GREE(SZ:000651) 中国基金报·2025-08-28 23:09Core Viewpoint - Gree Electric's revenue and net profit both experienced a double-digit decline in Q2, contrasting with double-digit growth in Q1, indicating a significant slowdown in performance [2][3]. Financial Performance - In the first half of 2025, Gree Electric reported revenue of 97.32 billion yuan, a year-on-year decrease of 2.46%, while net profit attributable to shareholders was 14.41 billion yuan, an increase of 1.95% [3]. - The Q2 performance showed a sharp decline, with revenue down 12.11% and net profit down 10.07% compared to the same period last year [4]. - The company announced it would not distribute cash dividends or issue bonus shares, a departure from its previous practice of generous dividends [4]. Product Segment Analysis - The main reason for Gree's slowdown is the underperformance of its consumer electronics segment, which accounts for nearly 80% of its revenue, showing a negative growth of 5.09% [5][6]. - In contrast, the industrial products and green energy segment, which makes up about 10% of revenue, grew by 17.13% [5][6]. - Other segments, such as smart equipment, saw a growth of 20%, but their contribution to total revenue is minimal [5]. Industry Context - Despite Gree's challenges, the overall market for home appliances in China showed positive growth, with air conditioners, refrigerators, and washing machines increasing by 8.3%, 3.7%, and 8.8% respectively in the first half of 2025 [6]. - The competition in the home air conditioning market is intensifying, with low-end models under 2100 yuan capturing over 50% of online sales in Q2 [6]. Comparison with Competitors - Haier Smart Home, another major player in the industry, reported consistent growth in both revenue and net profit, maintaining increases around 10% and 15% respectively [7][8]. - As of July, Gree held a 16.41% market share in the online air conditioning market, ranking second behind Midea [9].