2023-06-08-深交所-格力电器_2022年年度报告_英文版_299页_2mb

Gree Electric Appliances, Inc. of Zhuhai 2022 Annual Report Summary

Core Content Overview

This summary outlines the key information from the 2022 Annual Report of Gree Electric Appliances, Inc. of Zhuhai, including company profile, financial performance, industry analysis, and core competencies.

Main Financial Indicators

Annual Financial Highlights (in RMB yuan)

Quarterly Financial Highlights (in RMB yuan)

Key Financial Notes

• Non-recurring Profit and Loss Items (in RMB yuan):

  • Disposal of non-current assets: -51,428,778.52
  • Governmental subsidies: 873,695,831.91
  • Fair value changes: -300,034,685.05
  • Reversal of impairment reserves: 118,276,955.90
  • Other non-recurring items: -30,904,028.44
  • Total non-recurring profit and loss items in 2022: 520,375,518.31

• The Company's net profit before and after deducting non-recurring items was not negative in the last three fiscal years.

• There were no differences in net profits and net assets between financial reports prepared under domestic and international accounting standards.

Company Profile

• Stock Abbreviation: Gree Electric Appliances
• Stock Code: 000651
• Stock Exchange: Shenzhen Stock Exchange
• Registered Address: Room 608, No.108 Huitong Third Road, Hengqin New Area, Zhuhai City
• Post Code: 519031
• Legal Representative: Dong Mingzhu
• Website: http://www.gree.com.cn
• Email: gree0651@cn.gree.com

Shareholder and Governance Information

• Controlling Shareholders: The Company no longer has a controlling shareholder or actual controller since the share transfer completed on January 23, 2020.
• Share Transfer Agreement: Signed between Gree Group and Zhuhai Mingjun on December 2, 2019, with the transfer of 902,359,632 shares at RMB46.17/share.
• Audit Firm: Union Power Certified Public Accountants (Special General Partnership)
• Signatories: Wu Zihao and Qiu Yiwu

Industry Analysis

Consumer Field

• The household appliance industry faced overall sales pressure in 2022, with declines in both domestic and export markets.
• The penetration rate of emerging channels increased, leading to online-offline integration.
• Gree's product range includes residential air conditioners, HVAC, refrigerators, washing machines, and more.
• The Company maintained steady growth through product innovation and internal strengthening.

Industrial Field

• The industrial sector showed steady progress with accelerated structural transformation.
• Key areas include high-end equipment, precision molds, compressors, and new energy technologies.
• The Company is transitioning from traditional manufacturing to intelligent manufacturing.

Key Industry Trends

1. Intelligent Manufacturing:

   • The market size reached USD540 billion in 2022, expected to grow to USD700 billion by 2024.
   • Supported by government policies, it is a key direction for China's modern manufacturing.

2. New Energy Sector:

   • Driven by the "dual carbon" policy, the new energy industry is growing rapidly.
   • New energy vehicle penetration reached 27.6% in 2022, expected to rise to 36% in 2023.
   • New energy bus sales increased by 21.49% year-on-year.

3. Energy Storage Industry:

   • Maintained a rapid growth trend, with installed capacity reaching 8.7 GW in 2022.
   • Expected to reach 30 GW by 2025, with a compound annual growth rate of 55%-70%.

4. Air Conditioning Compressor Market:

   • Production and sales declined slightly (-2.4% and -2.2% respectively).
   • The industry moved toward high-efficiency and energy-saving technologies, with inverter air conditioners accounting for over 90% of total sales in 2022.

Company's Market Position

• Central Air Conditioner Market:

  • Ranked first with a market size of over RMB20 billion.
  • Maintained a leading market share of 35.6% in the unitary air conditioner market.
  • Dominated the VRF market with over 20% market share and the chiller market with 12.7%.

• Consumer Products:

  • Electric fans: 20.68% market share, first in the industry.
  • Electric heaters: 14.01% market share, second in the industry.

Core Competence and Branding

• The Company is committed to brand development, core technology, and product innovation.
• Brand Value: Consistently ranked first in the household appliance industry and on the Forbes Global 2000 List.
• Brand Philosophy: "An enterprise without innovation is an enterprise without soul; an enterprise without core technology is an enterprise without backbone; an enterprise without fine products is an enterprise without future."
• The Company has won numerous awards, including "World Brand", "China Quality Award", and "Chinese Brands Power Ceremony - Superior Products of Chinese Provenance".

Summary

Gree Electric Appliances, Inc. of Zhuhai reported a steady financial performance in 2022, with a slight increase in operating revenue and significant growth in net profits. The Company has no controlling shareholder and continues to focus on technological innovation, intelligent manufacturing, and brand development. It has a strong presence in both the consumer and industrial fields, with leading market positions in key segments such as central air conditioners and electric fans. The Company also actively participates in global markets, providing high-quality products and services to more than 190 countries and regions.