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One of the world's largest air-conditioner makers, also selling other home appliances and industrial equipment.
One of the world's largest air-conditioner makers, also selling other home appliances and industrial equipment.
Sells air conditioners mostly through its network of distributors and dealers rather than directly, with household units carrying the company. It makes many of its own key parts, such as compressors and motors. Chairwoman Dong Mingzhu has led it for years.
In one line: China's Carrier/Trane for air conditioning.
Moat: narrow (brand, scale, distribution). Leading domestic AC brand with large manufacturing scale and an extensive dealer network.
Headquarters: Zhuhai, Guangdong, China · Founded: 1991 · Employees: 71,966
Size Gree Electric Appliances, Inc. of Zhuhai (000651.SZ) is a China Industrials company (Industrial Machinery) with a market value of $31.2B, the 57th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.02 on 6 Nov 2026.
Performance Over six months the shares fell 2.6%, against -11.2% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 11.2% over the last twelve months (peer median +8.1%); the operating margin is 15.9% (peer median 18.5%).
Valuation It trades at 8.6× forward earnings against a peer median of 24.2× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥160B | CN¥170B | CN¥189B | CN¥204B | CN¥189B |
| Revenue growth | — | -10% | -7% | +8% | — |
| Gross profit | CN¥50.1B | CN¥50.5B | CN¥55.5B | CN¥59.9B | CN¥49.6B |
| EBITDA | n/a | CN¥35.4B | CN¥37.4B | CN¥33.2B | CN¥29.6B |
| Net income | CN¥24.8B | CN¥29.0B | CN¥32.2B | CN¥29.0B | CN¥24.5B |
| Free cash flow | CN¥29.4B | CN¥50.5B | CN¥31.6B | CN¥55.2B | CN¥22.0B |
| Capital expenditure | CN¥1.49B | CN¥1.72B | CN¥3.30B | CN¥5.43B | CN¥6.04B |
| Total debt | CN¥109B | CN¥102B | CN¥89.5B | CN¥112B | CN¥124B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% |
| Midea 000333.SZ | $101B | +10% | +2% | 9% | 14.5× | -3.2% |
| Haier Smart Home 600690.SS | $28.0B | 0% | -8% | 7% | 11.1× | -5.9% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000651.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | -4.6% | 7th highest of 21 |
| 6-month return | -2.6% | -11.2% | 9th highest of 20 |
| Distance from 52-week high | -8.2% | -30.7% | 4th highest of 21 |
| Revenue growth (TTM) | -11.2% | +8.1% | lowest of 21 |
| Operating margin | 15.9% | 18.5% | 8th lowest of 21 |
| Forward P/E | 8.6× | 24.2× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -16.4% | 16.6% | least demanding of 19 |
| Growth delivered (Del g) | 0.0% | +9.2% | lowest of 19 |
| Hurdle (Req g minus delivered) | -16.4 pp | +7.0 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +14.3 pp | +3.7 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |