,108,890.00 | 6,009,000.00 |
| Sub-total of cash outflows from investing activities | 2,663,454,356.69 | 1,964,269,601.61 |
| Net cash flows from investing activities | -619,653,570.17 | -1,222,755,842.79 |
| III. Cash flows from financing activities: | ||
| Cash received from capital contributions | 8,600,000.00 | 59,965,364.85 |
| Including: cash received from capital contributions by minority shareholders of subsidiaries | ||
| Cash received from borrowings | 3,638,242,020.00 | 8,587,862,583.35 |
| Cash received from other financing related activities | 5,247,822.60 | 113,239,548.32 |
| Sub-total of cash inflows from financing activities | 3,652,089,842.60 | 8,761,067,496.52 |
| Cash paid on repayment of borrowings | 7,468,738,195.77 | 961,169,702.51 |
| Cash paid on distribution of dividends, profits, or interest expenses | 161,883,851.31 | 124,530,989.85 |
| Including: dividend and profit paid to minority shareholders by subsidiaries | ||
| Cash paid on other financing related activities | 372,909,996.24 | 92,696,972.18 |
| Sub-total of cash outflows from financing activities | 8,003,532,043.32 | 1,178,397,664.54 |
| Net cash flows from financing activities | -4,351,442,200.72 | 7,582,669,831.98 |
| IV. Effect of fluctuations in exchange rates on cash and cash equivalents | -10,016,712.63 | -6,445,415.89 |
| V. Net increase in cash and cash equivalents | -2,117,725,547.86 | 565,842,470.97 |
| Add: balance of cash and cash equivalents at the beginning of the period | 45,635,132,638.48 | 34,981,410,830.63 |
| VI. Balance of cash and cash equivalents at the end of the period | 43,517,407,090.62 | 35,547,253,301.60 |
Person in charge of accounting function: Gong WeiPerson in charge of accounting department: Ying Ke
Cash Flow Statement of the Parent Company
January-March 2021Prepared by: Haier Smart Home Co., Ltd.
Unit and Currency: RMB Unaudited
| Items | First quarter of 2021 | First quarter of 2020 |
| I. Cash flows from operating activities: | ||
| Cash received from the sale of goods and rendering of services | 333,365,205.81 | 1,114,024,549.65 |
| Refunds of taxes received | 29,531,561.27 | 8,322,194.46 |
| Cash received from other related operating activities | 80,796,807.77 | 20,875,309.18 |
| Sub-total of cash inflows from operating activities | 443,693,574.85 | 1,143,222,053.29 |
| Cash paid on purchase of goods and services | 11,173,365.49 | 503,534,909.19 |
| Cash paid to and on behalf of employees | 123,924,641.80 | 172,973,160.42 |
| Cash paid for all types of taxes | 11,536,498.33 | 46,067,371.42 |
| Cash paid to other operation related activities | 101,103,516.27 | 215,105,878.98 |
| Sub-total of cash outflows from operating activities | 247,738,021.89 | 937,681,320.01 |
| Net cash flows from operating activities | 195,955,552.96 | 205,540,733.28 |
| II. Cash flows from investing activities: | ||
| Cash received from disposal of investments | 41,250,000.00 | 20,000,000.00 |
| Cash received from return on investments | 19,540,411.32 | 338,301.37 |
| Net cash received from the disposal of fixed assets, intangible assets and other long term assets | ||
| Net cash received from disposal of subsidiaries and other operating entities | ||
| Cash received from other investment related activities | ||
| Sub-total of cash inflows from investing activities | 60,790,411.32 | 20,338,301.37 |
| Cash paid on purchase of fixed assets, intangible assets and other long term assets | 9,122,111.78 | 42,907,743.65 |
| Cash paid for investments | 131,000,000.00 | |
| Net cash paid on acquisition of subsidiaries and other operating entities | ||
| Cash paid on other investment related activities | 67,686,144.59 | 46,000,000.00 |
| Sub-total of cash outflows from investing activities | 76,808,256.37 | 219,907,743.65 |
| Net cash flows from investing activities | -16,017,845.05 | -199,569,442.28 |
| III. Cash flows from financing activities: | ||
| Cash received from capital contributions | ||
| Cash received from borrowings | 2,500,000,000.00 | |
| Cash received from other financing related |
| activities | ||
| Sub-total of cash inflows from financing activities | 2,500,000,000.00 | |
| Cash paid on repayment of borrowings | 5,520,000,000.00 | |
| Cash paid on distribution of dividends, profits or interest expenses | 42,534,246.57 | 3,654,000.00 |
| Cash paid on other financing related activities | 413,627,000.68 | 6,110,820,524.09 |
| Sub-total of cash outflows from financing activities | 5,976,161,247.25 | 6,114,474,524.09 |
| Net cash flows from financing activities | -5,976,161,247.25 | -3,614,474,524.09 |
| IV. Effect of fluctuations in exchange rates on cash and cash equivalents | -202,136.63 | -3,447.35 |
| V. Net increase in cash and cash equivalents | -5,796,425,675.97 | -3,608,506,680.44 |
| Add: balance of cash and cash equivalents at the beginning of the period | 8,286,549,909.64 | 5,624,406,816.79 |
| VI. Balance of cash and cash equivalents at the end of the period | 2,490,124,233.67 | 2,015,900,136.35 |