In the first half of 2021, Gree Electric realized an operating revenue of 91.052 billion yuan, a year-on-year increase of 31.01%

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Gree Electric’s performance rebounded in the first half of this year. The semi annual report released on the evening of August 22 showed that in the first half of the year, Gree’s revenue increased by 30%, its net profit increased by nearly 50%, and its performance growth rate was higher than the average growth rate of the air conditioning industry. Its net cash flow from operating activities decreased by 30%, due to the increase in customer loans and advances, which reflects the weakening of its payment mode in the off-season of air conditioning.

In the first half of this year, Gree Electric realized an operating revenue of 91.052 billion yuan, a year-on-year increase of 31.01%; The net profit attributable to the parent company was 9.457 billion yuan, a year-on-year increase of 48.64%; The basic earnings per share was 1.62 yuan, a year-on-year increase of 52.83%; The weighted average return on net assets reached 8.11%, an increase of 2.54 percentage points over last year.

According to the industry online data, in the first half of 2021, the household air conditioning industry recovered moderately, with a total sales volume of 86.3736 million units, a year-on-year increase of 13.56%, of which the domestic sales volume was 44.6154 million units, a year-on-year increase of 11.98%; The export volume was 41.7582 million units, a year-on-year increase of 15.3%. Affected by factors such as slow weather warming, rising prices of raw materials and less than expected completion of real estate, the domestic demand of the air conditioning industry is weak, and the sales volume in the first half of 2021 decreased by 15.63% compared with the same period in 2019 before the epidemic. Benefiting from China’s epidemic prevention advantages and supply chain capacity, overseas air conditioning capacity has continued to transfer to China since 2021, driving the continuous and strong growth of air conditioning exports.

While consolidating the market position of household air conditioner, Gree Electric actively develops diversified businesses such as central air conditioner, household appliances, refrigerator and washing machine, industrial products and so on. According to the data of industry online and HVAC information, in the first half of 2021, the domestic market share of Gree household air conditioner reached 33.89%, and the domestic market share of Gree central air conditioner reached 16.2%. In the first half of this year, Gree expanded the categories of household appliances to 38, continuously improved the product lines of refrigerators and washing machines, and developed a number of new compressors.

Compared with its competitors Midea Group and Haier Zhijia, Gree’s overseas sales revenue accounts for a relatively low proportion. In the first half of this year, Gree also continued to expand overseas e-commerce channels. Accelerate the establishment of overseas e-commerce teams, carry out in-depth docking with B2C platforms such as Amazon and Alibaba international station, and develop e-commerce channel sales in multiple regions.

In the case of substantial growth in performance, Gree’s cash flow decreased significantly in the first half of this year, and its net cash flow from operating activities was -6.07 billion yuan, a year-on-year decrease of 34.39%. In this regard, Gree explained that it was mainly due to the increase in the net increase in customer loans and advances.

In the past, Gree Electric has always adopted the air conditioning sales model of dealers’ payment in off-season and year-end rebate. This not only makes Gree have a huge and stable dealer system, but also makes Gree have too many levels of sales channels. In the first half of 2021, the prices of major raw materials such as copper, steel and plastics rose sharply. If the cost pressure is transferred to the end products, it will not be conducive to Gree to seize the share in the highly competitive air conditioning market. Reducing the sales level is the inevitable choice for Gree’s marketing reform.

Dong Mingzhu, chairman and President of Gree Electric Appliance, said at the 2021 China new consumer brand growth summit held by first finance on July 6 this year that her live delivery is promoting Gree’s second marketing reform. According to the decrease of net cash flow from operating activities and the increase of customer loans disclosed in the semi annual report of Gree Electric Appliance, the traditional operation mode of making money and pressing goods in the off-season of its air-conditioning dealers is weakening, Gree’s sales channel is becoming flat, and its effect of facing users and improving the efficiency of the supply chain needs to be gradually released.

This year, Gree’s employee stock ownership plan has suffered many disputes. Nevertheless, Gree Electric still actively promoted the employee stock ownership plan, and the first draft of the employee stock ownership plan has been deliberated and approved by the general meeting of shareholders. Gree Electric disclosed in its semi annual report that the subscription payment, share transfer and other related work of the first phase of the employee stock ownership plan are being carried out in an orderly manner.

Referring to the risks faced, Gree Electric Appliance said in its semi annual report, including macroeconomic fluctuation risk, factor price fluctuation risk, market risk caused by trade protectionism, export market risk caused by exchange rate fluctuation and exchange loss. Therefore, Gree Electric needs new changes to deal with multiple risks. In addition to marketing reform and employee stock ownership, Gree Electric announced on August 20 that its registered address had been changed to Hengqin new area, Zhuhai. It is understood that Gree Electric will build a new headquarters building in Hengqin, make use of the scientific and technological talents and other resources in adjacent Macao, and accelerate business expansion under the background of the construction of Guangdong, Hong Kong and Macao Bay area.

Affected by many uncertain factors, Gree’s share price is weak this year, with a closing price of 46.10 yuan / share on August 20. In the first half of 2021, Gree Electric completed two phases of share repurchase with a total amount of about 12 billion yuan, and launched the third phase of repurchase with a total amount of no less than 7.5 billion yuan and no more than 15 billion yuan. Gree Electric also formulated a high dividend plan for 2020, and distributed a cash dividend of 30 yuan (including tax) for every 10 shares to all shareholders registered as of August 20, 2021. Gree Electric Appliance said in its semi annual report that there will be no dividend in the middle of 2021.

Read more from the first financial network: Gree Electric Appliance financial report: in 2018, the net profit of Q1 Gree Electric Appliance was 5.58 billion yuan, a year-on-year increase of 39.04%. Gree Electric Appliance financial report: it is expected that the net profit of Q1 Gree Electric Appliance will decrease by 70% ~ 77% in 2020. Station B financial report: Q2 station B revenue was 4.495.3 billion yuan in 2021, a year-on-year increase of 72%. NVIDIA financial report: in 2020, NVIDIA net profit was 2.374 billion US dollars, a year-on-year increase of 282%. Tencent music financial report: 2021 In Q2, Tencent music’s net profit was 827 million yuan, a year-on-year decrease of 12%. China Mobile’s financial report: in the first half of 2021, China Mobile’s operating revenue reached 443.6 billion yuan, a year-on-year increase of 13.8%. China Telecom’s financial report: in the first half of 2021, China Telecom’s revenue was 219.2 billion yuan, a year-on-year increase of 13.1%. LG display: in Q2, LG showed a profit of 423.8 billion won, a year-on-year turn from loss to profit. IBM’s financial report: in Q2, IBM’s net profit was 1 Ericsson’s financial report: Ericsson’s revenue in Q2 of 2021 fell by 1% year on year. TSMC’s financial report: TSMC’s revenue in Q2 of 2021 was NT $372.1 billion, a year-on-year increase of 20%. LG Electronics’s financial report: LG Electronics’s operating profit in Q2 of 2021 was about 6.3 billion yuan, a year-on-year increase of 65.5%. Samsung’s financial report: Samsung’s operating profit in Q2 of 2021 is expected to be US $11.05 billion, a year-on-year increase of 53.37%. Samsung’s operating profit in Q2 of 2021 is expected Or an increase of 38% to 11.3 trillion won. In 2021, the net profit of 51job Q1 plummeted by 72.1% year-on-year, and delisting entered the countdown

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