Access Asia’s Company Profile series of reports are meant to provide independent analysis on Chinese companies either in the news, or on the M&A radar. All company profiles contain contact details, company background and history, key activities in China, a SWOT analysis and key financial figures. We also include any key company events that have made the news, new product releases and branding activity.
Gree
Gree is the top air conditioner manufacturers in China, and obtains nearly all of its revenue from the sale of air conditioners and components. In 2008, the sale of air conditioners and components accounted for 97.67%, followed by small appliances with 1.41% and enamelled wire with 0.80%.
Despite rising raw material prices, and intense competition in the air conditioner market, revenue and net profit at Gree has continued to improve.
Gree has also been a beneficiary of the government rural appliance rebate program, which provides rural residents with a 13% rebate for the purchase of selected household appliances, including air conditioners.
Ownership of air conditioners in the rural area is still low. In 2007, ownership of air conditioner per 100 rural households was only 8.54 compared to 95.08 in urban households. This indicates that Gree has a large potential untapped market about to open up.
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