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Producer Manufacturing

Gree Electric Appliances, Inc. of Zhuhai

Company Background

Gree Electric Appliances is China's biggest air conditioner maker and one of the largest in the sector worldwide in terms of sales. It has formed a partnership with Daikin Industries of Japan, the world's largest air conditioner maker. In addition to its core Gree-brand air conditioners, it produces household appliances such as electric fans, water purifiers, air purifiers, rice cookers and humidifiers under the Tosot brand. The company is fiercely competing with fellow Chinese air conditioner maker Midea Group over market share in China.

Founded in 1991, Gree Electric is based in Zhuhai, Guangdong Province. Chairwoman Dong Mingzhu is a well-known female executive in China, and often appears in TV commercials and on programs. Many Chinese women look up to her as a role model. Gree Electric listed on the Shenzhen Stock Exchange in 1996. A state-run entity owned by the Zhuhai municipal government owns 18% of the company, making it the largest shareholder.

In March 2015, the company announced it will enter the smartphone market. It plans to launch Gree-brand smartphones by the end of 2015. It has set a sales target of 100 million units a year in a bid to go toe-to-toe with major smartphone makers in the near future.

Business Summary

Gree Electric Appliances, Inc. of Zhuhai engages in the research and development, manufacture, and sale of air conditioners. Its products include residential and commercial air conditioners, air to water heat pumps, home appliances, refrigerators, smartphones, and industrial products. The company was founded by Jiang Hong Zhu on December 13, 1989 and is headquartered in Zhuhai, China.

Financial Highlights

Dec 2021 CNYUSD
Gross Profit45,801.67M7,101.74M
Operating income23,193.65M3,596.27M
Income before tax26,751.64M4,147.95M
Net income23,063.73M3,576.12M
Diluted EPS4.030.62
Dividends Per Share30.46
Total Assets319,598.18M50,146.02M
Total liabilities208,976.64M32,789.13M
Total equity103,651.65M16,263.29M
Operating cash flow1,056.34M163.79M
Currency in CNYCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 148,506.51M 198,282.10M 198,965.34M 169,532.81M 188,577.36M
Gross Profit 48,747.22M 60,001.93M 55,354.79M 44,998.81M 45,801.67M
Operating income 25,750.96M 29,548.78M 27,147.43M 21,915.76M 23,193.65M
Income before tax 26,609.24M 31,272.94M 29,373.69M 26,273.62M 26,751.64M
Net income 22,400.48M 26,202.78M 24,696.64M 22,175.10M 23,063.73M
EBITDA 27,783.96M 32,659.11M 30,340.33M 25,504.47M 26,795.22M
Diluted EPS 3.72 4.35 4.10 3.70 4.03
Dividends Per Share 0 2.10 1.20 4 3
Total Assets 214,987.90M 251,116.49M 282,972.15M 279,250.26M 319,598.18M
Total liabilities 148,006.98M 158,353.15M 170,683.99M 161,932.74M 208,976.64M
Total equity 65,614.91M 91,209.42M 110,153.57M 115,190.21M 103,651.65M
Operating cash flow 16,735.64M 27,520.28M 28,320.63M 19,544.04M 1,056.34M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 21,974.20M 29,965.50M 28,794.43M 24,562.01M 29,239.70M
Gross Profit 7,213.02M 9,067.83M 8,010.99M 6,519.45M 7,101.74M
Operating income 3,810.31M 4,465.57M 3,928.79M 3,175.16M 3,596.27M
Income before tax 3,937.31M 4,726.14M 4,250.98M 3,806.53M 4,147.95M
Net income 3,314.55M 3,959.91M 3,574.11M 3,212.74M 3,576.12M
EBITDA 4,111.13M 4,935.62M 4,390.87M 3,695.10M 4,154.71M
Diluted EPS 0.55 0.65 0.59 0.53 0.62
Dividends Per Share 0 0.31 0.17 0.57 0.46
Total Assets 33,014.11M 36,575.51M 40,623.64M 42,700.12M 50,146.02M
Total liabilities 22,728.34M 23,064.38M 24,503.49M 24,761.11M 32,789.13M
Total equity 10,076.00M 13,284.79M 15,813.71M 17,613.72M 16,263.29M
Operating cash flow 2,476.33M 4,159.01M 4,098.58M 2,831.55M 163.79M

Valuation Measures

Dec 2021
Operating margin12.29%
Profit margin12.23%

Key executives

  • Chairman & President: Ming Zhu Dong
  • CFO, Board Secretary & Vice President: Jing Dong Wang
  • Chief Engineer & Vice President: Jian Ming Tan
  • Vice President: Pei Zhuang


  • Zhuhai Gaoling Equity Investment Management Co. Ltd. (15.1%)
  • Jinghai Internet Technology Development Co. Ltd. (6.4%)
  • China Securities Finance Corp. Ltd. (3.0%)
  • Zhuhai State-Owned Assets Supervision & Admin. Commission (2.9%)
  • Gree Electric Appliances, Inc. of Zhuhai (1.5%)
  • Qian Hai Life Insurance Co., Ltd. (0.7%)
  • Gree Electric Appliances, Inc. of Zhuhai Esop (0.7%)
  • HHLR Management Pte Ltd. (0.7%)
  • Abu Dhabi Investment Authority (Investment Management) (0.5%)
  • China Investment Corp. (Investment Management) (0.4%)

Contact Details

  • Website:
  • Address: Jinji West Road, Qianshan, Zhuhai, 519070, China
  • Phone: +86.756.8614883

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  • Zhuhai Zero Boundary Integrated Circuit Co., Ltd.
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  • Zhuhai Gree Transportation Co., Ltd.
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  • Zhuhai Gree Info Technology Co., Ltd.
  • Zhuhai Gree Energy Environment Technology Co., Ltd.
  • Zhuhai Gree New Material Co., Ltd.
  • Gree (Wu'an) Precision Equipment Manufacturing Co., Ltd.


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Last Updated on 31 Mar, 2023

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