The profits of Qingdao-based Haier, China's leading home appliance maker, jumped 20 percent year on year to 18 billion yuan (US$2.7 billion) in 2015.

The company hopes to transform into an incubator for innovators and dismantles its traditional corporate structure in favor of building an open platform where people can bring in their own ideas and resources to develop new products and services.

Earlier this month, the company has agreed to buy a unit of General Electric's appliances business in the United States for $5.4 billion in cash.