Qingdao Haier Reports 2009 Profits Up Exports Down

Chinese electronics and home appliances maker Qingdao Haier has published its annual financial report for 2009, stating that its operating revenue increased by 8.46% year-on-year to CNY33 billion; while its net profit increased by 49.64% to CNY1.149 billion.

At the same time, its net cash flow reached CNY4.626 billion, a year-on-year increase of 251.12%; and its gross margin reached 26.43%, an increase of 3.3 percentage points compared with the previous year. These financial indices all reportedly reached the company's record high.

For various sectors, Qingdao Haier's revenue from refrigerator was about CNY16.287 billion, an increase of 22.36%; its revenue from freezers was CNY2.715 billion, an increase of 17.57%; revenue from air-conditioners was CNY8.685 billion, a decrease of 9.98%; revenue from small home appliances products was CNY873 million, a decrease of 11.17%; and revenue from other products was CNY3.912 billion, an increase of 5.56%.

In 2009, Qingdao Haier's revenue from the domestic Chinese market was CNY29.2 billion, an increase of 15.51% compared with the previous year; and its revenue from the overseas markets was CNY3.778 billion, a decrease of 26.33% over the previous year.

In addition, on December 11, 2009, Qingdao Haier signed an agreement with Haier Electronics, the Hong Kong-listed affiliate of Haier Group, to acquire an additional 31.93% stake in Haier Electronics. On the completion of the transaction, Qingdao Haier will hold about a 51.31% stake in Haier Electronics and Qingdao Haier's product lines will also expand into washing machines and water heaters, forming relatively complete white goods product lines.

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