Financial Performance - In the first half of 2025, the company reported operating revenue of 1.032 billion yuan, a year-on-year decrease of 10.44% [1] - The net profit attributable to shareholders was 191 million yuan, an increase of 50.03% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 184 million yuan, reflecting a year-on-year growth of 56.29% [1] - Basic earnings per share were 0.23 yuan [1] Profitability Metrics - The gross profit margin for the first half of 2025 was 30.32%, up by 6.74 percentage points year-on-year [1] - The net profit margin was 18.55%, an increase of 7.73 percentage points compared to the same period last year [1] Expense Management - Total operating expenses for the first half of the year were 102 million yuan, a decrease of 21.23 million yuan compared to the previous year [1] - The expense ratio was 9.90%, down by 0.81 percentage points year-on-year [1] - Sales expenses decreased by 2.90%, management expenses decreased by 4.31%, R&D expenses decreased by 26.05%, and financial expenses decreased by 69.51% [1] Executive Compensation - The chairman, Xu Yuansheng, received a salary of 980,000 yuan in 2024, while the president, Xu Ran, earned 1.38 million yuan [3] - Xu Yuansheng has a background in various leadership roles within the company and related entities [3] Company Overview - The company achieved operating revenue of 2.789 billion yuan in 2024, a slight decrease of 0.23% year-on-year [5] - The net profit attributable to shareholders was 377 million yuan, reflecting a year-on-year increase of 10.86% [5] - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment, as well as environmental remediation services [5]

Core Viewpoint - The article discusses the leadership of Dong Mingzhu at Gree Electric Appliances, highlighting her strong personality, management style, and the challenges she faces as she approaches retirement while still actively leading the company [3][4][61]. Group 1: Leadership and Management Style - Dong Mingzhu was re-elected as the chairman of Gree Electric Appliances, marking the beginning of her fifth three-year term [3]. - She is characterized by her strong, uncompromising nature, often described as iron-willed and direct, which has shaped Gree's corporate culture [6][12]. - Her approach to business is aggressive and principled, as demonstrated by her decision to eliminate the practice of credit sales in favor of cash sales, which transformed Gree's sales strategy [15][17]. Group 2: Company Growth and Strategy - Under Dong's leadership, Gree has shifted from relying on distributors to establishing direct sales channels, creating a strong connection with consumers [33][34]. - The company has invested heavily in research and development, moving from traditional manufacturing to high-end and smart manufacturing, achieving significant advancements in core technologies [37][38]. - Gree's industrial equipment division has expanded into various fields, including high-end manufacturing and medical equipment, showcasing its commitment to innovation [42]. Group 3: Controversies and Challenges - Dong Mingzhu is a polarizing figure, often attracting media attention for her outspoken nature and unconventional decisions, such as her ventures into mobile phones and smart home products [46][50]. - Despite facing criticism, she remains steadfast in her beliefs about the importance of practical experience over formal education, emphasizing a hands-on approach to business [53][54]. - As she approaches retirement age, questions arise about her succession plan and the potential impact on Gree's future, given the company's deep ties to her leadership style [61][67].