Midea, Haier boost earnings as Chinese adopt smart appliances

Rising middle class in nation leads to an upmarket strategy

China's top two makers of household goods are enjoying an earnings boost as millions of Chinese families increasingly adopt higher-priced smart appliances, such as refrigerators that connect to the internet.

Market leader Midea Group Co, which is buying German robot-maker Kuka AG, saw net income for the first half rise 14 percent to 9.5 billion yuan ($1.4 billion), while Qingdao Haier Co profit surged 21 percent to 3.32 billion yuan, according to statements to Chinese stock exchanges on Tuesday.