董明珠9年前埋下的“雷”，要爆了

Core Viewpoint - Gree's subsidiary, Gree Titanium New Energy, is facing severe financial difficulties, highlighted by a recent stock freeze and significant losses, raising concerns about its future viability and the impact on Gree Electric's overall financial health [2][4][10]. Group 1: Financial Challenges - Gree Titanium has a total debt of 24.786 billion yuan and a net loss of 1.905 billion yuan as of June 2024, with an asset-liability ratio nearing 100% [4][10]. - The company has accumulated losses of nearly 5 billion yuan since being controlled by Gree Electric in 2021, making it Gree's largest financial burden [10][11]. - Gree Titanium's revenue for the first half of 2024 was 1.987 billion yuan, with a staggering loss of 1.9 billion yuan, indicating a loss of 0.95 yuan for every yuan of revenue generated [10]. Group 2: Technological and Market Position - Gree Titanium's reliance on titanium lithium battery technology has proven to be a significant disadvantage, with energy density ranging from 58-110 Wh/kg compared to competitors like CATL, which achieves 240 Wh/kg [7][8]. - The cost of titanium lithium batteries is approximately three times that of lithium iron phosphate batteries, further complicating Gree Titanium's competitive position in the market [7][8]. Group 3: Strategic Missteps - The acquisition of Zhuhai Yinlong New Energy in 2016, which was met with skepticism from shareholders, has led to a series of strategic miscalculations, with Gree Titanium now seen as a "hot potato" [5][6][12]. - Gree Titanium's shift in strategy to focus on engineering vehicles and energy storage, while retracting from passenger vehicles, reflects a retreat from earlier ambitious plans [12][13]. - The company's management issues, including a significant related-party transaction scandal, have compounded its financial woes, leading to a lack of confidence in its operational capabilities [10][11]. Group 4: Leadership and Future Outlook - Gree's chairperson, Dong Mingzhu, faces increasing pressure as the company's financial situation deteriorates, with some analysts suggesting that her continued leadership may be tied to her personal investments in Gree Titanium [14][15]. - The looming bankruptcy risk for Gree Titanium poses a critical challenge for Gree Electric, as the company must navigate its financial obligations while attempting to stabilize its subsidiary [14].