GREE(SZ:000651) Jing Ji Guan Cha Wang·2025-12-26 02:34Core Viewpoint - The article highlights the journey and philosophy of Dong Mingzhu, the chairwoman of Gree Electric Appliances, emphasizing her commitment to national industry and technological independence as key drivers for the company's success and future direction [3][4][28]. Group 1: Company Development - Gree Electric Appliances transformed from a small air conditioning assembly factory with annual sales of 20 million to a publicly listed company under Dong Mingzhu's leadership [3][7]. - The company was established in 1991, and by 2005, it became the world's largest air conditioning manufacturer, achieving significant milestones in production and sales [8][12]. - In 2012, Gree surpassed Daikin to become the market leader in China's central air conditioning sector, marking a significant achievement for domestic brands [12][14]. Group 2: Technological Independence - Dong Mingzhu emphasized the importance of core technology for the company's survival and growth, leading Gree to invest in research and development, particularly in compressors and motors [11][13]. - Gree's strategic shift towards technological independence included the development of its own CNC machine tools, which are critical for enhancing manufacturing capabilities [14][15]. - The company has also made strides in chip production, with plans to achieve self-sufficiency in chip supply, which is essential for maintaining product quality and competitiveness [17][18]. Group 3: Market Position and Strategy - Gree has chosen not to participate in the ongoing price wars within the home appliance industry, which has resulted in a revenue decline of 6.5% year-on-year in the first three quarters of 2025 [24][26]. - The company maintains a commitment to quality over price, believing that low initial costs can lead to higher long-term expenses for consumers [25][26]. - Dong Mingzhu's leadership style is characterized by a readiness to confront challenges and controversies, reinforcing the company's position as a leader in the industry [27][28].