Gree Electric Appliances (000651) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was ¥89.40 billion, down 8.15% year-over-year; net profit attributable to shareholders was ¥13.28 billion, down 7.87% year-over-year; net profit margin rose slightly to 14.81%.

• Domestic main business revenue grew 1.90% year-over-year, while overseas main business revenue fell 21.98%.

• Main business revenue accounted for 95.37% of total revenue, up 5.47 percentage points, reflecting improved revenue quality.

Financial highlights

• Operating cash flow was ¥18.81 billion, down 33.60% year-over-year.

• Basic and diluted EPS were both ¥2.38, down 8.46% year-over-year.

• Total assets at period end were ¥399.14 billion, up 1.98% from year-end 2025; net assets attributable to shareholders were ¥148.51 billion, up 1.77%.

• Gross margin for consumer appliances was 31.77%, down 1.43 percentage points year-over-year.

• Non-recurring profit and loss items contributed ¥570.92 million to net profit.

Outlook and guidance

• The company will continue to focus on technological innovation, optimize product and business structure, and accelerate expansion in refrigerators, washing machines, and industrial products.

• Plans to strengthen overseas market localization and build a diversified global industrial group.