Credit Brief — GREE ELECTRIC APPLIANCES,INC.OF ZHUHAI (格力电器)
000651.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 董明珠
- Registered address: 珠海横琴新区汇通三路 108 号办公 608
- Office address: 广东省珠海市前山金鸡西路
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 71,966
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 157,484.3 | 124,105.0 | 113,900.5 | 110,553.0 | 128,248.3 |
| Trading financial assets | 3,867.2 | 9,614.4 | 16,548.3 | 31,336.4 | 34,418.6 |
| Accounts receivable | 14,824.7 | 16,099.5 | 16,831.9 | 15,987.2 | 17,176.5 |
| Other receivables | 804.3 | 826.6 | 869.7 | 327.5 | 626.9 |
| Inventories | 38,314.2 | 32,579.1 | 3.1 | 2.8 | 26,107.3 |
| Long-term equity investments | 5,892.3 | 4,489.0 | 4,355.7 | 4,235.0 | 2,855.5 |
| Fixed assets | 33,817.0 | 34,034.8 | 36,996.2 | 34,396.4 | 33,730.1 |
| Construction in progress | 5,966.7 | 6,563.9 | 3,076.4 | 1,338.0 | 1,078.5 |
| Intangible assets | 11,621.9 | 10,827.7 | 10,438.9 | 9,864.8 | 9,643.9 |
| Total assets | 355,070.8 | 368,053.9 | 368,031.7 | 391,372.0 | 399,137.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 52,895.9 | 26,443.5 | 39,009.5 | 67,956.6 | 79,719.2 |
| Notes payable | 38,609.9 | 23,741.1 | 14,479.0 | 15,544.3 | 20,949.2 |
| Accounts payable | 32,856.1 | 41,147.4 | 47,091.3 | 42,103.9 | 45,994.5 |
| Contract liabilities | 14,972.3 | 13,588.8 | 12,491.1 | 15,206.6 | 8,474.3 |
| Other payables | 10,912.4 | 5,513.3 | 4,556.9 | 11,241.0 | 15,655.5 |
| Current portion of non-current liabilities | 255.3 | 20,605.5 | 15,577.2 | 13,668.1 | 1,134.8 |
| Long-term borrowings | 30,784.2 | 39,035.7 | 18,229.8 | 3,135.0 | 2,128.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 253,194.7 | 247,407.7 | 226,518.0 | 241,580.7 | 246,814.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,631.4 | 5,631.4 | 5,601.4 | 5,601.4 | 5,601.4 |
| Capital reserve | 496.1 | 1,352.5 | 472.2 | 1,680.6 | 1,939.8 |
| Retained earnings | 91,458.1 | 112,211.7 | 131,447.5 | 138,443.2 | 140,594.4 |
| Equity attributable to owners of the parent | 96,758.7 | 116,793.7 | 137,416.9 | 145,929.3 | 148,508.1 |
| Minority interests | 5,117.3 | 3,852.4 | 4,096.8 | 3,862.0 | 3,814.5 |
| Total equity | 101,876.0 | 120,646.2 | 141,513.7 | 149,791.3 | 152,322.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 190,150.7 | 205,018.1 | 190,038.1 | 171,118.2 | 89,673.0 |
| Cost of sales | 139,784.4 | 141,625.5 | 133,496.1 | 119,641.4 | 63,639.6 |
| Selling expenses | 11,285.5 | 14,801.7 | 9,753.0 | 8,410.7 | 5,129.6 |
| Administrative expenses | 5,268.0 | 6,542.2 | 6,057.6 | 5,180.3 | 3,297.1 |
| Finance costs | -2,206.8 | -3,526.5 | -3,300.4 | -4,086.1 | -1,668.1 |
| Investment income | 86.9 | 217.2 | 560.3 | 402.2 | 262.3 |
| Operating profit | 27,284.1 | 32,864.8 | 36,988.4 | 34,681.3 | 16,071.2 |
| Profit before tax | 27,217.4 | 32,815.7 | 36,896.0 | 34,644.7 | 16,014.7 |
| Net profit | 23,011.3 | 27,719.0 | 32,371.1 | 28,862.7 | 13,322.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.18x | 1.14x | 1.12x | 1.08x | 1.08x |
| Quick ratio | 1.00x | 0.97x | 1.12x | 1.08x | 0.97x |
| Debt-to-asset ratio | 71.3% | 67.2% | 61.5% | 61.7% | 61.8% |
| Total debt / EBITDA | 2.77x | 2.40x | 1.81x | 2.26x | 4.40x |
| EBITDA interest coverage | 368.34x | 283.75x | 253.10x | 1402.82x | 3475.72x |
| Gross margin | 26.5% | 30.9% | 29.8% | 30.1% | 29.0% |
| Net margin | 12.1% | 13.5% | 17.0% | 16.9% | 14.9% |
| Return on equity (ROE) | 22.6% | 23.0% | 22.9% | 19.3% | 8.7% |
| Revenue growth | — | 7.8% | -7.3% | -10.0% | -47.6% |
| Net profit growth | — | 20.5% | 16.8% | -10.8% | -53.8% |
| Receivable days | 28 | 29 | 32 | 34 | 70 |
| Cash received / revenue | 100.8% | 108.5% | 90.5% | 105.3% | 86.8% |
| Operating CF / net profit | 1.25x | 2.03x | 0.91x | 1.61x | 1.41x |
| Free cash flow | -8,388.4 | 15,381.2 | 13,811.3 | -2,216.4 | 16,056.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.08 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.62 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 14,801.7 vs 17,129.6 CNY mn (deviation 13.59%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,327.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3.1 vs 27,910.9 CNY mn (deviation 99.99%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 27,907.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 16.6 vs 1,001.5 CNY mn (deviation 98.34%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 984.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -840.5 vs -33,379.3 CNY mn (deviation 97.48%, severity mid)
Sources: 2023年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.114 「货币资金」. CF-statement figure above the balance-sheet movement by 32,538.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -9,773.2 vs -10,204.5 CNY mn (deviation 4.23%, severity mid)
Sources: 2024年年度报告.pdf p.111 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.111 「货币资金」. CF-statement figure above the balance-sheet movement by 431.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 6,425.5 vs -3,347.5 CNY mn (deviation 152.1%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf 「货币资金」. CF-statement figure above the balance-sheet movement by 9,773.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 8,133.1 vs 17,695.3 CNY mn (deviation 54.04%, severity mid)
Sources: 2026年半年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.52 「货币资金」. CF-statement figure below the balance-sheet movement by 9,562.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 110,553.0 | 2025年年度报告.pdf | None | 货币资金 | 11055300.665089 (万元) |
| Total assets | 2025 | 391,372.0 | 2025年年度报告.pdf | None | 总资产 | 39137199.981949 (万元) |
| Accounts receivable | 2025 | 15,987.2 | 2025年年度报告.pdf | None | 应收账款 | 1598718.059876 (万元) |
| Fixed assets | 2025 | 34,396.4 | 2025年年度报告.pdf | None | 固定资产 | 3439642.958438 (万元) |
| Short-term borrowings | 2025 | 67,956.6 | 2025年年度报告.pdf | None | 短期借款 | 6795662.953851 (万元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.