GREE(SZ:000651) Sou Hu Cai Jing·2025-04-29 06:52Core Insights - Gree Electric achieved operating revenue of 189.164 billion yuan in 2024, a year-on-year decline of 7.26%, attributed to the overall slowdown in the home appliance industry and intensified market competition [1] - Despite the revenue decline, the company’s net profit rose to 32.185 billion yuan, a year-on-year increase of 10.91%, highlighting strong cost control and core business profitability [1] - In Q1 2025, Gree Electric reported operating revenue of 41.507 billion yuan, a year-on-year growth of 14.14%, and net profit of 5.904 billion yuan, up 26.29%, indicating a recovery in market conditions [4] Company Leadership - Dong Mingzhu has been a pivotal figure in Gree Electric's development since joining in 1990, leading the company through significant challenges and establishing effective sales systems [4] - Under Dong's leadership since 2012, Gree Electric has increased R&D investments and become a leader in the global air conditioning industry, expanding its product range from home to commercial air conditioning [6] - In 2024, Gree Electric rebranded its nationwide stores to "Dong Mingzhu Healthy Home," signaling a strategic transformation towards a comprehensive home appliance matrix [6][7] Future Strategy - The company aims to enhance product positioning towards health, intelligence, and personalization, providing one-stop home solutions and creating smart living environments [7] - Dong Mingzhu's continued leadership, with a 2024 salary of 14.372 million yuan (an 18% increase), reflects the company's recognition of her contributions and market expectations for future growth [8] - Gree Electric plans to deepen channel reforms, strengthen online and offline integration, and increase R&D investments in new energy and smart manufacturing to find new growth points [8]