Qingdao Haier (600690) posted a 20.09 percent year-on-year rise in 2011 net profit to 2.69 billion yuan on an 13.86 percent increase in revenue to 73.66 billion yuan, reports China Securities Journal, citing a company filing.

According to the report, preferential policies encouraging rural residents to buy home appliances expired in 2011, slowing down the sector's growth.

Qingdao Haier focused on boosting innovation and integrating upstream assets last year, promoted a long-term incentive plan for employees, and rolled out a number of mid and high-end products.

Qingdao Haier was the top-ranked company in the domestic refrigerator, washing machine, and heater markets, with respective market shares of 26.65 percent, 27 percent, and 19.78 percent.

For the first time, the company grabbed the top spot in the market for freezers, with a 16.7 percent market share. It was the third-ranked company in the air conditioner sector.