Source: Yicai Global

April 26 -- China’s home appliance maker Qingdao Haier Co., posted substantial revenues in its ecologically intelligent business for the first time, the company’s first quarterly report showed.

Qingdao Haier’s revenue from its ecologically intelligent business reached CNY620 million (USD98 million) in the first quarter, the company said. Such income was mainly attributed to the industrial internet platform which generated CNY566 million in revenues in the first quarter, while the smart life platform made revenue of CNY54 million.

Qingdao Haier’s ecologically intelligent business includes U+ smart life platform, an open ecosystem network, which consists of smart air, diet, water, security, health, and entertainment ecosystems, the industrial internet platform COSMOPlat, which the company says provides a creative and comprehensive solution to mass customization as businesses struggle to satisfy increasingly individualistic customers in the digital era, and the e-commerce community Shunguang, a business platform.

Qingdao Haier started to deploy its smart life platform U+ as early as 2014. Focusing on smart family, U+ realized the intelligent control on various home appliances through the Internet of Things, IOT. Such appliances are widely used in laundry, food and beverages and entertainment sectors, serving about 150 million users.

Financial Report

The company’s overall business income reached CNY42.6 billion (USD6.7 billion) in the first quarter, up 13 percent year-on-year, and the net profit hit CNY1.98 billion, an increase of 14 percent.

In Q1, the income from Qingdao Haier’s white goods business in China jumped 21.9 percent, marking the sixth consecutive quarter with a growth rate of over 20 percent. In particular, the high-end sub-brand Casarte achieved a 50-percent growth rate and its market share in China’s 10,000-yuan high-end home appliance market hit 35 percent, up 9 percentage points year-on-year.

Qingdao Haier also made progress in its global operations. General Electric, GE, which Qingdao Haier acquired for USD5.6 billion in 2016, posted a revenue increase of 5.9 percent in dollar terms in the first quarter, twice the sector growth rate in the North American market during the same period.

Editor: Mevlut Katik