GREE(SZ:000651) Sou Hu Cai Jing·2025-04-27 09:30Core Insights - Gree Electric's 2024 revenue is 189.164 billion yuan, a year-on-year decline of 7.26%, while net profit attributable to shareholders is 32.185 billion yuan, an increase of 10.91% [3] - The company has rebranded its stores to "Dong Mingzhu Health Home" and is focusing on a diversified product strategy that includes health-oriented and smart appliances [3] - Gree's cash flow from operating activities has decreased by 47.93% to 29.369 billion yuan, with cash inflow from operations down by 21.6% [5] Revenue Breakdown - The "Consumer Appliances" segment, which includes air conditioners and other home appliances, generated revenue of 148.56 billion yuan, down 4.29%, accounting for 78.54% of total revenue [3] - Industrial products and green energy revenue is 17.246 billion yuan, a year-on-year increase of 0.8%, while smart equipment revenue is 424 million yuan, down 36.68% [4] - Domestic sales revenue is 141.513 billion yuan, down 5.45%, while overseas sales revenue is 28.203 billion yuan, up 13.25% [4] Cost and Expenses - Total operating costs for 2024 are 154.868 billion yuan, down 9.31%, with operating costs at 133.496 billion yuan, also down 7.26% [4] - Selling expenses decreased by 34.11% to 9.753 billion yuan, while management expenses fell by 7.41% to 6.058 billion yuan [4] - R&D expenses increased by 2.1% to 6.904 billion yuan, with the number of R&D personnel rising by 3.39% to 15,800 [5] Cash Flow and Investments - Cash flow from investment activities has decreased by 29.19% to 34.855 billion yuan, with cash outflow down 44.14% to 50.413 billion yuan, resulting in a net cash outflow of 15.558 billion yuan [6] - The company has a cash balance of 113.901 billion yuan, down 8.22% from the beginning of the period [4] Product Launches and Performance - Gree has launched several health-related products, including beauty devices and health monitoring equipment, with the "Double-Sided Queen Beauty Instrument" priced at 9,800 yuan and achieving a sales volume of over 3,820 units with a 100% positive rating [3]