Core Insights - Greebo (Jiangsu) Co., Ltd. reported a revenue of 5.426 billion yuan for 2024, marking a year-on-year increase of 17.52%, and achieved a net profit of 87.8938 million yuan, reversing previous losses [1] - In Q1 2025, the company generated a revenue of 1.535 billion yuan and a net profit of 178 million yuan, reflecting a year-on-year growth of 36.93% [1] - The overall gross margin improved by 2.65 percentage points due to supply chain optimization, increased production efficiency, and reduced raw material costs [1] - The sales proportion of high-value products, such as riding lawnmowers and robotic lawnmowers, has increased, enhancing the company's profit structure [1] Production and Global Strategy - Greebo has established a significant presence in Vietnam with two manufacturing bases in Haiphong and Thai Binh, with the Thai Binh Phase I facility fully operational and Phase II construction set to begin [2] - The Vietnamese production base will fully undertake manufacturing tasks for products exported to the U.S., enhancing the company's ability to manage international trade risks [2] - In 2023, Greebo's manufacturing base in Tennessee, USA, commenced operations, focusing on local assembly of high-value commercial products [2] - The company plans to expand its investment in the U.S. to enhance local manufacturing capabilities for high-end products, further solidifying its competitive advantage in the North American market [2] - Greebo aims to build a more resilient international operation system through accelerated construction in Vietnam, localized manufacturing in the U.S., and optimized global sales structure [2]

Core Insights - Greebo (301260) reported a 36.92% year-on-year increase in net profit attributable to shareholders for Q1 2025, with a gross margin of 35.1%, up 4.81% from the same period last year [1][2] Financial Performance - For the fiscal year 2024, Greebo achieved a revenue of 5.426 billion yuan and a net profit of 87.8938 million yuan, representing year-on-year growth of 17.52% and 118.53% respectively [2] - In Q1 2025, the company recorded a revenue of 1.535 billion yuan and a net profit of 178 million yuan, continuing the growth trend [2] Profitability Drivers - The increase in gross margin by 2.65 percentage points in Q1 2025 was driven by cost reduction, efficiency improvements, and a rise in sales of high-value products [2] - The sales of riding lawnmowers surged from 139 million yuan in 2022 to 366 million yuan in 2024, enhancing the profitability of the product mix [2] - The sales of robotic lawnmowers also saw significant growth, reinforcing the company's competitive edge in the smart gardening equipment sector [2] Product Innovation - Greebo launched a third-generation smart robotic lawnmower developed collaboratively by teams in China and Sweden, featuring advanced technologies such as RTK centimeter-level satellite positioning and multiple sensors for obstacle detection [3] - The high-end model of this product is priced at 6,499 euros and has received strong market acceptance, indicating robust demand [3] Strategic Response to Tariffs - In response to the recent U.S. tariffs on Chinese exports, Greebo is implementing measures including accelerating the construction of its manufacturing base in Vietnam, promoting localized production in the U.S., and optimizing its global sales structure [4][5] - The company has established a dual manufacturing base in Vietnam, enhancing its capacity to mitigate international trade risks and support global market expansion [4] - Greebo's U.S. manufacturing base in Tennessee has commenced operations, focusing on local assembly of high-value commercial products, improving supply chain responsiveness in North America [4] Future Plans - The company plans to further increase its investment in the U.S. to enhance the localized manufacturing capabilities of high-end products, which will help alleviate cost pressures from tariffs and align closely with market demands [5] - This strategy aims to strengthen Greebo's competitive position in the North American high-end market through improved local production capabilities [5]