# Qingdao Haier (600690.SHG)

Canonical: https://gigainvestors.com/s/600690.SHG

Analysis as of: 2026-10-16T07:34:22.775Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 20.31 per share; close as of 2026-10-15.

Estimated value: low CNY 28.19 per share, central CNY 36.51 per share, high CNY 41.82 per share. Buy at or below the central value CNY 36.51 per share. Valuation as of 2026-10-16T07:34:22.775Z; scenarios are not confidence intervals.

Expected annual return: 17.3% at the stated quote. About 17.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 36.0%

- ROIC, second-lowest year: 31.1%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 29.4%

- Recent gross margin (lower of latest and 3-year median): 26.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.6%

- FY2017: 65.9%

- FY2018: 74.2%

- FY2019: 46.5%

- FY2020: 36.1%

- FY2021: 37.2%

- FY2022: 31.1%

- FY2023: 31.5%

- FY2024: 35.8%

- FY2025: 17.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 74B

- Net income, five-year total: CNY 83B

- Return on incremental invested capital: 20.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.94×

- FY2022: 0.87×

- FY2023: 0.95×

- FY2024: 0.77×

- FY2025: 0.95×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 65.9% vs 31.5%

- Per-share earnings: 0.83 to 2.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.4%

- Ordinary dilution, 5-year annual growth: 7.3%

- Market cap gain: CNY 185B

- Cumulative retained earnings: CNY 70B

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: 7.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.5%

- Per-share value change: CNY 1.16

- Per-share value, starting three-year median: CNY 0.83

- Per-share value, ending three-year median: CNY 2.00

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.6%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 44B

- Cumulative net income, 10 years: CNY 119B

- ROIC, first three-year median: 65.9%

- ROIC, last three-year median: 31.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.83

- FY2017: CNY 1.13

- FY2018: CNY 1.51

- FY2019: CNY 1.29

- FY2020: CNY 1.35

- FY2021: CNY 1.41

- FY2022: CNY 1.59

- FY2023: CNY 1.76

- FY2024: CNY 2.00

- FY2025: CNY 2.09

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -6.1%

- FY2018: -6.9%

- FY2019: -3.7%

- FY2020: -4.3%

- FY2021: -4.6%

- FY2022: -2.3%

- FY2023: -3.4%

- FY2024: -2.7%

- FY2025: -2.4%

## Holders

## Price story

Down 37% since Sep 2024 · sales +5.5%

Story as of 2026-10-16T10:00:00.346Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.9% a year for ten years

### Sales · FY2024–2025

sales +5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 119B 

- FY2017: CNY 163B 

- FY2018: CNY 184B 

- FY2019: CNY 201B 

- FY2020: CNY 210B 

- FY2021: CNY 227B 

- FY2022: CNY 244B 

- FY2023: CNY 274B 

- FY2024: CNY 286B 

- FY2025: CNY 302B 

### Gross margin · FY2025

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.6% 

- FY2017: 30.8% 

- FY2018: 28.8% 

- FY2019: 29.5% 

- FY2020: 29.2% 

- FY2021: 30.9% 

- FY2022: 30.9% 

- FY2023: 27.1% 

- FY2024: 27.5% 

- FY2025: 26.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are CNY 301.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2025: revenue 301739750000; grossProfit 80000996000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600690.SHG: Haier Smart Home Co., Ltd. engages in the research, development, production, and sales of smart home appliances. It operates through five segments: Home Cooking Solutions; Air Energy Solutions; Household Laundry and Care of Washing Machines and Dyers; Whole-Home Water Solutions; and Other Businesses. The company provides refrigerators/freezers, air conditioners, water heaters, laundry equipment, kitchen and small appliances, and smart home solutions. It also offers logistics services, fluorine-free refrigerators, dishwashers and gas stoves, communications and network engineering technologies, and industrial product design and prototype production services; manufacture and sale of plastic parts, precise plastics, plastic powder and sheet, and coatings; assembly and sales of plastics and electronics products; wholesale and retail of medical equipment; and develops and sells software and information product. In addition, the company engages in the sale of digital products, international freight forwarding; software development; technological development; IoT technology and application services; scientific research and technical service; and residential interior decoration, professional construction works, and equipment installation. Further, it offers urban distribution and transportation services; import and export of goods, technology, and food business; professional cleaning; waste treatment; professional cleaning and daily necessities; and energy saving technology. Additionally, the company is involved in house leasing and maintenance; venture capital investment and consultation; smart bathroom; air-conditioning equipment manufacturing; software development; research, development, and sales of lighting appliances; and lease and commercial business services. The company was formerly known as Qingdao Haier Co., Ltd. and changed its name to Haier Smart Home Co., Ltd. in June 2019. Haier Smart Home Co., Ltd. was founded in 1984 and is headquartered in Qingdao, China.

### Why customers stay

Margins ranged from 26.5% to 27.5% during 2023–25; it earns 36% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2023: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2024: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); 10-year return on capital observations [[2016,0.3261450516337255],[2017,0.6586066837020217],[2018,0.7422502223815857],[2019,0.46471586815886445],[2020,0.36093980525443425],[2021,0.37155720532777575],[2022,0.3112894835426595],[2023,0.31472749556066404],[2024,0.35811870526808387],[2025,0.17693309139601007]]; median 0.35952925526125906. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2016: growth capex 206203424.73000002; upkeep 2391786000; owner earnings 5041782000. Growth capex / owner earnings = 0.04089891723402559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2017: growth capex 896837912.29; upkeep 3070323000; owner earnings 6907629000. Growth capex / owner earnings = 0.129832958934245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2018: growth capex 2324900024.183646; upkeep 4432136442.396354; owner earnings 6167622557.603646. Growth capex / owner earnings = 0.3769523835918645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2019: growth capex 1640938049.63; upkeep 4553155000; owner earnings 8206247000. Growth capex / owner earnings = 0.19996205934698286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2020: growth capex 1129223572.4850817; upkeep 6644500441.154919; owner earnings 7144073558.845081. Growth capex / owner earnings = 0.1580643820621065.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2021: growth capex 2130965914.2405415; upkeep 5241462918.139459; owner earnings 12250570085.566542. Growth capex / owner earnings = 0.17394830602628175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2022: growth capex 2138673037.5896301; upkeep 6065801499.52037; owner earnings 12825291966.35763. Growth capex / owner earnings = 0.16675433535545556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2023: growth capex 4203992858.376032; upkeep 5702934959.193968; owner earnings 15764415755.572033. Growth capex / owner earnings = 0.2666760965683174.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2024: growth capex 1711630702.475031; upkeep 8359925297.524969; owner earnings 14494180503.00303. Growth capex / owner earnings = 0.11809089186659434.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2025: growth capex 101632000; upkeep 8749932000; owner earnings 18642515886.432. Growth capex / owner earnings = 0.005451624695890303.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); Dividend observations: [[2016,1807044796.22],[2017,2898969569.61],[2018,3819915954.99],[2019,2235334560],[2020,2467000000],[2021,3411000000],[2022,4297000000],[2023,7224378853.72],[2024,9981640000],[2025,11482395000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); FY2025: cash repurchases 1233646000 CNY.

### Are managers owners

Insiders own 42.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600690.SHG SharesStats.PercentInsiders = 42.77 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.9% yearly over ten years; actual growth was 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:22.775Z); Ten-year compound average after fade. Initial solved rate -0.06785564497066049. Price 20.31; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.4641196251071691 → FY2025 1.9881579671004261. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 9.98 per share

- 2016-11: CNY 10.70 per share

- 2016-12: CNY 9.88 per share

- 2017-01: CNY 10.11 per share

- 2017-02: CNY 10.91 per share

- 2017-03: CNY 12.18 per share

- 2017-04: CNY 12.19 per share

- 2017-05: CNY 14.17 per share

- 2017-06: CNY 15.05 per share

- 2017-07: CNY 14.04 per share

- 2017-08: CNY 14.03 per share

- 2017-09: CNY 15.09 per share

- 2017-10: CNY 17.30 per share

- 2017-11: CNY 17.29 per share

- 2017-12: CNY 18.84 per share

- 2018-01: CNY 21.20 per share

- 2018-02: CNY 19.56 per share

- 2018-03: CNY 17.62 per share

- 2018-04: CNY 17.14 per share

- 2018-05: CNY 20.10 per share

- 2018-06: CNY 19.26 per share

- 2018-07: CNY 17.23 per share

- 2018-08: CNY 14.89 per share

- 2018-09: CNY 16.52 per share

- 2018-10: CNY 12.66 per share

- 2018-11: CNY 13.75 per share

- 2018-12: CNY 13.85 per share

- 2019-01: CNY 16.00 per share

- 2019-02: CNY 16.48 per share

- 2019-03: CNY 17.11 per share

- 2019-04: CNY 16.75 per share

- 2019-05: CNY 15.90 per share

- 2019-06: CNY 17.29 per share

- 2019-07: CNY 16.83 per share

- 2019-08: CNY 15.91 per share

- 2019-09: CNY 15.30 per share

- 2019-10: CNY 16.00 per share

- 2019-11: CNY 17.06 per share

- 2019-12: CNY 19.50 per share

- 2020-01: CNY 18.57 per share

- 2020-02: CNY 17.02 per share

- 2020-03: CNY 14.40 per share

- 2020-04: CNY 15.46 per share

- 2020-05: CNY 16.55 per share

- 2020-06: CNY 17.70 per share

- 2020-07: CNY 18.00 per share

- 2020-08: CNY 22.30 per share

- 2020-09: CNY 21.82 per share

- 2020-10: CNY 24.86 per share

- 2020-11: CNY 26.97 per share

- 2020-12: CNY 29.21 per share

- 2021-01: CNY 31.85 per share

- 2021-02: CNY 28.92 per share

- 2021-03: CNY 31.18 per share

- 2021-04: CNY 33.13 per share

- 2021-05: CNY 30.17 per share

- 2021-06: CNY 25.91 per share

- 2021-07: CNY 24.98 per share

- 2021-08: CNY 27.06 per share

- 2021-09: CNY 26.15 per share

- 2021-10: CNY 27.20 per share

- 2021-11: CNY 27.22 per share

- 2021-12: CNY 29.89 per share

- 2022-01: CNY 27.65 per share

- 2022-02: CNY 25.49 per share

- 2022-03: CNY 23.10 per share

- 2022-04: CNY 25.91 per share

- 2022-05: CNY 25.39 per share

- 2022-06: CNY 27.46 per share

- 2022-07: CNY 24.79 per share

- 2022-08: CNY 25.87 per share

- 2022-09: CNY 24.77 per share

- 2022-10: CNY 20.80 per share

- 2022-11: CNY 24.53 per share

- 2022-12: CNY 24.46 per share

- 2023-01: CNY 25.70 per share

- 2023-02: CNY 26.31 per share

- 2023-03: CNY 22.68 per share

- 2023-04: CNY 23.70 per share

- 2023-05: CNY 21.48 per share

- 2023-06: CNY 23.48 per share

- 2023-07: CNY 24.70 per share

- 2023-08: CNY 23.51 per share

- 2023-09: CNY 23.60 per share

- 2023-10: CNY 22.22 per share

- 2023-11: CNY 22.12 per share

- 2023-12: CNY 21.00 per share

- 2024-01: CNY 22.31 per share

- 2024-02: CNY 24.09 per share

- 2024-03: CNY 24.95 per share

- 2024-04: CNY 30.26 per share

- 2024-05: CNY 29.54 per share

- 2024-06: CNY 28.38 per share

- 2024-07: CNY 27.29 per share

- 2024-08: CNY 24.73 per share

- 2024-09: CNY 32.15 per share

- 2024-10: CNY 29.22 per share

- 2024-11: CNY 28.33 per share

- 2024-12: CNY 28.47 per share

- 2025-01: CNY 27.77 per share

- 2025-02: CNY 26.25 per share

- 2025-03: CNY 27.34 per share

- 2025-04: CNY 24.79 per share

- 2025-05: CNY 25.04 per share

- 2025-06: CNY 24.78 per share

- 2025-07: CNY 24.84 per share

- 2025-08: CNY 26.26 per share

- 2025-09: CNY 25.33 per share

- 2025-10: CNY 26.81 per share

- 2025-11: CNY 27.58 per share

- 2025-12: CNY 26.09 per share

- 2026-01: CNY 25.11 per share

- 2026-02: CNY 25.70 per share

- 2026-03: CNY 21.38 per share

- 2026-04: CNY 21.53 per share

- 2026-05: CNY 20.88 per share

- 2026-06: CNY 20.41 per share

- 2026-07: CNY 23.19 per share

- 2026-08: CNY 21.18 per share

- 2026-09: CNY 20.42 per share

- 2026-10: CNY 20.60 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 14.66 per share, central CNY 19.44 per share, high CNY 22.23 per share

- FY2017: low CNY 20.65 per share, central CNY 27.25 per share, high CNY 31.10 per share

- FY2018: low CNY 28.55 per share, central CNY 37.71 per share, high CNY 43.05 per share

- FY2019: low CNY 22.63 per share, central CNY 30.14 per share, high CNY 34.52 per share

- FY2020: low CNY 24.47 per share, central CNY 32.06 per share, high CNY 36.48 per share

- FY2021: low CNY 17.26 per share, central CNY 21.07 per share, high CNY 23.84 per share

- FY2022: low CNY 18.81 per share, central CNY 22.87 per share, high CNY 25.84 per share

- FY2023: low CNY 24.54 per share, central CNY 30.41 per share, high CNY 34.65 per share

- FY2024: low CNY 25.65 per share, central CNY 32.10 per share, high CNY 36.63 per share

- FY2025: low CNY 28.36 per share, central CNY 36.71 per share, high CNY 42.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:08.903Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.