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Gree Electric Appliances Inc of Zhuhai

Gree Electric Appliances, Inc. of Zhuhai, together with its subsidiaries, produces and sells consumer electrical appliances and accessories in China and internationally. It operates through four segments: Consumer Electronics; Industrial Products and Green Energy; Smart Equipment; and Other Businesses. The company offers residential air conditioners, home appliances such as air purifiers, humidifiers, air coolers, electric heaters, fans, kitchen appliances, personal care equipment, refrigerators, and washing machines, as well as optical storage air conditioning systems. It also provides industrial products including screw, scroll, and centrifugal chillers, multi-VRF systems, light commercial equipment, terminals, and packaged units. Additionally, it is involved in finance, information technology R&D, transportation, wholesale and retail trade, medical devices, agriculture, real estate, electrical machinery and equipment manufacturing, and technology promotion and application services. The company exports its products. It was formerly known as Haili Air-conditioning Engineering Co., Ltd. of Zhuhai and changed its name to Gree Electric Appliances, Inc. of Zhuhai in January 1994. Founded in 1989, it is headquartered in Zhuhai, China.

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Gree Electric Appliances Repurchases 500,000 Shares for 19.74 Million Yuan

Gree Electric Appliances announced that from August 17 to August 18, 2026, the company repurchased a total of 500,000 shares through centralized bidding, accounting for 0.0088% of its total share capital. The highest transaction price was 40.10 yuan per share, the lowest was 39.70 yuan per share, and the total amount paid was 19.74 million yuan. In the first quarter of 2026, Gree Electric Appliances achieved revenue of 43.08 billion yuan and net profit attributable to the parent company of 6.082 billion yuan.
000651.CS · Capital · Positive Company repurchased shares, signaling confidence and supporting stock price.
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Dong Mingzhu Pledges No Layoffs as Gree Workforce Falls Nearly 20% from Peak

Gree Electric Appliances Chairwoman Dong Mingzhu reiterated the company's no-layoff commitment at the induction ceremony for the 2026 graduate cohort, saying the company now has nearly 80,000 employees. However, Gree Electric's headcount at the end of 2025 was about 72,000, down 19% from the peak of 88,800 in 2019, including a single-year reduction of 9,504 employees in 2022, the largest in a decade. Meanwhile, the gap between Gree's overseas business and its peers continues to widen. Overseas revenue in 2025 was 27.375 billion yuan, only 17.71% of Haier Smart Home's 154.545 billion yuan and 13.97% of Midea Group's 195.948 billion yuan. Overseas revenue accounted for 16% of the total, far below Haier Smart Home's 51.1% and Midea Group's 42.7%. Extreme heat in Europe in the summer of 2026 led to a complete sell-out of Gree portable air conditioners in France, Spain, and Portugal. The company has coordinated with European distributors to lock in medium- and long-term orders in advance and accelerate shipments.
000651.CS · Demand · Negative Overseas revenue lags peers and workforce declines, but heat wave boosts portable AC sales.
000333.CS · Demand · Positive Overseas revenue and share far exceed Gree's, highlighting Midea's strong global demand.
600690.CG · Demand · Positive Overseas revenue and share far exceed Gree's, highlighting Haier's strong global demand.
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Gree Electric has launched R290 products in the European market

Gree Electric stated on an interactive platform that the company has conducted a series of applied technology research on R290 refrigerant and has launched R290 products in the European market, including portable air conditioners, household split air conditioners, and heat pump water heaters.
000651.CS · Technology · Positive Gree has launched R290 refrigerant products in Europe, a new technology development.
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Home Appliance Disruptors Shift from Contract Manufacturing to In-House Production

A number of home appliance disruptor brands are bringing core component production back in-house from external contract manufacturing, aiming to strengthen supply chain security and boost profit margins. Laifen, known for its hair dryers, has built injection molding, motor, and battery production lines at its Zhuhai super factory, achieving a component self-sufficiency rate of over 90 percent. Xiaomi put its Wuhan smart appliance factory into operation in October 2025, with a total investment exceeding 2.5 billion yuan, a peak annual capacity of 7 million units, and an air conditioner rolling off the line as fast as every 6.5 seconds. Ecovacs has formed three major supply chain segments: Tiding Battery, Tongfan Mold, and Kaihang Motor. Among them, Tiding New Energy has a total investment of about 1.2 billion yuan, plans an annual production capacity of 2 gigawatt-hours of lithium batteries, and has already achieved procurement cost optimization of over 20 percent. Midea Group's business-to-business revenue reached 122.8 billion yuan in 2025, up 17.5 percent year on year, and its Meizhi household air conditioner compressors rank first globally in sales volume and are also sold externally. Gree Electric's silicon carbide chip cumulative sales have surpassed 300 million units, with installations and shipments exceeding 2 million air conditioners, and it also provides external foundry tape-out services. An analyst from LeadLeo Research Institute pointed out that building an in-house supply chain requires balancing product differentiation, cost, and capital returns, and blindly pursuing self-sufficiency may drive up unit costs.
1810.HK · Supply · Positive Xiaomi's Wuhan smart appliance factory with 2.5B yuan investment and 7M unit capacity strengthens in-house supply chain.
603486.CG · Supply · Positive Ecovacs formed three supply chain segments including Tiding Battery with 1.2B yuan investment, achieving over 20% cost optimization.
徕芬 · Supply · Positive Laifen achieved over 90% component self-sufficiency rate at its Zhuhai super factory.
000333.CS · Demand · Positive Midea's B2B revenue reached 122.8B yuan in 2025, up 17.5% YoY, and its compressors rank first globally.
000651.CS · Technology · Positive Gree's silicon carbide chip cumulative sales surpassed 300M units, with installations exceeding 2M air conditioners.
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Gree Electric's largest shareholder Zhuhai Mingjun adds 68.9097 million shares as supplementary pledge

Gree Electric announced that its largest shareholder, Zhuhai Mingjun Investment Partnership, has placed 68.9097 million company shares as a supplementary pledge, accounting for 8.02% of its holdings and 1.23% of the company's total share capital. As of the disclosure date, the cumulative pledged shares by Zhuhai Mingjun and its concert parties have exceeded 80% of their total holdings in the company. The company reminds investors to be aware of the associated risks.
000651.CS · Capital · Negative Major shareholder pledges additional shares, with cumulative pledged shares exceeding 80%, signaling financial strain and increasing risk.
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Gree’s youngest director Zhong Chengbao steps down after one year; Dong Mingzhu says 'up or out' approach will identify successors

Gree Electric’s youngest director, Zhong Chengbao, born after 1985, has resigned after only about a year on the board, reigniting market attention on the company’s succession plan. The 71-year-old chairwoman Dong Mingzhu, responding to frequent management reshuffles at a shareholder meeting, said the 'up or out' mechanism is designed to bring through a younger team. Born in 1986, Zhong joined Gree in 2008 and rose from a grassroots technician to assistant to the president and chief engineer. He joined the board in April 2025 with a term originally set to run until 2028, and will remain with the company after stepping down as a director. Gree’s younger management ranks still include a group of internally developed core executives, such as current president Zhang Wei, born in 1976, and several vice presidents who previously served as assistants to the president. Dong Mingzhu said there are several promising candidates being tested on different platforms.
000651.CS · · Neutral Director resignation and succession plan discussion; no clear positive or negative financial impact.
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