Household Appliances

Whirlpool shares have fallen about 15% since its second-quarter earnings report, underperforming the S&P 500. The company posted a wider-than-expected ongoing loss of 21 cents per share, compared with a consensus estimate of a 20-cent loss, and net sales declined 6.8% year over year to $3,517 million, missing expectations. Gross margin contracted 360 basis points to 12.6% due to lower volumes and inflationary pressures, while ongoing EBIT plunged 69.1% to $62 million. For 2026, Whirlpool lowered its ongoing earnings guidance to $2.50-$3.00 per share from $3.00-$3.50, and now expects net sales of approximately $15 billion and an ongoing EBIT margin of about 4%. The company also completed a $2 billion asset-based lending facility and issued $2 billion of secured bonds to clear debt maturities until 2028.

Japanet Holdings announced on the 2nd that it would withdraw its tender offer (TOB) proposal for home appliance maker Twinbird. Regarding Twinbird's resolution to express opposition unanimously at its board of directors, Japanet stated that it 'takes this seriously.' On June 19, Japanet had announced plans to launch a TOB (at 800 yen per share) aiming to make Twinbird a wholly owned subsidiary, conditional on Twinbird's consent. Subsequently, Twinbird had been considering its response at its board of directors and special committee.

Twinbird, a home appliance maker based in Tsubame, Niigata Prefecture, announced on the 31st that it opposes the tender offer (TOB) by Japanet Holdings, a major TV shopping company. The company cited the risk that transactions with mass retailers, its main clients, could be suspended or reduced, and that no synergies are expected. In response, Japanet commented, "We will review and organize our response and views, and communicate them again."

Twinbird, a home appliance maker based in Tsubame City, Niigata Prefecture, announced on the 31st that it opposes the TOB (takeover bid) by Japanet Holdings, a major television shopping company based in Sasebo City, Nagasaki Prefecture. The company cited risks of suspension or reduction of transactions with major retail partners, and stated that no synergies are expected. In response, Japanet commented that it will "review and organize its response and views before communicating them again."

Home appliance maker Twinbird announced on the 31st that its board of directors unanimously resolved to express opposition to the tender offer (TOB) by Japanet Holdings aimed at making Twinbird a wholly owned subsidiary. The company determined that if the TOB is completed, it would cause significant negative synergies, such as the suspension or reduction of transactions with mass retailers, while the feasibility of the synergies claimed by Japanet Holdings has not been specifically substantiated.

Zhejiang Meida disclosed its 2026 semi-annual report on August 29. In the first half of the year, it achieved total operating revenue of 133 million yuan, down 37.33 percent year on year. Net profit attributable to the parent company was a loss of 10.71 million yuan, compared with a profit of 12.28 million yuan in the same period last year. Net profit after deducting non-recurring items was a loss of 13.99 million yuan, compared with a profit of 10.69 million yuan a year earlier. Net cash flow from operating activities was negative 22.57 million yuan, compared with negative 28.88 million yuan in the prior-year period. Basic earnings per share were negative 0.02 yuan, and the weighted average return on net assets was negative 0.73 percent. The company's business covers integrated stove series, dishwashers, integrated sinks and other supporting kitchen appliances, as well as whole-house custom home furnishings.

Zhejiang Meida released its 2026 interim report, showing first-half operating revenue of 133 million yuan, down 37.3% year-on-year, and a net loss attributable to the parent of 10.71 million yuan, down 187.2% year-on-year. Second-quarter operating revenue was 59.85 million yuan, down 47.5% year-on-year, with a net loss attributable to the parent of 13.62 million yuan, down 403.4% year-on-year. The company said that due to the macroeconomic environment and the real estate market, the integrated stove industry experienced negative growth for the first time, with retail sales falling 31% year-on-year and retail volume falling 29% year-on-year, while intensifying market competition increased sales pressure. The company has adjusted its business strategy, optimized its product matrix, increased investment in new media marketing, and is actively expanding into overseas markets.

Canature Health released its 2026 interim report. The company's total operating revenue was 921 million yuan, and net profit attributable to the parent was 40.4053 million yuan, down 39.61% from the same period last year, a decrease of 26.5002 million yuan. Net cash inflow from operating activities was 157 million yuan, the asset-liability ratio was 60.74%, the gross margin was 41.59%, ROE was 3.19%, and diluted earnings per share was 0.07 yuan, down 44.17% year-on-year. Total asset turnover was 0.26 times, and inventory turnover was 1.81 times. The company had 22,500 shareholders, and the top ten shareholders held 45.00% of the total share capital.

Fenda Technology released its 2026 interim report, showing first-half net profit attributable to the parent of 3.66 million yuan, down 78.6% year on year, while operating revenue rose 6.9% to 1.347 billion yuan. In the second quarter, operating revenue was 786 million yuan, up 56.9% year on year, and net profit attributable to the parent swung to a profit of 19.53 million yuan from a loss of 23.36 million yuan in the same period last year. As of the end of the second quarter, total assets stood at 4.466 billion yuan, down 0.7% from the end of the previous year. The company said that due to geopolitical conflicts, the energy crisis and other factors, the operating environment is complex, and it has adjusted its management team and expanded into domestic and overseas markets. During the reporting period, sales revenue from electroacoustic products fell 3.12% year on year, revenue from health appliance business fell 13.04%, sales revenue from smart wearables rose 3.13%, and revenue from smart door locks edged down 0.93%.

Robam Appliances released its 2026 interim report, with total operating revenue of 3.972 billion yuan, down 13.78% year-on-year; net profit attributable to the parent company was 578 million yuan, down 18.75% year-on-year. Net cash flow from operating activities was negative 362 million yuan, down 170.87% year-on-year. The company's asset-liability ratio was 29.42%, gross margin was 50.54%, ROE was 4.98%, and diluted earnings per share was 0.61 yuan. The number of shareholders was 46,100, and the top ten shareholders held 61.62% of the total share capital.

Haier Smart Home released its 2026 interim report. Total operating revenue was 152.115 billion yuan, down 2.80% from the same period last year. Net profit attributable to the parent company was 10.316 billion yuan, down 14.27% year on year. Net cash inflow from operating activities was 9.752 billion yuan, down 12.45% year on year. The company's latest asset-liability ratio was 58.52%, gross margin was 27.23%, return on equity was 8.62%, and diluted earnings per share was 1.12 yuan. The number of shareholders was 262,400, and the top ten shareholders held 65.71% of total share capital.

Haier Smart Home released its semi-annual report for 2026, achieving operating revenue of 152.115 billion yuan, down 2.8% year-on-year; net profit attributable to shareholders of the listed company was 10.316 billion yuan, down 14.27% year-on-year. Among this, second-quarter net profit was 5.665 billion yuan, and first-quarter net profit was 4.652 billion yuan. Based on this calculation, second-quarter net profit increased 21% quarter-on-quarter.

Haier Smart Home announced on August 27, disclosing its operating results for the first half of 2026. During the reporting period, the company achieved operating revenue of 152.115 billion yuan, down 2.8% year-on-year; net profit attributable to shareholders of the listed company was 10.316 billion yuan, down 14.27% year-on-year.

On the evening of August 27, Haier Smart Home, Supor and Robam released their half-year reports. Affected by domestic and international market conditions, all three mainstream home appliance companies saw declines in both volume and profit in the first half. Data from AVC shows that in the first half of the year, total retail sales of all categories in China's home appliance industry reached 425 billion yuan, down 9.9 percent year on year, with a 6 percent decline in the first quarter and a 12.4 percent decline in the second quarter. Haier Smart Home's first-half operating revenue was 152.115 billion yuan, down 2.8 percent year on year, with net profit attributable to the parent company of 10.316 billion yuan, down 14.27 percent, and foreign exchange losses of 704 million yuan. Supor's revenue was 11.4 billion yuan, down 0.59 percent year on year, with net profit attributable to the parent company of 868 million yuan, down 7.7 percent. Robam's revenue was 3.972 billion yuan, down 13.78 percent year on year, with net profit attributable to the parent company of 578 million yuan, down 18.75 percent, and it plans to pay a cash dividend of 5 yuan per 10 shares. Looking ahead to the second half of the year, the decline in the size of the domestic home appliance market is expected to narrow, and companies are streamlining their organizational structures to reduce costs and improve efficiency.

Arrow Home Group released its 2026 interim report. Total operating revenue was 2.577 billion yuan, down 9.18% year on year. Net profit attributable to the parent company was -61.0474 million yuan, swinging from profit to loss, a decrease of 89.4888 million yuan from the same period last year, a decline of 314.64%. Net cash flow from operating activities was -143 million yuan. The company's asset-liability ratio was 50.14%, gross margin was 29.66%, return on equity was -1.32%, and diluted earnings per share was -0.06 yuan. The number of shareholders was 15,500, and the top ten shareholders held 87.79% of total share capital.

Robam Appliances released its 2026 interim report, with first-half net profit attributable to the parent company of 578 million yuan, down 18.75% year on year. Operating revenue was 3.972 billion yuan, down 13.8% year on year; net profit attributable to the parent after deducting non-recurring items was 502 million yuan, down 21.8% year on year; net operating cash flow was negative 362 million yuan, down 170.9% year on year. Second-quarter operating revenue was 2.01 billion yuan, down 20.6% year on year; net profit attributable to the parent was 272 million yuan, down 26.9% year on year. The company said that, affected by the phasing out of the national kitchen appliance subsidy policy, the slow recovery of consumer willingness to spend, and pressure on the real estate market, the overall scale of the domestic kitchen appliance market has declined, with retail sales of range hoods and gas stoves falling 17.8% and 22.6% respectively.

Canature Health released its 2026 interim report. In the first half, the company's operating revenue was 921 million yuan, up 3.6 percent year on year. Net profit attributable to the parent company was 40.41 million yuan, down 42.4 percent year on year. Net profit attributable to the parent company after deducting non-recurring items was 25.21 million yuan, down 62.7 percent year on year. Net operating cash flow was 157 million yuan, up 3.5 percent year on year. Earnings per share were 0.0661 yuan. In the second quarter, operating revenue was 504 million yuan, up 4.1 percent year on year, while net profit attributable to the parent company was 35.06 million yuan, down 22.7 percent year on year. As of the end of the second quarter, the company's total assets were 3.53 billion yuan, down 4.0 percent from the end of the previous year. Net assets attributable to the parent company were 1.267 billion yuan, up 0.5 percent from the end of the previous year. The company said its main business has not undergone any major changes, and its main products remain water treatment equipment such as whole-house water purifiers and whole-house water softeners. Management noted that increased exchange losses caused by the depreciation of the US dollar against the yuan, as well as higher investment losses from associated companies, affected performance.

Robam Appliances released its 2026 semi-annual report, showing first-half operating revenue of 3.972 billion yuan, down 13.78 percent year on year. Net profit attributable to the parent company was 578 million yuan, down 18.75 percent, while non-GAAP net profit was 502 million yuan, down 21.77 percent. The company also disclosed a profit distribution plan, proposing a cash dividend of 5 yuan for every 10 shares. Combined with the interim dividend, total cash dividends for the year will reach 945 million yuan. The earnings decline was mainly due to the fading subsidy dividend for kitchen appliances, slower recovery in consumer willingness, and pressure from the property market. Net operating cash flow was negative 362 million yuan. Despite the earnings pressure, the company's range hoods and gas stoves both ranked first in offline market share, and its online kitchen appliance package market share reached 24.7 percent. As of August 27, the company's share price closed at 16.3 yuan, with a total market value of about 15.4 billion yuan.

Canature Health released its 2026 interim report. First-half net profit attributable to the parent was RMB 40.41 million, down 39.61% year on year. Operating revenue was RMB 921 million, up 1.47% year on year. Net profit attributable to the parent after deducting non-recurring items was RMB 25.21 million, down 60.25% year on year. Net operating cash flow was RMB 157 million, up 5.38% year on year. Earnings per share were RMB 0.0661. In the second quarter, operating revenue was RMB 504 million, up 4.1% year on year, and net profit attributable to the parent was RMB 35.06 million, down 22.7% year on year. As of the end of the second quarter, total assets were RMB 3.53 billion, down 4.0% from the end of the previous year, and net assets attributable to the parent were RMB 1.267 billion, up 0.5% from the end of the previous year. The company's main business has not undergone any major changes, and it continues to focus on the research, development, manufacturing, sales and service of residential water treatment products.

Vanward Electric has released its 2026 interim report. Total operating revenue was 3.661 billion yuan, down 10.34% year on year. Net profit attributable to the parent company was 61.4561 million yuan, down 83.78% from the same period last year. Net cash inflow from operating activities was 128 million yuan, down 79.25% year on year. The company's latest asset-liability ratio was 40.55%, gross margin was 20.67%, down 7.26 percentage points from a year earlier, and return on equity was 1.33%, down 6.32 percentage points from a year earlier. Diluted earnings per share were 0.08 yuan, down 84.31% year on year.

Vatti Corporation released its 2026 interim report. Total operating revenue was 2.461 billion yuan, down 12.11% from the same period last year. Net profit attributable to the parent company was 173 million yuan, down 36.35% year on year. Net cash flow from operating activities was negative 303 million yuan, down 273.28% from the same period last year. The company's latest asset-liability ratio was 40.22%, gross margin was 43.46%, return on equity was 4.51%, and diluted earnings per share was 0.21 yuan. The number of shareholders was 35,500, and the top ten shareholders held 38.28% of the total share capital.

Robam Appliances released its 2026 interim report on August 27. Revenue for the first half was 3.972 billion yuan, down 13.78 percent year on year. Net profit attributable to shareholders of the listed company was 578 million yuan, down 18.75 percent year on year.

Lexy Electric released its 2026 interim report. Total operating revenue was 4.657 billion yuan, down 2.60% from the same period last year. Net profit attributable to the parent company was 232 million yuan, down 45.80% year on year. Net cash inflow from operating activities was 436 million yuan. The asset-liability ratio was 66.29%, gross margin was 21.00%, ROE was 3.89%, and diluted earnings per share was 0.40 yuan, down 46.67% year on year. The company had 10,000 shareholders, and the top ten shareholders held 85.26% of total share capital.

Kingclean Electric published its 2026 interim report on August 26. During the reporting period, it achieved operating revenue of 4.657 billion yuan, down 2.60 percent year on year. Net profit attributable to the parent company was 232 million yuan, down 45.80 percent year on year. Non-GAAP net profit was only 4.9846 million yuan, a sharp year-on-year decline of 98.80 percent. The company obtained investment income of about 210 million yuan by selling a 90 percent stake in its wholly owned subsidiary Precision Machinery, effectively hedging the pressure from declining core business profitability. The sharp fluctuation in performance mainly stemmed from foreign exchange losses of 389 million yuan, compared with a foreign exchange gain of 17.4626 million yuan in the same period last year. The difference of nearly 400 million yuan directly caused net profit attributable to the parent company to be cut in half. Excluding the impact of foreign exchange gains and losses, total profit grew 49.89 percent year on year, and net profit attributable to the parent company grew 36.20 percent year on year. The company's main business is divided into ODM and OEM, its own brands, and core components. Among these, the core components business has become an important growth driver. The motor business achieved breakthroughs in construction machinery and new energy vehicles, and automotive precision die-cast components secured more than 30 new project nominations.