GREE(SZ:000651)2025-04-27 07:45Financial Performance - The company's operating revenue for 2024 was ¥189.16 billion, a decrease of 7.26% compared to ¥203.98 billion in 2023[20]. - Net profit attributable to shareholders for 2024 reached ¥32.18 billion, an increase of 10.91% from ¥29.02 billion in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥30.10 billion, up 9.19% from ¥27.57 billion in 2023[20]. - The net cash flow from operating activities was ¥29.37 billion, a significant decline of 47.93% compared to ¥56.40 billion in 2023[20]. - Basic and diluted earnings per share for 2024 were both ¥5.83, reflecting an increase of 11.69% from ¥5.22 in 2023[20]. - The return on equity (ROE) was 25.42%, down from 26.53% in 2023, indicating a decrease of 1.11%[20]. - Total assets at the end of 2024 were ¥368.03 billion, a slight decrease of 0.01% from ¥368.05 billion at the end of 2023[20]. - Net assets attributable to shareholders increased by 17.66% to ¥137.42 billion from ¥116.79 billion in 2023[20]. Market Position and Growth - The Chinese home appliance market is projected to grow, with a retail sales increase of 6.4% year-on-year, reaching ¥907.1 billion in 2024, driven by government subsidies for energy-efficient appliances[30]. - The company maintained a leading position in the central air conditioning market with over 15% market share, marking 13 consecutive years at the top[33]. - The company ranked first globally in retail sales volume for split air conditioners in 2024, with a 25.40% share in the online retail market for home air conditioners[34]. - The industrial robot production in China is expected to grow by 14.2% in 2024, indicating a robust demand for advanced manufacturing solutions[32]. Innovation and R&D - The company is committed to enhancing its R&D capabilities, focusing on core technology development to maintain its industry-leading position[37]. - The company has accumulated 129,524 patent applications, including 70,884 invention patent applications, and has been in the top ten for invention patent authorizations in China for nine consecutive years[38]. - The company has developed 46 "international leading" technologies and has received a total of 122 important awards in various fields, reflecting its strong innovation capabilities[85]. - The company has established 4 national-level research platforms and 13 provincial-level research platforms, enhancing its research and development capabilities[85]. Product Development and Launches - The company has launched a range of new products, including AI energy-saving air conditioners and various smart home appliances, to meet diverse consumer needs[41]. - The company launched new energy-efficient air conditioning products, estimated to save approximately 308 million kWh annually and reduce CO2 emissions by about 306,700 tons[52]. - The company introduced the "AI Wide Domain Energy Saving" GMV9 series multi-split air conditioning units, achieving an average energy saving rate of 25% and real-time measurement accuracy of indoor unit capacity ≥90%[57]. - The company launched a new generation of dual-stage permanent magnet variable frequency screw chillers, achieving a national standard COP of over 7.0, recognized as "internationally leading" by the China Machinery Industry Federation[59]. Corporate Governance and Leadership - The company will undergo a leadership change on April 22, 2025, with the appointment of Zhang Wei as the new President, succeeding Dong Mingzhu, who will step down after her term ends[184]. - Several executives, including Vice Presidents Zhuang Pei and Tan Jianming, will retire, with their departures scheduled for July 6, 2024, and December 24, 2024, respectively[184]. - The company is focusing on enhancing its leadership team with experienced professionals to drive future growth and innovation[184]. - The company is committed to maintaining a strong governance structure through the election of qualified independent directors[184]. Employee Development and Training - The company trained nearly 1,500 skilled workers and awarded 850 vocational skill certificates in 2024, enhancing its talent foundation[111]. - The company conducted nearly 6,000 training sessions, with an average of over 46 hours of training per employee, significantly improving professional skills[111]. - The company has established a comprehensive talent cultivation system, with 76 high-level talents recognized in Zhuhai and 4 experts receiving special allowances from the State Council[50]. Risk Management - The company faces risks from macroeconomic fluctuations that could impact consumer spending and industrial capital expenditure[168]. - The company is exposed to raw material price volatility, particularly in copper and aluminum, which could affect operational costs[169]. - The company is taking measures to mitigate risks associated with overseas markets and currency fluctuations, including enhancing product competitiveness and using financial instruments for hedging[172][173]. Environmental and Social Responsibility - The company has launched multiple new products, including AI energy-saving air conditioners and high-efficiency air conditioning systems, enhancing its product line[133]. - The R290 refrigerant technology is positioned to meet international safety standards, enhancing the company's competitive edge in the global market[134]. - The "Zero Carbon Source" air conditioning system, integrating photovoltaic technology, won the highest award at the 2021 Global Refrigeration Innovation Awards, aligning with national "dual carbon" goals[64]. Financial Management - The company reported a financial loss of ¥230,233.67 upon losing control of Shenyang Water Supply Heat Source Development Co., Ltd.[129]. - The company’s long-term borrowings stood at ¥7,000,000.00, indicating a stable debt position[125]. - The company’s cash outflow from financing activities decreased by 6.58% to CNY 98,261,347,147.86[138].