GREE(SZ:000651) Chang Jiang Shang Bao·2025-04-28 23:42Core Viewpoint - Gree Electric achieved strong performance in Q1 2025, with significant increases in revenue and net profit, indicating robust growth and operational efficiency [2][4][5]. Financial Performance - In Q1 2025, Gree Electric reported revenue of approximately 416 billion yuan, a year-on-year increase of over 13% [2][4]. - The net profit attributable to shareholders reached about 59 billion yuan, reflecting a year-on-year growth of over 26% [2][4]. - The net cash inflow from operating activities was 110.01 billion yuan, a substantial increase of approximately 474.08% compared to the previous year [3][6]. Profitability and Cost Management - Gree's net profit growth rate outpaced revenue growth, attributed to reduced operating expenses and an increase in net profit margin [6][7]. - The gross profit margin was 27.36%, down by 2.09 percentage points year-on-year, while the net profit margin improved to 14.31%, up by 1.55 percentage points [6]. - Total operating expenses for Q1 were 42.56 billion yuan, showing a significant reduction compared to the previous year [7]. Historical Performance - Gree's net profit has shown consistent growth from 2021 to 2024, with figures of 230.64 billion yuan, 245.07 billion yuan, 290.17 billion yuan, and 321.85 billion yuan respectively [8][9]. Market Position and Brand Strength - Gree maintained its leading position in the central air conditioning market with over 15% market share, marking 13 consecutive years at the top [11]. - The company ranked first in global retail volume for split air conditioners and held significant online retail market shares in various product categories [12]. Research and Development - Gree's R&D investment has increased, with expenditures of 64.30 billion yuan, 70.06 billion yuan, and 71.40 billion yuan from 2022 to 2024 [13]. - The company has the largest air conditioning R&D center globally, with numerous research facilities and a strong patent portfolio [13]. Dividend Policy - Gree plans to distribute a total cash dividend of 166.92 billion yuan for 2024, with a dividend payout ratio of 51.86% [13].