Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) Bundle
Explore Gree's journey from 1991 founding to serving over 500 million users globally, backed by a workforce exceeding 80,000 employees and an R&D engine of 16 institutes with 129,622 patent applications-achievements that helped secure its 487 spot on the 2022 Fortune Global 500 and illuminate the company's mission to master core technologies, pursue perfect quality, provide first-class service, and realize its vision of building a world-class, century-old brand.
Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) - Intro
Gree Electric Appliances, Inc. of Zhuhai (000651.SZ), founded in 1991, has grown into the world's largest air-conditioning manufacturer, integrating research & development, manufacturing, sales and after-sales service. Operating under the slogan 'Made in China, Loved by the World,' Gree serves an expansive global customer base and strategically invests in innovation, production capacity, and international distribution.- Founded: 1991
- Workforce: >80,000 employees
- Research footprint: 16 research institutes
- Patent activity: >129,622 patent applications
- Global reach: products sold in >190 countries and regions
- End-users served: over 500 million globally
- Fortune Global 500 ranking: 487th (2022)
- Residential air conditioners (split, window, inverter)
- Commercial and industrial HVAC systems
- Heat pumps and integrated climate solutions
- Electric fans, water dispensers, air purifiers, dehumidifiers
- Smart home and IoT-enabled appliance lines
| Metric | Value |
|---|---|
| Year established | 1991 |
| Employees | >80,000 |
| Research institutes | 16 |
| Patent applications | >129,622 |
| Global markets | >190 countries/regions |
| End-users served | >500 million |
| Fortune Global 500 (2022) | 487 |
- Mission: Deliver reliable, energy-efficient climate solutions that improve everyday life for billions of users worldwide.
- Vision: To be the global leader in intelligent home and commercial climate systems, recognized for technological innovation and sustainable growth.
- Core values: Customer-centricity, innovation-driven development, quality assurance, global responsibility, and sustainable manufacturing.
- R&D and IP: Maintain and expand patent portfolio (current filings >129,622) and scale 16 research institutes to accelerate product differentiation.
- Global expansion: Sustain distribution across >190 markets and increase penetration among the >500 million existing users through localized products and services.
- Workforce and production scale: Leverage >80,000 employees to optimize supply chain resilience and manufacturing efficiency.
- Brand and recognition: Build on Fortune Global 500 status (487 in 2022) to attract strategic partners and institutional investors.
Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) - Overview
Mission Statement Gree's mission is to 'carry forward the industrial spirit, master core technologies, pursue perfect quality, provide first-class services, and achieve 'Made in China, Loved by the World.'' This mission anchors the company's strategic priorities and daily operations across R&D, manufacturing, sales and after-sales service.- Industrial spirit: sustained investment in high-volume manufacturing systems, lean production practices and workforce training to maintain global competitiveness.
- Master core technologies: concentrated R&D in core components (compressors, inverters, control systems, refrigerants and smart-home integration) to reduce reliance on external suppliers and capture higher value-added margins.
- Pursue perfect quality: product reliability metrics and warranty programs designed to lower failure rates and total cost of ownership for customers.
- Provide first-class services: nationwide service network, digital service platforms, and extended warranties to maximize customer lifetime value and brand loyalty.
| Metric | Value / Note |
|---|---|
| Founded | 1991 (Zhuhai, Guangdong) |
| Stock ticker | 000651.SZ (Shenzhen Stock Exchange) |
| Employees (approx.) | ~77,000 |
| Global product categories | Residential & commercial air conditioners, compressors, dehumidifiers, air purifiers, refrigeration, small appliances |
| Domestic market position (AC) | One of the top leaders in China's residential air-conditioner market with sustained double-digit market share in many years |
- R&D spending: persistent multi-year allocation to R&D centers, with a focus on energy efficiency (inverter tech), digital controls, and core component industrialization.
- Factory and capacity investments: modernization of assembly lines and automation to keep unit manufacturing costs competitive while scaling quality control.
- Supply-chain resilience: vertical integration (own compressor plants and component tooling) to secure key inputs and protect gross margins.
| Indicator | Representative figure / trend |
|---|---|
| Revenue trend (recent years) | Large-scale annual revenue in the tens to hundreds of billions RMB range reflecting dominant OEM/ODM and branded sales (see annual reports for exact year-by-year figures) |
| Profitability focus | Gross margin supported by proprietary core components and scale; operating margin impacted by product mix and investments in smarter appliance lines |
| CapEx & R&D allocation | Consistent capital expenditure for capacity and automation; R&D budget prioritized for inverter and smart-home platforms |
- Quality controls: multi-stage testing and centralized quality analytics to reduce field failures and warranty costs.
- Customer service footprint: extensive dealer and after-sales service network across China and expanding international service points to support 'first-class services.'
- Global branding: export channels and localized strategies aimed at increasing overseas brand acceptance under the "Made in China, Loved by the World" banner.
Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) - Mission Statement
Gree's mission centers on delivering comfortable, energy-efficient life solutions through technological leadership and industrial scale, underpinned by a vision 'to build a world-class enterprise and make GREE a century-old brand.' This mission drives product R&D, manufacturing excellence, global expansion, and sustainable operations.- Delivering reliable, energy-efficient climate-control and home appliances to global customers.
- Continuous innovation in core technologies (compressors, heat exchangers, control systems, smart-home integration).
- Scaling manufacturing and supply chains to ensure competitive cost, quality, and global reach.
- Embedding sustainability-energy efficiency, low-GWP refrigerants, and circular-economy practices-into product lifecycles.
- Global leadership - be recognized among the top global HVAC and home-appliance manufacturers.
- Longevity - cultivate a brand and corporate structure that persist across generations.
- Innovation-driven competitiveness - maintain market relevance via sustained R&D investment and intellectual property.
- Operational excellence and sustainability - balance profitability with environmental and social responsibilities.
| Metric | Value (latest reported) |
|---|---|
| Ticker / Listing | 000651.SZ (Shenzhen Stock Exchange) |
| Annual Revenue (approx.) | RMB 160.8 billion (latest fiscal year) |
| Net Profit (approx.) | RMB 9.6 billion (latest fiscal year) |
| R&D Spending | RMB 6.2 billion (latest fiscal year) |
| Global AC Market Share (by volume) | ~10% (global residential/commercial split) |
| Production Capacity (annual) | >60 million household units (total appliance capacity across plants) |
| Number of Employees | ~80,000 |
- Customer-centricity - extensive after-sales network, warranty policies, and user-focused product design.
- Quality first - ISO-aligned manufacturing, in-house compressor production, and multi-stage quality control.
- Innovation - persistent patent filings, strategic R&D centers, and collaboration with universities and suppliers.
- Integrity and compliance - public company governance, transparency in disclosures, and regulatory compliance across markets.
- Sustainability - focus on energy-saving product lines, HVAC electrification, and adoption of low-GWP refrigerants.
- Global footprint expansion: building overseas factories and sales networks to increase export share and local responsiveness.
- Product diversification: moving beyond core AC units into smart home appliances and commercial HVAC systems.
- Digital transformation: smart manufacturing, supply-chain digitization, and IoT-enabled product ecosystems.
- Talent and culture: leadership development programs aimed at creating a resilient, long-lived corporate culture.
Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) - Vision Statement
Gree Electric Appliances, Inc. of Zhuhai frames its mission and vision around technological leadership in home appliances, sustainable manufacturing, and creating long-term value for customers, employees, shareholders and partners. The company mission emphasizes delivering reliable, energy-efficient products while expanding global reach; the vision projects Gree as a world-leading smart home ecosystem provider with strong R&D, green manufacturing, and stable financial performance.- Quality first - prioritize product durability, safety, and performance through strict quality control and continuous improvement.
- Customer satisfaction - design and deliver products and after-sales services that meet and exceed user expectations across markets.
- Honest operation - maintain transparent corporate governance, compliance, and ethical supply-chain practices.
- Win-win for all parties - pursue partnerships and market strategies that create mutual benefit for dealers, suppliers, and customers.
- R&D investment allocation and product roadmaps prioritize reliability and energy efficiency.
- Customer service KPIs and warranty policies are measured and published to sustain satisfaction metrics.
- Corporate governance and audit practices reflect the "honest operation" commitment.
- Channel incentives and supplier contracts are structured to deliver mutual commercial benefits.
| Metric | Value / Note |
|---|---|
| Founded | 1991 |
| Listed (SZSE: 000651) | 1996 |
| Employees (approx.) | ~80,000 (global workforce scale, manufacturing + R&D + sales) |
| Annual revenue (latest fiscal year) | RMB 150-160 billion range (company top-line scale reflective of large appliance leadership) |
| Net profit margin | Double-digit profit drivers in core appliance segments during favorable cycles |
| Global air-conditioner shipments (cumulative/annual) | Millions of units annually; cumulative shipments place Gree among the world's largest AC makers |
| R&D spend | Multi-billion RMB cumulative investment; focused on inverter technology, smart-home integration, and energy-saving solutions |
- Quality-first manufacturing: multi-stage quality checkpoints, ISO certification coverage across major plants, and continuous yield improvement programs that reduce defects per million.
- Customer satisfaction: expanded service network covering thousands of service centers and millions of after-sales interactions logged annually to refine product improvements.
- Honest operation: adherence to Shenzhen Stock Exchange disclosure rules, regular external audits, and published corporate social responsibility (CSR) reports.
- Win-win partnerships: long-term procurement contracts, joint ventures in overseas markets, and dealer incentive schemes tied to shared growth metrics.
- Electrification and energy efficiency - accelerate inverter and heat-pump product lines to reduce household energy consumption and meet stricter efficiency standards.
- Smart-home ecosystem - integrate appliances with IoT platforms and voice assistants to increase average revenue per user (ARPU) and lock in recurring service opportunities.
- Global expansion - grow market share in Southeast Asia, Latin America, and emerging markets via local production and tailored distribution strategies.
- Sustainability and circularity - reduce carbon intensity per unit produced and increase recyclable materials in product design to meet regulatory and stakeholder expectations.
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