Gree Electric Appliances (000651) Q3 2026 earnings summary

Executive summary

• 9M 2026 operating revenue was RMB 1265.44亿元, down 8.07% YoY; attributable net income was RMB 172.74亿元, down 19.51%.

• Q3 revenue was RMB 368.71亿元, down 7.90% YoY, while attributable net income fell 43.31% to RMB 39.96亿元, mainly reflecting weaker consumer-appliance business.

Financial highlights

• 9M revenue was RMB 126,075,079,046.57, down 8.10% YoY; Q3 revenue was RMB 36,677,556,545.36, down 7.97%.

• 9M attributable net income was RMB 17,273,815,437.66, down 19.51%; Q3 was RMB 3,996,224,555.09, down 43.31%.

• Adjusted for non-recurring items, attributable net income was RMB 16,402,876,911.93 for 9M, down 20.32%, and RMB 3,696,204,191.03 in Q3, down 44.32%.

• 9M operating cash flow was RMB 24,062,864,126.50, down 47.38% YoY; net income and operating cash flow were described as broadly matched.

Outlook and guidance

• Differentiated competition focused on technology, quality and the mid-to-high-end market; sales prices remained relatively stable under a “quality, not price war” approach.