[年报]格力电器(000651):2023年年度报告（英文版）
原标题:格力电器:2023年年度报告（英文版） 2023 Annual Report April 2024 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai Section I Important Notice, Contents and Paraphrase The Board of Directors, Board of Supervisors, directors, supervisors and senior executives of the Company hereby guarantee that the contents are authentic, accurate and complete, without false records, misleading representations or material omissions in the Annual Report, and shall take all the joint and several legal liabilities. Dong Mingzhu, the Company's responsible person, Liao Jianxiong, responsible person in charge of accounting work and Liu Yanzi, the Accounting Department's responsible person (accounting superintendent) hereby declare and warrant that the financial report in the Annual Report is authentic, accurate and complete. All the directors have attended the meeting of the Board of Directors in respect of deliberation of the Annual Report. The forward-looking statements such as future plans and development strategies in the Annual Report do not constitute a substantive commitment of the Company to investors. Investors and relevant persons should therefore make rational investments based on an awareness of risk factors attendant on investment and understand the differences between plans, forecasts and commitments. The Company's profit distribution proposal passed upon deliberation at the meeting of the Board of Directors is set out as below: Based on the total share capital of 5,521,943,646 shares enjoying profit distribution rights at 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai the time of disclosure of this profit distribution plan (the total stock capital of 5,631,405,741 shares excluding the 109,462,095 shares held in the repurchase account of the Company), the Company plans to distribute all shareholders a cash dividend of RMB23.8 (tax included) per 10 shares, but does not plan to give any bonus share (0 share, tax included) or convert any capital reserves into share capital. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai Contents Section I Important Notice, Contents and Paraphrase ......................................................... 2 Section II Company Profile and Main Financial Indicators ................................................ 7 Section III Management Discussion and Analysis .............................................................. 12 Section IV Corporate Governance ........................................................................................ 56 Section V Environmental and Social Responsibility ........................................................... 79 Section VI Important Matters ............................................................................................... 91 Section VII. Changes in Shares and Shareholders ............................................................ 137 Section VIII Preferred Share Related Information .......................................................... 149 Section IX Bond Related Information ................................................................................ 150 Section X Financial Statements ........................................................................................... 151 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai References (I) The accounting statements signed and sealed by Dong Mingzhu, the legal representative, Liao Jianxiong, chief accountant and Liu Yanzi, head of accounting department. (II) The original audit report sealed by Union Power Certified Public Accountants (Special General Partnership) with signatures and seals of certified public accountants Wu Zihao and Qiu Yiwu. (III) Originals and original drafts of all the Company's documents and announcements published on the media and CNINFO designated by the Company within the report period. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai
2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai
Accounting firm engaged by the Company
Financial adviser engaged by the Company to perform continuous supervision during the report period □ Applicable ?Not Applicable VI. Main accounting data and financial indicators Whether the Company has retroactive adjustment or restatement of previous accounting data □ Yes ?No
whichever is lower, is negative, and the audit report of the last year shows that the Company's ability to continue as a going concern is uncertain □ Yes ?No The net profits before and after deducting non-recurring profits and losses, whichever is lower, is negative □ Yes ?No VII. Accounting data differences under domestic and foreign accounting standards 1. Differences in net profits and net assets in the financial report disclosed under the international accounting standards and that disclosed under the domestic accounting standards □ Applicable ?Not Applicable There was no difference in net profits and net assets in the financial report disclosed under the international accounting standards and that disclosed under the domestic accounting standards during the report period. 2. Differences in net profits and net assets in the financial report disclosed under the overseas accounting standards and that disclosed under the domestic accounting standards □ Applicable ?Not Applicable There was no difference in net profits and net assets in the financial report disclosed under the overseas accounting standards and that disclosed under the domestic accounting standards during the report period. VIII. Quarter-based main financial indicators Unit: yuan (RMB)
report and semi-annual report □ Yes ?No IX. Non-recurring profit and loss items and amounts ?Applicable □ Not applicable Unit: yuan (RMB)
?Applicable □ Not applicable Unit: yuan (RMB)
Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profits and Losses as recurring profit and loss items □ Applicable ?Not Applicable No non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profits and Losses were defined by the Company as recurring profit and loss items. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai Section III Management Discussion and Analysis I. Industry situation of the Company during the report period (I) Overview of industry development 1. Consumption field - stable growth in the household appliance industry and significant recovery in the air conditioning market In 2023, China's economy maintained an overall recovery trend, while stimulating consumption was of utmost importance in stabilizing growth. The state encouraged and promoted the exchange of old for new consumer goods. This action brought the greater circulation of the consumer economy, accelerated the emergence of replacement demand, increased the sales and export of high-efficiency products, and further exploited the potential for green consumption. 1) Stable growth in the household appliance industry In 2023, the domestic economy has significantly recovered, and the household appliance industry has maintained stable growth. According to the Annual Report of China's Household Appliance Industry in 2023 released by the National Household Appliance Industry Information Center (NAIC), the export sales of the household appliance industry have significantly increased, with an export scale of RMB617.4 billion, a year-on-year increase of 9.9%; the domestic market has achieved stable growth, with a sales scale of RMB773.6 billion, a year-on-year increase of 1.7%. 2) Significant recovery in the air conditioning market In 2023, the air conditioning market has significantly recovered. According to the total retail data released by All View Cloud (AVC), in 2023, the air conditioning market achieved a retail volume of RMB211.7 billion, a year-on-year increase of 7.5%, and a retail quantity of 60.85 million units, a year-on-year increase of 6.5%. According to the data released by ChinaIOL.com, in 2023, the production of residential air conditioners was 168.692 million units, a year-on-year increase of 11.1%, and the sales were 170.44 million units, a year-on-year increase of 11.2%, including the domestic sales of 99.597 million units, a year-on-year increase of 13.8%, and the export sales of 70.843 million units, a year-on-year increase of 7.8%, achieving growth in both domestic and foreign sales. 2. Industrial field - stable and upward trend in the industrial economy According to the data released by the Ministry of Industry and Information Technology (MIIT), in 2023, the industrial added value above designated size in China increased by 4.6% year-on-year, an increase of 1 percentage point year-on-year and among them, the industrial added value above designated size in the manufacturing industry increased by 5.0% year-on-year. The scale of the intelligent manufacturing industry is growing. From Made in China 2025 to Development Plan on Smart Manufacturing During the "14th Five-Year Plan", relevant policies all take the development of advanced intelligent manufacturing industry as the core goal to overall arrange and plan the promotion of manufacturing power. China has initially formed an intelligent manufacturing industry system represented by automated production lines, intelligent detection and assembly equipment, intelligent control systems, industrial robots, etc., and the scale of the industry is growing. The Zhongshang Industry Research Institute forecasted that the market scale of intelligent manufacturing equipment in China can exceed RMB2.97 trillion in 2023. The Forward Industry Research Institute forecasts that by 2027, the market scale of China's intelligent manufacturing industry will reach RMB6.6 trillion, of which the market scale of intelligent manufacturing equipment is about RMB5.4 trillion and that of intelligent manufacturing system solutions is about RMB1.2 trillion. In 2023, China accelerated the technological transformation and upgrading of traditional industries, strengthened the promotion of intelligent manufacturing, established 62 "lighthouse factories", accounting for 40% of the Global Lighthouse Network, and cultivated 421 national-level intelligent manufacturing demonstration factories, as well as more than 10,000 provincial-level digital workshops and intelligent factories. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai The industrial scale of air conditioning core parts and components increases significantly. According to the data released by ChinaIOL.com, in 2023, the air conditioning rotor compressor market developed at a high speed; the annual output reached 261 million units, with a year-on-year increase of 12.2%, and the annual sales reached 262 million units, becoming the new peak of the industry. In the domestic market, the performance of rotor compressor is outstanding, and it has maintained a positive growth throughout the year. The domestic sales were expected to be 227 million units, with a year-on-year increase of 14.3%; In the export market, the annual export was expected to be 35.647 million units, with a year-on-year increase of 2.1%. Benefiting from the growth in the sales scale of the downstream air conditioning market in 2023, both the production scale and the sales scale of the air conditioning motor industry increased, reaching 422 million units, with a year-on-year increase of 6.8%; the domestic market output about 350 million units, with a year-on-year increase of 8.4%; and the export market output about 70 million units, flat year-on-year. The growth of the compressor industry and the motor industry has provided strong support for the development of the entire air conditioning industry. The new energy industry contributes to sustainable development. Following the path specified by China's carbon peaking and carbon neutrality (dual carbon) phased goals, the proportion of non-fossil energy production and consumption will increase rapidly in the future. The Annual Development Report of China's Electrification in 2022 stated that the consumption proportion of electric energy in end-use energy is expected to exceed 30% in 2025. Under the background of low-carbon transformation and development, promoting the electrification of energy systems and low-carbon power systems, and building safe and efficient new power systems and energy storage systems centering new energy will give continuous support for achieving the goal of green, low-carbon, and sustainable development. II. Major businesses of the Company during the report period Gree Electric Appliances, Inc. of Zhuhai is a diversified and technological global industrial group and has three major consumer brands of Gree, TOSOT and KINGHOME, and industrial brands of LANDA, Kaibang, and Xinyuan, etc. Its industry covers two major areas of household consumer goods and industrial equipment. In the consumption field, it covers residential air conditioners, HVAC, refrigerators, washing machines, water heaters, kitchen appliances, environmental appliances, smart buildings, and smart household appliances; In the industrial field, it covers high-end equipment, precision molds, freezers and refrigeration equipment, motors, compressors, capacitors, semiconductor devices, precision casting equipment, basic materials, industrial energy storage, renewable resources, etc. So far, Gree products have served more than 600 million consumers in more than 190 countries and regions around the world, and continue to meet people's needs for a better life. According to the data released by AVC, the online retail share of Gree residential air conditioners in 2023 was 28.15%, ranking first; among them, the online and offline retail shares of Gree floor-standing air conditioner were 30.28% and 34.43%, respectively, ranking first in the industry. According to the 2023 Report on the Development of China's Central Air Conditioning Industry released in the ihos's HVAC and Heat Pump, Gree achieved the first sales scale among mainstream brands in the central air conditioning industry with a market scale of more than RMB20 billion in 2023, and ranked first in the central air conditioning market for 12 consecutive years. There are obvious advantages in the market competition for high-end products such as floor-standing air conditioners and central air conditioners. In 2023, the Company focused on consumer demands and continued to create multiple series of electrical products, gradually forming a brand image of "Gree, Making Better Electric Appliances". According to the data released by AVC, the online retail market share of electric fans in 2023 was 18.07%, ranking second in the industry; the online retail market share of electric heaters is 13.10%, also ranking second in the industry. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai III. Core competence analysis Gree Electric Appliances, revolving around carrying forward industrial spirit, mastering core technologies, pursuing perfect quality, and providing first-class services, has been making innovations in technology to attain high-quality development, provide a better life for the people, create value for society, promote the progress of society, and achieve the corporate vision of Gree's century-old brand. (I) Take a century-old brand as the vision and aim to create a first-class enterprise The Company firmly follows the path of brand self-development, and has established a great valuable brand with leading core technologies, excellent product quality, and a complete service system. Adhering to keeping up with the times and constantly absorbing new concepts, Gree has embarked on a new era and journey of "Jointly Creating A Better Life for Humanity", from "Gree, Making Better Air Conditioners", "Gree, the Master of Core Technologies" to "Made in China, Loved by the World". On the Chinese Brand Value Evaluation List, the Company has consistently ranked first in the household appliance industry for many years, and the brand value has been gradually increasing. In 2023, with the outstanding comprehensive strength, the Company was again listed in "Forbes Top 2000 Global Enterprises", "Forbes Top 2000 Global Best Employers" in 2023, and on "China's Top 500 Private Enterprises in 2023", and won the honor of "Pacesetter of Brand Value in 2023" and the honor of the first "2023 China-chic Innovation Model Pioneer Brand" of China Media Group (CMG). In the "2023 China Brand Value Evaluation Information", the Company ranked first in the light industry group's household appliance industry with a brand value of RMB162.883 billion. In addition, the Company won honors such as "China's World Famous Brand", "The Most Competitive Brand in the Market", "National Quality Award", "Export Exemption Enterprise", "China Brand Innovation Award", "China's Top 100 Light Industry Technology Enterprises", "China's Top 500 Enterprises in Credit", and "2023 Excellent Green Development Cases". It has topped the air conditioning customer satisfaction list for 12 consecutive years. The Company builds and establishes its brand based on perfect quality and internationally leading technology, continuously creating value for society. (II) Stick to the path of independent innovation and lead the development of the industry Taking technology as the core driving force for development and adhering to the principles of "independent research and development of core technologies" and "investment as needed without an upper limit", the Company has built a multi-level and high-level research and development platform based on national scientific research platforms, forming a technology innovation system that is "enterprise-oriented, market-oriented, and combined industry, academia, and research", in such a way as to conquer key bottleneck technologies one by one and lead the industry development. The Company has the world's largest air conditioning R&D center. It has established 16 research institutes, 152 research institutions, 1,411 laboratories, 1 academician workstation, as well as 1 national key laboratory, 1 national engineering technology research center, 1 State-level Industrial Design Center, and 1 State Recognized Enterprise Technology Center. In addition, it has also become a research and evaluation base for refrigeration equipment of the National Notification Enquiry Center. As of the end of 2023, the Company has received a total of 114 important awards at the national, provincial, and industrial levels, and has possessed 40 "world-leading" technologies; has applied for 119,261 patents, including 64,174 invention patents; has obtained 20,416 invention patent grants, making it the only household appliance enterprise to enter the top ten in China's invention patent grants for eight consecutive years; has won 77 Chinese patent awards, including 3 gold awards for invention and 3 gold awards for appearance; and has got 14 gold awards of International Exhibition of Inventions of Geneva and 10 gold awards of iENA. At the same time, the Company is one of the first batch of national enterprise intellectual property demonstration unit, "National Patent Operation Pilot Enterprise", and won the China Trademark Gold Award. The Company's steady increase in the number and quality of patents fully demonstrates Gree Electric Appliances's invention and creation capabilities and international leading research and development strength to the world. (III) Pursue perfect quality and support Made in China 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai One of the Company's mission is to pursue perfect quality. To this end, adhering to the three major quality control principles of "never take consumer as an experiment", "everyone is a quality inspector", and "perfect quality is achieved through fighting", the Company has successively proposed and established the "T9 Total Quality Control Model", the "D-CTFP Quality Technology Innovation Cycle Methodology", and Gree's 'Perfect Quality' management model of "Made in China, Loved by the World". The Company adheres to integrity management, takes national and international standards as the threshold, with meeting consumer needs as the highest standard, perseveres in "Made in China, Loved by the World", and contributes to China's grand goal of becoming a manufacturing and quality powerhouse. The Company actively leads or participates in the development of international standards and makes good use of its advanced core technologies and standards to help improve the industry quality. It has led and participated in the development of 836 international and national standards, including 58 international and foreign standards, and has led the development of 8 ISO and IEC international standards; and has undertaken and participated in 140 standardization organizations related to the household appliance industry at home and abroad, including 37 international and foreign standardization organizations. In 2018, Gree's 'Perfect Quality' management model of "Made in China, Loved by the World" won the third China Quality Award, which is the highest award in the field of quality in China. In 2023, Gree Electric Appliances and the School of Business Administration of South China University of Technology jointly wrote Pursuing Perfection - Innovation & Progress: Gree Quality Model, which was selected for the "Best Quality Practices in China in the 21st Century" series published by Standards Press of China In 2023, according to the evaluation data from the Customer Satisfaction Evaluation Center of China National Institute of Standardization, Gree's air conditioning products have maintained the industry's top customer satisfaction for 12 consecutive years. The Company always relies on reputation to build its brand, occupy the market, and gain development advantages. Its products have been exported to more than 190 countries and regions worldwide, with over 600 million users witnessing the leading technology and excellent quality of "Gree Manufacturing". (IV) Integrate online and offline business formats and create a channel ecological layout The Company keeps establishing self-control and win-win sales channels and sales models, and implements a transformation of "new retail" marketing model integrating online and offline channels. Based on 30 regions, over 30,000 offline outlets, and official flagship stores of third-party e-commerce platforms, the Company established a dual-line sales network covering the whole country. The Company is closely following the trend of smart retail and actively creating offline scene marketing models to provide an experiential and immersive shopping environment. It also applies Internet engineering technology to sales channels. Through the construction of digital information system, it connects all links of procurement, logistics, sales, and service to realize the digital upgrading of terminal stores and the reform of retail channel flattening and integrates online and offline channels to improve the overall efficiency of channels and the user service level. (V) Accelerate the optimization of industrial chain layout and cultivate new quality productivity with the craftsmanship spirit The Company has developed into a diversified and technology-based global industrial manufacturing group, covering household consumer goods and industrial equipment. Through the means of acquisition, self-research, etc., it has laid out core components, production and manufacturing, green recycling and other sectors in the industrial chain, forming a circular industry and enhancing the Company's core competitiveness and sustainable development capability. In terms of core industrial components, the Company has strong R&D and manufacturing capabilities, laying a solid foundation for the Company's high-quality development. The Company has completed the layout of core components in the consumption and industrial fields, such as compressors, motors, molds, controllers, chips, enameled wires, capacitors, intelligent equipment, CNC machine tools, robots, and cold chains. Through the acquisition of DunAn, Gree Altairnano, etc., the Company has further integrated the fields of refrigeration accessories, new energy vehicle thermal management, energy storage, and battery manufacturing equipment, achieving independent and controllable core components in the consumption and industrial sectors. 2023 Annual Report of Gree Electric Appliances, Inc. of Zhuhai In terms of production layout, the Company has established 77 production bases at home and abroad, located in Guangdong, Chongqing, Anhui, Hebei, Henan, Hubei, Hunan, Jiangsu, Zhejiang, Tianjin, Sichuan, Jiangxi, Shandong, and Brazil. Among them, the Company has 14 air conditioning production bases in China, including Zhuhai, Chongqing, Hefei, Zhengzhou, Wuhan, Shijiazhuang, Wuhu, Changsha, Hangzhou, Nanjing, Luoyang, Ganzhou, Linyi, and Zhuhai Gaolan Port. It also has 5 major household appliance production bases, respectively in Zhongshan, Shijiazhuang, Suqian, Chengdu, and Changsha. Therefore, the production layout gains a highly coordinated development of industrial agglomeration and upstream and downstream industrial chains, ensures the independent manufacturing of the Company's products and core components, optimizes efficiency, and further stabilizes the competitiveness of the Company's products. The Gree intelligent manufacturing factory built by the Company in Gaolan Port, Zhuhai, integrates the industrial advantages of intelligent equipment, industrial Internet, and digital technology and realizes self-sensing, self-learning, self-decision-making, self- executing, and self-adapting intelligent whole-process manufacturing, creating a new intelligent manufacturing factory and empowering new quality productivity with production innovation. In terms of downstream recycling, since 2010, the Company has successively established six renewable resource bases in Changsha, Zhengzhou, Shijiazhuang, Wuhu, Tianjin, and Zhuhai. These bases are mainly engaged in the recycling and treatment of waste electrical and electronic products, scrapped cars, as well as the deep processing and resource recovery of waste circuit boards and waste plastics. This action indicates that the entire industry chain from production to downstream recycling is covered, achieving green, circular, and sustainable development, and has now reached industry leadership. Now, it has the qualification capacity of dismantling 13 million units of used household appliances, 75,000 vehicles, 180,000 tons of recycled plastic processing capacity, and 60,000 tons of waste circuit board processing qualification capacity. (VI) Carry out independent talent cultivation and drive innovative development As a technology-driven enterprise, the Company has always regarded talent cultivation as an important strategic resource for enterprise development and adhering to the concept of "no upper limit on R&D costs", provides employees with a R&D platform to accumulate strength for technological innovation. The Company has established a set of "selection, training, employment, retention" talent training system. Through the construction of a learning organization, continuous learning for grassroots backbone management and other systems, it promotes the inheritance of management experience, sharing of R&D technology, and improvement of skills and literacy; organizes and carries out "vanguards" and college students talent training projects targeting key groups, providing comprehensive and multi-level training support for grassroots management and fresh college students; and relying on the construction project of national-level high-skilled talent training base, it cultivates high- skilled professional talents for itself and further enhances its core competitiveness. As of the end of 2023, the Company has 50,000 R&D personnel and technical workers; and the Group has 14,000 newly assessed skilled talents, of which, 1 has won the title of "National Technical Expert", 8 have won the title of "Guangdong Provincial Technical Expert", 2 has won the title of "Nanyue Technical Expert", and 5 have won the title of "Zhuhai Municipal Technical Expert". There are also 4 "Zhuhai Municipal Post Technical Expert Pacesetters", 16 "Zhuhai Municipal Chief Technical Experts", 11 "Zhuhai Special Artisans", and 306 "Zhuhai Artisans". The Company has obvious advantages in talent cultivation, talent welfare system construction, etc. and has been nominated for "Forbes Global Best Employers" for 9 consecutive years. The Company will continue to strengthen the construction of talent team, share the dividends from the enterprise's development through multiple channels such as the employee stock ownership plan, talent subsidies, talent housing, policy-（未完）  |