2022-06-07-深交所-格力电器_2021年年度报告（英文版）_324页_2mb

报告摘要

GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI 2021 Annual Report Summary

Core Content Overview

This summary outlines the key elements of the 2021 Annual Report of GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI, including company profile, financial performance, management discussion, and strategic direction.

Company Profile and Financial Highlights

Company Name: GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI
Stock Code: 000651
Stock Exchange: Shenzhen Stock Exchange
Legal Representative: Dong Mingzhu
Registered Address: Room 608, No. 108, Huitong Third Road, Hengqin New Area, Zhuhai City, Guangdong Province
Post Code: 519031
Business Address: Jinji West Road, Qianshan, Zhuhai City, Guangdong Province
Post Code for Office: 519070
Website: http://www.gree.com.cn
Email: gree0651@cn.gree.com

Financial Performance (2021 vs 2020)

Metric	2021 (Yuan)	2020 (Yuan)	Increase/Decrease	2019 (Yuan)
Operating Revenue	187,868,874,892.71	168,199,204,404.53	11.69%	198,153,027,540.35
Net Profit (Shareholders)	23,063,732,372.62	22,175,108,137.32	4.01%	24,696,641,368.84
Net Profit (after non-recurring)	21,850,050,895.31	20,285,816,036.00	7.71%	24,171,511,911.32
Net Cash Flow from Operations	1,894,363,258.72	19,238,637,309.16	-90.15%	27,893,714,093.59
Basic Earnings Per Share	4.04	3.71	8.89%	4.11
Diluted Earnings Per Share	4.04	3.71	8.89%	4.11
Weighted Average Return on Net Assets	21.34%	18.88%	2.46%	25.72%
Total Assets	319,598,183,780.38	279,217,923,628.27	14.46%	282,972,157,415.28
Net Assets (Shareholders)	103,651,654,599.87	115,190,211,206.76	-10.02%	110,153,573,282.67

Profit Distribution Proposal

Based on 5,536,677,733 shares with profit distribution rights (excluding repurchase shares), the company plans to distribute a cash dividend of RMB 20 per 10 shares, with no bonus shares or capitalization from public reserves.

Key Financial Notes

The company did not have any retroactive adjustments or restatements of previous accounting data during the report period.
There were no differences in financial data between domestic and international accounting standards.
The net profit before and after non-recurring gains and losses was not negative, and the company's ability to continue as a going concern was not in doubt.

Non-Recurring Profit and Loss Items (2021)

Item	2021 (Yuan)	2020 (Yuan)	2019 (Yuan)	Description
Gains/Losses from disposal of non-current assets	-7,498,891.48	-4,974,224.62	-9,293,929.38	Refer to Notes (V) 63, 64, 65
Governmental subsidies (non-operational)	875,778,734.20	1,346,168,393.38	1,215,852,371.66	Refer to Notes (V) 58, 64
Capital occupation fee	6,234,097.19	883,505.62	359,713.10	-
Fair value changes and investment gains	369,460,356.97	877,450,950.74	1,449,722.86	-
Reversal of impairment provision	16,844,984.00	-	-	-
Other non-recurring items	58,510,843.19	50,024,914.68	-530,486,147.03	-
Total Non-Recurring Profit/Loss	1,213,681,477.31	1,889,292,101.32	525,129,457.52	-

No other non-recurring profit and loss items were defined as recurring by the company.

Management Discussion and Analysis

I. Industry Overview

(I) Consumption Field

Product Range: Residential air conditioners, HVAC, refrigerators, washing machines, water heaters, kitchen appliances, environment appliances, etc.
Market Recovery: The 2021 Chinese household appliance market reached RMB 881.1 billion, a year-on-year increase of 5.7%.
Air Conditioner Sales: Returned to pre-pandemic levels, with exports driving growth. Residential air conditioner sales reached 152.59 million units, up 7.9% year-on-year.
Online Sales Growth: Online retail sales accounted for 52.9% of the total market in 2021, up from 50% in 2020.
High-Quality Products: Demand for high-quality and large-capacity appliances increased, including inverter air conditioners, multi-door refrigerators, and high-end washing machines.
Rural Market Potential: The rural market, which accounts for 70% of China's population, reached RMB 277.5 billion in 2021, growing 8.9% year-on-year. The government's support for rural appliance adoption is expected to boost further growth.

(II) Industrial Field

Product Range: High-end equipment, precision moulds, compressors, motors, industrial energy storage, new energy buses, and special vehicles.
Intelligent Equipment Growth: The intelligent equipment sector grew significantly due to post-pandemic recovery and industrial transformation. Added value increased by 12.9%, with industrial robot output reaching 366,000 units, up 67.9%.
Core Components: Sales of rotor compressors and air conditioner motors increased by 12.8% and 10% respectively.
Green Industry Trends: The national "carbon peaking and carbon neutrality" strategy boosted opportunities for energy storage and new energy vehicles.
Energy Storage Development: The National Development and Reform Commission set a target of over 30 GW of installed capacity by 2025, with an expected average annual growth rate of over 55%.
New Energy Vehicles: Sales of new energy special vehicles reached 160,700 units, up 125.6% year-on-year. However, new energy buses saw a 17% decline due to subsidy reduction and market saturation.

II. Major Businesses

Consumer Brands: Gree, TOSOT, KINGHOME
Industrial Brands: LANDA, Kaibang, Xinyuan
Product Coverage: Residential air conditioners, HVAC, refrigerators, washing machines, water heaters, kitchen appliances, environment appliances, communication products, smart buildings, and smart home appliances.
Global Presence: Products sold in over 180 countries and regions.
Rankings: Ranked 252nd in Forbes Global 2000 and 488th in Fortune Global 500 in 2021.

III. Core Competence

Strategic Focus: Independent innovation, core technology mastery, and perfect quality pursuit.
Corporate Mission: "Carrying forward the industrial spirit, mastering core technologies, pursuing perfect quality, providing first-class services, and achieving 'Made in China, Loved by the World'."
Brand Recognition: Recognized as a world-famous brand, with numerous awards such as "World Brand" and "National Quality Award."

Key Strategic Directions

Global Leadership in Air Conditioning: The company aims to be a global leading air conditioning enterprise.
Industrial Transformation: Emphasis on high precision, high stability, and flexible production in intelligent equipment.
Policy-Driven Growth: Strong support from national policies for green and intelligent industries.
Rural Market Expansion: Expected to be a major growth driver due to rising consumer capacity and improved logistics infrastructure.

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