Loading…
Chinese white-goods maker producing refrigerators, washing machines and air conditioners under the Hisense, Kelon and Ronshen brands.
Chinese white-goods maker producing refrigerators, washing machines and air conditioners under the Hisense, Kelon and Ronshen brands.
The Hong Kong share class of the same company that trades in Shenzhen, so the business is identical. It earns from selling fridges, air conditioners and washers through retailers, e-commerce and exports under the Hisense, Kelon and Ronshen brands. Hisense Group, owned by the Qingdao city government, is the controlling shareholder.
In one line: China's Whirlpool.
Moat: narrow (brand, distribution, scale). Recognized Hisense/Kelon/Ronshen brands and a large domestic dealer network in a commoditized category.
Headquarters: Qingdao, China · Founded: 1984 · Employees: 37,759
Size Hisense Home Appliances (0921.HK) is a Hong Kong Consumer Discretionary company (Electronics/Appliances) with a market value of $4.26B, the 285th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$18.11 on 6 Nov 2026.
Performance Over six months the shares fell 23.7%, against +9.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +6.6%); the operating margin is 3.4% (peer median 7.9%).
Valuation It trades at 9.3× forward earnings against a peer median of 18.0× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.6 points above its cost of capital (7.5% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$94.8B | HK$95.1B | HK$100B | HK$94.3B | HK$85.9B |
| Revenue growth | — | -5% | +6% | +10% | — |
| Gross profit | HK$20.4B | HK$20.1B | HK$20.6B | HK$20.6B | HK$17.6B |
| EBITDA | n/a | HK$5.84B | HK$5.84B | HK$6.02B | HK$4.65B |
| Net income | HK$2.52B | HK$3.46B | HK$3.63B | HK$3.14B | HK$1.67B |
| Free cash flow | HK$5.95B | HK$5.22B | HK$5.22B | HK$11.4B | HK$4.09B |
| Capital expenditure | HK$1.89B | HK$2.29B | HK$1.51B | HK$1.09B | HK$1.03B |
| Total debt | HK$21.4B | HK$20.1B | HK$24.3B | HK$23.1B | HK$18.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hisense Home Appliances 0921.HK | $4.26B | -24% | -6% | 3% | 9.3× | -13.5% |
| Midea 000333.SZ | $101B | +10% | +2% | 9% | 14.5× | -3.2% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% |
| Haier Smarthome 6690.HK | $27.6B | -2% | -4% | 7% | 9.3× | -3.8% |
| Whirlpool WHR | $2.01B | -32% | -6% | 2% | n/a | n/a |
| TCL Electronics 1070.HK | $6.01B | +3% | +14% | 3% | 12.4× | -2.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0921.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | +3.9% | 3rd lowest of 21 |
| 6-month return | -23.7% | +9.7% | 5th lowest of 21 |
| Distance from 52-week high | -34.1% | -14.2% | 6th lowest of 21 |
| Revenue growth (TTM) | -6.3% | +6.6% | 2nd lowest of 21 |
| Operating margin | 3.4% | 7.9% | 6th lowest of 21 |
| Forward P/E | 9.3× | 18.0× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -13.5% | 2.8% | least demanding of 15 |
| Growth delivered (Del g) | +11.9% | +9.4% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -25.4 pp | -5.2 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | +11.6 pp | +3.7 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hisense Home Appliances 0921.HK | Hong Kong | $4.26B | -24% | -6% | 3% | 9.3× | -13.5% | +11.9% |
| Ecovacs Robotics 603486.SS | China | $4.22B | -25% | +10% | 7% | 14.5× | 16.2% | +21.4% |
| Shenzhen MTC 002429.SZ | China | $4.30B | -42% | +3% | 7% | 22.1× | n/a | n/a |
| Seb SK.PA | France | $3.55B | +8% | -1% | 8% | 12.1× | -0.8% | +3.3% |
| Beijing Roborock Technology 688169.SS | China | $5.29B | +17% | +31% | 8% | 17.3× | 4.6% | +32.8% |
| Hisense Visual Technology 600060.SS | China | $5.31B | +8% | -2% | 5% | 12.8× | -3.4% | +8.0% |
| Aditya Infotech CPPLUS.NS | India | $5.37B | +68% | +36% | 13% | 69.9× | n/a | n/a |
| Zhejiang Supor 002032.SZ | China | $5.37B | -4% | 0% | 10% | 18.0× | -2.8% | +4.1% |
| Breville BRG.AX | Australia | $3.33B | +13% | +7% | 11% | 31.1× | 26.4% | +8.8% |
| Coway 021240.KS | South Korea | $5.56B | +26% | +14% | 18% | 10.8× | n/a | n/a |
| Nikon 7731.T | Japan | $3.17B | -12% | -4% | -2% | 45.4× | n/a | n/a |
| TCL Electronics 1070.HK | Hong Kong | $6.01B | +3% | +14% | 3% | 12.4× | -2.3% | +17.6% |
| Howden Joinery HWDN.L | United Kingdom | $6.12B | +16% | +4% | 15% | 16.6× | 14.9% | +9.3% |
| Joyoung 002242.SZ | China | $2.87B | +131% | -7% | -1% | 159.7× | n/a | n/a |
| Arashi Vision 688775.SS | China | $6.41B | -45% | +74% | -1% | 135.2× | n/a | n/a |
| Kingclean Electric 603355.SS | China | $2.79B | +4% | -2% | 8% | 35.9× | 4.4% | +9.4% |
| Casio Computer 6952.T | Japan | $2.74B | +24% | +12% | 11% | 15.9× | 0.2% | +4.0% |
| IMAX IMAX | United States | $2.61B | +35% | +15% | 23% | 18.8× | 12.2% | +24.5% |
| Electrolux ELUX-A.ST | Sweden | $2.50B | +11% | -3% | -1% | 18.1× | 1.2% | +2.6% |
| Cowell e 1415.HK | Hong Kong | $2.38B | -33% | +15% | 7% | 9.8× | -10.3% | +36.2% |
| De'Longhi DLG.MI | Italy | $7.65B | +23% | +6% | 13% | 18.0× | 14.2% | +10.1% |