Tag Archives:  Gree

China’s ’Home Appliances Queen’ Steps Down

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Dong Mingzhu, widely recognized as China’s “home appliances queen,” has been re-elected as chairwoman of Gree Electric Appliances, a position she has held for the past 13 years. However, as part of the company’s efforts to refresh its leadership team, the 71-year-old has stepped down as president.

Gree Electric Appliances, headquartered in Zhuhai, announced yesterday that Dong will continue to serve as chairwoman for her fifth three-year term, while Zhang Wei, aged 49, will take over as the firm’s new president.

Having started her journey at Gree as a sales representative, Dong has dedicated 35 years to the company, rising to the role of president in 2007 and chairwoman in 2012. Under her guidance, Gree has evolved from a manufacturer of air conditioners into a diversified conglomerate with ventures in smart equipment, industrial robotics, and new energy sectors. The company now boasts annual revenues exceeding CNY200 billion (USD27.4 billion)

Gree develop air conditioner

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Gree Electric held the “Gree Refrigerator and Washing Machine Life Appliance Strategy Conference” in Hebei on August 2. Chairman and President Dong Mingzhu revealed at the conference that Gree is developing an air conditioner that “does not require electricity.” The development of this technology began in 2012 and has gone through more than a decade of innovation and improvement

Gree Electric Appliances: Net Profit Reaches 29.017 CNY Billion in 2023,

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Gree Electric Appliances disclosed its annual report for 2023. The report reveals that in 2023, Gree Electric Appliances achieved an operating income of CNY 203.979 billion, a year-on-year increase of 7.93%. The net profit attributable to the shareholders of the listed company reached CNY 29.017 billion, marking an 18.41% increase from the previous year Furthermore, during the reporting period, Gree Electric Appliances’ products were sold to more than 190 countries and regions, with overseas business achieving operating income of CNY 24.904 billion, and the proportion of independent brands accounting for nearly 70%, an 8% increase year-on-year.

Gree Jumps After Chairwoman Declares 2023 Best Year Ever

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Shares of Gree Electric Appliances surged after the chairwoman of the Chinese maker of white goods said yesterday that the firm achieved its best annual revenue last year since its inception over three decades ago and the goal is to double that in the next five years The Zhuhai-headquartered manufacturer of air conditioning units and washing machines predicted in late December that its 2023 revenue should stand between CNY205 billion and CNY210 billion (USD28.5 billion to USD29.2 billion), marking the third time of exceeding CNY200 billion and a maximum increase of 10 percent from the year before. Net profit could tally from CNY27 billion to CNY29.3 billion (USD3.8 billion to USD4.1 billion), as big as a 20 percent boost from 2022.

Haier and Gree decent profits

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Gree Electric Appliances and Haier Smart Home, two leading Chinese white goods makers, both logged decent profit in the first three quarters despite a slump in the overall market.

Gree reported a 17 percent jump in net profit in the first nine months from the same period a year ago to CNY18.3 billion (USD2.5 billion), while revenue advanced 6.8 percent to CNY147.5 billion (USD20.3 billion), according to the Zhuhai, southern Guangdong province-based company’s latest financial report released yesterday.

Haier posted a 17.3 percent gain in net profit over the period to CNY11.7 billion (USD1.6 billion) while revenue surged 8.9 percent to CNY184.7 billion (USD25.3 billion), the Qingdao, eastern Shandong province-based company said the same day.

This is despite China’s home appliance market slumping 6.1 percent in the nine months ended Sept. 30 year on year to CNY510.3 billion (USD70.4 billion), according to Beijing-based market research agency All View Cloud. The sales of major home appliances such as refrigerators, air conditioners and washing machines have tumbled while that of emerging products such as cleaning robots and dishwashers have picked up.

Haier was able to increase its share of the global market in the first three quarters by improving its overseas market layout through more new high-end brands, it said. The company’s continuous digitization has improved the user experience and operational efficiency, enabling steady growth despite a tricky external environment.

Gree’s profit growth was boosted by the acquisition of a 30 percent stake in Zhejiang DunAn Artificial Environment, a core component supplier for air conditioners, earlier this year. Dun’An’s net profit doubled in the first three quarters year on year to CNY702 million (USD96.6 million).

But other major home appliance manufacturers are seeing growth stall. Midea Group’s net profit climbed 4.3 percent over the same period to CNY24.5 billion (USD3.3 billion) while revenue gained 3.4 percent to CNY271.8 billion (USD37.3 billion), the Foshan, Guangdong province-headquartered company said on Oct. 28.

The Canton Fair is online until April 24, 2022

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China Import and Export Fair, also known as Canton Fair, started its 131st edition that will be also online on April 24, 2022. As Xu Bing, spokesperson of the Fair, deputy director general of China Foreign Trade Centre, explained in the opening cerimony, Themed facilitating the “dual circulation” of domestic and overseas markets, the event is held from April 15-24 online. The exhibition offers an online display platform, business matchmaking services, and a cross-border e-commerce zone.

The electronic and home appliances exhibition zone hosts about 2,600 companies with 140,000 products. Among the protagonist brands, the event was attended by Haier, Hisense, Gree, Midea, Changhong, TCL, and others.