(Yicai) March 28 -- Shares in Midea Group and Haier Smart Home advanced today after two of China's largest white goods manufacturers posted their highest ever profit and revenue last year on their globalization and high-end strategies.

Midea’s share price [SHE:000333] closed up 1.4 percent at CNY64.58 (USD8.94). Earlier in the day it gained 2.7 percent to reach CNY65.39. While Haier’s stock [SHA:600690] surged 5.5 percent to finish the day at CNY25.08. Earlier it surged 6.8 percent to hit CNY25.40.

Midea’s net profit soared 14 percent in 2023 from the year before to CNY33.7 billion (USD4.7 billion), while revenue jumped 8 percent to CNY373.7 billion (USD51.7 billion). Haier's net profit surged 13 percent to CNY16.6 billion and revenue climbed 7 percent to CNY261.4 billion, according to the two firms’ financial reports released yesterday.

Midea’s shift in focus to emerging businesses such as robotics and automation is paying off. Revenue from this sector surged 24 percent to CNY37.3 billion (USD5.1 million), while that from its core product of air conditioners climbed 7 percent to CNY161.1 billion, according to the Foshan-based company’s earnings report. Revenue from other consumer appliances such as washing machines and refrigerators advanced 8 percent to CNY134.7 billion.

Haier's international sales are now outpacing the domestic market both in terms of size and growth. Overseas revenue soared 8 percent year on year to CNY135.7 billion (USD18.7 billion), of which earnings from North America climbed 4 percent to CNY79.8 billion, and that from Europe jumped 24 percent to CNY28.5 billion. China revenue, meanwhile, advanced 7 percent to CNY124.6 billion.

Midea will issue a cash dividend of CNY30 (USD4.15) for every 10 shares to shareholders this year, it said. This amounts to a total handout of CNY20.8 billion (USD2.8 billion), accounting for 62 percent of last year's net profit, it said.

Haier will dish out CNY7.5 billion (USD1 billion) in dividends, equivalent to CNY8.04 for every 10 shares, amounting to 45 percent of net profit, it said. The Qingdao-based company also promised that the ratio of dividends to profit for the next three years will be higher than last year and no less than 50 percent in 2025 and 2026.

Editors: Dou Shicong, Kim Taylor