格力电器_2025 年第二季度初步解读_收入不及预期，可能受竞争压力影响

29 August 2025 | 7:03AM CST Gree Electric Appliances Inc. (000651.SZ): 2Q25 First Take: Revenue miss likely on competition pressure Gree reported below-expected 2Q25 results post market close of Aug 28. Total revenue/net profit in 1H25 of Rmb97.6bn/Rmb14.4bn, was -3%/+2% yoy, implying -12%/-10% yoy in 2Q25 (and -20%/-18% vs. GSe). That said, operating cash flow increased to Rmb17.3bn in 2Q25 vs. Rmb8.1bn in 2Q24. Revenue miss likely due to share loss and pricing pressure from competition. Consumer appliance ...