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Gree Electric Appliances, Inc. of Zhuhai

Zhuhai, Guangdong · Air-conditioning & appliances

SHE: 000651 · Information cut-off 19 October 2026

Investor snapshot

Business model

Gree Electric Appliances reports consolidated revenue and profit attributable to listed-company shareholders, with separate group and parent-only cash disclosures.

Latest figures

In H1 2026 revenue, reported parent profit and issuer-defined recurring parent profit declined, while group cash equivalents were smaller than monetary funds.

Main risk

The central risk is that headline monetary funds overstate what is demonstrably usable for funding at the relevant entity.

Next proof

The next test is disclosure of deposit maturity and access terms, together with the principal-interest split and repayment date of borrowings within other payables.

Evidence balance

The live questionCan cash at the relevant legal entity meet funding needs when much of monetary funds is outside cash equivalents?H1 2026 brought lower revenue and both reported and recurring parent profit, making the distinction between monetary funds, cash equivalents and short-term borrowings relevant.

What improved

The cash disclosures identify group and parent-only balances separately and distinguish deposits excluded from cash equivalents from restricted deposits; this provides a clearer accounting perimeter without establishing that those balances are immediately usable.

What became more demanding

In CNY billion, group cash equivalents were 35.7 against short-term borrowings of 79.7; parent-only cash equivalents of 15.7 are a separate entity measure and must not be added to the group balance.

Strongest alternative explanation

Exclusion from cash equivalents does not itself establish permanent inaccessibility, and a comparison with short-term borrowings alone does not establish inability to pay; deposit terms and the timing of funding obligations remain necessary context.

The decisive missing fact

The named cash notes do not establish early deposit withdrawal or remittance rights, while the borrowing entry within other payables does not separate principal from interest or establish its repayment date.

Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.

Research files

Accompanying research files remain private and access-controlled.

On this page

Gree's registered address is Office 608, No. 108 Huitong Third Road, Hengqin New Area, Zhuhai, China. Its office address is West Jinji Road, Qianshan, Zhuhai, Guangdong, China.

Reported revenue and parent-attributable profit declined in the latest half-year. Cash-equivalent balances are substantially smaller than monetary funds; the two measures have different definitions.

Reported earnings

CNY billion; consolidated, with profits attributable to listed-company shareholders. Recurring profit uses the issuer's non-recurring exclusions.

MeasureFY2024FY2025H1 2025H1 2026
Revenue189.2170.497.389.4
Parent-attributable net profit32.229.014.413.3
Issuer recurring parent-attributable profit30.127.713.912.7

Cash and borrowings

Balances at 2026-06-30. CNY billion unless stated; parent-only balances are shown separately.

MeasureAmount
Group monetary funds128.2
Group term deposits and accrued interest excluded from cash equivalents78.6
Group restricted deposits14.0
Group cash and cash equivalents35.7
Parent-only monetary funds112.8
Parent-only cash and cash equivalents15.7
Group short-term borrowings79.7
Borrowings and interest within group other payables1.57
Rate disclosed for those interest-bearing other payables4.35%

The borrowing-and-interest amount is already included within accounting other payables. It must not be added again to total accounting liabilities or treated as pure borrowing principal.

Limitation: the named cash notes do not establish early deposit withdrawal or remittance rights, and the borrowing entry does not separate principal from interest or establish its repayment date.

Business anatomy · in one picture

Appliances, engineered HVAC and industrial equipment reach distinct customers

Appliances reach households through integrated retail channels; commercial HVAC serves project needs; industrial equipment supports manufacturing customers. These are parallel routes.

Consumer appliances through retail channels

Supply household air conditioners and other home appliances through linked online and offline channels.

actor

Household appliance consumers

Consumers select household appliances through the reported retail and service network.

buy appliances through
channel

Physical stores and official online channels

Stores provide product displays and after-sales support; online and offline channels share fulfilment.

sell appliances supplied by
company action

Gree develops and supplies household appliances

Develops appliance products, coordinates orders and warehousing, and supports delivery and after-sales service.

develops and supplies
product

Air conditioners and other home appliances

The reported range includes air conditioners, refrigerators, washing machines, water heaters and kitchen appliances.

How it earns: Appliance product sales through physical stores, official online platforms and third-party flagship stores. (R)

Commercial and infrastructure HVAC

Adapt HVAC equipment and system solutions to customer applications and project conditions.

actor

Commercial and infrastructure HVAC customers

Reported application settings include commercial buildings, rail transport, public buildings and data centres.

buy equipment and systems
company action

Gree adapts HVAC equipment and systems

Provides equipment and system solutions for differing customer environments, functions and project conditions.

provides HVAC equipment
product

Chillers, multi-split and precision air conditioning

The reported HVAC range includes centrifugal chillers, multi-split systems, screw chillers and precision air conditioning.

serves temperature-control needs
outcome

Building and infrastructure temperature control

Equipment and systems address commercial central air conditioning and specialised temperature-control settings.

How it earns: HVAC equipment and system solutions for commercial and infrastructure applications. (R)

Industrial equipment for manufacturing customers

Supply equipment and tailored systems for manufacturing, automation and warehouse tasks.

actor

Manufacturing and industrial-system customers

The business review names new energy, electronics, steel structures, retail and discrete manufacturing as customer sectors.

buy equipment and solutions
company action

Gree develops equipment and tailored systems

Develops application-specific solutions using its machine-tool, industrial-robot and warehouse product lines.

develops and supplies
product

Machine tools, automation and warehouse systems

Reported product lines include CNC machine tools, industrial robots and automation, and intelligent logistics warehousing.

serves manufacturing tasks
outcome

Machining, assembly and warehouse operations

Industrial products address manufacturing tasks; the issuer reports external batch delivery of discrete-manufacturing warehouse systems.

How it earns: Industrial equipment and tailored system delivery to external customers, including reported batch warehouse-system deliveries. (R)

Retail executionOrders, warehouse coordination and serviceThe issuer describes unified order control, standardised warehouse operations and transport scheduling alongside after-sales dispatch.
Industrial scopeEquipment delivery and internally developed componentsThe reported industrial portfolio also includes compressors, motors, capacitors and other components; the lanes are not a sequential production chain.
Economics boundaryNo lane profit or robot revenue allocationThe graph describes reported products, channels and applications; it assigns no standalone robot revenue, customer commitment or margin to a lane.
Original SMID Research figure. Deterministic diagram generated from the validated company-anatomy specification for Gree Electric Appliances, Inc. of Zhuhai; labelled flows and payers are shown inside the figure; evidence classes R/D/G/E/O/U per element in the specification; information cut-off 2026-10-19. Not issuer artwork; no scale, product design or economics beyond the labelled figures is implied.
Text version of this figure
  • Households buy appliances through physical stores and official online channels.
  • The retail network sells Gree appliances and provides product display and after-sales access.
  • Gree develops and supplies home air conditioners and other household appliances.
  • Commercial and infrastructure customers obtain HVAC equipment and system solutions adapted to their project conditions.
  • Gree provides chillers, multi-split systems and other reported HVAC equipment.
  • The reported HVAC equipment serves building and infrastructure temperature-control applications.
  • Industrial customers obtain equipment and tailored solutions for their production and warehouse requirements.
  • Gree develops and supplies machine tools, automation and intelligent warehouse systems.
  • Industrial equipment serves machining, assembly, materials handling and warehouse operations.

Investor translation

What matters after the operating picture

Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.

Value lever
Operating revenue and recurring attributable profit, read alongside cash usable at the relevant legal entity.
Cash bottleneck
Term deposits excluded from cash equivalents and restricted deposits complicate interpretation of headline monetary funds.
Balance-sheet pressure
Funding pressure depends on usable cash at the relevant entity, short-term borrowings and the terms of borrowing within other payables.
Next proof
Deposit maturity and access terms, plus a principal-interest split and repayment date for borrowing recorded within other payables.

Primary sources

Factual company information; not investment advice.

What you can watch yourself

These dated external observations provide market context. Use the linked source to check the latest observation; issuer disclosures are needed to establish the effect on the company. No numeric watch or alert threshold is assigned.

China above-designated-size household appliances and audio-video monthly retail sales, CNY 100m

In the monthly retail main-data table, find household appliances and audio-video equipment under goods retail by units above designated size; read the current-month absolute value in CNY 100m, not the cumulative value. National Bureau of Statistics of China

Last recorded
881 CNY 100 million per calendar month, 2026-09-30
Reference
858 CNY 100 million per calendar month (Prior calendar-month nominal level: August 2026 from the same NBS category/unit; not a year-ago base or a calibrated company trigger, 2026-08)
Threshold status
Context only; no numeric watch or alert threshold is assigned.
How often to look
monthly (the series prints monthly)

What it points to. Broad domestic appliance retail activity helps frame consumer demand conditions, while Gree shipments depend on its company share, channels, inventory and product mix.

Direction only — this pack does not carry a coefficient from this series to reported earnings.

What it cannot tell you. This category includes household appliances and audio-video equipment, not air conditioners alone. It is national nominal retail value for units above designated size, not Gree volumes, realized pricing, shipments, exports, margins or cash generation. Raw adjacent-month levels can be seasonal; company market share and pricing remain unknown.

Settled by The next issuer disclosure of domestic revenue, margins, channel inventory and cash conversion. Lead time: Uncalibrated: consumer purchases and manufacturer shipments can occur in different periods.

Notes and sources

Open questions

Which deposits can fund obligations, and when do the related borrowings become repayable? Which operating changes and non-recurring items explain the different declines in parent profit?

Also on file: private research files.

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