Haier Smart Home dividend
Haier Smart Home paid RMB1.24 per share in dividends in 2025. Haier Smart Home generated RMB1.35 of real free cash flow per share in 2025, so the dividend was covered by cash.
How much does Haier Smart Home pay in dividends?
Diluted EPS rose from RMB1.40 in 2021 to RMB2.10 in 2025, but H1 2026 brought an earnings decline. The company’s real free cash flow per share was RMB1.35 against dividends paid of RMB1.24 per share in 2025.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 2.10 | 2.02 | 1.78 | 1.57 | 1.40 |
| Real free cash flow per share | 1.35 | 1.26 | 1.25 | 1.00 | 1.52 |
| − Dividends paid, per share | 1.24 | 0.80 | 0.56 | 0.46 | 0.36 |
| − Share buybacks, per share | 0.13 | 0.06 | 0.19 | 0.21 | 0.34 |
What this means. Real free cash flow per share is lower than free cash flow per share because it subtracts the value of shares given to employees as pay.
Is Haier Smart Home's dividend covered by its cash?
In 2025, dividends and share repurchases together took almost all of free cash flow. That can be a deliberate choice when management believes the shares offer better value than another acquisition. It also leaves less internally generated cash for factories, purchases and unexpected shocks. If distributions exceed free cash flow, the difference must come from existing cash, investments or borrowing.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 13,057 | 12,086 | 12,282 | 10,266 | 14,541 |
| − Dividends paid | 11,483 | 7,444 | 5,254 | 4,297 | 3,411 |
| − Share buybacks | 1,234 | 559 | 1,802 | 2,012 | 3,221 |
| = Free cash flow not paid out | 243 | 3,990 | 5,196 | 3,922 | 7,839 |
| Paid out, % of free cash flow | 97.4% | 66.2% | 57.4% | 61.5% | 45.6% |
What could change Haier Smart Home's dividend?
Management promises a minimum cash dividend payout ratio of 58% for 2026 and at least 60% for 2027 and 2028. No interim dividend was recommended for H1 2026. The forecast assigns bear, base and bull probabilities of 30%/52%/18%. The bear case reflects weak replacement demand, tariffs and underused factories; the bull requires profitable share gains, stronger HVAC utilization and better cash generation.
From 2028 onward, cash conversion will decide whether Haier can fund dividends and buybacks together. Renewed repurchases alongside stable investment would support the base-to-bull shift; stopped buybacks, weaker free cash flow and subdued margins would move the forecast toward the bear case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 19,300 (16,500 / 21,000) | 20,200 (15,700 / 23,200) | 21,200 (15,300 / 25,500) |
| Shares (millions) | 9,248 (9,323 / 9,160) | 9,205 (9,348 / 9,037) | 9,168 (9,373 / 8,927) |
| Dividends per share | 1.16 (1.05 / 1.28) | 1.26 (0.99 / 1.44) | 1.32 (0.93 / 1.59) |
| Price to earnings | 9.00 (8.00 / 11.00) | 9.50 (7.50 / 12.00) | 10.00 (7.00 / 13.00) |
What is Haier Smart Home's dividend yield today?
Haier’s share price looks modest only if its earnings, cash flow and dividends remain durable.