GREE(SZ:000651) Xin Lang Cai Jing·2025-08-28 21:12Core Viewpoint - Gree Electric's 2025 semi-annual report shows a revenue of 97.325 billion yuan, a year-on-year decline of 2.46%, while net profit reached 14.412 billion yuan, a year-on-year increase of 1.95%, indicating a stable performance amid industry challenges [1] Revenue and Business Structure - In the first half of 2025, Gree's consumer electronics revenue was 76.28 billion yuan, accounting for 78.03% of total revenue, down 5.09% year-on-year; however, revenue from industrial products and green energy, as well as smart equipment, grew by over 15% year-on-year [2] - Gree is shifting its business structure by merging air conditioning and home appliances into a single category called "consumer electronics," aiming to reduce reliance on air conditioning for revenue [1][2] R&D and Innovation - Gree's R&D investment in the first half of 2025 reached 3.892 billion yuan, an increase of 7.05% year-on-year, reinforcing its technological advantages in the industry [2][3] - The company has applied for a total of 131,921 patents, including 72,339 invention patents, and has been recognized for its innovation capabilities for nine consecutive years [3] Global Expansion and Sales Performance - Gree's export revenue in the first half of 2025 was 16.335 billion yuan, a year-on-year increase of 10.19%, with exports accounting for 16.71% of total revenue, up 1.85 percentage points from the previous year [4] - The company is accelerating its global expansion by establishing overseas sales companies and enhancing its international manufacturing base [4]