When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.

On the evening of August 30, Caixin News (Reporter Ren Chaoyu) announced Gree Electric Appliances, Inc. of Zhuhai's performance for the first half of 2024. The revenue increased by only 0.55%, but the non-deductible net profit attributable to the mother increased by 14.91% year-on-year. Against the backdrop of the company's vigorous development of the second curve of the refrigeration and washing business, the proportion of air conditioning business increased by nearly 8 percentage points year-on-year. Interviewed analysts believe that Gree Electric Appliances, Inc. of Zhuhai's refrigerator business is facing significant competitive pressure and is still in a breakthrough stage.

Financial data shows that in the first half of 2024, Gree Electric Appliances, Inc. of Zhuhai achieved revenue of 99.783 billion yuan, a year-on-year increase of 0.55%; net profit attributable to the mother was 14.136 billion yuan, a year-on-year increase of 11.54%; non-deductible net profit attributable to the mother was 13.864 billion yuan, a year-on-year increase of 14.91%. The proportion of air conditioning business in total revenue was 78.14%, compared to 70.54% in the same period last year.

In recent years, Gree Electric Appliances, Inc. of Zhuhai's slogan has changed from "Good air conditioners are made by Gree" to "Good appliances are made by Gree." Both the company itself and the investors are expecting Gree Electric Appliances, Inc. of Zhuhai to achieve results in the transformation of revenue structure. Since 2024, Dong Mingzhu, the chairman of Gree Electric Appliances, Inc. of Zhuhai, has led teams to various parts of the country for the "Leap Forward" campaign to promote the development of the refrigeration and washing business.

However, according to publicly available information, the refrigeration and washing business has always been dominated by competitors such as Haier. Analysts interviewed by Caixin News told reporters that from the perspective of competition, the internal competition among domestic refrigeration brands is very rapid in terms of technology and synchronization, and Gree Electric Appliances, Inc. of Zhuhai also faces great competitive pressure. Compared with the dominant category of air conditioning, Gree's refrigeration and washing business is currently in a relatively weaker position.

He said that he heard a saying a couple of days ago: "Nowadays, brands that still make home appliances are the ones that can't leave and can't voluntarily exit."

It is worth noting that recently, Wang Ziru, the former head of Gree Electric Appliances, Inc. of Zhuhai's front-channel reform, has been rumored to have left the company. Later, dealers confirmed this to Caixin News reporters. A few hours before today's financial report was released, some dealers posted a lengthy article on an investment forum, stating that even after Wang Ziru's departure, the reforms he led would not stop, but they did not believe that this was a good sign for Gree. "Otherwise, why would Dong Mingzhu send signals of possible retreat when chatting with us dealers on multiple occasions? Various signs indicate that Gree is about to enter the post-Dong Mingzhu era."

If, as the aforementioned dealer said, then after Wang Ziru's departure, Gree Electric Appliance's path of channel transformation still deserves investors' attention.