GREE(SZ:000651) Xin Lang Cai Jing·2025-09-05 07:23Core Viewpoint - Gree Electric Appliances emphasizes a long-term value strategy over participating in price wars, maintaining optimism for future growth despite a slight decline in revenue [1][2][7]. Financial Performance - In the first half of 2025, Gree reported a revenue of approximately 973 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was about 144 billion yuan, reflecting a year-on-year increase of 1.95% [1][2]. - The net profit margin and earnings per share have improved compared to the previous year [2]. Business Strategy - Gree's approach is characterized by three key principles: structure, efficiency, and discipline [4][5][6]. - The company focuses on high-quality home appliances and efficient supply chain management to enhance profitability [4][5]. - Gree maintains a commitment to quality over price, believing that long-term trust can only be built through value [6][7]. Market Positioning - Gree's overseas revenue reached 163.35 billion yuan, marking a year-on-year increase of 10.19%, with a significant portion of exports coming from its own brand [10]. - The company aims to transition from selling capacity to selling brand value, enhancing its market position globally [10]. Growth Areas - Gree's second growth curve includes industrial products and green energy, with revenues of 95.91 billion yuan and 3.14 billion yuan respectively, showing year-on-year growth of 17.13% and 20.90% [11]. - The company is also focusing on automation and digitalization to create a sustainable business model [11]. Channel Development - The "Dong Mingzhu Healthy Home" initiative is aimed at upgrading channels from single product sales to comprehensive solutions, with a focus on customer experience and long-term relationships [12]. - The initiative has seen a balanced sales ratio between air conditioners and other home appliances, indicating successful integration of product offerings [12]. Shareholder Returns - Gree's steady profit growth and improved net profit margin reflect strong operational quality and brand premium, with earnings per share rising to 2.60 yuan [13]. - The company is committed to continuous investment in R&D, branding, and digital channel development to enhance shareholder returns [13]. Future Outlook - Gree plans to focus on structure, brand, channel, and international expansion while maintaining a cautious yet optimistic outlook for the second half of the year [14]. - The company believes that the quality of growth is more important than growth itself, aligning with its long-term strategic vision [14].