Breaking out of Comfort Zones and Sustaining Innovation: How Haier Smart Home Maintains Steady Growth

Breaking out of Comfort Zones and Sustaining Innovation: How Haier Smart Home Maintains Steady GrowthIn a rapidly changing market environment, businesses need to break out of their comfort zones and actively explore new businesses and seek new breakthroughs to expand their scale and maintain competitiveness. However, how does one identify strategic opportunities and potential risks during the transformation process? How can internal vitality be ignited to drive innovation? The 2024 Fortune Global 500 Summit provided valuable answers

Breaking out of Comfort Zones and Sustaining Innovation: How Haier Smart Home Maintains Steady Growth

In a rapidly changing market environment, businesses need to break out of their comfort zones and actively explore new businesses and seek new breakthroughs to expand their scale and maintain competitiveness. However, how does one identify strategic opportunities and potential risks during the transformation process? How can internal vitality be ignited to drive innovation? The 2024 Fortune Global 500 Summit provided valuable answers. In a roundtable discussion themed "Breaking out of Comfort Zones - New Businesses and Breakthroughs for Large Companies," Shu Hai, Vice President and General Manager of Global R&D Platform at Haier Smart Home, shared Haier Smart Home's experience in sustained innovation and maintaining steady growth.

Shu Hai emphasized that Haier Smart Home has always adhered to a user-centric approach and maintained an entrepreneurial spirit of innovation. From the 1980s to the present, China's economy has experienced rapid development, and user needs have also undergone tremendous changes. But regardless of the changing times, Haier Smart Home has always put user needs first, creating high-value products, services, and experiences for users.

Taking washing machines as an example, in the past, Haier Smart Home focused on researching how to wash clothes clean, exploring optimal washing methods through various experiments. Today, user needs are more diverse. They not only need a washing machine that can wash clothes clean but also seek the convenience of smart home appliances. To this end, Haier Smart Home has developed HomeGPT, the Smart Home Brain, which empowers appliances with interconnectivity. For instance, the refrigerator can remind users that the lamb in the freezer has been stored for a long time, and the washing machine can adjust washing time based on user needs.

Continuously meeting user needs is the key to Haier Smart Home's steady growth. The 2024 semi-annual report shows that Haier Smart Home continues to achieve steady growth on a high base, with profit growth ranking among the top in the industry. Meanwhile, to stimulate internal vitality, Haier Smart Home upholds the principle of "maximizing human value," fully mobilizing and inspiring employees' enthusiasm and creativity.

At the corporate level, Haier Smart Home has undergone six strategic transformations, from the brand strategy stage to the diversification strategy stage, the internationalization strategy stage, the globalization strategy stage, and so on. Each transformation has marked a new entrepreneurial endeavor. In terms of R&D, Haier Smart Home encourages disruptive innovations. For example, Haier refrigerator's magnetic control preservation technology can keep meat from freezing at temperatures below zero degrees, locking in nutrients. The gas stove, in turn, can automatically sense the pot status to prevent dry burning.

Haier Smart Home has achieved absolute leadership in patents, standards, industrial design, and national recognition. It holds the largest number of invention patents in the industry, has led and participated in numerous international standards, and has received numerous international design awards and national science and technology progress awards.

The success story of Haier Smart Home tells us that to maintain competitiveness in a rapidly changing market environment, businesses must continuously innovate, be user-centric, and maintain an entrepreneurial spirit. Only in this way can they efficiently meet user needs, stimulate their own vitality, and maintain steady growth in a complex and ever-changing market environment.

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