Gree's Leading Position Further Consolidated
On October 31st, Gree released its third quarter performance report.
Despite negative impact of various factors such as "cool summer" and global economic downturn, Gree maintained growth in sales thanks to its competitive strength in technology and innovation. During the first three quarters of this year, the company realized a total operating income of 35.112 billion RMB, a year-on-year increase of 19.68% compared with the previous year, and the operating income from July to September reached 10.094 billion RMB.
According to a comparison of the third quarter performance reports disclosed by various Chinese home appliance enterprises, Gree continues to maintain its status as the industry leader and has left its competitors further behind.
Gree says that the substantial growth in the operating income and net profit for the first three quarters of this year is mainly thanks to consumers' recognition of the quality of Gree's products. Sales of high-tech new products with independent intellectual property right also saw a substantial growth.
Experts say that in the air conditioning industry, there is an increasingly noticeable pattern of "the strong players becoming ever stronger, and the weak players becoming ever weaker". Compared with 2007, home air conditioning products are experiencing an increasing trend of brand concentration in 2008 with Gree scooping bigger and bigger market share.
Gree's outstanding performance has attracted the attention of many qualified foreign institutional investors (QFII)
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