Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Inc. and Zhuhai Gree Energy-saving and Environmental Protection Refrigeration Technology Research Center Co., Ltd. for a technology related to adjustable liquid storage tanks and refrigeration systems, with the patent number CN119436629B and application date of December 2024 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises and participated in 5,000 bidding projects, holding 5,000 trademark and patent records, along with 908 administrative licenses [1] - Zhuhai Gree Energy-saving and Environmental Protection Refrigeration Technology Research Center Co., Ltd., founded in 2009, focuses on the manufacturing of computers, communications, and other electronic devices, with a registered capital of 116.04 million RMB. The company has participated in 11 bidding projects and holds 5,000 patent records, along with 10 administrative licenses [1]

Group 1 - Zhuhai Gree CNC Machine Tool Co., Ltd. and Zhuhai Gree Intelligent Equipment Co., Ltd. have obtained a patent for "lifting structure and machine tool device" with authorization number CN119683450B, applied on December 2024 [1] - Zhuhai Gree CNC Machine Tool Co., Ltd. was established in 2015, has a registered capital of 50 million RMB, and has participated in 16 bidding projects with 373 patent records [1] - Zhuhai Gree Intelligent Equipment Co., Ltd. was also established in 2015, has a registered capital of 100 million RMB, has invested in 6 companies, participated in 78 bidding projects, and holds 4,239 patents [1] Group 2 - Zhuhai Gree Electric Appliances Co., Ltd. was founded in 1989, has a registered capital of approximately 601.57 million RMB, and has invested in 98 companies while participating in 5,000 bidding projects [2] - The company holds 5,000 trademark records and 5,000 patent records, along with 908 administrative licenses [2]

Group 1 - Zhuhai Gree Electric Appliances Co., Ltd. has obtained a patent for "a multi-tenant permission control method, device, and storage medium," with authorization announcement number CN119210842B, and the application date is September 2024 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989 and is located in Zhuhai City, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 601,573.0878 million RMB [1] - The company has invested in 98 enterprises, participated in 5,000 bidding projects, and has 5,000 trademark and patent information records, along with 908 administrative licenses [1] Group 2 - Zhuhai Lianyun Technology Co., Ltd. was established in 2018 and is also located in Zhuhai City, primarily engaged in software and information technology services, with a registered capital of 50 million RMB [1] - The company has participated in 9 bidding projects, holds 4,630 patent information records, and has 14 administrative licenses [1]

证券日报网讯 2月6日，格力电器（000651）在互动平台回答投资者提问时表示，公司会结合市场形 势、经营状况及资金规划等因素综合考虑回购注销计划，如有相关安排将严格依法依规履行信息披露义 务。 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Intelligent Equipment Co., Ltd. and Zhuhai Gree Electric Appliances, Inc. for a method, device, medium, and electronic equipment related to "three-dimensional point cloud registration" [1] - Zhuhai Gree Intelligent Equipment Co., Ltd. was established in 2015, has a registered capital of 100 million RMB, and has invested in 6 companies, participated in 78 bidding projects, and holds 4,238 patents [1] - Zhuhai Gree Electric Appliances, Inc. was founded in 1989, has a registered capital of approximately 601.57 million RMB, has invested in 98 companies, participated in 5,000 bidding projects, and holds 5,000 trademarks and patents [1]

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

原标题：做制造业，要一个一个螺丝钉去打造（与企业家谈"新"）——珠海格力电器股份有限公司董事 长董明珠访谈从深耕空调行业到进入工业母机、芯片等行业，格力电器的发展一直备受外界关注。记者 近日与格力电器董事长董明珠进行了面对面交流，她分享了对实业的执着、对企业多元发展的思考。 ...

Group 1 - Zhuhai Gree Numerical Control Machine Tool Co., Ltd. and Zhuhai Gree Intelligent Equipment Co., Ltd. have obtained a patent for "Tool Magazine Mechanism and Processing Equipment" with authorization announcement number CN119658433B, applied on December 2024 [1] - Zhuhai Gree Numerical Control Machine Tool Co., Ltd. was established in 2015, has a registered capital of 50 million RMB, and has participated in 16 bidding projects with 372 patent records and 12 administrative licenses [1] - Zhuhai Gree Intelligent Equipment Co., Ltd. was also established in 2015, has a registered capital of 100 million RMB, has invested in 6 companies, participated in 78 bidding projects, holds 4238 patent records, and has 86 administrative licenses [1] Group 2 - Zhuhai Gree Electric Appliances Co., Ltd. was founded in 1989, has a registered capital of 601,573.0878 million RMB, and has invested in 98 companies, participated in 5000 bidding projects, and holds 5000 trademark records and 5000 patent records, along with 908 administrative licenses [2]

Core Viewpoint - The interview with Dong Mingzhu emphasizes the importance of dedication to manufacturing and the need for high-quality products in the industry, highlighting the company's commitment to innovation and integrity in business practices [2][3][21]. Group 1: Company Development and Strategy - Gree Electric has expanded from the air conditioning sector into industrial machinery and chip manufacturing, showcasing a commitment to diversification and innovation [3][18]. - The company has implemented a "payment before delivery" model to enhance internal management and build trust with distributors, moving away from the traditional "delivery before payment" approach [10][11]. - Gree's focus on high-quality products is evident in its investment in self-manufactured equipment, such as CNC machine tools, to reduce reliance on imports and improve precision [18][19]. Group 2: Leadership and Management Philosophy - Dong Mingzhu emphasizes the importance of responsibility and teamwork, stating that success comes from a unified vision and sincere market engagement [7][10]. - The company promotes a culture of continuous learning and innovation, with a structured quality control system to ensure product reliability [13][20]. - Dong believes that the manufacturing sector is fundamental to economic stability, advocating for a patient and steady growth model rather than chasing quick profits [21][22]. Group 3: Market Position and Future Outlook - Gree aims to establish itself as a global brand, with plans to achieve 100% self-branded sales in overseas markets, reflecting a strategic shift towards international expansion [26]. - The company is adapting to new sales models, including live streaming, to engage with consumers and showcase its products effectively [25]. - Dong acknowledges the pressures of industry competition but remains committed to delivering quality products, rejecting the notion of compromising standards for short-term gains [27].

Core Viewpoint - Gree Electric Appliances emphasizes the importance of quality manufacturing and the need for patience and perseverance in business development, as the company expands into new industries like industrial machinery and semiconductors while maintaining its core focus on air conditioning [1][12]. Group 1: Company Philosophy and Management - The company believes in taking responsibility for its operations and ensuring that all team members share a consistent value system to achieve long-term success [4]. - Gree has shifted its sales model from "goods first, payment later" to "payment first, goods later," which has improved internal management and built trust with distributors [5][6]. - The company prioritizes product quality based on market feedback, asserting that good products lead to lasting market presence [7]. Group 2: Industry Challenges and Opportunities - Gree recognizes the challenges of transitioning into new sectors, stating that internal choices regarding technology should not be viewed as failures but as learning experiences [11]. - The company has entered the chip and CNC machine tool industries to enhance product quality and reduce reliance on imports, reflecting a commitment to self-sufficiency [12]. - Gree's recent achievements in technology, such as winning a gold medal at the Geneva International Invention Exhibition, highlight its progress in developing core technologies [13]. Group 3: Competitive Edge and Future Directions - The company's core competitiveness lies in its technical expertise, particularly in components like compressors and motors, and it aims to standardize quality across its products [14]. - Gree's commitment to manufacturing is rooted in the belief that without a strong manufacturing base, the business cannot thrive, emphasizing a steady and innovative growth model [15]. - The company is adapting to modern sales methods, including live streaming, while maintaining a focus on product integrity and consumer trust [17].