GREE(000651)2024-08-30 14:09Financial Performance - Revenue for the reporting period was RMB 99.78 billion, a 0.55% increase year-over-year[11] - Net profit attributable to shareholders was RMB 14.14 billion, up 11.54% compared to the same period last year[11] - Basic earnings per share increased by 13.27% to RMB 2.56[11] - Total assets grew by 4.48% to RMB 384.56 billion[11] - Total operating revenue for the first half of 2024 reached RMB 100.287 billion, a year-on-year increase of 0.50%, with air conditioning business revenue at RMB 77.961 billion, up 11.38%[22] - Net profit attributable to the parent company for the first half of 2024 was RMB 14.136 billion, a year-on-year increase of 11.54%[22] - Revenue for the reporting period was RMB 99.78 billion, a 0.55% increase year-over-year[61] - Net profit attributable to shareholders in H1 2024 was 14.14 billion RMB, up 11.5% from 12.67 billion RMB in H1 2023[158] - Basic earnings per share increased to 2.56 RMB in H1 2024, up from 2.26 RMB in H1 2023[158] - Operating profit for H1 2024 was 14.18 billion RMB, a 17.8% increase from 12.04 billion RMB in H1 2023[160] - Total comprehensive income for H1 2024 was 12.44 billion RMB, a 3.8% increase from 11.99 billion RMB in H1 2023[158] - Interest income in H1 2024 reached 3.26 billion RMB, an 8.6% increase compared to 3.00 billion RMB in H1 2023[160] - The company's comprehensive income for the period was RMB 14,136,119,367.60[168] - The company's net profit for the period was RMB 12,703,959,452.33[168] - The comprehensive income for the period amounted to RMB 10,887,842,028.45[173] - Total comprehensive income for the period is RMB 9,752,121,702.25[174] Cash Flow and Financial Position - Net cash flow from operating activities decreased by 83.40% to RMB 5.12 billion[11] - Net cash flow from operating activities decreased by 83.40% to RMB 5.12 billion, primarily due to reduced cash receipts from sales[61] - Net cash flow from financing activities surged by 394.17% to RMB 10.19 billion, driven by increased cash receipts from financing activities[61] - Operating cash flow increased to 5,122,166,411.40 RMB, up from 30,859,691,934.60 RMB in the previous period[163] - Investment cash flow showed a net outflow of -2,336,457,486.18 RMB, compared to -23,975,779,952.22 RMB in the previous period[163] - Financing cash flow net increased to 10,188,437,350.42 RMB, a significant improvement from -3,463,424,629.76 RMB in the previous period[163] - Net increase in cash and cash equivalents was 12,889,702,869.79 RMB, up from 3,534,547,684.95 RMB in the previous period[164] - Sales revenue from goods and services was 57,720,222,794.61 RMB, down from 91,177,374,251.61 RMB in the previous period[165] - Net cash flow from operating activities was 44,483,931.09 RMB, a sharp decrease from 26,050,425,529.14 RMB in the previous period[165] - Net cash flow from financing activities was 16,953,235,957.09 RMB, a significant improvement from -8,990,646,975.12 RMB in the previous period[166] - The company's monetary funds at the end of the period amounted to RMB 119.81 billion, a decrease from RMB 124.10 billion at the beginning of the period[147] - Trading financial assets increased to RMB 11.66 billion from RMB 9.61 billion at the beginning of the period[147] - Accounts receivable rose to RMB 20.96 billion, up from RMB 16.10 billion at the beginning of the period[147] - Prepayments increased to RMB 3.91 billion from RMB 2.49 billion at the beginning of the period[147] - Total assets increased to 384.56 billion yuan from 368.05 billion yuan[151] - Inventory decreased to 29.12 billion yuan from 32.58 billion yuan[149] - Short-term borrowings rose to 38.60 billion yuan from 26.44 billion yuan[150] - Accounts receivable increased to 8.48 billion yuan from 5.01 billion yuan[153] - Long-term loans decreased to 28.12 billion yuan from 39.04 billion yuan[150] - Cash and cash equivalents stood at 104.82 billion yuan, down from 108.94 billion yuan[153] - Total liabilities increased to 263.16 billion yuan from 247.41 billion yuan[151] - Equity attributable to owners of the parent company rose to 117.76 billion yuan from 116.79 billion yuan[151] - Other receivables increased to 11.02 billion yuan from 4.86 billion yuan[153] - Prepayments increased to 34.20 billion yuan from 30.85 billion yuan[153] - Total assets increased to 320.76 billion yuan from 301.54 billion yuan[154] - Total liabilities rose to 244.60 billion yuan from 224.54 billion yuan[155] - Short-term borrowings surged to 32.76 billion yuan from 14.75 billion yuan[154] - Accounts payable increased to 62.64 billion yuan from 56.62 billion yuan[154] - Other non-current assets grew to 53.51 billion yuan from 39.08 billion yuan[154] - Deferred tax assets rose to 14.21 billion yuan from 12.92 billion yuan[154] - The company's total assets at the beginning of the year were RMB 116,793,716,103.39[168] - The company's total liabilities at the beginning of the year were RMB 112,211,650,801.62[168] - The company's total equity at the end of the period was RMB 117,762,962,169.42[169] - The company's total owner's equity at the end of the period was RMB 76,160,712,752.22[173] - The total assets at the end of the period were RMB 110,118,350,440.37[171] - The company's capital stock remained unchanged at RMB 5,631,405,741.00[172] - The retained earnings at the beginning of the period were RMB 71,086,199,251.37[172] - The other comprehensive income at the beginning of the period was RMB 585,972,104.35[172] - The total owner's equity at the beginning of the period was RMB 76,996,291,483.11[172] - Retained earnings as of the period end is RMB 57,023,111,187.05[175] - Total owner's equity as of the period end is RMB 63,406,040,211.56[175] - Total owner's equity at the beginning of the period was RMB 57,402,432,352.39[174] R&D and Innovation - The company has accumulated 121,431 patent applications, including 65,584 invention patents, and has been granted 22,907 domestic and international invention patents[23] - The "120℃+ Industrial Large Capacity High-Efficiency High-Temperature Centrifugal Heat Pump" project was identified as internationally leading[23] - The "COP7.0+ Two-Stage Permanent Magnet Variable Frequency Screw Chiller Unit" project was identified as internationally leading[23] - The "Variable Frequency Air Conditioning Low-Carbon Dynamic Operation Key Technology Research and Application" project achieved a 15.8% increase in annual dynamic energy efficiency and a 13.6% reduction in annual power consumption[24] - The "Full Working Condition High-Efficiency Intelligent Environmental Control System Key Technology and Application for Subway Stations" project achieved a comprehensive refrigeration energy efficiency coefficient (COP) of 7.17 for efficient demonstration sites[25] - The company launched the "Cool Summer-II" wall-mounted unit and "i Shang-II" cabinet unit, enhancing energy efficiency through larger fan blade systems and optimized air duct design[27] - The "Zhen Huan Feng" wall-mounted unit and "Calm King+" cabinet unit feature upgraded technology for increased fresh air volume without the need for hole expansion, improving indoor air quality[27] - The "Zhen Xian Feng" cabinet unit incorporates millimeter-wave radar technology for intelligent air conditioning based on room occupancy, automatically shutting off when users leave[27] - The "U Platinum" wall-mounted unit is designed for large spaces, offering industry-leading performance with increased air volume[27] - The "Shu Xiang Jia" home central air conditioner includes air purification and humidity balance technology, achieving over 30% energy savings in actual operation[28] - The "GMV ES" large-capacity side-blow multi-split unit supports up to 40 indoor units, reducing installation space by 45% compared to top-blow units[28] - The "Hot Water Bay" full DC inverter air-source heat pump water heater reduces installation space by up to 37% and supports stable heating in temperatures ranging from 20°C to 45°C[30] - The "Quan Yu Yang Xian" series refrigerator features -38°C ultra-freezing technology and -33°C deep-freezing technology to preserve the freshness and nutrients of meat and seafood[32] - The "Zhen Rou" series washing machine and washer-dryer combo incorporate health filter drying technology to maintain clean air ducts and prevent bacterial growth[32] - The steam and roast dual-function oven allows simultaneous cooking of three dishes and rice without additional attachments, enhancing user convenience[33] - The new generation of cabinet air conditioner compressor achieves an 8% increase in energy efficiency and a 30% reduction in weight[38] - The company's high-power reluctance motor series covers a power range of 0.75-315kW, exceeding the industry's highest efficiency standard IE5[39] - Precision mold material utilization rate increased by approximately 20% through waste-free strip stator core punching process[40] - The AI chip developed by the company achieves over 15% energy savings in air conditioners[41] - Electrolyte overall cost reduced by 5% through low-cost and high-ripple-resistant electrolyte technology[42] - The company's logistics efficiency improved significantly with the deployment of AMR mobile robots[45] - The "Jingyunxing" range hood achieves a maximum wind pressure of 820Pa[34] - The new embedded disinfection cabinet kills 99.99% of bacteria and viruses, meeting the industry's highest two-star disinfection standard[34] - The tower cooling fan features a large-capacity water tank and high wind speed, catering to diverse user needs[35] - The company's dual-head beauty device offers professional-level skincare experience at home[36] - The intelligent equipment sector has applied for 4,694 patents, with 1,920 authorized[49] - The company has developed 3 new CNC machine products for the new energy vehicle market, improving processing efficiency and stability by 50%[49] - Dunan Environment holds a global market share of first place in stop valve products and second place in four-way valve and electronic expansion valve products[51] - The company has launched 17 series and over 100 models of full cold chain products for the pre-made food equipment sector[52] - Cumulative patent applications reached 121,431, with 65,584 invention patents and 22,907 authorized invention patents[56] - R&D investment for the period was RMB 3.64 billion, a slight decrease of 2.09% year-over-year[61] - R&D expenses in H1 2024 amounted to 2.64 billion RMB, a 5.1% increase compared to 2.52 billion RMB in H1 2023[160] - R&D expenses remained stable at 3.53 billion yuan[157] Market Position and Sales - Gree's central air conditioning sales accounted for 15% of the market, maintaining the top position in the industry[20] - Gree's online retail market share for air conditioners was 24.15%, ranking first in the industry[20] - Overseas sales revenue reached 14.825 billion yuan, a year-on-year increase of 15.64%[46] - Self-branded products account for nearly 70% of total export sales[46] - Manufacturing sector revenue increased by 10.05% to RMB 89.94 billion, accounting for 90.14% of total revenue[63] - Air conditioning product revenue grew by 11.38% to RMB 77.96 billion, representing 78.14% of total revenue[63] - Domestic sales revenue increased by 9.01% to RMB 75.12 billion, while international sales revenue rose by 15.64% to RMB 14.82 billion[63] - Total revenue for the first half of 2024 reached 69.47 billion RMB, a 10.3% increase compared to 62.98 billion RMB in the same period of 2023[160] - Sales revenue from goods and services was 57,720,222,794.61 RMB, down from 91,177,374,251.61 RMB in the previous period[165] - The company's main business is the production and sales of air conditioners and related accessories, as well as household appliances and related accessories[177] Environmental and Sustainability - The company has processed over 59.05 million units of waste electrical and electronic products, converting them into 768.4 thousand tons of recycled materials[50] - The renewable resource system has reduced CO2 emissions by 942.9 thousand tons[50] - Company operates 77 production bases globally and has established 6 recycling bases for green and sustainable development[58] - The company invested a total of 275 million yuan in environmental protection and governance, and paid 4.03 million yuan in environmental protection taxes[113] - In the first half of 2024, the company implemented 183 energy-saving projects, saving 24.643 million kWh of electricity, 13,000 cubic meters of natural gas, and reducing CO2 emissions by 14,081.3 tons[116] - The company used 310 million kWh of nuclear power and 35.28 million kWh of photovoltaic power in the first half of 2024, with photovoltaic power generation increasing by 251.5% compared to the same period in 2023, reducing CO2 emissions by 20,120 tons[116] - The company deployed 190MWh of energy storage, achieving a cumulative peak shaving of 24 million kWh[116] - The company's total environmental protection and governance investment across subsidiaries amounted to 690 million yuan, with environmental protection taxes paid totaling 5.92 million yuan[113] - The company's "zero-carbon source" photovoltaic storage air conditioning technology integrates clean photovoltaic power generation, safe energy storage, efficient air conditioning, and smart system management, achieving multi-dimensional energy conservation and emission reduction[117] - The company donated air conditioners to schools in Guizhou Province to support the improvement of rural education environments[117] - The company established the "Greater Bay Area Hong Kong Scholarship" to cultivate talents in green and innovative fields[117] - The company participated in tree-planting activities in Zhuhai to promote local ecological civilization construction[117] - The company's environmental protection facilities, including wastewater, exhaust gas, and solid waste treatment, are operating normally and meet national and local emission standards[111] - COD emissions from wastewater in Zhuhai Gree Electric Appliances totaled 1.9355 tons in the first half of 2024, with an annual quota of 23.4 tons[99] - Total VOCs emissions from exhaust gases in Zhuhai Gree Electric Appliances reached 4.6215 tons in the first half of 2024, with an annual quota of 341.02 tons[99] - COD emissions from wastewater in Gree Electric Appliances (Hefei) amounted to 0.3109 tons in the first half of 2024, with an annual quota of 16.9426 tons[100] - NH3-N emissions from wastewater in Gree Electric Appliances (Hefei) were 0.0302 tons in the first half of 2024, with an annual quota of 1.69246 tons[100] - Total zinc emissions from wastewater in Zhuhai Lingda Compressor were 0.0153 tons in the first half of 2024, with an annual quota of 0.29 tons[100] - Total VOCs emissions from exhaust gases in Zhuhai Kaibang Motor Manufacturing were 0.6290 tons in the first half of 2024, with an annual quota of 2.49 tons[101] - Total VOCs emissions from exhaust gases in Zhuhai Kaibang Motor Manufacturing's cleaning and drying process were 0.3510 tons in the first half of 2024, with no annual quota specified[101] - Wastewater discharge of chemical oxygen demand (COD) was 0.04349 tons in the first half of the year[102] - Wastewater discharge of five-day biochemical oxygen demand (BOD5) was 0.0161 tons in the first half of the year[102] - Wastewater discharge of phosphate was 0.0016 tons in the first half of the year[102] - Wastewater discharge of total nitrogen was 0.0028 tons in the first half of the year[102] - Wastewater discharge of petroleum was 0.0011 tons in the first half of the year[102] - Particulate matter emissions from exhaust gas were 29.3893 tons in the first half of the year[102] - Sulfur dioxide emissions from exhaust gas were 0.5275 tons in the first half of the year[103] - Toluene + xylene emissions from exhaust gas were 0.0034 tons in the first half of the year[103] - Nitrogen oxide emissions from exhaust gas were 0.9438 tons in the first half of the year[104] - Non-methane total hydrocarbon emissions from exhaust gas were 0.0589 tons in the first half of the year[104] - The company's semi-annual emissions of dimethylbenzene (xylene) were 0.2688 tons, with a concentration of 0.03 mg/m³ at monitoring point FQ-11859[106] -