董明珠9年前埋下的“雷”，要爆了

Core Viewpoint - Gree's investment in the electric vehicle sector through Gree Titanium has led to significant financial difficulties, including a recent stock freeze and mounting losses, raising concerns about the company's future viability and strategic direction [3][5][23]. Group 1: Financial Situation - Gree Titanium's total liabilities reached 24.786 billion RMB, with a net loss of 1.905 billion RMB in the first half of 2024, indicating a near 100% debt ratio [5][12]. - The company has accumulated losses of nearly 5 billion RMB since being controlled by Gree Electric, making it the largest financial burden for the parent company [15]. - Gree Titanium's revenue for the first half of 2024 was 1.987 billion RMB, with losses amounting to 1.9 billion RMB, equating to a loss of 0.95 RMB for every 1 RMB of revenue [14]. Group 2: Strategic Decisions - The acquisition of Yinlong New Energy in 2016, which was heavily criticized by shareholders, is viewed as a pivotal moment that has led to Gree's current predicament [7][8]. - Gree Titanium's focus on titanium lithium battery technology has proven to be a significant disadvantage, as its energy density is substantially lower than that of competitors like CATL [12][14]. - The company is now shifting its strategy to focus on energy storage and engineering vehicles, moving away from passenger vehicles, which reflects a retreat from its original ambitious plans [20][21]. Group 3: Leadership and Future Outlook - Dong Mingzhu's commitment to Gree Titanium is seen as a personal stake in the company's success, as her significant investments are at risk [23]. - The ongoing financial strain and strategic missteps have led to speculation about the sustainability of Gree's business model, particularly its heavy reliance on air conditioning, which constitutes nearly 78% of its revenue [20][21]. - The situation has drawn comparisons to other industry leaders, highlighting the challenges Gree faces in adapting to market changes and technological advancements [20].