GREE(SZ:000651)2024-04-29 18:56Financial Performance - Gree Electric Appliances reported a revenue of ¥203.98 billion in 2023, representing a 7.93% increase from ¥188.99 billion in 2022[12]. - The net profit attributable to shareholders reached ¥29.02 billion, an 18.41% increase compared to ¥24.51 billion in the previous year[12]. - The net cash flow from operating activities surged by 96.73% to ¥56.40 billion, up from ¥28.67 billion in 2022[12]. - Basic earnings per share increased to ¥5.22, reflecting a growth of 17.83% from ¥4.43 in 2022[12]. - Total assets at the end of 2023 amounted to ¥368.05 billion, a 3.67% increase from ¥355.02 billion at the end of 2022[12]. - The net assets attributable to shareholders rose by 20.71% to ¥116.79 billion, compared to ¥96.76 billion in 2022[12]. - In 2023, Gree Electric achieved total revenue of 205.018 billion yuan, a year-on-year increase of 7.82%, and net profit attributable to shareholders exceeded 29.017 billion yuan, growing by 18.41%[33]. - The company reported a significant increase in smart equipment revenue, which grew by 55.03% to ¥669.84 million from ¥432.09 million[77]. - The green energy segment saw a revenue increase of 51.16%, reaching ¥7.11 billion compared to ¥4.70 billion in the previous year[77]. - The company reported a net profit margin of 12% for 2023, which is an improvement from 10% in the previous year[135]. Market Expansion and Strategy - Gree Electric Appliances aims to enhance its market expansion strategies and invest in new product development to drive future growth[12]. - The company plans to continue expanding its product lines and enhancing its market presence in the home appliance sector, focusing on high-efficiency products[19]. - Gree plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the region by 2025[135]. - The company is enhancing its digital marketing strategies, with a projected increase in online sales by 40% in 2024[135]. - Gree Electric Appliances has set a revenue guidance of 120 billion RMB for 2024, indicating an expected growth of 20%[135]. Research and Development - Gree Electric has over 50,000 R&D personnel and has trained more than 14,000 skilled talents, demonstrating a strong commitment to talent development and innovation[31]. - The company applied for 10,297 patents in 2023, including 7,165 invention patent applications, and received 3,640 invention patent grants[35]. - Research and development (R&D) investment reached ¥7,006,497,352.61 in 2023, an increase of 8.97% compared to ¥6,429,702,080.04 in 2022, representing 3.43% of total revenue[94]. - The number of R&D personnel increased by 17.76% to 15,282 in 2023, with the proportion of R&D staff in the company rising to 21.05%[94]. - Gree's focus on R&D led to the development of a new series of high-torque density, efficient, rare-earth-free permanent magnet motors, achieving the highest energy efficiency IE5 level in the industry[53]. Product Development and Innovation - The company launched 8 new series of home air conditioning products, with domestic sales of home air conditioners reaching 29.79 million units, a year-on-year increase of 4.05%[39]. - Gree's new generation of vertical air conditioning units achieved sales of over 100,000 units, representing a year-on-year growth of 116%[39]. - The company launched a new -86℃ ultra-low temperature storage box for preserving biological samples, vaccines, and organs, enhancing temperature uniformity and meeting low-temperature storage needs[45]. - Gree's new industrial high-temperature centrifugal heat pump unit can achieve water outlet temperatures up to 120℃, filling a gap in the high-temperature heat pump market[46]. - The company has developed a new energy-efficient gas water heater with a 10% improvement in heat exchange efficiency, enhancing corrosion resistance and product durability[49]. Corporate Governance and Management - The company maintains a robust corporate governance structure, ensuring independence from its largest shareholder and compliance with relevant laws and regulations[127]. - The company has established a commitment to fair pricing in related transactions, ensuring that all future transactions with Gree Electric are conducted at market prices and comply with legal requirements[192]. - Gree Electric's management team will remain stable, and there will be no significant changes to its governance structure following the completion of share transfers[198]. - The company has pledged to avoid any actions that could harm the interests of Gree Electric or its shareholders through related transactions[192]. Environmental Responsibility - Gree Electric is focused on reducing its environmental impact through improved wastewater treatment processes and emissions management strategies[171]. - The company is committed to promoting clean and low-carbon energy use, aligning with national "dual carbon" strategies[181]. - The company has set a target for total nitrogen discharge to not exceed 2.4 tons/year, indicating a commitment to environmental standards[171]. - Gree Electric's annual report indicates ongoing investments in environmental compliance and sustainability initiatives[173]. - The company invested a total of 473 million CNY in environmental protection and governance, while paying 9.06 million CNY in environmental protection taxes[181]. Employee Engagement and Training - The company has established a talent training system, conducting over 100 public courses with nearly 4,000 participants to enhance management and technical skills[73]. - The total number of employees at the end of the reporting period is 72,610, with 20,259 from the parent company and 52,351 from major subsidiaries[148]. - The company conducted over 7,400 training sessions with nearly 400,000 participants throughout the year[151]. - Gree aims to cultivate over 1,500 high-skilled talents annually through its training programs[151]. - The company continues to focus on employee stock ownership plans as a strategy to enhance employee engagement and retention[129]. Financial Management - The company has established independent financial departments and accounting systems, ensuring compliance with relevant laws and regulations[194]. - Gree Electric commits to maintaining a dividend payout ratio of no less than 50% of annual net profit during shareholder meetings[198]. - The company guarantees that all related transactions are conducted at fair market prices and comply with legal disclosure obligations[197]. - The company has pledged to avoid any direct or indirect competition with its subsidiaries and related enterprises[196]. - The company has made significant investments in optimizing its after-sales training system, updating nearly 300 after-sales technical courses[153].