GREE(000651)2022-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2022 was ¥95.22 billion, an increase of 4.58% compared to ¥91.05 billion in the same period last year[23]. - Net profit attributable to shareholders was ¥11.47 billion, representing a growth of 21.25% from ¥9.46 billion year-on-year[23]. - The net cash flow from operating activities reached ¥13.14 billion, a significant increase of 316.50% compared to a negative cash flow of ¥6.07 billion in the previous year[23]. - Basic earnings per share rose to ¥1.94, up 19.75% from ¥1.62 in the same period last year[23]. - Total assets at the end of the reporting period were ¥356.72 billion, an increase of 11.62% from ¥319.60 billion at the end of the previous year[23]. - The company's net assets attributable to shareholders decreased by 8.03% to ¥95.33 billion from ¥103.65 billion at the end of the previous year[23]. - The weighted average return on equity improved to 11.09%, up 2.98% from 8.11% in the same period last year[23]. - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6]. Market and Product Development - Gree Electric achieved total revenue of 95.807 billion yuan in the first half of 2022, representing a year-on-year growth of 4.13%[38]. - Gree's global market share in household air conditioners reached 20.2% in 2021, maintaining its position as the world's leading brand[32]. - The domestic retail scale of the home appliance market was 338.9 billion yuan in the first half of 2022, showing a year-on-year decline of 9.3%[33]. - The production of household air conditioners in China was 82.968 million units in the first half of 2022, down 4.11% year-on-year, while sales were 84.923 million units, a decrease of 1.68%[33]. - The sales of new energy special vehicles reached 101,000 units in the first half of 2022, marking a year-on-year growth of nearly 78%[37]. - Gree launched the new flagship air conditioner model "Gree·Supreme," featuring advanced technologies such as distributed air supply and AI voice control[39]. - The company is focusing on smart, high-end, and integrated home appliance products, with significant growth in high-end smart appliances priced above 10,000 yuan[34]. - Gree's new air purification products include the Virus Hunter II and a series of formaldehyde removal air purifiers, focusing on lower power consumption and compact design[50]. - Gree Electric's new product development includes a new energy bus aluminum alloy variable frequency compressor and a high-efficiency industrial fan variable frequency motor[58]. Research and Development - The company continues to focus on research and development of new products and technologies to enhance market competitiveness[30]. - Gree Electric has filed a total of 100,281 patents, including 51,595 invention patents, and has been recognized with 99 awards at various levels, solidifying its position as a leader in the refrigeration industry[59]. - The company has integrated advanced technologies such as AI and machine vision into its quality control processes, improving product consistency and reliability[63]. - Gree Electric is investing 5 billion CNY in R&D for new energy-efficient technologies, aiming to launch three new product lines by the end of 2023[150]. Environmental and Social Responsibility - Gree Electric Appliances reported a total COD discharge of 2.294 tons for the first half of 2022, with an annual limit of 26.4 tons[146]. - The company achieved an ammonia nitrogen discharge of 0.019 tons in the first half of 2022, with an annual limit of 3.6 tons[146]. - The total volatile organic compounds (VOCs) discharge was 0.548 tons for the first half of 2022, with the 2022 discharge permit not yet approved[147]. - Gree Electric Appliances has not exceeded the pollutant discharge standards in its operations[146]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[145]. - Gree Electric has committed to fulfilling its social responsibilities, promoting green and low-carbon development in the industry[162]. Strategic Initiatives and Partnerships - The company has established strategic partnerships with major clients in the healthcare sector, securing four hospital projects worth over 10 million each in the first half of the year[48]. - Gree Electric has developed a comprehensive internal control system for derivative investments to ensure compliance with legal regulations and minimize operational risks[120]. - The company has actively developed overseas e-commerce channels, including major platforms like Amazon and Shopee, to enhance brand competitiveness[93]. - Gree Electric is exploring potential acquisitions in the smart home sector to enhance its product offerings and market competitiveness[150]. Challenges and Risks - The company faces risks from macroeconomic fluctuations, with potential impacts on consumer demand due to slow recovery in spending[129]. - The prices of key raw materials such as copper and aluminum remain high compared to 2020 averages, affecting operational performance[130]. - The air conditioning industry is experiencing intensified competition, which may squeeze the company's profit margins[131]. - The company exports products to over 180 countries, exposing it to risks from currency fluctuations and potential foreign exchange losses[135]. - The geopolitical tensions and interest rate hikes in major economies may negatively impact the company's export business[132]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 932,628[197]. - The total number of shares before the change was 5,914,469,040, with no new shares issued during the period[194]. - The company repurchased 377,791,307 shares, accounting for 6.39% of total shares outstanding[198]. - The largest shareholder, Zhuhai Mingjun Investment Partnership, holds 902,359,632 shares of common stock[198]. - The company did not experience any changes in its controlling shareholder during the reporting period[200].