Gree Electric Appliances (000651) H2 2024 earnings summary

Executive summary

• Achieved operating revenue of CNY189.16 billion in 2024, down 7.26% year-over-year, but net profit attributable to shareholders rose 10.91% to CNY32.18 billion.

• Maintained industry leadership in central air conditioners and global retail volume of split air conditioners.

• Continued product innovation, expanded smart home ecosystem, and enhanced digital and intelligent manufacturing capabilities.

Financial highlights

• Operating revenue: CNY189.16 billion, down 7.26% year-over-year.

• Net profit attributable to shareholders: CNY32.18 billion, up 10.91% year-over-year.

• Net cash flows from operating activities: CNY29.37 billion, down 47.93% year-over-year.

• Basic EPS: CNY5.83, up from CNY5.22 in 2023.

• Gross margin for manufacturing: 32.55%, up 2.21% year-over-year.

Outlook and guidance

• Focus on product-driven growth, digital transformation, and cost reduction in 2025.

• Continued investment in R&D and quality management, with emphasis on smart manufacturing and global market expansion.

• Plans to distribute a cash dividend of CNY20 per 10 shares, with no bonus shares or capital reserve conversion.