China 2015: BRAND PROFILE | 32. Gree
A leading air conditioner and white goods maker and marketer, Gree focuses on building appliances that are both smart and energy efficient. A recent innovation relies on solar power to minimize energy consumption. Gree markets its achievements aggressively and is identified with its well-known CEO and brand ambassador Dong Mingzhu.
The company does business worldwide as an OEM (Original Equipment Manufacturer) and is present with its own brand in 100 countries. It operates seven factories in China and others in Brazil, Pakistan and Vietnam.
Gree was established in 1991 by the merger of two small enterprises in Zhuhai, a southern coastal city now known as a center for hi-tech industries. It is a subsidiary of Zhuhai Gree Group Corporation, whose holdings also include petrochemicals and real estate. Gree was listed on the Shenzhen Stock Exchange in 1996.
For the first half of 2014, net income increased 43 percent to $927 million on revenue of $9.5 billion, a rise of 10 percent. Net income jumped 51 percent to $1.7 billion for the full year 2013, on revenue of $19.4 billion, up 23 percent.