Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][6]. Core Insights - The company is expected to break through in multiple dimensions, including energy storage, AIDC liquid cooling, and overseas expansion, with a current PE valuation of 11 times corresponding to a 15% compound growth target for equity incentives [1]. - The governance improvements and strategic alignment with Gree Electric are expected to optimize resource allocation and enhance competitiveness [6][12]. - The company is actively expanding its new business lines, particularly in energy storage management, nuclear power air conditioning, and automotive thermal management, which are anticipated to drive future growth [30][46]. Summary by Sections 1. Governance Improvements - Gree Electric has committed to resolving competition issues within five years, enhancing the company's financial situation and operational efficiency [12][20]. - The financial burden has been alleviated significantly since Gree's acquisition, with a notable increase in sales to Gree, reaching 2.5 billion yuan, accounting for nearly 20% of the company's revenue [12][20]. - The company has implemented a normalized stock incentive plan, with ambitious performance targets reflecting strong confidence in future growth [24][25]. 2. New Business Development - The energy storage management sector is rapidly growing, with the company positioning itself as a key supplier in this field, leveraging its existing industrial air conditioning technology [30][35]. - The company is a leader in nuclear power air conditioning, with products already deployed in major nuclear projects, benefiting from the industry's transition from fission to fusion technology [46][51]. - The automotive thermal management business is expanding, with expected revenue growth of over 50% year-on-year, supported by a strong order backlog exceeding 15 billion yuan [30][46]. 3. Household Appliance Components - The company maintains a robust market position in household appliance components, with a 26% global market share, ranking second in the industry [30]. - The profitability of the main business is expected to improve further due to increasing overseas revenue and market share in commercial refrigeration components [30]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 738 million yuan, 1.045 billion yuan, and 1.076 billion yuan for the years 2023, 2024, and 2025, respectively, with a compound annual growth rate of 15% anticipated [7][30]. - The current stock price corresponds to a PE ratio of 11 times for 2026, reinforcing the strong buy recommendation [1][6].

Core Viewpoint - The "Guanghuo Goes Global: Zhuhai Products Sell Worldwide" event aims to showcase Zhuhai's manufacturing capabilities and promote local products through live streaming and exhibitions, leveraging the traffic from the Hong Kong-Zhuhai-Macao Bridge to enhance market reach and sales. Group 1: Event Overview - The event features a live streaming area and a showcase for innovative products, highlighting Zhuhai's industrial strength and the appeal of Hong Kong and Macao brands [2]. - Gree Electric Appliances' chairman, Dong Mingzhu, promoted smart home appliances during the live stream, attracting significant viewer engagement [2]. Group 2: Economic Impact - The Hong Kong-Zhuhai-Macao Bridge has significantly reduced logistics time between Hong Kong, Macao, and mainland China, facilitating product exports and sales [5]. - By 2025, the import and export value through the Zhuhai port of the bridge is projected to exceed 300 billion RMB, reaching 325.84 billion RMB, a 40.1% increase year-on-year [5]. - The port is expected to become China's second-largest cross-border e-commerce retail export port, with an export value of 110.98 billion RMB in 2025, a staggering 92.5% increase [5]. - Since the bridge's opening in October 2018, the cumulative import and export value through the port is expected to surpass 1.3 trillion RMB by the end of 2025 [5].

Group 1 - The core viewpoint of the article highlights the dedication and hands-on approach of Dong Mingzhu, the CEO of Gree Electric Appliances, emphasizing her active involvement in the company's operations and decision-making processes [1][3][5] - Dong Mingzhu, at 71 years old, continues to oversee critical aspects of Gree's production, including the adaptation of parameters and production lines for domestic substitutes in components like chips and motors, demonstrating her commitment to quality and reliability [1][3] - The company has faced challenges such as rising copper prices, prompting Dong to invest 20 billion yuan in machine tools to ensure production stability, reflecting her proactive management style [1][3] Group 2 - Gree has implemented measures to improve installation quality, such as providing high-temperature subsidies to 40,000 installation workers, which resulted in a 0.03% reduction in air conditioner return rates, showcasing the importance of employee welfare in operational efficiency [5][3] - Dong Mingzhu's reluctance to step down is evident, as she remains concerned about potential disruptions in the supply chain and the need for a reliable successor, indicating the company's ongoing dependency on her leadership [7][5] - The article portrays Dong as a leader who balances strict adherence to company rules with a deep understanding of operational nuances, as seen in her refusal to grant favors to family members to maintain organizational integrity [5][3]

Core Viewpoint - The article highlights the contrasting approach of Dong Mingzhu, who emphasizes quality and integrity in business over the pursuit of quick profits and trends in the current commercial environment [1][16][30]. Group 1: Business Philosophy - Dong Mingzhu represents a steadfast commitment to traditional values in business, focusing on quality and long-term goals rather than short-term gains [3][30]. - She has taken significant steps to ensure product quality, such as promising ten years of free maintenance for air conditioners, which exceeds national standards [20]. - The company has invested heavily in manufacturing capabilities, including a 2 billion investment in machine tool production, demonstrating a commitment to self-reliance and quality [10][24]. Group 2: Industry Challenges - The rising copper prices have led some manufacturers to substitute copper with aluminum, which poses safety risks due to its inferior conductivity and corrosion issues [16][17]. - Dong Mingzhu's refusal to compromise on material quality reflects a broader critique of the industry's trend towards cost-cutting at the expense of safety [17][30]. Group 3: Competitive Landscape - The article discusses a long-standing rivalry with a German machine tool manufacturer, highlighting the challenges faced in maintaining quality and reliability in manufacturing [6][8]. - The competitive landscape is further illustrated by the historical bet with Lei Jun, which underscored the importance of the manufacturing sector in driving economic growth and innovation [25][28]. Group 4: Personal Commitment - Dong Mingzhu's personal involvement in business decisions, such as directly overseeing advertising strategies and ensuring product quality, reflects a deep sense of responsibility towards consumers [22][32]. - Her dedication to the workforce, including providing heat compensation for installation workers, emphasizes the importance of valuing those who contribute to the company's success [14][15].

Group 1 - The event includes both physical prizes and consumption vouchers from the "Yuegonghui" mall [2][3] - A variety of physical prizes are available, including 3 Stone robotic vacuum cleaners, 5 Dyson lightweight vacuum cleaners, and 10 Gree air purifiers, among others [2] - Consumption vouchers have different discount thresholds, such as a 300.01 reduction for a purchase of 300, and a 20 reduction for a purchase of 20 [2] Group 2 - Participants must pre-fill their shipping information before the event, which is limited to Guangdong Province [3] - Winners will be notified via SMS and must confirm their shipping information by February 10, 2026, to receive physical prizes [3][4] - Consumption vouchers will be issued by February 12, 2026, and can be used in the "Yuegonghui" mall for one month, with specific usage rules [4]

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]