格力电器_2025 年第二季度销售额下降 12%，营业利润下降 22%

Flash | 28 Aug 2025 21:08:48 ET │ 13 pages Gree Electric Appliances (000651.SZ) 22% OP decline on 12% sales decrease in 2Q25 CITI'S TAKE Gree's OP declined 22% YoY on 12% YoY sales decrease in 2Q25 (vs 14% YoY sales growth in 1Q25), significantly below market expectations. Helped by 51% YoY increase in net financial income, its NP fell 10% YoY in 2Q25, slower than OP decline. We believe its weaker-than-expected topline was due to its reduced sell-in to offline distributors (on the back of its increased focu ...